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

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SAND HOT



PARTLY SUNNY |



|



The Tribune



Che Miami Herald

BAHAMAS EDITION





Volume: 103 No.198

Hutchison moves to
protect investments

SEE FRONT PAGE OF BUSINESS SECTION

Attorney General receives
landmark first dratt

@ By BRENT DEAN
Tribune Staff Reporter

THE first draft of the land-
mark Freedom of Information
Act has been received by the
Attorney General. -

Claire Hepburn revealed this
yesterday during the Chamber
of Commerce Meet the Minister
forum at Sandals resort.

“Well, it’s come to my desk.
This is the first draft. So ’m
going to have to look at it. ’m

looking at it to make sure that ”

everything that we want to be
included in it, is included in it,”
she said.

Following this process, Mrs
Hepburn told The Tribune that
cabinet will evaluate the docu-
ment and it will also be circu-
lated for public consultation.

“There will be a review
process, then it will come back
to us for finalisation before it is
presented to the House,” she
said.

Freedom of Information
Acts give citizens the legal right
to information held by the gov-
ernment, and creates a mecha-
nism by which this information
can be received. However,
there are sometimes exceptions
to the publishing of certain
“sensitive” national security
information.

The US created a FOA in
1966 applying to all federal
agencies. Agencies are
required to comply with public
solicitations for information,
and are subject to penalties for
doing otherwise.

The UK followed suit in -

2000, with the Act giving citi-
zens the right to ask for, and
be given, any information held
by a public authority.

As Mrs ee has just



,

been presented with the docu-

_ment, which is still in its initial

stage, she did not comment on
specific components of the leg-
islation.

But, she expects it to be pre-
sented to the House by the end
of the year.

One of the possible delays
for the FOA , Mrs Hepburn
said, is that stakeholders, at
times, do not provide timely
feedback when potential legis-
lation is circulated.

Regarding the importance to
this legislation, Mrs Hepburn
simply emphasized that “there
has to be access to informa-
tion.”

- The former government also
supported the concept of a
FOA, however, no such legis-
lation emerged during their
term in office.

An example of the necessity
for a FOA, was the argument
The Tribune had with the Min-
istry of Housing to review
records in the department
when corruption allegations
emerged under the last admin-
istration.

Though, after several months
of requests, some documents
were made public, these were
not all that were requested.

Lawyer Fred Smith urged

the new FNM government to
fulfil their campaign pledge
and create a FOA shortly after
the election.

“The citizens of the Bahamas
need a Freedom of Informa-
tion Act to provide them with
statutory rights,” he said. “It is
not something that should be
given by way of a privilege sub-
ject to ministerial discretion.
Freedom of information is fun-
damental to an effective
democracy.”





















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FRIDAY, JULY 20, 2007 ©

sa
TT

@ MINISTER of State
for Tourism and Aviation
Branville McCartney
looks on as air. traffic
controllers bring in
planes yesterday at the
Lynden Pindling Inter-
national Airport
(Photo:Felipé Major/

‘Tribune staff)

@ By KARIN HERIG
Tribune Staff Reporter



CO-OPERATION
between the Bahamas and
US authorities regarding
security issues at the Lyn-
den Pindling International
Airport will be better under
the FNM government than
they were during the PLP’s
time in office, Ministry of
State for Tourism and Avi-
ation Branville McCartney
indicated yesterday.

In the past three years,
the airport has come under -
intense criticism, especially
from US authorities, for the
unsatisfactory level of secu-
ity standards at LPIA.

. Former US Ambassador
John Rood was critical that
there was no improvement
in security at the airport dur-
ing his two and a half years
in office.

Speaking with The Tri-
bune yesterday, State Min-
ister McCartney said that no ~
such problems will exist with
the FNM in government.

“There are going to be no
problems, we are an open
government. They won’t
find any difficulty from us,
we have to work together

SEE page eight

PGT

§ By DENISE MAYCOCK
Tribune Freeport
Reporter

FREEPORT - A large num-
ber of former employees of the
Royal Oasis Resort met at the
Kipling Building in Freeport
on Thursday to discuss their
frustration over monies still
owed them since the resort
closed almost three years ago.

Former Royal Oasis employees
meet over money owed to them’








Ceva Seymour, a fonince
worker at the resort who is
spearheading a movement to
represent the workers, met with
the workers at a local courier
service office in the Kipling
Building.

About 200 persons signed a
letter authorising Ms Seymour,
a former front desk duty man-

SEE page eight

Govt set to review law that allows

children to ride jet skis with adults

lm By BRENT DEAN

Tribune Staff Reporter

THE government will review the
law that allows children to ride jet
skis accompanied by adults, but will

_ not legislate a ban on the rental of the

watercraft.

Dion Foulkes, the Minister of Mar-
itime Affairs, spoke on the issue yes-

terday at a Chamber of Commerce |g

forum at Sandals, in response to the
accident that claimed the life of sev-
en-year-old Eric Thomas of Ohio last

Sunday.

In addition to pledging to review
the current legislation, Mr Foulkes

SEE page foe

H DION FOULKES,
Minister of Maritime Affairs

Before e
Doors t

else r



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ea oa
|

Peet sé te)



PLP warns
Christian
Council
president

@ By PAUL G TURNQUEST
Tribune Staff Reporter

THE PLP has warned the Pres-
ident of the Christian Council
Bishop John Humes that he
should refrain from making pub-
lic statements that could be inter-
preted as “partisan” and ulti-
mately draw the impartiality of
the Church in local politics into
question.

On Wednesday, Bishop Humes
said that the inability of the PLP
to accept the results of the May
2nd general elections are con-
tributing to the “lawlessness” in
the country. Bishop Humes, who
was the guest speaker on the
radio show “The Way Forward”
on Gems 105.9 said that the PLP’s
election court challenge has exac-
erbated the polarization of the
country following the elections.
He said that if the courts decide
to give the seats to the PLP, there

_ is no way to predict what would

SEE page eight

Airport union

president says
accusations
are ‘baseless’

By TANEKA THOMPSON

PRESIDENT of the Airport
Airline and Allied Workers
Union described as.“baseless” the
accusations levelled against her
by some members of the union’s
executive board.

In a sworn statement filed in
court yesterday, it was alleged
that Ms Harding acted contrary to
the union’s constitution by seek-
ing to have certain members of
the executive board removed
from their posts.

At a press conference held at
the AAAWU headquarters at
Worker’s House on Thursday,
Nelerene Harding dismissed these
claims: “I have written to the
Department of Labour this morn-
ing, inviting them for us to have

the official election of the

removal of those officers on
August 1, 2007,” Ms Harding
said.

In reference to the $78,000 that
the sworn affidavit claims was lost
due to the president’s actions, Ms

SEE page eight

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PAGE 2, FRIDAY, JULY 20, 2007 THE TRIBUNE

Aeig,2®: Visitors
ro, | shake loose
Vora) | at Junkanoo

ENN A Se Summer
ummer festival. :
3 a Festival

fhelsiands, Ofthe,
VISITORS have become par-

ticipants in Bahamian culture
through Junkanoo Summer’s
new dance instruction pro-
gramme held weekly at the pop-
ular festival.

Each week, guests are taught
about Bahamian rake ‘n scrape “ ; :
and the dances that go along M# GAVIN Dawkins gives personal instructions on Bahamian
with it. The festival provides an dance to a visitor from France
interactive tutorial on several
movements that are the basis
of Bahamian dance.

“The whole idea is to give our
guests an opportunity. to be
more than spectators,” said
Janet Johnson, director of prod-
uct development and events
strategy in the Ministry of
Tourism. “Allowing them to
interact with Bahamian dancers
heightens the guest experience.
It increases their enjoyment,
and they leave with the sense
that they! could not have had
that experience anywhere else.
As a result, we are actually cre-
ating ambassadors who will
endorse the Bahamian experi-
ence when they return home,”

Professional dance teacher
Gavin Dawkins leads the week-
ly dance instruction along with #& A GROUP of visitors from North America and Europe learns
Adeltiss Stubbs, to “mash the roach”



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THE TRIBUNE



0 In brief —

Man arrested
over drug
and firearm
possession

A 34-YEAR-OLD Wilson
Tract man was arrested after
police reportedly discovered a
firearm as well as a small quan-
tity of drugs.

According to Chief Superin-
tendent Hulan Hanna, shortly
after midnight on Thursday,
police received atip that a gun-
man was seen in the area of C
J’s Restaurant and Bar, located
on Cordeaux Avenue.

Officers responded to the call
and arrested one suspect. They
recovered a .22 pistol with three
live rounds of ammunition at
the scene.

According to Mr Hanna, a
further search also uncovered

~ a small amount of cocaine and

marijuana.
Officers also found a ski mask
and a pair of gloves.

Crowning for
Miss Bahamas
World to be















‘By KARIN HERIG

Tribune Staff Reporter

IF nothing is done to reverse
the rising crime level, the
Bahamas’ number one indus-
try could soon be negatively
impacted, Minister of State for
Tourism and Aviation Branville
McCartney said yesterday. :

Touring different depart-
ments at the Lynden Pindling
International Airport (LPIA),
Mr McCartney said that
although crime in the Bahamas
is not yet at the level where
special advisory bulletins are
needed to warn tourists against
criminal activity, crime still
affects the industry.

Speaking out on the high
murder rate, Mr McCartney
said that it is unacceptable that
the Bahamas has already

recorded its 46th homicide for
the year.

“These things resonate into
the tourism industry, it’s some-
thing the tourist will look at.
If it hurts the tourism indus-
try, it hurts me, it hurts you, it
will hurt everybody,” he said.

He added that the Bahamas
cannot not allow a few crimi-
nally-minded individuals to run
the country.

“We cannot let them dictate
our tourism industry,” he said.

However, he emphasised
that special measures are in
place to protect visitors to the
Bahamas and that tourists can
still feel safe in the country.

With tourism numbers
down, Mr McCartney further
warned that all Bahamians
need to improve their attitude
towards visitors.

He said that there is still a
lack of “that welcoming atti-
tude” to be found in some peo-
ple in the industry.

“Visitors who come to the
Bahamas want to feel wel-
come, they want service.

“There are persons in industry
that are terrific, but we do have
some where we can improve on
the attitude. We have to ensure
that when they (tourists) do
come here, they get what we
advertise, we need to be the best
at what we do,” he said.

However, he added, there is
only so much the tourism min-
istry and the people working
in the industry can do.

“Tourism is everybody’s
business. It’s up to each and
every one of us to give the
tourists that welcoming feel-
ing,” he said.

Angry NIB employees have

FRIDAY, JULY 20, 2007, PAGE 3

a eee
Rising crime ‘could

soon affect tourism’

aerate

He RSPRAY

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Palace Resort and Casino.

Loyalist says
Haitian former
rebel leader
now in hiding

‘HAITI

Les Cayes

A FORMER rebel leader
and presidential candidate has
gone into hiding after US Drug
Enforcement Administration
agents launched a military-style
operation to arrest him in this
Haitian town, a member of his
party said Wednesday, accord-
ing to Associated Press.

Ronald Etienne, a deputy.in.
Haiti’s lower house of parlia-

ment, said that DEA and Hait-
ian anti-drug agents raided Guy
Philippe’s home Monday but
did not find him. Philippe has
long denied accusations of ties
to.drug trafficking.

“He’s in hiding and covering
himself. It’s normal under the cir-
cumstances because he feels his
life is in danger,” said Etienne, a
member of the Front for Nation-
al Reconstruction, a minor polit-
ical party led by Philippe.

Shortly after dawn Monday,
five helicopters, two airplanes
and at least a dozen DEA and
Haitian agents converged on
Philippe’s home, Etienne said
in a telephone interview.

Haitian police said Tuesday
that DEA agents carried out an
operation in Les Cayes. But US
and Haitian authorities have
refused to acknowledge if they
are pursuing Philippe, who helped
overthrow former President Jean-
Bertrand Aristide in 2004.

TROPICAL
EXTERMINATORS
RUE
PHONE: 322-2157







meeting with minister

@ By TANEKA THOMPSON

IN response to multiple alle-
gations of sexual harassment,
victimisation and intimidation
at the National Insurance
Board, angry employees were

finally allowed a public arena

to voice their complaints.

Minister of Housing and
National Insurance, Kenneth
Russell, held a general meet-
ing on Thursday morning that
allowed employees to air their
alleged grievances against cer-
tain NIB officials.

In attendance were director
of NIB Lennox McCartney,
parliamentary secretary
Brenville Rolle, and Camille.
Johnson, permanent secretary
for the Ministry. of Housing
and National Insurance.

“Each_staff [member] got
up and told the director how
poorly they were treated...”
a furious employee revealed.
“One staff member even got
up and said, ‘Mr Minister she
got to go’.”

According to the employee,



@ KENNETH Russell

Mr Russell recorded the “hun-
dreds” of complaints and
promised employees that an
investigation would take place
shortly.

“We waiting to see what’s
going to happen,” another
employee told The Tribune
after the meeting. “He said he
was going to take into account
what was said at the meeting,
and follow-up on it”.



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At the general meeting, an
employee reportedly asked NIB
director Lennox McCartney
why a female employee alleg-
ing sexual harassment was sus-
pended when no action was tak-
en against the manager who
allegedly harassed her.

Mr Russell informed the
employees that he would inves-
tigate the allegations of sexual
harassment personally.

“People are fed up,” the
employee continued. “I think if
he Mr Russell] don’t take
action, at the next meeting,
things will be worse.”

A union representative was
reportedly present at the meet-
ing and asked questions on

‘behalf of employees who did

not want to publicly speak out.
The Tribune attempted to
contact Mr Russell and repre-
sentatives from the relevant
union, but they could not be
reached up to press time:

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PAGE 4, FRIDAY, JULY 20, 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. ) LLD., D.Litt.

Publisher/Editor 191 9-1 972
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

Where is Raynard Rigby’s memory?

PLP CHAIRMAN Raynard Rigby was
quick to criticise Bahamas Christian Council
President Bishop John Humes for blaming

the PLP’s failure to accept the May 2 elec- °

tion results for much of the unrest in the coun-
try today.

He told the Bishop that he should refrain
from “making comments that can be inter-
preted as partisan and political and thus cause
right thinking people to view the Church as
less than balanced in public affairs.”

Mr Rigby said that one would expect Bish-
op Humes, as leader of the Christian Council,
to make “informed, responsible commentary
and not commentary that can only further
inflame an already factious public debate.”

Obviously Mr Rigby feels strongly about
the separation of church and state, but where
was his voice shortly after the May election
when a member of his own party — no less a
person than former foreign affairs minister
Fred Mitchell — made the following state-
ment:

“As we think back on the election,” said Mr
Mitchell in May, “there are several questions
we must ask: Where was the Church that was
so courted by the PLP and its leaders through-
out the five years. It was as if they went
absolutely silent, allowing scurrilous accusa-
tions, sleaze, vote buying and intimidation by
the FNM and stood by while a man who paid
no attention to them, who insulted them for
much of the past five years was able, with
their blessing (it appears) to walk back into
office.”

In view of Mr Mitchell’s comment could
that five year courtship be construed as a form
of political bribery? It certainly was an in-
your-face courtship that was almost obscene at
times. Remember the Reverend who salivated
at the thought of “anointing the prime minis-
ter in the public square.” The same Reverend
who told his congregation to “haul hip” if they
did not support the PLP, thereby denying him
the thrill of strutting through the halls of par-
- liament at the side of his prime minister.

This behaviour was far more partisan and
offensive than anything Bishop Humes said on
the radio talk show on Wednesday.

Apparently, the Church is not partisan if its
speaks from a PLP pulpit, but is partisan if it

points out that the continued squabbling over:

who won the election is keeping Bahamians in
turmoil and hurting the country.

“The country is hurting after the election,”
Bishop Humes told a radio audience. “I am

FOCOL

not saying that the former government should
not go to the election court if they feel they
have been robbed of an election, but some
things you have to accept as a fact and go on
with life. The time and money you have to
spend to get a court to reverse a decision is
only going to make it worse. What if the court
were to reverse the situation in this country?
Do you know what would happen in this coun-
try?”

This is very sound advice from a cleric con-
cerned with the welfare of his country and its
people, not of a political party.

The host of the show asked the Bishop his
reaction to criticism by members of the former
PLP government that despite their support
of the church, the Christian Council failed to
come to their aid when they needed it.

“I know the former government would
have liked us to go on their platform to cam-
paign, but I will not do it. The Christian Coun-
cil was not formed to support any political
platform. Our job is not to put our stamp on a
political party. The effectiveness of the Chris-
tian Council can only be maintained by
remaining neutral. We are the moral gate-
keepers of the country.”

Mr Rigby also says that his party has uncov-
ered serious issues of election fraud, and,
therefore it has a right to go to an election
court. No one is denying it that right. We
know of much that went wrong in that elec-
tion, an election organised under the admin-
istration of Mr Rigby’s own party. For exam-
ple, the public still wants to know why sample
ballots were being delivered to a polling station

on election day, and a couple of these ballots ~

were found floating around other polling divi-
sions. Were these part of a 41,000 print order
put in by a member of the PLP as sample bal-
lots, ostensibly for training purposes? Why
were they needed so near polling stations on
election day?

The police recovered a packet of 1,000 of
these ballots at Mount Moriah, and took sev-
eral persons in for questioning. The public is
entitled to know the results of that questioning.
Surely there must be an explanation.

Just as the PLP has a right to its court, the
public has a right to its explanation.

Anyone who dabbles in politics cannot
afford to have a short memory if he does not
want to look foolish. From some of the pro-
nouncements made by Mr Rigby over the past
five years we sometimes wonder if he has any
memory at all.



HOLDINGS LIMITED

A man’s village
is still his
piece of mind

EDITOR, The Tribune.

THE quaint settlement of
West End is still the official
capital of the island of Grand
Bahama, Bahamas. It is not

_the historical capital, as some

would have you believe. Yes,
West End is not the robust
economic and social activity
place it used to be, from the
1940s until the demise of the
Jack Tar in 1990.

During this period, many
exciting events took place in
and around West End, includ-

ing the area of Bootle Bay. °

For example, more than 30
years ago, parts of a movie
were filmed in the Bootle Bay

area we call Choke (Chuck) .

Berry Bay, where two houses
were built on the beach to
accommodate the scenes
filmed there. One of the foot-
paths we used to access this
beach area was turned into a
vehicular useable road large
enough for two trucks or cars
to pass each other simultane-
ously, going in opposite direc-
tions. After the movie was
completed, the houses and
road remained for the use and
benefit of the community. As



LETTERS

letters@tribunemedia.net




a result, this area became the
picnic place of choice by West
Enders, who used it without
restriction or hindrance.

In recent times, without
notice, the area has been gat-
ed off and chained down by
Ginn. As stated, for more than
30 years, the people had unre-
stricted access through this
road to the beach. At no time
during this period, was this
road ever closed off to the
public to maintain its private
domain status, (if it ever was
that)...I am told is required by
law. Sad to say, it is now so
gated. Thus, a new era in West
End has begun, the exclusion
‘of the native tribe. Apartheid
South Africa style-has reached
the quaint capital settlement
of West End, Grand Bahama.

In this area, the Southside,
they have destroyed most of
the indigenous vegetation and
trees. What is next, the
removal of the indigenous
people to.a Bahamian Soweto

or Transkei? No, sir! The
bright Bahamian sun will
stand still over West End,
before this insidious scheme
by Ginn and cohorts, to create
apartheid in our West End
happens. This is not Australia
and we will not be subjected
to the treatment meted out to
the Aborigines.

Yes, we may be descendants
of Africans, but what the.
Boers did in Transvaal will not
happen in West End, Grand
Bahama. The destruction to
the ponds, vegetation and
trees to date must stop now!

It may appear to some that
my writing like this means that
I am anti-foreigners or anti-
investment. No! Iam not! But
I am anti-exploitation, anti-
oppressors, anti-environment
destruction, anti-cultural
degradation, anti-carpetbag-
gers, and foreign-gated
enclaves in small indigenous
communities. Whereas peace
is much more precious than,a
piece of land, a man’s village is
still his peace of mind. ce,

1

DENNIS W MARTIN

West Ender,

July, 2007.

Mr Gray should

EDITOR, The Tribune.

I READ with great amusement your paper
on Saturday, July 14, 2007, the story on Local
Government in Hope Town and the former

Minister's comments.

The Bible tells us to first take the two-by-
four out of our own eye before we worry about
a splinter in someone else's eye.

When I say this I mean, I have been in Local
Government since its inception and I have not
known any Minister who has been there that

be the last person
— tocomplain —

'

cases as to whether it was within the rites ¢ or,

not.

pose.

He set precedents and then blatantly went
against these precedents when it suited his pur-

] do not know the history of the Hope Town

case, but I do know that Mr. Gray shouldbe
the last person to complain that a Minister is

breaking the law or rules of Local Govern-

ment.

stone."

seemed to care less about the law or Local
Government rules and regulations than Mr.

Gray.

He used Local Government to suit what he
wanted to accomplish without regard in some

"He that is ; without sin let him cast the first

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4 THE TRIBUNE

“A

Oln brief

“AIDS Foundation
fundraiser

generates more
than $50,000

THE Aids Foundation has
announced that its latest
fundraiser exceeded the
$50,000 target — and proceeds
will go towards purchasing a
home for children that were
orphaned as a result of
HIV/AIDS.

The foundation collabo-
rated with Antonius Roberts,
one of the premier artist in

? the Bahamas.
'' Mr Roberts made the lives
rof HIV positive persons the
> subject of an exhibition, enti-
..tled, “Emerging through the
}) Shadows... A Celebration of
siHope”.
y: The unveiling of the ‘exhi-
~ bition took place on July 2 at
the Central Bank of the
_‘Bahamas.

It included 21 silhouettes
of person living with
~ HIV/AIDS.

” The exhibition exceeded
“the $50,000 goal by far said

‘Wellington Adderley, admin-

_istrator of the Aids Founda-
‘tion.

gf

Cuba rejects
-US charges
-in argument
over visas

“/ HAVANA

~- A TOP Foreign Ministry
” official on Wednesday reject-
~ed US charges that the
island’s government is to
blame for Washington’s
inability to meet its annual
20,000-visa quota for Cubans
seeking to leave the island,
- according to Associated Press.

Failure to meet the quota
will likely encourage more ille-
gal immigration to the Unit-
ed States, Josefina Vidal,
director of the Foreign Min-
istry’s North American
Department, said.

“The Foreign Ministry cat-
egorically rejects the affir-
mation by the US Interests
Section that we are obstruct
ing the work of that office,”
‘Vidal said in an interview.

She dismissed complaints
made Tuesday by the Inter-
ests Section — the US mission
here — that Cuba has failed
to authorise essential per-
sonnel and materials. Wash-
ington’s failure to meet its
annual quota of 20,000 visas

by September 30 would be a
“very grave violation” of

jmiigration accords between

-the two sountue’ she said.




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@ By DENISE MAYCOCK
Tribune Freeport Reporter

FREEPORT - The govern-
ment plans to put special
emphasis on alleviating poverty
in Grand Bahama, Minister of
Social Development Loretta

’ Butler-Turner said yesterday.

Mrs Butler-Turner was
speaking during an official visit
to Grand Bahama to meet with
social partners and view work-
ing conditions of government

departments that fall under her
portfolio.

“My ministry, through its tra-
ditional programmes that I
mentioned earlier, and the new
initiative of the poverty allevi-

_ ation programme, will make a

concerted effort to address the
concerns and problems that
many families continue to expe-
rience,” Mrs Butler-Turner
said.

The poverty alleviation pro-
gramme, she said, is intended

to build capacity and promote
human capital development.

Mrs Butler-Turner, who is on
a two-day familiarisation visit,
met with staff at the various
government agencies in West
Grand Bahama.

She is expected to meet with
other staff members in East
Grand Bahama today.

“J am pleased to be in beau-

tiful Grand Bahama to official-.

ly meet with staff and our social
partners to get a first hand view

FRIDAY, JULY 20, 2007, PAGE 5

Government plans ‘concerted.
effort to tackle poverty in GB

of the accommodations and the
working conditions of the
Department of Social Services
and Rehabilitative Services, as
well as the Community Affairs
Division,” she said.

Minister Butler said that she
is aware of the challenges that
have faced Grand Bahama in
recent years due to the major
hurricanes that devastated the
island, as well as the closure of
many businesses.

The ministry, she said, is com-





mitted to continue the rebuild-
ing process with the assistance
of other ministries and social
partners.

“T wish to remind the Grand

Bahama community that the _

creation of the Ministry of
Health and Social Development
reflects my government’s com-
mitment to breaking the cycle
of poverty, however, at the
same time the provision of assis-
tance to vulnerable groups will
not be diminished,” she said.



Woman appears in court on drugs and weapon charges

A 33-YEAR-OLD woman
was arraigned in Magistrate’s
Court yesterday on drugs and
firearm possession charges.

Dawn Cash Murray of Coral
Harbor appeared before Mag-
istrate Carolita Bethel at court
eight in Bank Lane.

It is alleged that on Tuesday,
July 17 she was found in pos-
session of a quantity. of mari-
juana which authorities believed

she intended to supply to anoth-
er. :
Murray pleaded not guilty to
the charge. The prosecution
claimed that Murray was found
in possession of three pounds
of marijuana.

A second charge alleged that
on the same day, she, being con-
cerned with another, was also
found in possession of a quan-
tity of marijuana which author-

Sandals serves up

THE campsite at the Cable
Beach Police Station came alive
as Sandals staff served 50
campers lunch and spent time
sharing jokes and stories.

The camp, which is in its 16th
year, is part of the Royal
Bahamas Police Force Western
Division’s summer programme,
which caters to children of the
western district between the
ages of eight and 16 years from
July 2 to 27.

Co-ordinator of the Summer
Youth Programme, Corporal
Pennerman, contacted Sandals
to ask the resort for a donation
towards lunch for a day for the
youth.

Instead, general manager’

Stephen Ziadie offered to have
the chef*prepare%a full lunch,

“which was served by several

téam members from the resort
last week.

“We are very proud of the
work that the Cable Beach
Police Station is doing and we
knew it was the least we could
do to lend our support to such a
positive initiative,” said Mr
Ziadie. “We felt that it would
be better to provide a complete
lunch which we knew the kids
would enjoy.



Your

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“Our banquet chef, Trevor
Schroeder and his team did an
excellent job and the food was a
big hit with the kids.”

The more than 50 young peo-

ple enjoyed peas and rice,

mixed vegetables, chicken,
assorted cookies, fruits with
fruit punch.

Concierge supervisor Sandra
Rolle, who was one of the team
members serving the campers,
said they especially liked the
peaches. “I didn’t have to coax
anyone to take a fruit, on the
other hand I did have to do
some coaxing with the cookies.”

Corporal Pennerman said she
was very thankful to Sandals for
not only, providing the lunch,
but also taking the time to come’

~down-and:serve the meal. ..

She added, “The objective of
the summer programme is to
get the youngsters more
involved in positive, fun-filled
activities.”

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ities believed she intended to
supply to another.

Murray again pleaded not
guilty to the charge. The prose-
cution alleged that in that
instance, she was found in pos-
session of five pounds of mari-
juana.

It is further alleged that on
Wednesday, July 18, Murray
was found in possession of a
quantity of marijuana which

Rosetta St.

authorities believed she
intended to supply to anoth-
er.

Murray pleaded not guilty to
this charge and the prosecution
claimed that on in this instance,
Murray was found in posses-
sion of one pound of marijua-
na.

It was further alleged that on
Wednesday, July 18 Murray,
being concerned with another,

was found in possession of a sil-
ver .22 North American mag-
num revolver with its serial
number erased, four live rounds
of .22 ammunition and one live
round of .38 ammunition. The
accused also pleaded not guilty
to these charges.

She was remanded to prison
yesterday and will return to
court today at 2pm for a bail
hearing.

BJOVAN
Major from
the Sandals
accounts
department
is pictured
talking to
one of the
children

Yellow
Black

Ph: 325-3336



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FAGE 6, FRIDAY, JULY 20, 2007



THE TRIBUNE





The Bahamas gripped by
upsurge in violent crime

YOUNG MAN’s VIEW

i By ADRIAN GIBSON |

‘i Bahamas is
speedily becoming
an anarchic, barbarous state
where vicious murders
abound almost daily.

It is only July, barely past
the midpoint of the year,
and the country has already
recorded 46 murders. An
upsurge in violent crime is
gripping Bahamian society
by the throat, and is threat-
ening to pulverize our

’ already. fragile economy.

The Bahamas’ number one
industry, tourism, is slipping
into the doldrums as droves
of tourists are now choos-
ing other destinations.

The present crime wave
can only worsen the already
bleak outlook for tourism,
and therefore put the
Bahamas in a peculiar posi-
tion such as that faced by
crime-riddled Jamaica and
Trinidad, where the tourist
industry has been weakened
to being on the brink of col-
lapse.

These days, murder is
becoming a common prac-
tice carried out by callous
young men who show no
tespect for the value of
human life.

-Many of the murders
being committed stem from
domestic disputes, argu-
ments about women where
one man feels he must
demonstrate his machismo,
robberies, rapes and gang-
banging and retaliatory
killings. .

Frankly, it appears that
many Bahamian youngsters

have lost their collective

minds:
As a teacher, I’ve seen
firsthand. the fascination of

any youngsters. with vio- ’
At television shows/movies.



ADRIAN

and rap videos that they
identify with being cool.

Many young men (and

women) .are copy cats,
obsessed with being thugs
like rapper 50 Cent, and
constantly seeking to be
seen as a thuggish gangster,
rather than a weak “wanks-
ta.”

As violent crime surges,
it is clear that we must
introduce programmes to
socialize our youth, as many
are ill-mannered, uncivilized
and uneducated.

Bahamians are generally
not settling their differences
responsibly, choosing
instead to resort to using
weapons to take a life
rather than having a sensi-
ble discussion. It is my opin-
ion that conflict resolution
must now be taught in fam-
ily life and social studies

‘classes, beginning at the ele-

mentary level.

I am told that numer-
ous uneducated young
men, who are unable to
obtain their desired job,
resort to “tiefin” and smok-
ing marijuana on the blocks,

as they believe that cutting ©

grass and handyman jobs

‘are “below” them. In many

instances, these young men
are said to earn a living
through illegal activities and
by committing criminal acts
against hardworking
Bahamians. Crime preven-
tion begins with each com-
munity and both the gov-
ernment and community

~ activists should join hands



GIBSON

to propose programmes/jobs
to rescue these youngsters
before they fall through the
cracks to face a lifetime in
prison.

Attorney General Claire
Hepburn recently said that
there is a 500 case backlog
in the Bahamas Supreme
Court. The fact that such a

that they will tackle crime?
Whatever happened to an
eye for an eye; the govern-
ment needs to start execut-
ing these wack jobs! Why
should we (tax payers): be

. feeding them three times a

day and housing them for
free?”

I also support the death
penalty. It is my belief that
the Bahamas could save
money to care for the elder-
ly, children and the infirm
rather than housing cold-
blooded, convicted murder-
ers. I believe that the state



“Crime prevention begins with
each community and both the
government and community
activists should join hands to
propose programmes/jobs to
rescue these youngsters before
they fall through the cracks to

face a lifetime in prison.”



backlog has occurred over

the years is indubitable’

proof that our court system
is in a perilous and discom-
bobulated state. When I
asked a Bahamian banker
about the murder rate and
Mrs Hepburn’s comments,
she said:

“Lord, help us! Maybe we
will soon have to run from
Nassau to hide in the caves
on the islands, because

before you look ‘round,

these,two-bit punks will be
openly warring on our
streets, killing left and right.
And, since Mrs Hepburn is
saying that, how will her
government seek to allevi-
ate the backlog and show

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has the right to execute
murderers who threaten the
welfare of society and, in
the words of Edward Koch,
“it is by exacting the highest
penalty for the taking of
human life that we affirm
the highest value of human
life."

Statistics show that mur-
ders in Britain have more
than doubled since capital
punishment was abolished
in 1964.

On the age hand, how-
ever, in Singapore, once a
convicted murderer or drug

“trafficker has exhausted all

appeals, the death penalty
is ‘forthrightly carried out.
When compared to Britain
and other societies that
abolished the death penalty,
the crime rate in Singapore
is said to be much lower.
Over the years, the tradi-
tional family has become a

Sorel eee | are 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 Bahamian Movie

rarity in the Bahamas as
many children live in single
parent homes, typically with
their mothers.

Today, because some sin-
gle parents are not usually
at home, a nation of “latch-
key” children are growing
up alone, behind locked
doors without any parental
supervision while a parent
is working or exploring the

social scene. Indeed, there

are neglectful parents that
abandon their children, and
leave an everlasting, nega-
tive imprint upon their
minds.

|: is true that many
young men have no
father figure to emulate, so
they admire the social
deviants and neighbourhood
hooligans, who they illogi-
cally perceive to love and
appreciate them. For their
delinquency and parental
failures, some Bahamian
fathers deserve a cut-tail
from a stinging tamarind
switch!

When fathers are missing
from their children’s lives,
there is no wonder why the
children rebel or could
think that being beaten to

be inducted in a gang or ©

that being instructed to rob
and murder by their gang-
ster father figure, is an act
of love.
Negligent parents pro-
duce negligent children, and
in some instances, these are

_the same lousy parents who

are found coming out of the
woodwork and crying about
their “good child” when
that child commits a

‘heinous crime.

Recently, two friends. vis-
ited the Bahamas and
stayed with me for three
weeks. —

They were curious as to
why so many houses had

security bars like “mini-pris-

ons,” as this was apparently
not the case in Holland. I
explained the necessity of













Event Oi

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. AS CAF



392-0275
424-3960
43-0372



burglar bars and other secu-
rity mechanisms, telling
them that it was a precau-
tionary measure that
Bahamians: hoped would
avert break-ins and other
crimes, which are on the
rise.

They understood that like
many societies, there is a.
dark side to the Bahamas
that goes beyond the casi-
nos, sun, sand and sea.

If the recent spate of vio-
lent crime continues unabat-
edly, living in the Bahamas
will be nightmarish.

It is my belief that it takes
a village to raise a child,
however, hardly anyone in
Nassau seéms to believe in
that old-time proverb these
days, as many Nassauvians
don’t even ‘know their
neighbours. While growing
up in Long Island, I called
many older persons “aun-
tie” and “uncle,” whether
they were relations or not.
These island folks all con-
tributed to my growth,
whether by caring for me or
offering advice, or even by -
disciplining me. Where is -
the love these days? What
happened to the spirit of
oneness and
brotherhood/sisterhood that
once permeated Bahamian
society?

I am uncertain as to
whether enforcing the death
penalty will lead to a reduc-
tion in crime, but at least it
will cause potential mur-
derers to think twice as the
consequences of their
actions will be embedded in

. their sub-conscience. In

accordance with the recent
Privy Council ruling, I am
of the view that if a con-
victed murderer. has
exhausted all options, and is
sentenced to death, then the
death penalty should unre-
servedly be carried out.

To effectively prevent and
fight crime, we must devel-
op contingency plans not
only for law enforcement
but also to encourage neigh-

_bourhood interaction as in

days gone by. In our fight
against crime, we must also
recruit, properly vet and
hire more police officers;
construct a new prison to
contain these criminals,
preferably on a far flung

- cay/island similar to the

Alcatraz prison; review and
urgently reform our archaic
court system and hold par-
ents more accountable, even
if it means jailing some of
them.
ajbahama@hotmail.com

Prosecutors try to
close airport after
worst Brazilian
plane crash

@ SAO PAULO, Brazil

A TAM jet pulled out of an
attempted landing Thursday at
Sao Paulo’s Congonhas airport,
and federal prosecutors sought a
court order to shut down the
entire airport — Brazil’s busiest
— until the investigation into this
week’s crash that killed at least
189 people was completed,
according to Associated Press.

The TAM jet was rerouted to
Sao Paulo’s international
airport after coming in at an
unsafe angle to Congonhas, the
nation’s airport authority Infraero
said.

Critics condemned the govern-
ment for failing to invest in safe-
ty measures adopted by other
urban airports following Tuesday
night’s crash of another TAM
plane that killed all 186 people
on board and three on the
ground.

It was Brazil’s second major air
disaster in less than a year.

Late Wednesday, federal pros-
ecutors asked for a court order
to shut down Congonhas. It was
unclear when judges would rule
on the request for the airport that
lies in the heart of Sao Fula;
Brazil’s largest city.

Doing so would likely create
huge problems for civil aviation
throughout Latin America’s
largest nation because Congonhas
is a key hub, but prosecutors
called the move essential to
ensuring air safety.



»

ae nearly 25 years ago.

THE TRIBUNE

‘

FRIDAY, JULY 20, 2007, PAGE 7



iii La
ein brief Science alumni are enlisted to

teach at COB summer camp

FBI raids
police station |
in corruption
investigation

m@ PUERTO RICO
San Juan

SEVERAL members of a
police anti-narcotics unit in
western Puerto Rico will face
corruption charges for
allegedly fabricating evi-
dence, a US prosecutor said
Wednesday, according to
Associated Press.

FBI agents seized evidence
during a raid Tuesday night
on the unit’s precinct in
Mayaguez. Some of the offi-
cers are suspected of threat-

ening to frame people unless’

they paid a bribe, said Pedro
Toledo, chief of police for the
US Caribbean territory.

The suspects will also face
drug charges, US Attorney
Rosa Emilia Rodriguez told a
news conference.

Luis Fraticelli, special
agent in charge of FBI oper-
ations in Puerto Rico, said
arrests were imminent but he
did not say how many of the
20 officers in the vice and
narcotics unit would face
charges.

Grenada PM
calls for remorse
from released
prisoners

@ GRENADA
St George’s

PRIME Minister Keith
Mitchell has called on three
men released from prison last
month for their roles-in a
1983 coup to show remorse

in order to help the southern.

Caribbean island close a
painful chapter of its history,
according to Associated Press.

Mitchell said in a national
address Tuesday that old
wounds were opened by the
release of the men involved
in a palace coup that led to
the US invasion of Grenada

“The men, including former

? Deputy PM Bernard Coard,

were sentenced to death in
1986 for the killings of for-
mer socialist leader Maurice
Bishop, four Cabinet mem-
bers and six supporters.

But their sentences were
thrown out in February by
the London-based Privy
Council and a judge released
them last month.

Six days after the 1983 slay-
ings, thousands of US troops
stormed the Caribbean island

on a mission that US Presi-,

dent Ronald Reagan said
would protect American
medical students and prevent
a buildup of Cuban military
advisers and weapons.



NEW partners continue to
join the College of the

Bahamas’s effort to transform
the nation’s youth.

This summer, college alum-
nus Peter Blair has enlisted 20
science majors from the School
of Science and Technology to
teach and mentor at the first
ever Bahamas Inno Works Sci-
ence Camp.

Sharing their knowledge and
enthusiasm for the sciences, the

. college students are coaching

48 middle school students from
seven islands — Ragged Island,
Grand Bahama, Exuma,
Eleuthera, Abaco, Long Island
and New Providence — in the
two week long camp.

The college has produced
many students who have gone
on to teach related subjects and
others who have pursued
careers in architecture, medi-
cine and various aspects of engi-
neering.

Now, the 20 mentors are
developing relationships with
the younger students — all of
whom are aspiring to careers in
science-related fields.

“This certainly was needed in
the Bahamas. This sort of men-





HM ENGINEERING major Wayne Mackey menors a student

torship provides for a good rap-
port for these young people,”
said Mr Blair, director of Inno
Works Bahamas.

Mr Blair, a PhD candidate at
Harvard University studying
astrophysics, added that he is
pleased that the programme
came to the Bahamas.

“Being a Bahamian, I know
first hand the need to ensure
succession in all fields in an aim
to better build our educational

New York chef comes
to COB for exchange

AN experienced lecturer
from Monroe College in the
Bronx, New York has joined

the Culinary and Hospitality —
‘Management Institute at the

College of the Bahamas
through a faculty exchange
between,the two institutions.

Tracey Zimmerman, a sea-
soned culinary lecturer, said she
is excited about bringing her
hands-on experience to the
growing institute.

She added that she is look-
ing forward to living in one of
the world’s most renowned
tourist destinations.

Not only did the exchange pro-

vide for Ms Zimmerman to come
to the Bahamas, it also allowed
for Christina Mosley, a Bahami-
an culinary lecturer at CHML, to
teach at Monroe College.
Tracey Zimmerman has gained
extraordinary experience while
working at several leading restau-
rants and culinary institutes
throughout the United States. .
However, when she was
offered the chance to come to
the Bahamas on the faculty
exchange programme she more
than welcomed the opportunity.
“1 thought it would be a great
experience. I would get to teach
at a new institution and go to
the Bahamas and experience
something new,” she said.

Ms Zimmerman added that
during her last two weeks in the
Bahamas, she would be con-
ducting several seminars in Nas-
sau and.on Family Islands with
students and faculty.

The Ministry of Tourism is
also partnering with Zimmer-
man for the seminars in an
attempt to facilitate persons
who may wish to gain culinary
training but may be too busy to
attend regular classes within a
college schedule.

Ms Zimmerman’s plans also
came in line with a major objec-
tive of COB — to take, tertiary
education and training to the

_ Family Islands,

Ms Zimmerman says ie did
not originally intend to venture
into the world of culinary arts.
She graduated from college
with an undergraduate degree
in Political Science and English

Literature and was offered a job -

at a restaurant.
The experience she gained,
coupled with her natural love

’ for cooking, led her to apply to

the Culinary Institute of Amer-
ica in New York.and upon grad-
uation worked in Manhattan for
a decade in the industry.
Thereafter, she started up a
catering company in Connecti-
cut and began private cooking
lessons in people’s homes.



system and our economy. With
these mentors giving of them-
selves and of their time to these
exceptional students, this fact
is becoming a reality.

“It speaks volumes when we
can witness so many young men
giving of their time and knowl-
edge to assist teens and pre-

teens in their academic pur-
suits," he said.

Wayne Mackey, an engineer-
ing major at the college and a

mentor in the programme, said-

that he feels the programme is
good because it enables stu-
dents to learn more about sci-
ence and for the mentors to
learn from the students.

“It's a giving and receiving
thing, because not only do we

. teach but we also learn from

these students who are brilliant
at science considering their
ages, and that is a wonderful
thing," Mr Mackey said.
Carrying out experiments,
testing solar cars and creating
mini transformers in addition
to having several intense classes
on various science topics were
just a few of the things that kept
the campers engaged for the
entire week at the camp. |
Billy Hwang, founder of the
Inno Works Science pro-
gramme. said that he was
inspired to start the initiative
after being exposed to many sci-



Children’s home has shutters fitted



for the home,”

Scotiabank.









Scotiabank purchased hurricane shutters and
had them installed on all the windows of the
Bilney Lane Children’s-Home.

The bank’‘said this show of “corporate social
responsibility” is a part of its focused strategy
to assist under-privileged children in the
Bahamas in a way that changes their lives.

“Scotiabank is extremely pleased to be able
to purchase and install the hurricane shutters
said Andrea Myers, assistant
manager of marketing and public relations at
“Dve personally visited the home
and know of the tremendous work that Mrs

FINED



@ ANDREA Myers (left) and Janet Brown (second from right) are pictured with the
installation team, as they secured the building against this and future hurricane seasons

said.

-Brown and her team are doing to take care of
the residents, and we.are happy to help in such
a tangible and substantial way.”

At least eight special needs children are res-
ident at the Bilney Lane Children’s Home. |

The home’s administrator, Janet Brown was
beaming when the installers showed up. “I
really want to say thanks to Scotiabank and
express how much we appreciate it. It’s been
five years since we have been asking for it and
it is an absolutely blessed day to actually see the
shutters being placed on the building,” she

utomatic
Running Boards
Air-Conditioning
Aluminum Wheels

ence summer camps as a young
teenager which enhanced his
scientific abilities.

He didn’t find the traditional
approach to high school science
appealing but rather found that
learning science outside of a
classroom context really caused
him to gain a greater apprecia-
tion for it.

As a result, he sought to also
help others who may have felt
trapped by classroom science
to see the “interactive magic”
the discipline contains when
explored in a more comfortable,
relaxed environment.

Mr Hwang is a recent gradu-
ate of Duke University, where
he met Peter Blair, and is now a
graduate student at Oxford
University in the UK.

He mentioned that the camp
has seven chapters, all at well-
respected institutions through-
out the United States, and
added that the success of the
local camp is based firmly on
the strengths of the mentors
from the college.












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PAGE 8, FRIDAY, JULY 20, 2007



FROM page one

ager, to work on their behalf
to access their files from the
hotel in order to assist them in
getting what money is owed
to them.

“We are trying to get the
staff together to see how we
can get the monies that are
due to us from Royal Oasis. If
we have to go to Government
House to demonstration we
will do that because it has

Bahamas Bus & Truck Co., Ltd
Montrose Avenue
Phone:322-1722 « Fax: 326-7452

THE TRIBUNE

Royal Oasis Airport security co-operation with US Govt set to review law

employees

been too long now, and we
have gotten no response from
the government.

“Everyday we hear that the
hotel is sold; the hotel is not
sold. Things are tough and
some workers have lost their
homes — we need our mon-
ey,” she said.



Be ES
eet

2007

FROM page one

with the US and I’m quite sure they will receive cooperation from me and
all my other political colleagues,” he said.

Although the FNM will not continue with the task force put in place by
foymer Aviation Ministry Glenys Hanna-Martin to review security mea-
sures at LPIA, Mr McCartney said that the Airport Authority and the new-
ly established Nassau Airport Development Company (NAD) will ensure
that security levels at the airport are up to the required standards.

“Between the two of those we will make sure it’s done right,” he said.
“We will ensure security is up to standard, that this airport is safe for vis-
itors and safe for Bahamians,” he said.

. With the aim of gaining better insight into operations at the airport, the
aviation state minister, together with members of the media, yesterday

toured different facilities at LPIA.

Mr McCartney.undertook tours of the Doppler radar office, the fore-
cast office and the air traffic control tower.

The state minister said he wanted to bring to the public’s attention the
importance of the work that is done by the employees in these offices at

LPIA.

- Often faced with antiquated equipment and difficult working conditions,
the staff at these departments nevertheless carry out their jobs with the

highest professionalism.

FROM page one

happen.

Responding to this in a state-

ment issued yesterday, PLP’ chair-
man Raynard Rigby described
Bishop Humes’ statements as
“unfortunate”.

“For Bishop, Humes to blame
the PLP’s decision to proceed to
an Election Court as contribut-
ing to the atmosphere of lawless-

ness in our nation is not-only-pre--- -

posterous but it is an assault on
the core principles of democracy
and the Rule of Law,” he said.
“The PLP has made it very
clear that our decision to chal-
lenge the election results in
Pinewood, Marco City and Blué
Hills was purely driven by the evi-
dence that was uncovered which

. led our legal team to be satisfied

that there were serious issues of
election fraud. In a democracy
like The Bahamas, it must be
recognised that all individuals,
and in this case the PLP, have a
constitutional right to free and
unfettered access to the Court to
adjudicate on legal complaints.
Our party sincerely hopes and

trusts that Bishop Humes was not: —
_ attempting to suggest that the

PLP did not have such a right and

that where someone has been -

wronged he must not seek redress
from the courts. That would be

. a frightening approach.”

Mr Rigby continued, pointing

PLP warns

“However, the PLP and the
Bahamian people have noted that
in the midst of the national
debate on the role that Urban
Renewal played and can continue
to play in the fight against crime,
his voice was silent.

“Bishop Humes should refrain
from making comments that can
be interpreted as partisan and
Bolticat and thus cause right
thinking people to view the
Church as less than balanced in
public affairs. As the Leader of
the Christian Council one expects
‘informed, responsible commen-
tary and not commentary that can
only further inflame an already
fractious public debate.

“In moving to the Election
Court as it has; also in seeking
the determination of the Courts
in the matter of appointment to
the Senate; and in seeking to pre-
serve the reduction in crime and
the fear of crime brought about
by the Urban Renewal pro-
gramme; the Progressive Liberal
Party has, is and will always con-
tinue to champion the protection
of the Constitution and the best
interests of the country and the
Bahamian people,” he said.



FROM page one



FROM page one

told the audience that the pre-
liminary report on the death
indicates that it was an acci-
dent not “caused by any of the
jet ski owners or operators.”
However, the minister did not
go into further detail on the
accident, he said, as there may
be a coroner’s inquest.

When asked about the pos-
sible banning of these water-
craft, whose use and misuse,
have damaged the Bahamas’
international reputation
through several fatal acci-
dents, and severe injuries, Mr
Foulkes told the press:.

“That is not a matter that
is under consideration.”

Despite claims that have
been made against some
watercraft operators such as
the selling of drugs and sexu-
al misconduct, the minister
expressed confidence in the
majority of those who work
in the industry.

“We think that the jet ski
operators, in the main, are
very responsible and they con-
tribute — they form - a very
significant part of the tourism
product,” he said.

“Jet skis are very popular
among tourists. They provide
a very significant livelihood
for a lot of the operators,” the
minister added. ;

There are provisions in this
year’s budget, Mr Foulkes
told the audience, for the hir-
ing of 16 enforcement officers,
trained by the police and
defence force, for the water
sport industry. These officers
are to report to the Ministry
of Maritime Affairs and the
Port Department.

They will be stationed at six
sites, the minister said — three
on Paradise Island and three
in the Cable Beach area.

“They will be there full time
from nine. to five to ensure
that the regulations are car-
ried out,” he said.

Most Bahamians are aware -

of the tragic death of British
\

toddler, Paul Gallagher, after
being hit by a speedboat
that ran up onshore at Par-
adise Island nearly five years
ago.

However, when The Tri-
bune looked through its
archives, just a few years back,
there were eight deaths and
numerous injuries — mostly of
tourists — related to jet ski
accidents and their use.

¢ In February this year a
Canadian tourist died after
being thrown from a jet ski.

¢ In July of last year a 14-
year-old William Kay of New
Jersey was killed when a jet
ski he was riding collided with
a parasail boat.

e Last August two tourists
had to be hospitalised after
their jet skis collided.

e In Dec 2005 19-year-old
Jose Ruben received serious
chest wounds when the jet ski
he was riding collided with
another.

e In November 2004 44-
year-old Anthony Morettie of
Staten Island, New York was
killed after a jet ski collision
between he and his 13-year-
old niece.

¢ In March of 2004, 38-year-
old Milton Williams, a
Bahamian jet ski operator was
found washed up on the shore
near the old Club Med resort.

¢ In September of 2003, 21-
year-old Jason Melon of New
Jersey was killed, and a 14-
year-old American girl was
seriously injured, after a col-
lision between a boat and jet
ski near Sandyport. ~

e While in the span of a
week in late May of 2002,
three people drowned in sep-
arate jet ski accidents. One
man died off Paradise Island,
and a man and a girl died at
Goodman’s Bay.

These accounts only reflect
some of the injuries associated
with jet skis in recent Bahami-
an history, and seem to illus-
trate the danger they pose to
riders and the national
tourism product.

out that the Christian Council

on the talk show bringing heal-
ing to the country — especially
in light of the recent number. of
violent murders — instead of crit-
icising the PLP. _

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leader should have spent his time. :

Harding said that “the funds were always where
they were deposited.”

According to Ms Harding, after unsuccessfully
attempting to secure financing for'a new building
on behalf of the union.at a cost of $1.4 million, she
sent multiple documented letters to the vendor’s
attorney requesting that the $78,000 deposit be
refunded to the union as per a clause in the sales
agreement.

According to documents she produced at the
press conference, only $39,000 of the $78,000 has

been refunded to the union by the vendor’s attor-



| ney.

4 “We have recouped $39,000 which was made

known to every executive officer,” she added. “I
can’t see him (Bain) saying that I am not trying to
Tecoup the money...I have 14 pages of documents
from October (2006) until now.”

According to Ms Harding an unauthorised meet-
ing was held by the union when she was on vaca-
tion. Under Article 4 Clause 9 of AAAWU’s con-
stitution members cannot call an annual, general,
or special convention meeting without a quorum
which consists of 20 members.

Ms Harding maintains that the special meeting
held by the secretary general only had three mem-
bers present.

She argued that there were no “discrepancies”
regarding the union’s finances, as claimed by cer-
tain board members.

She said that on the night of June 13, during
nomination night, the former treasurer'stated that
the AAAWU account balance was $41,919.
According to.Ms Harding, this amount represent-



Airport union


































ed figures before-a bank reconciliation, and did not
reflect the actual reconciled balance of $27,834.42
after outstanding cheques were cleared.

» Ms Harding maintained this is the reason behind
the alleged discrepancy with the union’s operating
account, but all executive members were made
aware through written correspondence of these
matters. t

Ms Harding told The Tribune that before she
became president of AAAWU, the accounting
books were outstanding since 2001. Since her
tenure as president, she said that regular audits by
Gomez & Gomez were performed, and that
presently AAAWU’s books were “up to date.”

As reported by The Tribune on Thursday, Sec-
retary-General Anthony Bain, treasurer Susan
Palmer, two trustees, and a chief shop-steward
claimed that Ms Harding is acting in breach of
the union’s constitution by attempting to dissolve
the executive body’s three year term after only
one year. The Tribune reported that five executive
members were seeking to have an injunction
served against Ms Harding and AAAWU, to stop
proceedings to have them dismissed, and to bring
to light “discrepancies” with the union’s operating
account. :

“T have not received any documents,” Ms Hard-
ing announced. “I have only heard through the
press that there is an affidavit for an injunction. I |.
don’t know how you can ask for an injunction
when due process has been outright followed.”

Messages were left for Mr Fayne Thompson,
counsel for the five plaintiffs, but up to press time
he could not be reached for comment.

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THE TRIBUNE

The Best
in the
World

Written by Marc Talbert
Illustrated by Betsy James

STORY SO FAR: Nick and his best friend,
Clay, have decided to write their own book of
world records—in which thev hold all the
records

CHAPTER TWO
A Ton of Money

“Something nobody’s ever done before?”
Clay asked.

“Like seeing how-many jelly beans we can
stuff in our mouths?” Nick puffed out his

cheeks until his eyes squinted.

“Naw,” Clay said. “Too easy. And I bet
it’s been done.”

‘What if we did it standing on our heads?
Only black ones’?” ;

“Get real!” Clay said. “I hate black ones
and I don’t want to choke on jelly beans and
die upside down making a record tor some

_book. Even ours. There’s goita be some:

the richest kids in thé world *
“There are lots of rich kids in the world,
Nick said. “You just have to be born rich.”

“But maybe we could make a record for
becoming rich kids by making the most mon
ey ina day. Or in a couple hours.”

Nick thought fora moment Getting rich
and setting a record sounded like a pretty
awesome combination. He nodded.
“Maybe. But how can we make that much
money?”

Before Clay could answer, Nick heard his
mother calling for him. “Ma-a-an!* he mut-
tered. “Coming!” he called, running.

“What does she want?” Clay asked, puff-
ing alongside Nick. Nick shrugged and
leaped up the steps to the back porch. All he
knew was, whenever his mother called. she
meant business.

Opening the screen door, Nick and Clay
were hit by the smell of just-baked chocolate
chip cookies. Nick’s four-year-old sister, Jazz
for Jasmine, was sitting at the kitchen table,
staring at a huge pile of cookies. His moth-
er had called him in to have cookies with
Jazz? Give me a break! he thought.

- Jazz looked up. “What took you so long?”

Nick’s mother turned from washing a mix-
ing bowl. ,

“That was fast!” She smiled. “I told Jazz
she couldn’t have any until you two were
here.”

Jazz reached for a cookie. but Nick was
faster.

Clay took a bite and smiled at Nick’s moth-
er. The chocolate smeared on his teeth made
him look dangerous. “These are great!” he

- said. He turned to Nick. “Maybe we should
see how many of these puppies we can eat in
aminute. Oran hour. Or a year!”

¢ ¢ W hat record should we try ,
for first?” Nick repeated.

thing else! Maybe something that Il make us

Spend the summer with the Babatnas lcading news and information source

Read along with us in:





“Why would vou want to do thar’ Nick-
’s mother asked.

“To be the best in the world at something,”
Nick answered.

“But you’re already the best in the world
at something.”

“Yeah?” Nick wondered if she was poking
fun at them.

“Yes. Nick, you’re the best in the world at
being yourself. And you, Clay are the best
at being yourself!”

Both Nick and Clay groaned
mother-thing to say!

Her face turned serious “Nick T need to
get some work done around here so i want
you to look after Jazz tor the next few
hours.” Nick was about to say no when she
interrupted. “And I} want you to pick up
some things at the grocery store for me.”
She took a list from her pocket. and a iwen-
ty-dollar bill. “For doing me such a big
favor, you can keep the change after you ve
bought everything.

Before Nick could protest, Clay blurted
“Sure thing!”

“Thanks for being a good syrort. Clay,
said Nick’s mother.

What a

Summer Reading Ser
is sponsored by ~

PSU eee MU ace Tc),
THOMPSON TRADING - SHIRLEY STREET - 394-1142





Feeling grumpy at his mother and Clay,
Nick took the list and the money. He
reached for two more cookies, daring his
mother to say no. She didn’t. “Come on,
Jazz” He held out his other hand. Her
hand was as warm as the cookies.

Clay nabbed two cookies on his way to
the door “See vou later.” he called, slip-
ping outside. “Whats on the list?” he whis-
pered as they rounded the corner of the
house. He took it from Nick and read.
“We re on our Way.to making a ton of mon-
ey he said handing it back. “This record’s
going to be a cinch,

Hiow’s that?”

My moms got everything that your mom
needs Except the toilet paper. We'll keep
the iwenty bucks for our world record!”

Isnt that stealing?” Nick asked.

lis not stealing if vou take stuff that’s
yours is tb?”

But thai stuff doesn’t belong to just you.”
Nick rephed

Se} wou teat chips or drink soda for a
week that should make up for my part of
it.’ Clay countered

Phey were headed for Clay’s house and





FRIDAY, JULY 20, (






de
























eries

inne netics tne lteter thereon nathan mn NTS
.



stopped to wait for a red light. Catiycoruer,
aman stood facing traffic, holding'a piece of |
cardboard for passing cars to:
“Hungry and Homeless.” 4
stop. The man nodded h
driver handed him money. ...
“His clothes aren’t raggedh
dirty,” Clay said. nodding towa
“He must make a ton of meneye
_Jazz tugged at Nick’s hands
asked. .
“Just a minute,” Nick answerei
Jazz’s hand tighter. He loo
2°80?” is
“So. He just gave me an i
a ton of money.”
Nick frowned. The light
What was Clay getting them:





































Illustrations copyright © 2001:
Reprinted by permission of Break
als, Inc. ie
www.breakfastserials.com









aes Ra SERIE SS
Wek SRS |



PAGE 10, FRIDAY, JULY 20, 2007

THE TRIBUNE



LOCAL NEWS

Ecotourism on the wing — birding in

t By GLADSTONE THURSTON

MATTHEW Town, Inagua —
Bahama parrots know how to
flaunt their rights here. The rare
birds invade and occupy this
town of some 900 souls each
summer taking up residence in
the choicest guinep, sapodilla,
and tamarind trees.

In a chatter of piercing
shrieks and squeals, they do as
they like to such an extent, that
visitors often think they are
domesticated.

At 5,000 strong, these flam-
boyant Amazona leucocephala

bahamensis are fast becoming |

the star attraction to local and
international birders in a show
once dominated by the regal
flamingo, the national bird of
the Bahamas.

“They believe they own this
town,” said Inaguan historian
Vivian Moultrie, of the Ministry
of Tourism’s ecotourism pro-
ject. “We oblige them and pret-
ty much let them do as they
please.

“They are protected by the
law and they seem to know it.
There isn’t anything we can do
bui welcome them.”

Adorned in their character-
istic green coat, blue wings, red
neck and breast, and white
crown, Bahama parrots are
found only here and in Abaco
where the population is said to
be about 1,000 — and under
threat.

During this July 13-16 week-
end, Inaguans hosted a group
of specialty tour operators and
birders from the United States
as the Ministry of Tourism lays
the groundwork for showcasing
the birds of Inagua in a big way.



@ BIRDS flock Inagua’s shores

In conjunction with the
Bahamas National Trust and
residents here, the Ministry is
looking at ways in which the
economy of Inagua can grow
through tourism.

Two key objectives are to
reduce outward migration
through the creation of eco-
nomic alternatives for local res-
idents, and to raise awareness
levels and stimulate visitor
interest in Inagua.

“The people of Inagua have
been very accommodating to all
of us,” said Heather Buiwit of
the Massachusetts Audubon
Society. “The restaurants and
the accommodations have been

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really, really great.

“There is definitely potential
here. It’s a beautiful island with
beautiful people. The birding
has been quite good. My
favourites are the Bahama par-
rot and the Bahama woodstar

hummingbird.”

Other tour operators were
Lori.Gross of Creative Educa-
tion, Annapolis, MD; Bob
Schutsky of Bird Treks,. Peach
Bottom, PA; and Andrew Gris-
wold of the Connecticut
Audubon EcoTravel, Essex,
CT. Sheila G Cox is the Min-
istry of Tourism’s general man-
ager for ecotourism.

Covering nearly 700 square
miles,-Great Inagua, Little
Inagua and two. cays form the
most southern tip of the islands
of the Bahamas. They lie
approximately 70 miles north
of Hispaniola, between Cuba,
50 miles to the southwest, and

the Turks and Caicos Islands,
30 miles due east.

Great Inagua — where the
capital Matthew Town, a port of
entry, is situated — lies almost
in the Windward Passage, one
of the busiest shipping lanes in
the western hemisphere.

It is site of the 183,784-acre

Inagua National Park, home to -

the world’s largest breeding
colony. of West Indian flamin-
gos, numbering in the region of
70,000.

Experts estimate that more
than 100 species of bird, from
the Arctic Circle to Tierra del
Fuego, seek out the sweet
berries and cherries and the rich
marine life that flourish in and
around the Inaguas.

Brown pelicans, tri-coloured
herons, snowy egrets, reddish
egrets, stripe-headed ‘tanangers,
cormorants, roseate spoonbills,
American kestrels, burrowing

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@ BAHAMA parrots know how to flaunt their rights here. The
rare birds invade and occupy this town of some 900 souls each
summer taking up residence in the choicest guinep, sapodilla,

and tamarind trees.

owls, Bahama pintails are but
a sample of the park's interior.
Experts estimate that many mil-
lions pass through the meauas
each year.

“Inagua has great potential,”
said certified birding instructor
Paul Dean. “Where, Inagua is
situated, because it is so far
south almost on the ocean, we
get a lot of seabirds coming in,
some birds you never see any-
where else in the Bahamas.”

Birds are also drawn to
Inagua by the abundance of
brine shrimp Morton Salt seeds
its 2,279-acre salt ponds with to
control algae growth.

To replenish the salt ponds,
the company pumps sea water
into a portion of Lake Rosa
bringing in with it marine life
which over the years has thrived
to create a new eco system that
is renewed every time more sea
water is pumped in.

“The brine shrimp feed on
the sae and Brow fat and the
hp" rots .

may see one én top-of a ‘tree or |

birds'fé€d on the bi rine § shrim
anid: Stow fat? said M. ulirie.




“The-e¢o-system developed By ¢

pumping sea water into Lake
‘Rosa positively impacted not
only the flamingos but many
other water birds like Roseate
spoonbills, egrets — the millions ~

of migratory birds that flock |

; OFFICE LOCATED
COLLINS AVENUE AND 4TH TERRACE ©

PHONE: (242) 326-4234 ©

MR. MUCAN DAWKINS/CHAIRMAN

Mon - Sat.

Ne





2 & Bw Ss Wa tee ee OE

&

here, from the Arctic Circle to :
Tierra del Fuego.”
Certified birder, Henry |

Nixon, warden of the Inagua.:.

National Park insisted that all.
birds are “well protected” on |
the island.

Visiting birders and conser--

vationists “have been very |

impressed with what they have
seen,” he added.

“It must be remembered that ,:
we have 70 to 80 of our species '
that stay here all-year round,”
he said.

One such is the sociable ¢
Bahama parrot, which is oe
ing doors for Inaguans in’
tourism. ;

“Our parrots are smart,” said” :
Moultrie. “You should see them +,
eat. Utilising their beaks and",
claws, you would swear they ¢
were imitating us.”

“Not taking anything away’

- from Abaco,” added Dean, «

“but, a challenge Abaconianss!
have is showing off their par- 4
.. Aftei’a long search, you ,

two-flying by. ®s wl
“But, the parrots here act as if,
they are tamed. Where else in~
the world do you get this plea-
sure? I-can look o out.my. wiD-.

“dow here-and see'fare Benin, ‘.
parrots eating guineps.”.*

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PROVIDE 2 REFERENCES



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er oe

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Sn A a eae ee OE RE ERT I Fam. tag

Paes te Se ee



THE TRIBUNE | .. «v, 2007, PAGE 11

Mo eer lll
Ter _ First Caribbean makes donation to
Inagua takes of. Bahamas Swimming Federation



@ BAHAMA parrots . @ THE Bahamas Swimming Federation was the happy recipient of a cheque from First Caribbean

flock Matthew Town each which will assist the Federation’s swimming and water polo teams. From left at the presentation

summer : are: John Bradley, swimmer, YMCA Wave Runners; Robert Cox, manager of home finance for

(Photo: BIS/Patrick : First Caribbean International Bank; John Bradley Sr, first vice president of the Bahamas
Hanna) i Swimming Federation and Corey Bruney, swimmer, Barracuda Swim Club.

(TCL Photo by Wendell Cleare)





a EDU
FLAMINGOS, the national
airinInagua.





‘ as
@ MANY millions of birds
rs "

\

On Sunday, July 22,

Anya Watkins, Miss Motions, |

will vie for the title of Miss Bahamas 2007 at the
Crystal Palace Resort and Casino’s Rainforest Theatre.

Anya, 21, studied pre-pharmacy at Palm community. While pursuing her studies in
Beach Atlantic University and is currently Palm Beach, Anya volunteered for Habitat
working at Lowe's Pharmacy while pursuing for Humanity and Locks of Love. She also
a marketing degree at St. Thomas University. _ volunteered to work in soup kitchens for the
less fortunate at First Baptist Church.

Her ambition is to own an array of
businesses and launch them internationally, If she wins the Miss Bahamas crown, Anya
while remaining in the Bahamas no matter says she will be fully dedicated to her

_ how successful she becomes. Anya enjoys platform and will do everything in her power
swimming, reading and cooking and is to represent the Bahamas to the best of her
motivated by her family and by her desire to ability. Motions wishes Anya, Miss Motions,
help others in the community. the best of luck on July 22!

Her biggest inspiration is her mother, who Vote for Miss Motions at
has always found time to give back to the 242-376-0409 14

Anya will get pageant ready using Motions Hair products
giving her hair beautiful shine and style.

After relaxing Amya's hair with Motions Hair
Relaxer, her stylist uses Critical Protection dual
Repair Treatment Sramypoo aud Comdliitiiomen
to moistunize Iner Fradtir to wvitlastamel tive:
Bahamian weather; Them she wses Motions
Heat Seeker Protecting Spray and Smoothing
Shine Serum to achiewe the style Amya loves so
much! At home, Amya uses Oil Moistumzang
Lotion.amd Conditioning Han Spray to keep
her Took” anal premaned for the demnanuating
activities of the Miss Balamuas Comnpetitiom.



piers





PAGE 12, FRIDAY, JULY 20, 2007



THE TRIBUNE





Citing growth in interest in
Family Island property, ERA
Dupuch Real Estate this week

announced the appointment of

additional BREA-licensed

sales associates in four family
islands.

“We are pleased to announce
the expansion of ERA Dupuch
Real Estate in Spanish Wells,

YOUR. CONNECTION fo

LOCAL NEWS

ERA Dupuch Real Estate expands

Eleuthera, Hope Town, Aba-
co and Exuma and Long
Island,” said Peter Dupuch,
founder of the company head-
quartered in an historic cottage








on East Bay Street in Nassau.
The move to boost Family
Island coverage began last year
when the company opened its
first Abaco office. That office,










staffed by Donna and James
Rees, is in the Stratton Building
in Marsh Harbour.

The new appointments
include a third Abaco repre-
sentative, Ricky Sweeting, for
Hope Town. Also appointed
were Clay Sweeting (no rela-
tion), Spanish Wells and Giselle
Knowles for Exuma and Long
Island.

“While the real estate mar-
ket in Nassau and Paradise
Island has been strong with the

most-noteworthy growth in con- °

dos and homes in gated com-
munities, the real change in the
industry is.the explosion of
interest in the Family Islands,”
said Mr Dupuch.

Much of the interest, he not-
ed, is among Bahamians.

“It’s as if the country woke
up one morning realising that
all that beautiful land out there

. in the Family Islands was going

fast and everyone wanted to
secure their piece for retirement
or a second home or for invest-
ment potential before it was too
late. There are still good buys
out there, but local knowledge
is becoming increasingly impor-
tant as good deals grow
scarcer.”

Mr Dupuch, an FAA-certi-
fied pilot for 26 years, first
greeted the reawakening of
interest in Family Island prop-
erty by piling staff into the com-
pany’s plane for an in-house
showing. He still does this, but
says having people on the
ground with local knowledge
and ready availability is a big
boost.

“Every time we get a new list-
ing, I gather everyone and say,
‘Let’s go.’ You can’t sell what
you don’t know,” he said. Even
with new associates, the plane is
still invaluable, he says, for
prospective buyers as well as
staff. ‘

In each case where ERA
Dupuch added an agent, the
firm identified a Bahamian who
had not only earned a BREA
licence, but had strong commu-
nity ties and thorough knowl-
edge of local settlements, prop-
erties and market trends.

“It’s a common thread
throughout the islands, to add
real estate as a profession to a
list of earlier accomplishments.
It makes sense because the per-
son has built a reputation, is
trusted in the community,
knows the product and in most
places, during part of the year,

_ there is not enough activity to

make real estate a full-time
occupation so they are able to
turn to other pursuits.

“We hope with associates
nearly from one end of the
archipelago to the other, we will
be in the best position to serve
clients whether they want
beachfront in Eleuthera or farm

Hi DONNA and James Rees

Order it alone or do a tasty Combo.
Just make sure you’re prepared...

Always Fresh. Never Frozen.



CLAY Sweeting



@ GISELLE Knowles

land in!Long Island.”

Dupuch Real Estate, foundéd
in 1993, joined the ERA real
estate network in 2001 with
more |than 38,000 brokers
worldwide and some 3,000
offices in the US, EUroRS and
the Caribbean.



M








FRIDAY, JULY 20, 2007

SECTION

business@tribunemedia.net

_ The Tribune

BUSINESS

Miami Herald Business, Stocks, Analysis, Wall Street







j

Hutc

pr

M@ By NEILHARTNELL |
Tribune Business Editor

utchison Whampoa,
the Hong Kong-
based conglomerate
that has invested
some $1 billion in equity in
Freeport, has moved to secure
and safeguard its investments in
the Bahamas given the ownership
battle at the Grand Bahama Port
Authority (GBPA), The Tribune
has learnt, as efforts intensify
behind the scenes to avoid a
courtroom showdown between
the St George estate and Sir Jack
Hayward. , i
Multiple sources have: con-
firmed to The Tribune that senior
Hutchison Whampoa executives
have been meeting with the Gov-

hison moves to
otect investments

* Hong Kong conglomerate buying Freeport’s productive assets floated as solution to Port ownership battle

ernment in Nassau with regard
to the status and security of their
investments in light of events sur-
rounding the GBPA, as the July
25-27 trial date on Sir Jack’s 75
per cent ownership claim looms.

Yet attorneys for both sides in
the dispute have been working
hard to see if the dispute can be
resolved without the need for a
protracted legal battle, and some
of the proposed solutions involve
Hutchison itself, The Tribune has ,
learnt. :

One idea that is understood to
have been floated in talks
between Hutchison and the Goy-
ernment is that the Hong Kong-

based conglomerate should
acquire all the productive assets

in Freeport that used to belong to |

the GBPA, but are now owned
by its Port Group Ltd affiliate.
It is unclear exactly what part
Hutchison Whampoa could - or
will - play in any solution to the
GBPA ownership dispute,

although it is the Port Authority.

and. Port Group Ltd’s main
investment partner on Grand
Bahama.

Some sources suggested that
another potential solution would
be for Hutchison to acquire Sir
Jack’s 50 per cent stake in Intern-
continental Diversified Corpora-

tion (IDC), the holding compa-
ny that owns both the GBPA and
Port Group Itd.

Sir Jack attempted to sell his
stake in 2006, for a price said to
be around $55 million, to a Euro-
pean investor group headed by
Hannes Babak, the GBPA chair-
man currently barred from act-
ing in any executive, Board or
managerial capacity by a receiver-
ship order obtained from the
Supreme Court by the St George
estate. :

Hutchison would likely be a far
more acceptable investment part-
ner for the late Edward St
George’s estate than Mr Babak,

Attorney calls for Bankruptcy reform

@ By NEIL HARTNELL
Tribune Business Editor

A LEADING Bahamian attorney yester- °

day urged this nation to reform its outdated
Bankruptcy Act, but warned that it. should
stay away from implementing US Chapter 11-
style protections because this could “encour-
age unsavoury businesses and fiscal irrespon-
sibility”. m4

Responding to-comments by Freeport-
based attorney Fred Smith, who earlier this
week had urged the Bahamas to reform its
“dead or alive” bankruptcy laws, Brian Moree,
senior partner at McKinney, Bancroft &
Hughes, agreed that the Bankruptcy Act
“needs to be modernised”.

He explained that this was because the
courts needed to be able to deal with such
cases, and process them, as rapidly as possible.

Mr Moree told The Tribune: “I don’t think
there’s any question that the bankruptcy laws
in the Bahamas heed to be reformed.

“We are a major financial centre, and
should have modern, efficient, bankruptcy

laws, but at the moment we do not..........

’ “Our Bankruptcy Act needs to be mod-
ernised. It needs to be changed in the sense
that it is based upon very old laws. We need to
have a modern set of rules that allows persons







* But urges Bahamas to stay away from Chapter 11-style laws, as
could ‘encourage unsavoury businesses and fiscal irresponsibility’
* Creditors might be left unprotected and go bankrupt themselves



BH SMITH

B MOREE

to declare bankruptcy

in a reasonable period of time, or creditors to
put them into bankruptcy in a reasonable
period of time.”

Mr Moree said the Bahamas’ rules on com-
pany insolvencies were “very good”, although
they needed to be reviewed to ensure they
were modern and efficient.

However, the companies side was “not as



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' Reality Check. ;
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with the right life insurance or investment plan.

SALES OFFICES: NASSAU, FREEPORT, ABACO & ELEUTHERA CORPORATE CENTRE: EAST BAY STREET, NASSAU P.O. BOX SS 6232

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woefully out of date as the bankruptcy laws”.

He disagreed, though, with Mr Smith’s
assertion that the Bahamas should implement
Chapter 11-style bankruptcy protection laws to
allow Bahamian-businesses to restructure and
reorganise without being threatened by their
creditors.

Mr Smith suggested that given the rela-
tively small size of the Bahamian economy,
businesses that ran into difficulties should be
given more opportunity to restructure and
reorganise than currently.

He said the lack of bankruptcy/liquidation
protection for Bahamian companies acted as
a disincentive for entrepreneurs, and meant
many business ideas were killed off before
they started to bear fruit.

Currently, if Bahamas-based businesses are

unable to pay their debts and meet obliga- .

tions to creditors, they are put into adminis-
tration and receivers — usually a team of

SEE page 6










GUARDIAN

INSURANCE
COMPAN Y








who the estate appears to consid-
er ‘persona non grata’, and whose
appointment acted as the ‘light-
ning rod’ or ‘trigger’ for the
events culminating in the owner-
ship battle.

The Tribune understands that
the St George estate has made
several propasals to Sir Jack in
an attempt to avoid a courtroom
fight over the ownership, but the
big stumbling block that remains
is the latter’s apparent insistence
on selling his ICD stake to Mr
Babak.

Hutchison Whampoa’s involve-
ment will come as little surprise,
given its extensive investments in



@ By NEIL HARTNELL
Tribune Business Editor

COMMONWEALTH
Bank, the publicly traded finan-
cial institution, is the latest

_BISX-listed equity to consider
a stock split, The Tribune can
reveal, with its stock currently
trading at over $15 per share.

Sources familiar with the sit-
uation revealed that just like
FOCOL Holdings, which yes-
terday confirmed its own four-

story on Page 11B), Common-
wealth Bank’s Board and man-
agement were actively consid-
ering one of their own.

The likeliest split would be a
three-for-one, with Common-
wealth Bank issuing existing
shareholders with two new
shares for each one they
already own.

This would have the effect
of bringing the bank’s BISX-
listed share price down from
its current 52-week high of
$15.10 when trading on the
exchange closed yesterday to
just over $5 per share. . j

Such a price would be per-
ceived as making Common-
wealth Bank’s stock more

“attractively priced to new
investors in the context of the
Bahamian markets, making it
more ‘affpordable’ and stimu-
lating greater trading activity
in the bank’s shares.

T. B. Donaldson, Common-
wealth Bank’s chairman, was
yesterday said to be off the

Bank mulls



for-one stock split (see other. |
- holders and potential new



Grand Bahama. It holdings com-

prise the Freeport Container Port;

_the Freeport Harbour Company,

Grand Bahama Airport Compa-
ny, Sea Air Business Centre and
Grand Bahama Development
Company, the latter four of which
it is in a 50/50 joint venture with
Port Group Ltd.

Other investments include the
Our Lucaya Resort and proposed
Silver Point development, both
of which are owned 100 per cent
by Hutchison Development
(Bahamas).

SEE page 8

stock split





























island until Monday when The
Tribune called seeking com-
ment.

Ian Jennings, Common-
wealth Bank’s chief financial
officer and senior vice-presi-
dent, finance, did not return
The Tribune’s call before press
time last night despite a
detailed phone message being
left for him.

Stock splits, such as the one
contemplated by Common-
wealth Bank, are often carried
out when a company’s share-

investors are reluctant to trade
in and buy its shares, because
they believe the stock is either
overvalued or has hit its peak
valuation, or because they.
believe it costs too much.

Effectively, investors believe’
the stock has become too
expensive to purchase and
trade, so by splitting the stock
on a three-to-one ratio, say,
Commonwealth Bank will dra-
matically increase the supply
of shares.

This increased availability,
in turn, will have the effect of
decreasing the price the stock is
trading at, lowering the cost of
purchasing shares and thus
stimulating trading activity and
volume.

Yet the stock split will not
dilute the value of a share-
holder’s investment in Com-
monwealth Bank.

SEE page 8





Shipping potential |
not fully exploited —

@ By CARA BRENNEN-
BETHEL
Tribune Business Reporter

TO wt. Bol
Bahamas has }
not exploited the |
full potential of |
its maritime |
industry, which }
could rival the |%)
financial services |
sector as the-sec-
ond pillar of its
economy, the
minister respon-
sible said yesterday.

Dion Foulkes, minister of mar-
itime affairs and labour, said.that
in Grand Bahama, it was the
Freeport Container Port, which
employed 700 staff and generated
millions of dollars, that carried
the island’s economy through the
devastating effects of the 2004
hurricane season and the closure
of the Royal Oasis resort.

He added that if the Bahamas
was able to fully tap into the
industry’s benefits, it could sig-
nificantly expand shipping behind
tourism and the financial services
sector. &

Mr Foulkes said that at pre-
sent, the country’s shipping reg-
istry - the third largest in the
world behind Panama and Liberia
- contributes $50 million to the



FOULKES

Bahamian economy annually. °

He added that he was con-
vinced that with an aggressive .
recruitment drive, the Bahamas
could rank as high as second, indi-
cating this would have a signifi-
cant impact in terms of the
income generated and Registry’s
international prestige.

Mr Foulkes, who was speaking
at a special Meet the Ministers
Forum sponsored by the Cham-
ber of Commerce, told busi-
nesspersons that their bottom
lines could be significantly
improved if they could transport
their wares directly via the
Freeport Container Port, rather
than have them shipped through
other ports and then into the
Bahamas.

Mr Foulkes also addressed con-
cerns regarding the Internation-
al Labour Organisation’s (ILO)
Convention 87, which gives
employees the right to join the
union of their choice. Businesses
fear it would create a “super
union”, swallow up the smaller
unions and tip the balance of
power to the master union.

Mr Foulkes said the business
community has raised legitimate
concerns, but promised that
before anything is undertaken the
Government will have full dis-
closure with the Bahamian peo-
ple-



PAGE 2B, FRIDAY, JULY 20, 2007

THE TRIBUNE







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ecting traffic to

key profit centres

nce you have managed
to drive traffic to your
site, you will need to do

something with it. Don’t let your
visitors come and surf, and then
disappear forever. At the very
least you should tempt them to
stay long enough until you can
persuade them to either try or
buy your product, or at the very
least get them to give up their
name and e-mail address so you
can contact them later.

Most people will visit a web-
site several times before they pur-
chase, so you will need to add val-
ue or give them a compelling rea-
son to come back. Keep. your
website looking fresh and new by
regularly updating the content,
adding new features and links.
Here are four traffic conversion

» activities:

The first thing you should do is
to make your website ‘sticky’.
You do this by designing and
writing great content. ontent is
about copy, the features you
include on your website, the
design and navigation.

Keep it simple. Make sure you
appeal to everyone, including
people who are new to the game
and don’t know much about com-
puters. Ask yourself what a visitor
would want to see on your site?
By thinking through your strate-
gy, you can get your visitor to fol-
low a defined path to purchase
your product by providing the fol-
lowing content:

Write compelling copy. Make it

’ sales-oriented, selling the ‘sizzle’

about your product. However,
don’t try the ‘hard sales’
approach. Make sure you give
compelling descriptions about
your product with ‘Buy Now’ or
‘More Info’ buttons that lead

them to more detailed informa- .

tion about your product. Product
content should just be slipped in.
Your visitors will also want some-
thing else to keep them there and
become loyal.

So, give something away. Just
like in the bricks and mortar

aM VeSN Aeon



; Business
% Sense
‘a

world where you give giveaways
to your customers, such as pens or
cup holders, give your visitors
something of enough value that
they will keep.

Try and be original and offer
quality. Educate your visitors by
providing them with interesting
articles, web logs (blogs) or pod-
casts, which you can either pro-
duce yourself, or get a non-com-
peting expert to do for you. Then
there are competitions to enter
for prizes; surveys and opportu-
nities to vote on issues; free
eBooks, reports and newsletters
that are themed to your site;
interesting links to other sites that
are offering general information
about your industry, but are not
competing or selling your type of
products; and (f) free tools that
your visitors can use.

‘You can also make your web-
site ‘sticky’ by posting testimoni-
als from people that have found
your service useful. This will give
your site third party credibility,
as well as help persuade visitors to
buy your product.

Design a navigation bar on
each page, so that visitors can
enter your site on any of your




pages and easily navigate around
your site. This will help you keep
them on your site.

Spend time on the design of
your website to make it look
attractive. Design nice banners
and buttons. Spice up your site
with audio and video presenta-
tions. Integrate speaking charac-
ters from sites such as SitePal to
help explain how your products
work. Keep testing the content
and see what works and what
doesn’t.

The second thing you should
do is to design your sales chan-
nels. This is the strategy behind
how you will get your customers
to buy. There are two ways you
can do this.

You can acquire your transac-
tions at the Front End. This is
where you market a product to
your customers once only, and
once they buy it your transaction
with them is finished.

This is a rather limited
approach, so most marketing
savvy websites are designing Back
End sales channels. This is where
you market an inexpensive prod-
uct, or free product, to capture
the name and e-mail at the front
end, so that you can send a
newsletter or e-mail upselling
them to a more expensive prod-
uct later.

Consultants commonly sell
their seminars, or courses, by giv-

SEE page 8

KINGSWAY ACADEMY
Vacancies for Teachers for September 2007

Kingsway Academy, an Interdenominational,
Evangelical, Co-Educational Christian Day School,
invites applicants from qualified and experienced
candidates for teaching positions at the Elementary and
High School levels (grades 7 through 12).

ELEMENTARY:

Trained Physical Education Teacher for grades K-4

through grade 6
HIGH SCHOOL

High School applicants should possess a Teachers
Certificate, at least a Bachelor’s Degree in the particu-
lar subject area and be able to teach to the AP level. A
Masters Degree in the content area or in aducation for
the subject area would be an asset.

¢ English Language/Spanish

e Mathematics

e Business Studies (Office Procedures, Economics,

Accounts)

¢ Information Technology

The successful candidates should have the following:

¢ An Academic Degree in the area of specialization

e A Teaching Certificate

e Excellent Communication Skills
¢ A love for children and learning
¢ High standards of morality

° Be a born again Christian

Letters of application together with a recent color
photograpgh and detailed Curriculum Vita (including
the names and addresses of at least three references,
one being the name of one’s church minister) should be

forwarded to:

Ms. Kelcine Hamilton

Academy Affairs Manager

Kingsway Academy Business Office

Bernard Road
Nassau, Bahamas

Deadline for applications is Tuesday July 31, 2007.







BUSINESS

The Miami Herald Gb

THE MARKETS.

STOCKS, MUTUAL FUNDS, 8B

‘DOW30 14,000.41 +82.19 A

sapsoo. 1553.08 +601 AL

NASDAQ 2,720.04 +2055 AN

J0-YRNOTE 5.02 -0.01 W
40.87 a

CRUDEOIL 75.92




1 14, 1,000

BY TIM PARADIS
AssociatedPress oo
NEW YORK — - Wall Street
moved soundly higher ‘Thurs- —
_ day, sending the Dow Jones _
industrials to their first close |

~ above 14,000 as investors kept _
- jitters about the economy atbay







= . "Profit n news Gon: ompanie
fe like International Busines:
a a network auonen





. ae ae lift stock ; and
_ boosted investors’ appeti
_technology issues. However, —
the momentum could be short-
lived as Google after the closing _
yell Thursday turned in a sec- _
nd-quarter profit that fell short —
of Wall oS bigh ere oS











- which are made to borrowers ©
with poor credit history, gener-__
ally hurt financial stocks, while
a ee thata a woule Pe eer :

-, age from eaening ‘its gains

The Dow rose 82.19, or or 0.5 :
_ percent, to 14,000.41. The blue |
_ chip index danced around the.

eas



Be " Broader s ‘ock indicators also
ae eased Thursday. The S&P 500 a
rose 6.91, or 0.45 percent, to |
_ 1,553.08; its previous record of
1,552.50 occurred Friday. The —
_ technology-focused Nasdaq
_ composite index rose 20.55, or __
_ 0.76 percent, to 2,720. 04, follow -
' ing the upbeat tech earnings. —_—
_ Though stocks briefly shed _
some gains after newly released —
Minutes from the Federal ~
_ Reserve’s last meeting appeared —
_ to confirm that the central bank
has no plans to cut rates any:
time soon, investors resume
buying i in short-order, = /
Bonds showed little eal a
@ movement, ‘The yield on the —
benchmark 10-year Treasury —
note was flat at 5.03 percent —
from late Wednesday. The dol-
lar was mixed against other |
major currencies, ye gold
prices rose.
The stock market's rise came —
even as oil moved higher. Light, —
sweet crude settled up 87 cents
at $75.92 per barrel onthe New _
_ York Mercantile Exchange after















’) FRIDAY, JULY 20, 2007



HOUSING MARKET



PHOTOS BY DON RYAN/AP

JUST HEATING UP: Across the West, some smaller metropolitan areas have managed to remain
largely unaffected by the nationwide housing slump, as seen at this subdivision in Salem, Ore.

BUCKING THE SLUMP

WHILE HOME SALES IN CALIFORNIA AND FLORIDA NOSE DIVE,
SOME SMALLER POCKETS, PARTICULARLY IN THE WEST, ARE THRIVING

BY AARON CLARK
Associated Press :

SALEM, Ore. — Aside from being Oregon’s capital
city, Salem doesn’t have much to boast about. Most
downtown restaurants close by 7:00 p.m. and Lefty’s
— the only cool bar in town, according to local col-
lege students — is known for its karaoke fundraisers.

But the real estate market here is buzzing. For-sale
signs litter front yards, and the local newspaper is fat
with ads for homes.

The community of 150,000 is a prime example. of
an overlooked phenomenon in the country’s over-
heated housing market: While demand for homes:has
nose-dived from Florida to California, some smaller
metropolitan pockets continue to thrive.

Towns like Salem, Ore.; Wenatchee, Wash.; and
Provo-Orem, Utah are among the few places in the
country where housing prices are growing at double-
digit rates, according to a recent federal study.

Experts say population growth and job growth are
one reason. Local factors — like proximity to ski
slopes, mountain bike trails, or nearby cities — are
also helping some Western markets escape one of the
nation’s worst housing downturns in years. And most
of these small-to-mid-size cities weren’t a part of the
original housing boom and speculation that followed,
so many of them are still playing catch-up.

“The Pacific Northwest was a little bit late coming
to the party,” said Andrew Leventis, an economist
with a federal housing agency. “The extreme appreci-
ation over the past five or six years in the country
only just began in the Northwest a few years ago.”

In Wenatchee, a 30,000-resident town east of the
Cascade Mountains, homes appreciated an average of
25 percent between the first quarter of 2006 and the
first quarter of 2007, according to a recent study by
the Office of Federal Housing Enterprise Oversight.

But it’s not just the Pacific Northwest that’s seeing
double-digit home appreciation. While some of the
worst hit housing markets include cities in California,
Nevada and Arizona, many of the remaining strong
markets are clustered west of the Rocky Mountains.

Fifteen out of 20 metropolitan areas with the high-
est rates of home appreciation in the country were in
Washington, Idaho, Utah, Oregon, Colorado or New

INTERNET

Google’s profit surges
but misses expectations

BY MICHAEL LIEDTKE





CHECKING IT OUT: First-time home buyers Ben

‘and Chantle Brubaker examine dining room

space while viewing a house in Salem, Ore.

Mexico, according to the federal study, which looked
at markets with at least 15,000 transactions over the
last 10 years.

On a recent sunny afternoon a real estate agent
showed Ben Brubaker and his wife Chantle, a three-
bedroom, two-bathroom, pale-blue home in a subdi-
vision in south Salem, with.a list price of $184,500. A
small but trim backyard, large living room and
kitchen tiles caught the couple’s eye.

“You'll be able to be there for a few years, turn it
around and make some money out of it,” said, Sylvia
Perry, a real estate agent for RE/MAX equity group.

Young, first-time homebuyers like the Brubakers
are also triggering demand in Utah, said a state econ-
omist, Mark Knold.

Utah, which has the highest job growth rate in the
country this year at 4.5 percent, has the youngest
work force in the country with 48 percent under the
age of 35. Knold said over the last few years low inter-
est rates have turbocharged that demand.

“We had a spike of young people hitting the mar-
ket” the past few years, said Knold. “A 23-year-old

who might have waited until they were 28 to buy a ©

house may have jumped on and bought one.”

The Provo-Orem metro area was ranked second in
the nation in house price appreciation with nearly
20 percent between the first quarters of 2006 and
2007 in the federal study.

wvtecinnsontstecaoseesaaieicoveintoeiny



__ briefly touching $76 for the first

: time in 11 months.

_ Thursday’s gains extended a :
: partial recovery that started late ©

in Wednesday’s session, when

__ the Dow pulled itself up from a

loss of 134 points to end with

_only a 53-point deficit. Stocks

had ceded ground Wednesday

amid uneasiness about Ber-

- nanke’s assessment of the

economy. ae
‘Advancing i issues ; outnum: A

_ bered decliners by about 2 tol
on the New York Stock
_ Exchange, where consolidated

volume came to 3.19 billion

shares, compared with 3; 55. bil- |

lion Wednesday.

‘The Russell 2000 ides of
smaller companies rose 5.94, or
0.70 percent, to 85185. _

In market action abroad,

Japan’s Nikkei stock average
rose 0.56 percent. Britain’s

_ FTSE 100 rose 1.11 percent, Ger-

many’s DAX

1.24 percent, and France’s

_ CAC-40 rose 1.16 percent.

index rose.

Associated Press

SAN FRANCISCO — Google’s
second-quarter profit climbed 28 per-
cént, but it wasn’t enough to fulfill
Wall Street’s high expectations for
the Internet’s search leader.

Investors quickly expressed their
dismay, causing Google shares to
plunge by nearly 8 percent after the
results were released Thursday.

The Mountain View-based com-
pany earned $925.1 million, or $2.93
per share, during the three months
ended in June. That compared with
net income of $721.1 million, or $2.33
per share, at the same time last year.

If not for costs associated with
employee stock compensation, Goo-
gle said it would have earned $3.56
per share. —

That figure missed the average
analyst estimate of $3.59 per share
among analysts polled by Thomson
Financial.

Revenue for the period totaled
$3.87 billion, a 58 percent increase
from $2.46 billion at the same time
last year. 7

After subtracting commissions
paid to its advertising partners, Goo-
gle’s revenue was $2.72 billion —

about $40 million above projections.

But the quarter’s bottom line
raised concerns that the rapid growth

' propelling Google’s lofty stock price

is slowing more dramatically than
analysts thought.

The second quarter represented
the first time that Google’s year-over-
year profit hasn’t improved by at
least 60 percent since the company
went public in August 2004. What’s
more, it’s just the second time Goo-
gle’s earnings have fallen below ana-
lyst estimates in its 12 quarters as a
public company.

Google’s track record had many
investors taking another: blowout

quarter for granted. The anticipation

lifted the company stock price by 10
percent since the end of May. Most of
those recent gains evaporated Thurs-
day as Google shares plummeted
$43.10, or 7.9 percent, in extended
trading. The stock ended Thursday’s
regular session at $548.59.

Despite the earnings letdown,

3B

INTERNATIONAL EDITION

ASIA

Chinese
economy
growing at
fastest rate
since 1995

BY JOE McDONALD
Associated Press .

BEIJING — China’s booming econ-
omy accelerated in the second quarter
to its fastest growth rate since 1995,
driven by surging exports and invest-
ment, according to data reported Thurs-
day. i

The government said it will take new
steps to control the boom.

The figures put China on track for a
fifth straight year of double-digit
growth and to replace slower-growing
Germany as the world’s third-largest
economy.

The economy expanded by 11.9 per-
cent in the April-June quarter over the
same period of 2006, even faster growth
than the previous quarter’s 11.1 percent,
the National Bureau of Statistics
reported.

“These numbers show that China’s
growth actually accelerated in the sec-
ond quarter,” said Standard Chartered
economist Stephen Green. “The key -
question is, how sustainable is all
this? And the rhetoric in Beijing sug-
gests the authorities think it is
sustainable.” _ -

Inflation also rose, with consumer
prices climbing by 4.4 percent in June.
The economy also felt pressure from a
swollen trade surplus and high energy
consumption, the National Statistics......

Bureau said.

“We will further enhance. and. z
improve macro control and put into
practice various policies set by the cen-
tral government,” Li Xiaochao, a statis-
tics bureau spokesman, said at a news
conference.

The government will take steps to
“change the pattern of economic
growth and deepen reform,” Li said. But
he gave no details of whether Beijing is
planning a new rate hike or other mea-
sures.

Communist leaders want fast growth
to reduce poverty but are trying to cool
some industries.

They are worried that runaway
investment could push up inflation or
ignite a debt crisis if borrowers default.

Beijing has raised interest rates four
times since April 2006 and imposed
investment curbs on some industries.

Second-quarter growth was the fast-
est since the final quarter of 1995,
according to economist Mingchun Sun
at Lehman Bros. in Hong Kong.

The latest data prompted analysts to
raise forecasts for full year growth to as
high as 11.5 percent, up from earlier esti-
mates that ranged from 9.5 to 10.5 per-
cent.

Chinese leaders are concerned about
the political impact.of rising food
prices, which hit the poor, populous
countryside especially hard. ¢



JEFF CHIU/AP

HIGH STANDARDS: This quarter was the first that Google’s year-over-
year profit hasn’t improved at least 60 percent since it went public.

Google Chairman Eric Schmidt told
analysts that he was pleased with the
company’s performance, particularly
its revenue growth and increased
traffic on its website.

Echoing a familiar theme, Schmidt
said Google relinquished some of its
profit to invest in more computing
power and to hire more employees.
The company’s capital expenditures
totaled $575 million in the quarter,
down 17 percent from the same time

last year. Meanwhile, Google hired’

1,548 additional employees during the
quarter compared with the 1,152
workers it added last year.

Schmidt indicated Google may not
hire as briskly in future quarters, say-
ing the company intended to be more
“careful” about adding employees.
Google ended: June with 13,786
employees, a 74 percent increase dur-
ing the past year.

“When I look at the quarter, we
are vety pleased with what we deliv-
ered,” Schmidt said. ~





THE MIAMI HERALD | MiamiHerald.com

BUSINESS BRIEFS

e TECHNOLOGY



PAUL SAKUMA/AP FILE, 2006
NOT A GAME: Microsoft’s second-quarter profits were
hindered by a $1.06 billion charge earlier this month
related to repairs on its Xbox 360 console, above.

Microsoft beats losses
on defective Xbox 360s

From Herald Wire Services
Microsoft’s (MSFT) fiscal fourth-quarter profit edged up
7 percent despite a hefty charge to cover the cost of defective

Xbox 360 video game consoles.

The world’s largest software maker said Thursday its
earnings for the three months ended June 30 climbed to $3.04
billion, or 31 cents per share, from $2.83 billion, or 28 cents
per share, during the same period last year.

Results were weighed down by a charge of $1.06 billion, or
8 cents per share, related to the video game console repairs.

The earnings were released after the closing bell.

Earlier, Microsoft shares gained 59 cents to close at $31.51,
up 1.9 percent. In after-hours trading, they lost 53 cents.

e MEDIA

DOW JONES DIRECTOR
RESIGNS OVER DEAL

_ German publishing exec-
utive Dieter von Holtz-
brinck has resigned as a
director of Dow Jones
(DJ) to protest the board’s
endorsement of a deal to sell
the company, which pub-
lishes The Wall Street Jour-
nal, to Rupert Murdoch’s
News Corp (NWS).

In a letter to Dow Jones’ * * :
board members, von Holtz-
brinck said he was “very
worried” that Dow Jones’
“unique journalistic values
will long-term strongly suf-
fer after the proposed sale.”
Dow Jones disclosed von
Holtzbrinck’s departure and
included a copy of his letter
in a regulatory filing.

Murdoch’s bid to acquire
Dow Jones has met with stiff
resistance in several quar-
ters, including a union rep-
resenting Journal reporters,
several members of the Ban-
croft family, and former
board member Jim Ottaway
Jr., who together with his
brother David control 7 per-
cent of the company’s share-
holder vote.

e@ PHARMACEUTICALS

STRONG SALES HELP |
COMPANIES’ EARNINGS

Pharmaceutical compa-
nies Wyeth (WYE), Roche
Holding and Baxter Inter-
national (BAX) all posted
double-digit profit
increases, mainly due to
strong sales of key medi-
cines. ,

Shares of Wyeth and Bax-
ter fell despite the fact both
companies beat analyst
expectations and raised
their profit forecasts
slightly, although Baxter
was hurt by news on a prod-
uct recall.

Meanwhile, Roche, the
Swiss parent of Hoff-
mann-La Roche, said its
longtime CEO, Franz _
Humer, is giving up his post
but will remain chairman, as
the company’s board is split-
ting the two posts. Humer
will be succeeded by Sev-
erin Schwan, 40. Roche .
shares rose nearly 3 percent
in Zurich.

Baxter shares fell $3.04
percent, or 5.2 percent, to
$55.56.

Shares of Wyeth fell
more than 2 percent but
recovered to close down 28
cents at $56.33.

4 J nai 6:35 p.m. Late
Stock Tk. close Chg. volume
Microsoft MSFT 31.51 30.84 67 174681
PwShs QQQ QQQQ 50.32 50.24 133148
AMD AMD 15.78 16.55 +.77 120876
iShR2K nya IWM 84 84.55 3 99378
SPDR SPY 155.07 = 154.82 -.25 60310
SanDisk SNDK 55.96 59.50 +3.54 51455
Intel INTC 25.26 «= 25,08 9-18 = 51161
Google GOOG 548, 508.55 -40.04 44322
Wachovia WB 61 51.36 = -.25 38728
Comcsps CMCSK 28, 28.80 ° 34624
Dellinclf = DELL 29.19 29.19 * 24883
Atmel ATML 58 5.85 * 22434
Kraft KFT 36.33 36.30 — -.03 21962

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

e BANKING

BARCLAYS MAY UP

OFFER FOR ABN AMRO
Barclays (BCS) said it

may alter its all-share offer
for ABN Amro Holding

- (AABA) to remain competi-

tive with a higher bid froma
rival consortium led by
Royal Bank of Scotland
(RBS).

The RBS group intends to
bid $97.8 billion, mostly in

‘ cash; for the Dutch’ bank, in

the largest takeover battle in

‘the history of the financial

industry.

Barclays’ current pro-
posed bid, all in shares, is
worth at least 10 percent
less.

ABN Amro shares rose
0.4 percent to close at $51.03
in Amsterdam.

e ITALY

MINISTER SAYS ALITALIA
COULD BE LIQUIDATED

Alitalia will have to be
liquidated if it is not sold,
the Italian economics minis-
ter said, one day after the
collapse of an auction to sell
the state-controlled airline.

The government formally
scrapped privatization plans
after the last of a series of
bidders dropped out. Poten-
tial bidders have consis-
tently cited overly restric-
tive conditions set by Italy
for the sale. .

The Italian government
is seeking a private investor
to buy at least a 39.9 percent
stake in Alitalia but is pre-
pared to sell its entire
49.9 percent stake.

e NEWSPAPERS

PUBLISHERS HURT BY
ADVERTISING DECLINES

McClatchy (MNI) and
‘Media General (MEG)
both reported steep adver-
tising declines and lower
profits, while Dow Jones,
publisher of The Wall Street
Journal, had lower profit
because of a charge but
higher revenue and operat-
ing income.

McClatchy, which owns
The Miami Herald and sev-

. eral newspapers in Califor-

nia, had a 9.8 percent
decline in advertising reve-

_ hue across its 31 newspa-

pers.
McClatchy attributed much
of the weakness in those ‘
markets to economic factors
including the slowdown in
the housing sector.

4pm. 6:35 p.m.
Stock Tkr. case close

Charttm CHTR 4.80 4.86 +.06
SP Fel XLF 36.05 -.03
Svemstr 15.34 = -.01
sTKbwRB —-KRE 44.76 -.04
ApolloGrp 62.82 *
MetLife MET 63.05 x
Target TGT 68.83 = -.06
Broadcom:
SunMicro
Suntrst STI
CVS Care CVS
eBay EBAY





BANKING

INTERNATIONAL EDITION _

_FRIDAY, JULY 20, 2007 |4B

Bank of America profit rises - again

BY IEVA M. AUGSTUMS
Associated Press

CHARLOTTE, N.C. —
Bank of America recorded
another profitable quarter
Thursday, but gave investors
reason to worry as it fattened
its provisions for loan losses,
an indication it sees lending
risks growing.

Bank of America, the No. 2
U.S. bank by assets, reported a
5 percent rise in earnings from
growth in capital markets

' activity and consumer fees,

offsetting an increase in credit
losses.
But its provision for credit

losses ballooned 79.2 percent

to $1.81 billion, up from
$1.24 billion in the first quarter
and $1.01 billion in the second
quarter of 2006.

Net charge-offs, or bad
loans, rose to $1.5 billion, com-
pared with $1.43 billion in the
first quarter and $1.02 billion
in the year-ago quarter. _

Other banks this week,
including Washington Mutual
and Comerica reported similar
trends. Citigroup, the nation’s
largest bank, and Charlotte-
based Wachovia are expected
to report results Friday.

Bank of America shares fell
9 cents to $49.27 Thursday.

The earnings news came as
nervousness over shaky loans
increased. Bear Stearns told

clients Tuesday that a melt-

AUTOMOTIVE



CHITOSE SUZUKI/AP FILE, 2006

STEADY AS SHE GOES: Bank of America’s second-quarter
earnings beat analyst expectations by eight cents,
according to a poll by Thompson Financial.

down in the subprime mort-
gage market has made the
assets from two of its flagship
hedge funds, which were once
worth $1.5 billion, almost
worthless.

But Kenneth Lewis, Bank of
America’s chief executive, said
“we’re well positioned going
into the second half of 2007,
with additional upside in
2008.”

Bank of America, based in

_ Charlotte, credited the quar-

ter’s results to revenue
increases in its three main

businesses: consumer and
small business banking, corpo-
rate and investment banking
and wealth and investment
management.

Bank of America generates
more of its business domesti-
cally than its main rivals, New
York-based banks Citigroup
and JPMorgan.

But like its peers, Bank of
America’s second quarter
results reflected the ongoing
challenges in the loan environ-
ment.

“[We] remain a little con-

cerned about domestic con-
sumption spending given the
prolonged housing subprime
issues and higher fuel prices,”
Lewis said.

Net income at Bank of
America climbed to $5.76 bil-
lion, or $1.28 per share, from
$5.48 billion, or $1.19 per share,
a year ago.

Its revenue grew 8 percent
to $19.96 billion from
$18.52 billion last year.

The results beat analysts
expectations, which estimated

earnings of $1.20 per share on |

revenue of $18.58 billion,
according to a poll by Thom-
son Financial.

In other earnings reports
on Thursday:

e Bank of New York, the
financial firm that bought Mel-
lon Financial earlier this
month, said its second-quarter
profit rose 21 percent, not
counting integration costs.

Including those costs, the
financial services company’s
profit slipped 0.7 percent,
but the adjusted results —
driven by growth in asset
management and a record
amount of securities servicing
fees — beat analyst
expectations.

Net income for the quarter
was $445 million, or 58 cents
per share, from $448 million,
or 59 cents per share, in the
same period a year ago.

Ford: Bids for Jag, Rover coming in

BY TOM KRISHER
Associated Press

DETROIT — _ = Cash-
strapped Ford took a step
toward selling its Jaguar and
Land Rover units on Thursday

when it received an undis- -

closed number of opening bids
for its British automaking
businesses.

Thursday was a deadline to
submit early bids, but Ford
said no sale is imminent.

“We've had contacts from
third parties, and -we’re
actively evaluating them as
part of our strategic review,”
John Gardiner, a Ford spokes-
man in London, said Thurs-
day. “They’ve only been pre-
liminary discussions, and no
decisions have been made.”

He would not say how
many bids have been received
or who submitted them.

Ford, which lost $12.7 bil-
lion last year and $282 million
in the first quarter of this year,
has cut thousands of jobs and
closed factories in an effort to
shrink itself to match lower
demand for its products.

The company last year
mortgaged its factories to get a
$23.4 billion financing package
to fuel its restructuring and
cover expected losses in its
automotive operations. It
expects to burn up $17 billion
in cash before returning to
profitability sometime in 2009.

Analysts have said the com-
pany may be depleting its cash
at a higher rate than expected

and may need to sell the Brit- ©

ish brands to raise money.

In March, the company sold
its Aston Martin luxury sports
car unit for $848 million, and it
has said that all options are
open, including a sale of its
profitable Volvo unit.

U.S. ECONOMY

Leading indicators

BY CANDICE CHOI
Associated Press

NEW YORK — The
nation’s economy could be in
for a sluggish spell in coming
months as a downturn in the
housing industry takes a
deeper toll on businesses and
consumers.

The Conference Board’s
index of leading economic
indicators, released Thursday,
signaled economic weakness
with a 0.3 percent decline in
June, more than the 0.1 percent
analysts were expecting. The
index had risen 0.2 percent in
May after dropping 0.2 per-
cent in April.

The report is designed to
forecast economic activity

over the next three to six

months.

“The leading index has
slowed in recent months, sug-
gesting a possible softening of
the overall pace of economic



PHOTO COURTESY OF JAGUAR

MOVING CAUTIOUSLY: While a Ford spokesman acknowledged the company had
received bids for its Jaguar and Land Rover units, he would not declare how many
there were, nor who had submitted them. Above, is the 2007 Jaguar XKR sports car.

A company official who
asked not to be identified
because the bidding process is
confidential said that prelimi-
nary bids have been-submitted
only for Jaguar and Land
Rover, and that the company
did not take bids for Volvo.

Ford bought Jaguar in 1989
and Land Rover in 2000, and
placed them with Aston Mar-
tin and Volvo to form its Pre-
mier Automotive Group.

The company does not
break out earnings for the
individual brands, but analysts
say Jaguar has struggled to
make money during the time
that Ford has owned it. The

activity later in the second
half of this year,” the Confer-
ence Board’s labor economist,
Ken Goldstein, said in a state-
ment accompanying the
report.

The Conference Board
report tracks 10 economic
indicators. The index was
dragged down in June by a
drop in building permits as
well.as unemployment claims,
consumer expectations, ven-
dor performance and interest
rate spread.

The positive contributors
were weekly manufacturing
hours, new orders for non-de-
fense capital goods and stock
prices. Manufacturers’ orders
for consumer goods and mate-
rials and real money supply
held steady.

While the report captures
the weakness in the housing
market, it fails to reflect the
economy’s bright spots, said

Premier group has lost $1.15
billion over the past three
years, excluding special items.

Paul Newton, an analyst in
London for the Global Insight
automotive research firm, said
he expects Jaguar and Land
Rover to be sold separately
because of Jaguar’s losses.

Ford may even have to pay
or assume liabilities to get Jag-
uar off its books, he said, but
Land Rover is a reasonable
value for a buyer.

“I don’t think anybody’s
going to bid cold, hard cash for
Jaguar,” Newton said.

Newton said Ford would
like to find a buyer or buyers

who would preserve the Jag-
uar and Land Rover heritage
and jobs in the United King-
dom. Ford, which is the top
auto seller in the U.K., doesn’t
want to rankle its British cus-
tomers, Newton said.

“We've been here a long
time. We understand our
‘responsibilities toward our
businesses and our employ-
ees,” Gardiner said.

Land Rover employs 8,300
people in the U.K. and 11,500
worldwide. Jaguar has about
7,000 in the U.K. and 10,000
worldwide.

Ford shares_ closed
unchanged at $8.63 Thursday.

fall off in June

Brian Bethune, an economist
with Global Insight.

“It’s not picking up: the
strength of the _ global
economy, the momentum of

corporate profits driven by .

overseas sales and employ-
ment conditions,” Bethune
said.

That should offset some of
the weakness in the housing
sector, he said.

Also Thursday, the Labor
Department reported that job-
less claims dropped last week
to the lowest level in two
months.

The job market has held
steady despite a yearlong eco-
nomic slowdown that pushed
overall growth to an anemic
0.7 percent in the first quarter,
the poorest showing in more
than four years. |

The index of leading eco-
nomic indicators has bounced
up and down over the past few

months, with offsetting
increases and decreases sug-
gesting that economic growth
is likely to continue, but likely
at a slower pace in the near
term.

With the latest report, the
cumulative change in the
index over the past six months
has dropped 0.7 percent, the
Conference Board said.

Federal Reserve Chairman
Ben Bernanke, in a second day
of testimony before Congress
on Thursday, repeated the
Fed’s belief that the economy
will grow gradually this year,
restrained by the housing
slump.

Fed officials have held a key
interest rate unchanged for lit-
tle over a year, providing a
period of stability to borrow-
ers. Analysts expect the cen-
tral bank to keep interest rates
steady through the rest of the
year.

a eae ate ae a Oe ere a i Ge

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THE TRIBUNE

FRIDAY, JULY 20, 2007, PAGE 5B



Bay Street firms,
property owners

rapped by ministers | Any lifestyle ~

@ By CARA BRENNEN-
BETHEL
Tribune Business Reporter

he Ministry of Works

will employ a ‘battalion’

of workers to clean up

Bay Street, as government minis-

ters urged downtown Nassau

retailers and property owners to

take responsibility for the side-

walks in the front of their busi-
nesses.

Speaking at a special Meet the
Ministers forum, sponsored by
the Bahamas Chamber of Com-
merce, several ministers
expressed their frustration at the
state of downtow Bay Street area
and the urgent need to address
the problem.

Minister of State for Finance,
Zhivargo Laing, indicated that he
has asked the ministries of Works
and Tourism to examine the
problems plaguing the are,a with
a view to examining what short-
term, medium-term and long-
term solutions can be done to



B ZHIVARGO LAING

alleviate the problem.

“We recognise that we have
lost ground when it comes to the
attractiveness of the downtown
area,” he said.

Mr Laing acknowledged there
are numerous problems plaguing
downtown Nassau. However, he
said they cannot all be tackled at

GENERAL NOTICE

- diate and short-term challenges.

once, which was why it was
important to address the imme-

Minister of Works, Earl
Deveaux, promised that his min-
istry would have a dedicated staff
for the downtown area, but
expressed his hope that the pri-
vate sector would play a part as
well. :

He said he was personally
offended by the filth in New Prov-
idence.

Similarly, Tourism Minister
Neko Grant said it was unaccept-
able that his Ministry should have
to spend money on cleaning up
the downtown area, money that
should be allocated to promoting
the Bahamas and increasing the .
overall visitor experience.

He urged Bay Street merchants
to ensure that they washed down
their store fronts either every
morning or every evening, and
kept the area in front of their
stores clean, something he said
would begin to have an immedi-
ate impact.



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The Tribune wants to hear
from people who are
making news in their
neighbourhoods. Perhaps
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FOR IMMEDIATE RELEASE

EMPLOYMENT
OPPORTUNITY

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 am. on 25th July, 2007 and will cease at
4:00p.m. on 26th Yuly, 2007. Application for the Stock subscription must be applied for in units of
BS$100.00. The details of the Issue are as follows:

; Issue
Name of Stock Amount Price
: BS BS

Rate of Interest

Bahamas Registered Stock 2037

| 100,000,000.00 |

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

5/8% Above Prime Rate

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:- Pa

Bank of The Bahamas International

FirstCaribbean International Bank (Bahamas) Limited
Finance Corporation of Bahamas Limited
Commonwealth Bank Limited ;

Royal Bank of Canada

Scotiabank (Bahamas) Limited

Fidelity Bank (Bahamas) Limited

Citibank NLA. |

_ 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.





PAGE 6B, FRIDAY, JULY 20, 2007

THE TRIBUNE





Attorney calls for Bankruptcy reform

FROM page 1

accountants — called in to see if the com-
pany can be salvaged.

But Mr Moree said the implementa-
tion of Chapter [1-style protections in

the Bahamas could encourage a lack of

responsibility among Bahamian busi-
nesses, who were safe in the knowledge
that they would be protected from cred-
itors despite running up huge debts
through poor management and negli-
gence.

While such companies were protect-
ed, their debts would act as a millstone

and individuals, some of whom might
themselves go under as a result of the
debts owed by Chapter [l-protected
firms.

Mr Moree told The Tribune: “1 per-
sonally do not support the Chapter 11
approach, which they have in the US.

“If you have Chapter |1-type bank-
ruptcy protection, which enables indi-
viduals or businesses to shed their cred-

itors, go into the tunnel and come out
the other side, discard their creditors and
start over again, that certainly doesn’t
assist creditors or anyone the bankrupt
owes money to.

“In the context of the Bahamian econ-

omy, it’s not a good idea for people to
shed their creditors and start all over
again, leaving their creditors out of pock-
el. ICs only going to encourage unsavoury
types of business and encourage fiscal
irresponsibility.

“It would really be to promote greater .

irresponsibility among individuals, with
regard to the usual practices one has to
accept in one’s financial dealings- if you
incur liabilities and debts, you have to
repay them.

“In our economic environment, I don’t
think we should make it easier to dis-
card those debts ot commitments to cred-
itors.”

By introducing Chapter | 1-style pro-
tection in the Bahamas, Mr Moree said it
would encourage badly-run companies
to “leave a mountain of debt behind
them, which could have an adverse effect
on our economy”.

While businesses and individuals oper-
ating under Chapter I1-style protection
would be able to continue operating, Mr
Moree said it was possible their credi-
tors would not be able to do so without
recovering those debts.

“The impact on the economy of all
those people going into Chapter 11 and
leaving behind their debts would be quite
detrimental,” he added.

“It could result in the writing-off of
substantial debts by small businesses and
other people in the economy who would
not be able to call in those debts. .

“On the one hand, you’re giving the
bankrupt an opportunity, but on the oth-
er you're giving the person an opportu-
nity to get out of their obligations to
creditors, who have no effective means of
recovering the debt. That is not good for
an economy.”

Mr Moree also warned that compa-
nies could continually go through Chap-
ter 11 debt restructuring exercises with-
out any protection being afforded to their
creditors whatsoever.

around the neck of creditor businesses

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Sales & Full Service Department
Rosetta & Montgomery Streets
322-2188/9

JONES & CO

Aer een You'll wonder how you ever got along without it.

FIRSTCARIBBEAN a

Security & General
INTERNATIONAL BANK ae ree ¥

CAREER OPPORTUNITY
| Jor |
Director, Corporate Banking -
Bahamas OPCO

BUSINESS RELATIONSHIP UNDERWRITING EXECUTIVE

Security & General, a subsidiary of Colonial Group International Limited (CGIL)
headquartered in Bermuda, is seeking a Property and Casualty (P&C) Business Relationship
Underwriting Executive.

Qualifications:

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.
management and leading relationship management teams.

Focused and motivational leadership skills to galvanize a team to work
collaboratively and effectively for customer value and profitability.
High level of understanding of the markets, geographic, macro economic
and global factors impacting our client base.
Superior ability to interpret complex corporate client needs and to service

assemble innovative value-adding solution that achieve Client objectives. ¢ Undertaking market research and maintaining currency with local developments
¢ Maintaining a high level of product knowledge

General Responsibilities (not all inclusive): ¢ Preparing monthly reports as required

The successful candidate should possess the following minimum requirements:

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 of a*
rapidly growing innovative company, focusing on Providing clients with first class service
and access to competitive products.

The individual will be responsible for business development and servicing and maintaining
existing business. Responsibilities will include, but not be limited to:

¢ Establishing and maintaining relationships with significant business partners
¢ Retaining and acquiring profitable business by providing quality customer

° Deliver planned targets by aggressively growing the book of profitable
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 Py
to clients in the corporate and commercial markets in the Bahamas ‘
OPCO.

A professional insurance qualification (ie. ACII or CPCU), or proven progress -
towards its completion

A minimum of 5 years relevant work experience in Sroatty and Casualty
insurance and a proven sales track record with P&C products

Superior communication, interpersonal and organizational skills

Proven ability to negotiate with external business partners and clients and work
under pressure

In-depth knowledge of policy wordings

Proficiency in MS Word, Excel and e-mail software

Compensation is based on performance and production. Security & General offers an
attractive benefits package that includes comprehensive medical insurance, contributory
pension plan, long-term disability and life insurance coverage.

Ifyou have a keen commitment to quality results and want to contribute your talents to a
dynamic company, contact us about this opportunity, Applications will be treated in the
strictest confidence and should be made in writing to:

Remuneration:

e Salary commensurate with management position at the FC Level 11
(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 benefits.
Security & General Insurance Company, htd.

Attn: Human Resource Manager
P.O. Box N-3540

Nassau, Bahamas

or

by Fax fo 356-9049 (private fax number)

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.

Closing date for applications is July 31".





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CR. SS € 2 4 82 FTO SSE Se

THE TRIBUNE

FRIDAY, JULY 20, 2007, PAGE 7B :



To advertise in The Tribune - the #1 newspaper

State Farm to drop about
50,000 ‘risky’ homeowners
policies on Florida coast

@ By DAVID ROYSE
Associated Press Writer

TALLAHASSEE, Florida
(AP) — State Farm Insurance,
Florida’s largest private home
insurer, said yesterday it will drop
about 50,000 homeowners poli-
cies next year in what it considers
risky areas along the coast.

Most of the homes and condos
that will lose their coverage are
within a few miles of the coast,
but some are farther inland, State
Farm spokesman Justin Glover
said.

Glover said the move was “a

very tough decision for us to

make, but it is part of our decision
to remain in this market.” State
Farm filed paperwork Thursday



with the state Office of Insurance
Regulation announcing its inten-
tion to drop the policies.

State Farm will still be the
state’s largest private home insur-
er by far after the move, he said.

Insurance

The largest hurricane insurance
provider overall is state-backed
Citizens Property Insurance

Corp., which originally was cre- _

ated by lawmakers to sell cover-
age to those who couldn’t get pri-
vate insurance. Citizens now has
the authority, however, to also
insure some coastal property even
when private coverage is avail-
able.

Glover emphasized that no pol-

Ne
"i, In Loving Memory of
aS Kay Veronica Bethune
March 23rd, 1958-July 20th, 2006

We would not ever know why things
happen, but we do know that love
and beautiful memories outlive the
pain and grief, we can also believe
that there's a place inside the
heart where love lives always, and
where nothing beautiful. can ever
be forgotten. .

“Gone but not forgotten
Ginger, "Her special friend," DMG
Staff Freeport and Nassau,

The International Bazaar and a
‘ host of friends and family.

hs Fi ea ee ite

icy holders will lose coverage dur-
ing the current hurricane season,
which runs through November.
Customers will start to be

- dropped after January 1, 2008,

when their policies come up for
renewal.

State Farm has more than one
million policies in Florida, so the
number of homeowners whose
policies won’t be renewed is a
small percentage of the compa-
ny’s business.

But the move adds to the short:
age of property insurance options
for coastal homeowners, more of
whom will now have to turn to
Citizens. State Farm was one of
the few private insurance compa-
nies writing policies in the high-
wind areas closest to the coast.



























a ay Front



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
in accordance with International Financial Reporting Standards.

The successful candidate must have the following qualifications

and experience:

e3GPA 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

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Jliaaaw

invites applications for the position of
Senior Internal Auditor



SUMMARY:

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.

RESPONSIBILITIES:

Conducting meetings and interviews with all levels of
management and personnel

Performance of thorough studies of business processes for areas
under audit

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

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

Organizing the audit working papers in.a.manner conducive to
developing a report on audit results, findings, and
recommendations 5

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

Preparing reports detailing the audit results, findings, and
recommendations

QUALIFICATIONS:

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



The Senior Internal Auditor is ipa 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.

Send resumes no later than 20th July 2007 to:



Group Internal Auditor
= ) FIDELITY

51 Frederick Street
P.O. Box N-4853
Nassau
Fax 328.1180



PAGE 8B, FRIDAY, JULY 20, 2007

THE TRIBUNE



HUTCHISON, from 1
Sources told The Tribune that apart

. from the ownership dispute, the Hong

Kong conglomerate had also become
nervous over the Supreme Court action
filed earlier this year by the Freeport

: Licensees & Property Owners Associ-
‘ation, seeking answers to certain events

» the Freeport Power Company, and.’

that had transpired during the GBPA’s
history.

In particular, the action was seeking
answers on how the GBPA had been
able to transfer and sell significant
stakes in its productive assets, such ‘as

» whether these events might have
: breached the Hawksbill Creek Agrée-

ment. Several of these asset sales facing
questions were those Hutchison Wham-

= ‘poa had bought into, especially Devco

BANK, from 1

« holding will be $15,100.

« Ifa three-for-one-split happened, the investor would now
- hold 3,000 shares priced at just over $5.03 per share, still
. leaving him with a total $15,000 investment.

Commonwealth Bank’s stock was priced at $6 when its’

For
investor currently holds
1,000 shares in Common-
wealth Bank, based on yes-
. terday’s $15.10 per share closing, the total value of their

and the Harbour Company. A company

attorney was sent out from Hong Kong

to probe the advice Hutchison Wham-

, poa received on the purchases, but it

is understood that the company

* received reassurances that the licensees’

-action was not intended to disrupt or

overturn the current status quo, as the
deals happened some time ago.

‘What will be of more interest is the
licensees’ reaction to the current pro-
posals involving Hutchison Whampoa,
especially as any change in the Port
Authority’s ownership or asset owner-

- ship has to be approved by no less than
80 per cent of them.

Hutchison is unlikely to be interested
in the quasi-governmental powers, reg-
ulatory and governance obligations at
the GBPA, raising the prospect that
the Port Authority may be split off from

example, if an

Port Group Ltd and the productive.

assets, leaving the Hong Kong firm to
manage these.

But the Freeport Licensees & Prop-
erty Owners Association is thought like-
ly to want the.answers to its questions to
be supplied first before agreeing to any
major changes at the GBPA and Port
Group Itd.

Then there is the position of the US,
which is thought to already be nervous
about the size and extent of Hutchison’s
involvement and presence in Grand
Bahama, given the China connection.

One source suggested that talks had
initially focused on the suggestion that
Hutchison take over 100 per cent own-

ership of the Freeport Harbour Com- .

pany and the Grand Bahama Airport
Company,. before mushrooming. into
something bigger.



initial public offering (IPO) was held, meaning that its stock
has more thabn doubled in value, increasing by 152 per cent
to reach today’s heights.

This price is likely to be perceived as prohibitive and too,
expensive to encourage an appropriate level of trading activ-

ity in Commonwealth Bank’s stock.

Legal! Notice

N otice

In the context of the Bahamian capital markets, a $5.03 per
share price resulting from the stock split.is likely to be per-
ceived as an attractive entry point for new investors, and for
encouraging existing investors to buy.and sell.

WANTED

Leading Law Firm seeks Legal Secretary

TRAFFIC, from 2

ing away a free report, and then try to
upsell the customer later into buying one
of the seminars. The back-end sales chan-
nel is usually automated through the use
of auto responders. You can get your
developer to create these for you, or use
sites such as GetResponse to create auto-
matic e-mails that sell for you.

The third thing you should do is to get
them to try and buy something. Make it
easy for your visitors to purchase. Remove
the risk and let them trial your product for
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or let them try a reduced featured product
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ited time period. Another way to remove
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The final thing you should do is to cap-
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ters: eBooks or reports to capture thes
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Another good strategy is to use a ‘pop-
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Don’t be an antipreneur and let your
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order to avoid the trap of antipreneur-
ship, make sure you spend sufficient time
on this area, as it will pay large dividends
for your future business success.

NB: Adapted from his eBook. The 10
Deadly Sins of Antipreneurship. avail-
able at www.antipreneurship.com

Mark draws on 20 years of top level
business, marketing and communications
experience in London and the Bahamas.
He is chief operating officer of
www.ezpzemail.com, currently lives in
Nassau, and can be contacted at markalex-
palmer@mac.com

© Mark Palmer. All rights reserved

NOTICE

NOTICE is hereby given that CHARMAINE LATOYA
GRANT of 117C FARNHAM CLOSE, FREEPORT, GRAND
BAHAMA, BAHAMAS is applying to the Minister responsible
for Nationality and Citizenship, for registration/naturalization

as a citizen of The Bahamas, and that any person who
- knows any reason why registration/ naturalization: should

ULTRACAPE (HOLDINGS) LTD.

Pursuant to the Provisions of Section 138 (8) of the
International Business Companies A‘ct 2000 notice
is hereby given that the above-named Company has
been dissolved and struck off the Register pursuant
to a Certificate of Dissolution. issued by the Registrar
General on the, 12th ne of J uly, 2 2006.

liyned Maycock
Adar
of
ULTRACAPE (HOLDINGS) LTD.

pL Tee TESA EER

|Candidates must have experience in
one or more of the following areas:
Conveyancing litigation, mortgages, and
| general matters; be highly proficient in
|MS Word & Windows; type 70+ wpm; be
comfortable and polished with high-level
}clients; have excellent organizational and
lfollow-up skills. Salary commensurate
|with experience. Please send resume and
|salary expectations to: Epiplan@ Yalioo com,

| jor send fax to: 323-0012



THE BANK OF NOVA SCOTIA TRUST
- COMPANY (BAHAMAS) LIMITED

The Bank of Nova Scotia Trust SE Company, sy (Bahamay) taintted invites ~g applicanions from qualified’
individuals for ue Postion of Manages Investment Services.

The position requires experience: in analyzing international financial markets and managing the
investment portfolios of. hight net worth individuals and companies.

Diverse product knowledge i is expected relating to both the investment and trust fields in several
inernational jurisdictions. The position requires interaction with top international investment managers
and carries responsibility for formulation of investment policy for the Trust Company and its clients.

Candidates must have a proven track record of sales in investment products. Strong client relationship
skills, analytical and communication skills as well as familiarity with PC Software are essential.

Applicants must have the CFA designation, a University Degree in Economics/Business Administration
and a minimum of 10 years of International Portfolio Management Srpe rience and should have held a

manapeuen position in the offshore trust sector.

Interested persons should submit applications i in writing marked Private and Confidential to:

Manager Operations
P. O. Box N-3016
Nassau, Bahamas

_ Applications should be received no later than Friday, 27th July, 2007,

YS =

Pricing Information As Of:

ee

52wk-Hi 52wk-Low
Abaco Markets* - 255° Sos.
Bahamas Property Fund | Sy
Bank of Bahamas g
Benchmark>
Bahamas Waste:
Fidelity Bank: :
Cable Bahamas”
Colina Holdings ®:
Commonwealth Bank |! Bett
Consolidated Water BDRs:
Doctor's Hospital
Famguard - # Set
Finco fe hed
FitstCaribbean :
Focol
Freeport Concrete
ICD Utilities
J.S. Johnson |. !
Premier Real Estate

12.25 Bahamas Supermarkets
10.00 Caribbean Crossings (Pref)

0.60
Ee
S2wk-Hi
1.3476
3.2920
2.7399
1.2576
11.6049

52wk-Low
1.2983
2.9218
2.4415
1.1820
11.0691

Fund Name
Colina Money Market Fund
Fidelity Bahamas G & 1 Fund
‘Colina MSI Preferred ‘Fund>
Colina Bond Fund
Fidelity Prime Income Fund ©

1.347598"
3.2920***
2.739935**
1.257576****
11.6049***

52wk-HI - Highest closing price In last 52 weeks
52wk-Low - Lowest closing price in Jast 52 weeks
Previous Close - Previous day's weighted price for dally volume
Today's Close - Current day's weighted price for daily volume
Change - Change in closing price from day to day

Dally 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 --

ee de

Previous Close Today's Close

Change Daily Vol: EPS $ Div $

Last 12 Months

EEA Se
closing price

Bid $ - Buying price of Colina and Fidelity

Ask §$ - Selling price of Colina and fidelity

Last Price - Last traded over-the-counter price
Weekly Vol.
EPS $ - Acompany's reported earnings per share for the last 12 mths
NAV - Net Asset Value

N/M - Not Meaningful

FINDEX - The Fidelity Bahamas Stock Index. January 1, 1994 = 100

*-13 July 2007
- Trading volume of the prior week ** - 30 June 2007

* - 31 May 2007

*- 30 June 2007



not be granted, should send a written and signed statement
of the facts within twenty-eight days from the 13th day
of July, 2007 to the Minister responsible for Nationality
and. Citizenship, P.O.Box N-7147, Freeport; Bahamas.















PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that |, DREW REG ) ARTA

ALFRED LIGHTBOURN of High Vista, in the Eastern District of the
Island of New Providence one of the Islands in the Commonwealth
of The Bahamas intend to change my name to DREW REGINALD
ARTACUS ALFRED KNOWLES. If there are any objections to this
change of name by Deed Poll, you may write such objections to the
Chief Passport Officer, RO.Box N-742, Nassau, Bahamas no later than
thirty (30) days after the date of publication of this notice.

Legal Notice

NOTICE ©
RECOV! HILLS INC.

(In Voluntary pean)

Notice. is Sheeby “given that he spore: named
Company is in dissolution, which commenced on
the 18th day of June 2007. The Liquidator is Argosa
Corp. Inc., RO.Box N-7757 Nassau, Bahamas.

ARGOSA CORP. INC.
(Liquidator)

EMPLOYMENT
OPPORTUNITY

Computer Company Seeks Person to fill the position of
Computer/Network Technician.

Applicants should possess the following:-

° Be knowledgeable in PC Hardware and Software Repair

¢ Have knowledge of Troubleshooting and repairing
computer networks

e Have Good Organization Skills

° Be task & goal oriented and be able to work with minimal
supervision

¢ Must Be Punctual

Previous experience in computer service/repair is a plus.

Interested applicants should send resumes
and other information to

nassautechjob@ yahoo.com

LEGAL NOTICE

NOTICE |

INTERNATIONAL BUSINESS COMPANIES ACT .
(No.45 of 2000).

KENNINGTON LIMITED

Notice is hereby given in accordance with Section 137 (8) of

! the International Business Companies Act, (No.45 of 2000),
the Dissolution of KENNINGTON LIMITED has been |
completed, a Certificate of Dissolution has been issued and
the Company has therefore been struck off the Register. The
date of completion of the dissolution was July 5, 2007.

ALRENA MOXEY
LIQUIDATOR



THE TRIBUNE



een ae ae

Leading indicators slip
in June, suggesting
US economy to slow

_ @ By CANDICE CHOI

AP Business Writer

NEW YORK (AP) — United
States economic growth is likely
to slow in coming months as the
ongoing slump in the housing
industry takes a deeper toll on
businesses and consumers, a
gauge of future business activity
showed yesterday.

The Conference Board said its
index of leading economic indi-
cators fell 0.3 per cent-in June,
higher than the 0.1 per cent drop
analysts were expecting and more
than reversing last month’s
revised growth of 0.2 per cent.

The Conference Board report,
designed to forecast economic
activity over the next three to six
months, tracks 10 economic indi-
cators.

The five negative-contributors,
beginning with the largest, were
building permits, unemployment
claims, consumer expectations,
vendor performance and interest
rate spread.

The positive contributors, start-
ing with the largest, were weekly
manufacturing hours, new orders
for non-defense capital goods and
stock prices. Manufacturers’
orders for consumer goods and
materials and real money supply

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



held steady in June.

With the latest report, the
cumulative change in the index
over the past six months has
dropped 0.7 per cent.

In his midyear economic report
to Congress Wednesday, Federal
Reserve Chairman Ben Bernanke
said that if the housing slump
turns out worse than expected,
consumer spending may drop and
weaken overall economic growth.

Bernanke also said growth for
the year will be slower than the
central bank projected in Febru-
ary.

Another risk to the economy
is if energy prices continue to rise
sharply, Bernanke said. That
could raise prices of goods and
services, spreading inflation
through the economy.

Stocks traded higher Thursday,
following some upbeat earnings
reports. The Dow rose 0.69 per
cent to 14.013.74.

Broader stock indicators rose.
The Standard & Poor’s 500 index
advanced 8.88, or 0.57 per cent, to

- 1,555.05, while the Nasdaq com-

posite index rose 0.75 per cent to
2,719.83.

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.

FIRSTCARIBBEAN

INTERNATIONAL BANK
CAREER OPPORTUNITY

FRIDAY, JULY 20, 2007, PAGE 9B

Security & General -

INSURANCE

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

% Maintaining and processing all business production records
% Local underwriting control

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

The successful candidate should possess the following minimum requirements:

¢ Aprofessional insurance qualification (ie. 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.

wS)
ANSBACHER

member of the QNB Group

Human Resources Manager

Nassau, Bahamas
Qualifications:

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

Â¥ Employee Relations - Provide guidance to managers & supervisors
in supporting proactive HR plans, products or 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

Â¥ 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

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

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

Â¥ Responsible for all entry-level recruitment including management of
requests from the business and the FirstStart Initiative

Vv Provide guidance and counsel on hiring and ‘discipline practices

VY Plans human resources activities and ensures they are carried out to

service standards

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:

e Management and motivation of a small team of relationship officers
providing guidance, supervision, Peformance, 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:
e 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

Remuneration: Spanish speaking skills would be an asset

¢ Salary commensurate with management position at the FC Level 6 meee saiery & beneles
(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.

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

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. Deadline for all applications by hand, fax or email is

July 20th, 2007
Vardicies are open to Bahamians only.





PAGE 10B, FRIDAY, JULY 20, 2007

INDEPENDENT AUDITORS’ REPORT

To the Shareholder of Bank Hofmann (Overseas), Ltd

KPMG Telephone 242 393 2007

PO Box N 123 Fax 242 393 1772
Montague Sterling Centre Internet www.kpmg.com.bs
East Bay Street

Nassau, Bahamas

Report on the Balance Sheet ‘ Y
We have audited the accompanying balance sheet of Bank Hofmann (Overseas) Ltd. (“the Bank”) as at
December 31, 2006, and a summary of significant accounting policies and other explanatory notes.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of this balance sheet in accordance
with International Financial Reporting Standards (“IFRS”). This responsibility includes: designing,
implementing and maintaining internal control relevant to the preparation and fair presentation of financial
statements that are free from material misstatement, whether due to fraud or error; selecting and applying
appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

Auditors’ Responsibility
Our responsibility is to express an opinion on this balance sheet based on our audit. We conducted our

audit in accordance with International Standards on Auditing. Those standards require that we comply with
relevant ethical requirements and plan and perforrh the audit to obtain reasonable assurance whether the
balance sheet is free of material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the.
financial statements. The procedures selected depend on our judgment, including the assessment of the
risks of material misstatement of the financial statements, whether due to fraud or error. In making those
risk assessments, we consider internal control relevant to the Company’s preparation-and fair presentation
of the financial statements in order to design audit procedures that are appropriate in the circumstances, but
not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. An
audit also includes evaluating the appropriateness of accounting principles used and the reasonableness of
accounting estimates made by management, as well as evaluating the overall presentation of the financial

statements,

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion. 5

Opinion
In our opinion, the balance sheet presents fairly, in all material respects, oe financial position of the

Company as at December 31, 2006 in accordance with IFRS.

Emphasis of Matter

Without qualifying our opinion we emphasize that the balance sheet does not comprise a complete set of
financial statements prepared in’ accordance with IFRS. Information on results of operations, cash flows
and changes in equity is necessary to obtain a complete understanding of the financial position,

performance and cash flows of the Company.

KOM

Chartered Accountants
Nassau, Bahamas
May 29, 2007

BANK HOFMANN (OVERSEAS) LTD

Balance Sheet

December 31, 2006, with corresponding pee for 2005
(Expressed in United States dollars)











Note 2006 2005
Assets
Due from banks -
Demand deposits 3&7 $ 11,132,130 10,654,929
~eehPirfic epostts eens Aon seninerdis eg linss ns 39,613,609 ..........23,433,860
50,745,739 34,088,789
“Investment ~~ Myon rs: 5 6,360,260 5,987,138
Accrued interest and other assets 7 2,840,955 2,198,230
Total Assets $ 59,946,954 42,274,157
Liabilities
Due to customers and banks: ;
Demand deposits 3&7 $ 14,518,943 14,597,001
Time deposits 4 36,073,742 19,515,497
50,592,685 34,112,498
Accrued interest and other liabilities z 507,900 257,012
Total Liabilities 51,100,585 34,369,510
Shareholder's Equity
Share capital:
Authorized, ished and fully paid
3,000,000 shares of B$1 each 3,000,000 3,000,000
Retained earings 5,846,369 4,904,647
Total Shareholder's Equity 8,846,369 . 7,904,647
Total Liabilities and Shareholder's Equity $ 59,946,954 42,274,157

See accompanying notes to balance sheet.

This balance sheet was approved on’ behalf of the Board of Directors on May 29, 2007 by the

following:

(

eter Wirth ; ; o

Tyrone L.E. Fitzgerald





Director

Director

BANK HOFMANN (OVERSEAS) LTD

Notes to Balance Sheet

December 31, 2006
(Expressed in United States dollars)

Ee SSP sss sc Ss ss SSNS

1. General

Bank Hofmann (Overseas) Ltd (‘the Bank”), is incorporated under the laws of the
Commonwealth of The Bahamas and is licensed by the Ministry of Finance of The Bahamas
to carry on banking business. The Bank is a wholly-owned subsidiary of Bank Hofmann AG,
(the “Parent Company”) Zurich, Switzerland, which is in turn 100% owned by. Credit Suisse,
Zurich, Switzerland. Bank Hofmann AG and Credit Suisse and its subsidiaries are referred to
in these financial statements as "Affiliates".

The registered office of the Bank is in The Bahamas Financial Centre, Nassau, Bahamas.
2. Summary of significant accounting policies
(a) Accounting convention

This balance sheet has been prepared in accordance with International Financial
Reporting Standards (IFRS) and ety Staons adopted by the International Accounting
Standards Board.

Financial assets and liabilities and non-financial assets and liabilities are stated at
amortised cost or historical cost.

(6) Foreign currency translation:

The functional and reporting currency of the Bank is United States dollars, as a
significant amount of the Bank’s transactions are carried out in United States dollars and
the majority of the Bank’s assets are held in this currency,

Assets and liabilities maintained in foreign currencies are translated into United States
dollars at the rates of exchange nrev'ling at the balance sheet date

THE TRIBUNE

(c) Financial instruments
Classification
Cash and cash equivalents are short term “highly liquid investments” which are readily

convertible into known amounts of cash without notice and which are within three (3)
months of maturity when acquired.

Held-to-maturity investments are financial assets with fixed or determinable payments
and fixed maturity that the Bank has the positive intent and ability to hold to maturity.
The Investment in US Treasury Note is classified as a held-to-maturity investment.

Due from banks are considered to be loans and advances that are originated by the Bank.
Financial liabilities that are not held-for-trading are demand deposits and time deposits
due to customers and banks.

The Bank recognizes financial instruments on the day it becomes a party to the
contractual provisions of the instruments,

Measurement

Financial instruments are measured initially at fair value (transaction price), including
transaction costs.

Subsequent to initial recognition all held-to-maturity investments are measured at
amortized cost.. Premiums are amortized over the remaining life of the instruments.
Loans and advances originated by the Bank are measured at amortised cost, less
provisions for losses as appropriate. ,

Derecognition

/, financial asset is derecognised when the Bank loses control over the contractual rights
that comprise that asset. This occurs when the rights are realized, expire or are
surrendered. A financial liability is derecognised when it is extinguished.

Held-to-maturity instruments are derecognised when the Bank no longer has control over
the contractual rights that comprise the instruments. This occurs when the rights are
realized, expire or are surrendered.

(d) Impairment

Financial assets are reviewed at each balance sheet date to determine whether there is
objective evidence of impairment. If any such indication exists, the asset’s recoverable
amount is estimated. Provisions are established by charges against income and are
maintained at a level considered by the directors to be adequate to provide for potential
losses.

(e) Use of estimates

The preparation of financial statements in conformity with IFRS requires management to
make judgments, éstimates and assumptions that affect the application of accounting
policies and the reported amounts of assets and liabilities and disclosure of contingent
assets and liabilities at the date of the balance sheet The estimates and associated
assumptions are based on historical experience and various other factors that are believed
to -be reasonable under the circumstances, and the results of which form the basis of
making the judgments about carrying values of assets and liabilities that are not readily
_ apparent from other sources. Actual results could differ from those estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions
to accounting estimates are recognized in the period in which the estimate is revised if the
revision affects only that period, or in the period, of the revision and future periods if the
revision affects both current and future periods. The accounting policies have been
applied consistently by the Bank and are consistent with those used in the. previous year.

Key source of estimation uncertainty is described in accounting policy 2(d)

3. Due from banks

Due from banks —‘demand ‘deposits earned interest at annual rates ranging from 1.00% =
* 23.00% at December 31, 2006 (2005 — 3.50% to 19.00%).

" | Due from banks — time deposits earned interest peetiual rates ranging from 1. 82% - 6.1% at
y | December 31, 2006 (2005 - 0.65% to 3. we ies
4. Due to customers and banks ~ time deposits

Interest was paid on balances due to customers and banks - demand deposits at.annual rates
ranging from 0% - 5.75% at December 31, 2006 (2005 - 0% - 0.25%).

Interest was paid on balances due to customers and banks - time deposits at annual rates
ranging from 1.45% - 8.98% at December 31, 2006 (2005 - 0.15% - 2.05%).

5. Investment

Investment comprises a US Treasury note (inflation linked), with an annual coupon rate of
3.375%, maturing in January 15, 2007 and inflation adjusted face value of $6,397,900 (2005
— $6,283,200) and market value of $6,355,960 (2005 - $6,330,324).

6. Financial instruments

The Bank is party to financial-instruments with off-balance sheet risk and other derivative
financial instruments in the normal course of business to meet the financing needs of its
customers, Financial instruments include commitments to extend credit at fixed and floating
rates, standby letters of credit and currency forward agreements. These instruments involve,
to varying degrees, elements of ‘credit and interest rate risk in excess of the amount
recognized in the financial statements. However, the Bank's credit risk is minimal, since
most of the instruments have been entered into on behalf of clients.

The contract or notional amounts of financial instruments reflect the extent of the Bank's
involvement in particular classes of financial instruments and do not measure the Bank's
exposure to credit or market risks and do not necessarily represent the amounts exchanged by
the parties to the instruments. The amounts exchanged are based on the contractual notional
amounts and the other terms of the instruments. Notional amounts are not included in the
balance sheet and generally exceed the future cash requirements relating to the instruments.

The Bank manages its exposure to interest rate changes, liquidity and currency risk related to
its portfolio of loans (Due from banks) and asset and liability deposits by maintaining a
matched book of assets and liabilities by currency and maturity. Its objective is to manage
the impact of interest rate changes on earnings. Derivative financial instruments (forward
contracts) used by the Bank to: manage currency risks for clients at the balance sheet date
were comprised of $3,557,627 (2005 - $nil) of purchase commitments and $nil (2005 - $nil)
of sale commitments.

Credit risk

Credit risk is the risk that a counterparty to a financial instrument will fail to dischagge an
obligation or commitment that it has entered into with the Bank.

The majority of the Bank’s financial assets are either on deposit with or due from affiliates.
Accordingly, there is minimal credit risk.

Fair values

Due to their short terms to maturity, the carrying values of cash and cash equivalents are
considered to approximate: their fair values.

Management estimates that the total fair values of depéait assets and liabilities do not differ
materially from their carrying values given that the average effective interest rates
approximate the current interest rates available to the Bank for loans and placements and
offered by the Bank for deposit liabilities-with similar maturities.

The fair value of the investment is disclosed in note 5.

7. Related party balances

The Bank entered into various transactions with the Parent Company and related parties. The
balance sheet include the following related party balances:





2006 2005
Assets
Due from banks — demand deposits $ 10,922,280 10,564,286
Due from banks — time deposits 36,079,849 22,931,442
Accrued interest and other assets 2,640,281 2,082,501
Liabilities
Due to banks - demand deposits 813,841

Accrued interest and other liabilities 114,026 92,940
———
(Continued)



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THE TRIBUNE

BANK HOFMANN (OVERSEAS) LTD
Notes to Balance Sheet

Fae

8. Commitments

The Bank has arranged outstanding guarantees amounting to $11,965,924 (2005 -
$1,141,857) on behalf of its clients. These guaranteed are fully collaterized by investments
and demand and time deposits.

Assets under management ‘

The Bank manages assets on behalf of its clients. The assets are held for the account and risk
of the clients, and are therefore treated as off balance sheet items. Total assets under
management at December 31, 2006 amount to $217.9 million (2005 - $162.8 million).

. Maturities and concentrations of assets and liabilities

. All time deposits due from banks and due to customers and banks are scheduled to mature
within one year.

Significant concentrations of assets and liabilities by geographical locations are as follows:

2006

United States Other Total

Switzerland
ASSETS

50,745,739
6,360,260
57,105,999

Due from banks 46,510,709
Investment 7
46,510,709

274,270
6,360,260
6,634,530

3,960,760
3,960,760

LIABILITIES

Due to customers

and banks $ = ed 50,592,685 50,592,685
$ = = 50,592,685 50,592,685

Switzerland United States Other

ASSETS

Due from banks 2,765,245
Investment =

2,765,245

34,088,789
5,987,138
40,075,927

19,318,862 12,004,682
5,987,138 -_
25,396,000 12,004,682

LIABILITIES

Due to customers
and banks 3,965,631

3,965,631

34,112,498
34,112,498

4,681,071
4,681,071

-_ 25,465,796
25,465,796

. Subsequent event

On January 26, 2007, Credit Suisse merged its four Swiss private banks - Bank Hofmann,
Clariden Bank, BGP Banca di Gestione Patrimoniale, Bank Leu and the securities dealer
Credit Suisse Fides to form a single autonomous bank called Clariden Leu..

Clariden Leu will operate in The Bahamas only through its new Clariden Leu branch (the
“Branch”). All rights, interests, benefits and advantages (including without limitation, the
benefit of all indemnities) under the documents signed or provided by the bank’s clients in
respect of their relationship with the bank were transferred and assigned to the Branch on
March 1, 2007.



INSBACHER

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

Duties 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.

FRIDAY, JULY 20, 2007, PAGE 11B





FOCOL’s four
for-one split

@ By NEIL HARTNELL
Tribune Business Editor

OCOL Holdings, the
BISX-listed petroleum
products supplier, yester-
day confirmed Tribune Business’s
exclusive revelations on June 8
by announcing a four-for-one
stock split of its ordinary shares.

The company announced that
shareholders who held one ordi-
nary share in FOCOL Holdings
at the close of trading on July 30,
2007, would be entitled to receive
four ordinary shares.

Colina Financial Advisors, the
company’s registrar and transfer
agent, will update the sharehold-
er registry on Friday, August.10,
to reflect the increased number
of ordinary shares and mail out
confirmations to investors.

This is the first stock split to
take place involving an equity
that is listed on the Bahamas
International Securities Exchange
(BISX).

Keith Davies, BISX’s chief
executive, yesterday described
stock splits as “a unique type of
corporate event” that is handled
differently in different jurisdic-
tions, the method used being dri-
ven largely by the way the regis-
trar and transfer agent handles
it.

Mr Davies explained that on
July 30, a “snapshot is taken” of
FOCOL’s shareholder register,
“and at that point everyone gets
an entitlement to receive four
new shares”.



@ KEITH DAVIES

The key word here, he empha-
sised, was “entitlement”. After
August Lo, all FOCOL Holdings
investors would hold four new
shares in the company for every
one they had previously held, and
the shareholder registry would be
updated to reflect this.

However, Mr Davies said trad-
ing in FOCOL Holdings stock
could still take place between July
30 and August Lo at the pre-split
price - $20 per share at yester-
day’s close on BISX.

The share registry would “take
into account any transaction
occurring between July 30 and
August 10, the split date”, the

- BISX chief executive said. Any-

one selling FOCOL Holdings
shares between those two dates
would lose their entitlement to
gain three extra shares for every
one they currently held, he added.

FOCOL Holdings yesterday

NOTICE

NOTICE is hereby given that REVEL MICHAEL FRASER
of # 8 INSPIRATION RD, P.O. BOX N-10478, NASSAU,
BAHAMAS, is applying to the Minister responsible for
Nationality and Citizenship, for registration/naturalization as a
citizen of The Bahamas, and that any person who knows any
reason why registration/ naturalization should not be granted,
should send a written and signed statement of the facts within
twenty-eight days from the 20TH day of JULY, 2007 to the
Minister responsible for Nationality and Citizenship, P.O.Box

N- 7147, Nassau, Bahamas.

indicated that trading at the new
split-adjusted price, likely to be
around $5 per share, was expect-
ed to start on Monday, August
13,

However, Mr Davies said
BISX would have to pick an ear-
lier date “before August 10,
beyond which we will adjust the
price”. This will be done to ensure
all trades at the pre-split price are
captured before August 13, as
completion of clearing and set-
tlement of all BISX trades, Mr
Davies said, took place three
days after the trade.

FOCOL’s stock split will
increase the volume of ordinary
shares outstanding to 34,430, 468,
compared to the existing
8,607,617.

Two analysts spoken to sepa-
rately by The Tribune believe the
company’s stock still has upside
potential at the current $20 per
share price, one saying the true
value of FOCOL Holdings was
$22 per share, the other $23 per
share.

Ken Kerr, head of investment
advisory firm, Providence Advi-
sors, told The Tribune of the stock
split: “It’s a great entry for new
investors coming in and being
interested in the stock. It’s a price
affordability issue more than any-
thing else, because the funda-
mentals remain intact for the
company.

“The real upside is in the abil-
ity to extract synergies from the
recent Shell acquisition, cost sav-
ings and bottom line impact.”

INSIGHT

For the stories
behind the news,
read Insight
on Mondays

FIRSTCARIBBEAN

INTERNATIONAL BANK
CAREER OPPORTUNITY

jor

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 relationships with
HNWIs, professional trustees and financial intermediaries.

Qualifications:

Internationally recognized Financial Planning or Investment qualification (e.g. FPC or
CFA).

e 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 balancing 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 for clients from various
jurisdictions.
Must be fully aware of latest KYC, AML and fraud prevention requirements and
monitoring tools.
Possess a strong knowledge of global economic and political conditions and current
affairs.

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 cliénts/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 and coaching skills

General sneaiiveapen talteeogtonalbidies
Ability to manage multiple priorities
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.

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

Remuneration:

e Salary commensurate with level 9 out of 11 pay levels °
¢ Benefits- comprehensive banking benefits, variable incentive pay (bonus) and preferred
loan rates

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

Applicants are requested to submit their resume with a cover letter via 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.

To advertise in The Tritune, just call 822-1986 today!





PAGE 12B, FRIDAY, JULY 20, 2007

THE TRIBUNE



COMICS PAGE






JUDGE PARKER

THOSE GOONS CAN
KICK THE DOOR DOWN
ANYTIME THEY WANT!

AT LUANN’S STUDIO, THE
APPARITION APPEARS AND. «+




OUR BIGGEST POTENTIAL CLIENT
EVER, J.J. VANDERWITT, WILL, BE
HERE IN 15 MINUTES! p








MATTER of FACT,
THE (OK DID
WoRK A> AN
L.A.B.D.
PATROLMAN.

RoN'D You

TIGER

a



4 ACROSS
Nullify, for instance, in neat 1
fashion (6) : 2
Spanish name for a plant and nothing

else (8)

Land of nuts (6)

Taking one in, he can make a sale (5)

Left a youngster out of society (4)

One on the drums during the Trolley

Song? (4)

Verse that gets an MEP upset about

nothing (4)

Ingredient of ketchup, and so on (3)

It's significant to most women (4)

Hay from the Balearics? (4)

How to be original (9)

Loudly persuaded to

mZzeoo— 41

have run away (4)

It's noteworthily symbolic (4)

That volatile gal (3)

Catch some big

rabbits (4)

A much admired figure (4)

Charge money - it makes sense! (4)
Aré such eyes considered

Ea

decorative? (5)

Perhaps not as a solo

piano work (6)

Amused when sent the long
way round? (8)

Railman’s drink? (6)

THE PAINTINGS ARE
NEARLY FINISHED.



“MAKE SURE
EVERYBODY
IS READY!

CRYPTIC PUZZLE

DOWN







---WE NEED'TO
FIND SOMETHING
TO DEFEND








DON'T worry, 2
BOSS... WE'LL BE






APPARENTLY
MOM DOESN'T
APPRECIATE
UNSOLICITED






Ys PIANO, SUT
LOONT LIKE

LISTENING

Like the following morning? (6)
Follow to:central Hammersmith in the
end (5)

She'll never be a right muggins! (4)
Lofty one upset about a bit

of a blow (5)

You'll quickly seize the resemblance
to"27 Across”! (4)

Sad to have upset the sitter (6)

A sound to detect (6)

It's highly likely to lead to a smash (3)
A fifty to one chance to be unique! (5)
Pointed to what's no-end nice in

solid fuel (7)

A much loved trumpet piece (3)
Jocelyn’s place (3)

In time, perhaps, a bit of a grudge
means little (6)

He's in the medical field (5) ‘
Well rebutted (3) 4
It's long and white with a raised black - :
piece (3) 0
Like to make “4” out of a“5" (6) :
Show willing (3) 15
All set to study a key part (5) :
A board game (5) 19
Dylan's new girl? (5) oH
Animal lover holding a cow's tail (4)

A piece of unsuitable work can get

you puffed (4)

a

aS
=
=

ise)
Q

o

EASY PUZZLE -

24
26
27

29
32
33

I FORBID IT! ) S7OP- TI CANT
- T= LATHE £

TST

LUCKILY, WE GOT THIS DEADBOLT
INSTALLED ON THE BREAK ROOM
DOOR JUST
LAST WEEK



Yesterday's cryptic solutions

ACROSS: 1, Toddle 7, Lot-hari-o 8, Saps 10, P-r-ague 11,
Act-I've 14, Rot 16, Aides 17, Ra-I-n 19, Bad-ge 21, Patio
22, Begin 23, Spat 26, Set in 28, So-u 29, P-lunge 30,
Seller 31, Heap 32, Con-Vince 33, Di-e-sel

DOWN:11, Tamper 2, D-ragon 3, Else 4, Chic-ago 5,
Bra-I-d 6, Voles 8, Sari 9, Put 12, Ti-e 13, Vesta 15, Latin
18, Angel 19, Bag(-shot) 20, Din 21, Pen-gui-n. 22, Bin 23,
Sol-ac-e 24, Pu-l-p 25, T-hr-ill 26, (all-)Spice 27, Turns 28,
See 30, She'd

Suoeovone mEO



34
Yesterday's easy solutions

ACROSS: 1, Pundit 7, Insanely 8, Same 10, Chimed 11, 36
Mature 14, Rat 16, Panes 17, Ores 19, Refer 21, Merit 22,

Radar 23, Bred 26, Divan 28, Tee 29, Animal 30, Forage

31, Road 32, Patience 33, Twelve

DOWN: 1, Poncho 2, Dramas 3, Tied 4, Parapet 5, Begun

6, Pyres 8, Sire 9, Met 12, Tar 13, Revue 15, Feral 18,

Resin 19,-Red 20, Fir 21, Manager 22, Ram 23,

Berate 24, Read 25, Dredge 26, Damps 27, Vista 28, Too

30, Fret







aa

*THEY SAY PRESERVATIVES ARE BAD FOR You, BUT
AT MY AGE I NEED ALLTHE PRESERVATIVES
| ICAN GET.”




ce

yy
0




South dealer.

47 | Both sides vulnerable.
BY NORTH
‘ AKQ5
VAK
AK 53
bI83
WEST EAST
864 3973
Â¥108763 v2
987 #Q102
&42 #109765
SOUTH
#102
Â¥QI5954
364
&AKQ
The bidding:
South West North East
1y¥ Pass 2% Pass
2 NT Pass 4NT ~ Pass
5¢ Pass S.NT Pass
64¢ Pass TNT

Opening lead — nine of diamonds.

The Vienna Coup is basically a
run-of-the-mill squeeze; it is too bad
that, on, account of its fancy name, it
sounds more difficult than it is. The
chief difference between a Vienna
Coup and a simple squeeze is that
declarer at a particular point deliber-
ately establishes a trick for the
defense before proceeding with the
squeeze.

GOCOM(CS, COM ( PONSOUITIZ

HOW many words of -
four letters or more 4
can you make from the | :
jetters shown here?In
making a word, each
jietter may be used once
only. Each must contain
the centre letter and
there must be at least
one nine-letter word. No
plurals or verb forms
ending in “s”, no words
with initial capitals and

The first word of a
inkjet printer).

TODAY'S TARGET
Good 13; very good 19; excellent 25.

Solution tomorrow.

ACROSS

Notices (5)
Spoor (5)
Otherwise (4)
Transparent (5)
Danger (4)

First batsman (6)
Type of acid (6)
Fabled bird (3)

Obscure (5)
Overdue (7)
Relative,
informally (3)
Boy (3)
Embellished (6)
Boarding house (5)
Suitable (3)
Rubbish (3)
Seldom seen (6)
Immerse (3)
Friend (5)
Motorcycle (5)
Anxious (5)
Roasting rod (4)
Benefit (4)

Box (6)
Alongside (8)
Religious festival (6) .
Clan (5)
Support (4)
Flatfish (4)
Lake (4)

Ready (3)
Disgusting (4)
Norse deity (4)
Shape (9)
Gesture (4)
Diplomacy (4)
Perform (3)

Aid in crime (4)

Radiate (4)

Metal fastener (4)
Inclination (5)
Felt (6)

Night (8)

Guard (6)





no words with a hyphen or apostrophe permitted.
phrase is permitted (e.g. inkjet in

T NEED SOME
HELP WITH MY

THATS THE
PROBLEM. I
CANT THINK
OF ANYTHING
TO ARGUE.

See
55> ee

<>
cS

%
S25





The Vienna Coup

seven notrump. The contract seems
to be laydown until — after winning
the diamond lead with the king and
cashing the A-K of hearts — he
learns that West started with five
hearts to the ten.

With only 12 sure tricks now in
view, South cashes the ace of dia-
monds to pave the way for an even-
tual. squeeze. It is this cashing of the
ace, establishing East’s queen, that is
called the Vienna Coup.

Declarer next plays the A-K-Q of
clubs and Q-J of hearts, producing
this position with East not yet having

played to the jack of hearts:
5 North,
; @AKQ5
West East
Immaterial 3973
#Q
South
#102
v9
oJ

East is helpless; whatever he dis-
cards, declarer scores the rest of the
tricks.

Note that if South fails to first
cash the ace of diamonds, he later
squeezes dummy instead of East and|
goes down in the grand slam instead
of making it. Establishing East’s
queen of diamonds early in the play
is the key to the successful Vienna

TARGET



SOLUTION :
amuse aneurism animus ANTISERUM antrum anus

arum atrium aunt auntie autism insure inure manure
mature meatus menu minuet minus minute murine
muse must muster mute muti nature naturism neum
nurse nutria ramus rimu ruin rumen ruminate rune
runt rusa ruse rust saunter sauté serum sinuate smul
sternum strum struma stum stun suer suet suit suite
sura sure surname sutra terminus triune true truism
- tsunami tuna tune tuner turn unit unite uniter unmet
unrest unseat untie urate urea uremia urinate urine

ursine user

new
word




means or tactics
in attempting to
PTetol =)

CHESS by Leonard Barden |



From an early game by Mikhail
Botvinnik (Black, to move).
Botvinnik, the patriarch of
Russian chess and world
champion for 13 years, became
the finest strategic player of his
generation, but when young he
preferred a sharper, highly
tactical style, leading to
positions like today’s puzzle.
The future grandmaster has
sacrificed a bishop to drive the
white king into the open, and at
first glance he can checkmate
quickly by 1...Qe3+ 2 Kxb4 a5+
3 KbS Ba6+ 4 Kc6 Rac8 mate.
White can defend much better
by Qe3+ 2 Bc3 Bd5+ 3 Kb2!
when the WK is safe while Black,
still a plece down, is threatened
with Qxg7 mate. Botvinnik
found a better idea, where the












TM SUPPOSED TO WRITE
A PAPER THAT PRESENTS
BoTH SIDES OF AN ISSUE
AND THEN DEFENDS ONE
OF THE ARGUMENTS.

STERPUNS FEBig FELVOAUN AQ THONCSOTEM C551 ©



THATS HARD \T'M ALWAYS
To BELIEVE. / RIGHT AND

FRIDAY,
JULY 20 =

ARIES — March 21/April 20

Risk-taking is not on the agenda this’
week, Aries. Walk the straight and,
narrow path, and you’ll find that,
things will go much more smoothly. 1

Expect Scorpio to pose a concern. '
(

TAURUS -— April 21/May 21 ,
See that new project through, Taurus. :
Don’t give up now that things have!
just begun. If you’re feeling over-'
whelmed, seek the assistance of a
family member who wants to help.

GEMINI - May 22/June 21
Your funk is over, and you have;
found a new outlook on life. This:
week should be a‘breeze for you,'
Gemini, with particularly good news'
arriving on Friday.
CANCER - June 22/July 22 |
Bad news finds you on Tuesday,!
Cancer. While it may be. a blow,’
you’ll survive the turmoil. Keep your!
chin up — better things will come,
your way next week. '

LEO - July 23/August 23!
The world is still offering you,
lessons, but you’ve tuned out. Get,
those ears working again and accept:
the things that you must change

about yourself,

VIRGO — Aug 24/Sept 22 '
Flirtation gives rise to passion by !
Thursday, Virgo. You’re showing off '
your wild side and loving every |
minute of it. Those close- to -you

might become concerned. '

LIBRA - Sept 23/Oct 23 ’
A friend comes to you with a serious +
problem, Libra. In your current state !
you are by no means ready to offer '
solid advice. Guide this person to ,
someone who can help for now.

SCORPIO -— Oct 24/Nov 22

Your ego has gotten in the way |
again, Scorpio, but you can redeem ;
yourself. That charitable act you’ve |
been -~"4ering could be the perfect |
way t. your sweet side. _'!

SAGITTARIUS — Noy 23/Dec 21 .
Trouble at, home escalates by :
Wednesday, Sagittarius. You’ve
made a mountain out of a mole-
hill. Change your strategy and you
could find a quick resolution.

CAPRICORN - Dec 22/Jan 20
No one is being fooled by your sincer- *
ity act, Capricorn. They’re all on to '
your hidden agenda. Don’t try to deny |
your motives — it will only make \
things worse in the end.

AQUARIUS - Jan 21/Feb 18

You are-not scoring well in the love
department, Aquarius. Fawning aver
your partner has only been giving
you the reputation of a pushover.
Define what you want, and go for it.

PISCES — Feb 19/March 20

Financial success is imminent this
week, Pisces. Just be sure to share
your wealth with someone desérving.
It will make it much more rewarding.

'
!
i
{

|
|
'
!
i
!
i
i



key Is Black's second tum, leading
to a rapid win. Can you do as well?

LEONARD BARDEN

‘SRR, RE EL

Chess solution :1..Bd5+!2 Kxb4 g6l and OFB+

isa decisive threat. The finish could be 3 Rcl QfB+ 4

Ka4 (4 Kc3 Rac8+ 5 Kd2 Bxf3+ wins the queen) bS+15
KothS RabB+ 6 Ka5 Qc5+ 7 Kad Qh5 mate.

Mensa quiz: 1. Mountaineer. 2. Divide, plus, multiply
and minus.

One possible word ladder solution is: POEM, poet,
port, pork, cork, cook, BOOK



THE TRIBUNE FHIDAY, JULY 20, 2007, PAGE 13B

FRIDAY EVENING a JULY 20, 2007

| 7:30 | 8:00 | 8:30 | 9:00 | 9:30 |) 10:00 | 10:30

NETWORK CHANNELS sey
Issues Round: |Washington |McLaughlin {Bill Moyers Journal (N) 4 (CC) Nay to Decem- |The Vicar of Di- Lap Oe
@ > WPBT liable discussion. wear (0 (El)|Group ih) (CC) ber ‘Catch the —|bley “Community fy
Bouquet” Spirit” (CC) Td
The cy (N) — Whisperer “Dead to Rights” /Jericho Jake, Stanley and Mimi |NUMB3RS A mixed-martial-arts ‘
@ WFOR aC A desperate ait ulls Melinda into |must fight for their lives after an en- boi dies while training for a
a family's bitter fight counter while hunting. (CC) [championship match. (CC) | nih
Access Holly: 1 vs. 100 The mob includes Rhodes|Las Veg as “Delinda’s Box’ Ed and |Law & Order: Criminal Intent “Si- ‘ AG
G WTV4J |wood (N) (ch) scholars, drag queens and actor Dann ave 12 hours to save Delin- |lencer’ Goren and Eames investi-
Adam West. 01 (CC) da from her kidnappers. gate an ear surgeon's murder.
Deco Drive Bones A headless corpse anda _|Standoff A recently fired corporate |News (N) (CC)
@ WSVN frightenin ee appear inthe |executive holds 16 hosta Ps in the
woods. 1 (PA) ( company’s boardroom. (N)
Jeo ‘ola (N) _ |Set for Life A karate enthusiast and |Greek “Hazed and Confused” Re- 20/20 (CC) S 7
@ wWPLG icc) a beauty-pageant winner play for becca is given a a ing scav- \
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CSI: Miami A private investigator's Intervention A former high-school hes i
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iat Extra |BBCNews —|World Business |BBC News Our World Trav- |BBC News World Business a
BBCI (Latenight).’ |Report (Latenight), a across (Latenight). |Report
Turkey.
BET Hell Date (CC) cc) House co Hills | *% 3 STRIKES (2000, Comedy) Brian Hooks, N’Bushe Wright. An inno-
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Let Charlie the
CNN (: mM The Situa- |Paula Zahn Now (CC) Larry King Live (CC) Anderson Cooper 360 (CC)

orl ae oe / | Bahamian Puppet and

sans D. con- |The Daily Show |The on ne Chappelle’s Chappelle’ s {Lisa Lampanelli The comic per- 2 ve
— interns. - sn Stew- |port (CC Show Record |Show Tadig forms. (C ce) oe. hi s sidekick Derek P ut jen
company spoof. |Spouses.” (CC) ‘| /
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The Suite Life of THE HAUNTED MANSION (2008, Comedy) Ed 38) Hannah Thats So Raven|Life With Derek | | lass fa ces.
DISN ea & Cody 1 {die Murphy, Terence Stamp. A man and his family en- ler [Substitute | Derek has the ee
counter ghosts in an old house. ‘PG’ (CC) teacher. 1 chicken pox. 0 e
is Old House /Sweat Equity |New Yankee —|Sweat Equity si Equity {Classic Rides |Classic Car
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DW Johannes B. Kerner Ich Trage einen |Journal: Tages- {Europa Aktuell Death In Euromaxx
Grossen Nam |thema
E! The Daily 10 (N) | x x % OFFICE SPACE (1999, Comedy) Ron iat Jennifer Aniston. Tr So Cel- |Best of Talent
. A white-collar worker rebels against corporate drudgery. ebrity news. (N) |Shows
ESPN (C0 Live (Live) |2007 ESPY Awards From Los Angeles. (CC) - Baseball Tonight (Live)
Bi a Beach vay ball AVP Crocs Tour -- Boxing Friday Night Fights. (Live) (CC)
ESPNI Fuera de Juego |Men’s Final. taped)
tat) Mass: Our |The World Over Lifels Worth — /The Holy Rosary|Defending Life |Voices on Virtue
EWTN ye ee pee
ae Max: Fitness Fantasy |Fitness Fantasy |Body Challenge Health Cops: Sentenced to Health
[FITTV beta lege [gS
: i Report- |The O'Reilly Factor (Live) (CC) |Hannity & Colmes (Live) (CC) On e Record With Greta Van
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:00) MLB Baseball Cincinnati Reds at Florida Marlins. From Dolphin Stadium in Miami. |FSN Baseball |The FSN Final
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GOLF (:00) Live From the Open Championship (Live) Live From the Open Championship

Camouflage —_|Lingo (CC) Lingo (CC) Dog Eat Dog 1 (CC) Chain Reaction |To Tell the Truth
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aC iend’s son. 1 (CC) tums to make peace with his son. (CC)
B *s ‘Louise Selling Houses Specials “West |House Hunters |World’s Most eo oon “Pia and
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LIFE a aig Name Is ty for her clients. |ta, Barbara Saab A iste widow séeks revenge against her hus-
Cheyenne” (CC) | (CC) band’s colleagues. (CC)

MSNBC | a Hardball camila With Keith Olber- — |MSNBC Investigates “Lockup: Inside L.A. County’ Los Angeles County










(:00) CSI: Miami |CSI: Miami “Big Brother’ Horatio














Bring your children to the

McHappy Hour at McDonald's in

Marlborough Street every Thursday

from 3:300m to 4:30pm during the
month of July 2OO-,






a



Enjoy Great Food, Prizes and Lots of Fun.

{T\

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MPAGE 14B, FRIDAY, JULY 201H, 2007





















Sea

INSURANCE MANAGEMENT

(BAHAMAS) LIMITED. INSURANCE BROKERS & AGENTS

Wonrip Cities Marine FORECAST







Today Saturday : WINDS WAVES VISIBILITY WATER TEMPS.
“High = Low W High Low W WASSAU = Today: E at 7-14 Knots 1-2 Feet 6-7 Miles 86° F

F/C F/C F/C F/C . Saturday: Eat 5-10 Knots 1-2 Feet 5-7 Miles 86° F







FREEPORT Today: ESE at 5-10 Knots 0-1 Feet 6-7 Miles 85° F

Saturday: ESE at 5-10 Knots “0-1 Feet 6-7 Miles 85° F

: ABACO Today: ESE at 5-10 Knots 1-2 Feet 6-7 Miles 84° F

Partly sunny and Partly cloudy and Partly.sunny and Mostly cloudy, a Mainly cloudy, Mostly cloudy with a The higher the AccuWeather UV Index™ number, the Saturday: ESE at 5-10 Knots 1-2 Feet 6-7 Miles 84° F
seasonably hot. warm. seasonably hot. t-storm possible. t-storms possible. t-storm or two. greater the need for eye and skin protection.

High: 91° High: 91° High: 89° High: 87°

- High: 91° _ Low: 79° Low: ; Low: 75° Low: 75° Low: 75° a IDES FOR PT
eV Ela ee | VA Wem elas aN emacs eT ere aa AccuWeather RealFeel YN Ea aad :





[err Cae) * tera * eer)” eer 99°-81° F High _Ht.(ft.) Low __Ht.(ft.
The exclusive AccuWeather RealFeel Temperature® is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure, and Today 12:21am. 24 6:29am. 0.3
elevation on the human body—everything that effects how warm or cold a person feels. Temperatures reflect the high-and the low for the day. 12:52pm. 2.6 7:04p.m. 0.5




turday U08am. 23 7:09am. 03
Te Seturay isspm. 26 7.55pm. 06

Statistics are for Nassau through 2 p.m. yesterday Sunday 148am. 21 753am. 04



64/17 46/7 pc
66/18 41/5 sh.

































ABACO Temperature 2:28p.m. 2.5 8:51p.m. 0.6 Budapest _ 103/39 aie s
a HIGH sede sscassissccatesaat saccatesescctsensttessssnane 91° F/33°C. |) pga -~—Ss«éBulentos Aires. = D049 pe
Highs 1 F/33°C wo 79° Fi26°¢ Monday 9) Oe jase oF Califo. 01/3 100/37 75/23 s
Normal Wigh ooo... esssecssesssessssesssersenses B8°F/31°C «Caleta ee nse | 92/83 82/27 t
Normal lOW oo... cesessesseesesseeseeneeseseesses 75° F/24° C Calgary 75/23 54/12 pe
Last year’s High ....sccsssscsccssssssesseseeesen 91° F/33° C ATT yey ite cnn 91/32 71/21 pc
Last year’s IOW oc eseeeseeeseereeeees 74° F/23° C Caracas 82/27 68/20 pc
Precipitation Sunrise...... 6:32 a.m. Moonrise ... 12:03 p.m. Casablanca 71/21 63/17 s~
As of 2 p.m. yesterday .........sssssssssessssssseeee 0.00” Sunset....... 8:01 p.m. Moonset....11:52p.m. — Copenhagen 67/19 52/11 ¢
Year tO date .......cssssessse . 34, First Full Last New jublin 64/17 50/10 sh
High: 90° F/32° C Normal year to date 43": , I /21
Low: 78° F/26°C qi = sit |
AccuWeather.com 7222 B73 ¢
All forecasts and maps provided by 8780 72/22 ¢ Showers



AccuWeather, Inc. ©2007 Jul. 22 Jul. 29 Aug.5 ~~ Aug. 12 72 54/12 po T-storms Ra
anon ae ‘eva2~ 8207 t Rain | °
Flurries Fronts
m3 Pe eh Sh itions of weather systems and oe ta
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a0 sare « 8 eA Ie precipitation. Temperature bands are highs for the day. dow: 4
; ce Forecast high/low temperatures are for selected cities. Stationary Mergen |
KEY WEST CAT ISLAND
High: 89° F/32° C

Low: 81° F/27°C ‘London

Niro) i ISURATIC

_ SAN SALVADOR
High: 89° F/32°C
Low: 75° F/24° C

Moscow



Shown is today's weather. Temperatures are today's
highs and tonights's lows.

73/22 49/9 c

High: 92° F/33°C
Low: 80°F/27°C
64/17 pc

83/28 s






























Today Saturday . Saturday Today Saturday E MAYAGUANA

High Low W High Low W High Low W High Low W High Low W Low W High 88°F/31°C 38

FIC FIC FC FIC aie FC Fi FC -Low:76°F/24°C 68/20 t
Albuquerque 92/33 68/20 t 94/34 68/20 t _—_Indianapoli 0/26 | BINS 8 3 36/2 ¢
Anchorage 72/22 55/12 s 73/22 5713 s Jacksonville © 98/36 76/24 t 92/33 72/22 t Phoenix | 28 73/22
Atlanta 90/32 68/20 t 87/30 6648 pc KansasCity 84/28 6548 s ° 87/30 67/19. s- Pittsburgh 2th 2 pe RAGGED ISLAND Hi ae ‘ oS = a :
Atlantic City 82/27 59/15 t 82/27 60/15 pc LasVegas 107/41 79/26 s 106/41 82/27 s Portland, OR 73/22 rea r 75/23 63/17 __ sh High:87° F/31°C , F/24°C Senne 69/20° S512 pe = :
Baltimore 86/30 62/16 pe 82/27 60/15 pc Little Rock «90/2 71/21 t 89/31 68/20 pe _— Raleigh-Durham 92/83 6317 t 88/31 62/16 pc Low: 70°F/21°C ‘Sydne “Bt NG 48/8 . a
Boston 83/28 62/16 t 79/26 62/16 pc Los Angeles 82/27 65/18 pc 85/29 65/18 pe St. Louis 83/28 61/16 pc 85/29 64/17 5s . ee ana eQacaec7ane'st - : ; M AN AGEMENT
Buffalo 72/22 56/13 pe 75/23 56/13 pc Louisville 82/27 60/15 pc 83/28 62/16 s SaltLakeCity 98/36 70/21 s 96/35 69/20 pc GREAT INAGUA Tokyo 81/27 76/24 t ct XS
Charleston, SC 96/35 74/23 t 91/32 70/21 t Memphis 88/31 69/20 t 89/31 68/20 pc San Antonio 90/32 74/23 t 89/31 73/22 t: High: 88° F/31°C “Toronto © aie °-75/23° 57/13 pe RANCE BROKERS & AGENTS
Chicago 74/23 542 s 78/25 5713s Miami 90/32 79/26 pe 90/32 79/26 t SanDiego 74/23 66/18 pc. 76/24 68/20 pe ta 76° F/24° Trinidad 91/32 68/20 pc
Cleveland 74/23 54/12 pc 76/24 57/13 pc —— Minneapolis 80/26 62/16 s 87/30 66/18 s San Francisco 72/22 58/14 pe 74/23 58/14 pe et? s Vancouver 69/20 59/15 sh Ne Flouthera Fyumie
Dallas 92/33 75/23 pe 92/33 74/23 t Nashville - ~ 86/30 62/16 t 88/31 62/16 pce Seattle 69/20 58/14 rt - - 71/21 60/5 “sh Vienna 89/31 - 57/13 pc RIBLER 5} 4 Te 94) 33). 986) ie: M 33 1
Denver 88/31 64/17 pc 96/35 65/18 pc New Orleans 92/33 76/24 t 92/33 76/24 t Tallahassee 98/36 74/23 t 92/33 73/22 t “Warsaw 82/27 57/13 t t { } f Le, }
Detroit ~ 76/24 5613 pe 80/26 59/15 pe New York “82/27 66/18 pe 82/27 67/19 pe Tampa - 92/338: 77/25 t ~~ 92/33 76/24 t~ : Winnipeg 82/27 64/17 s
Honolulu 90/32 78/25 s 91/32 78/25 pc Oklahoma City 92/33 70/21 t 93/33 71/21 pe Tucson 99/37 78/25 pce 94/34 77/25 t : !
Houston 87/30 74/23 t 90/32 74/23 t Orlando 95/35 75/23 t 93/33 75/23 t+ Washington,DC 86/30 64/17 t 84/28 65/18 . pc Ste Pei abe See SAG vice ueeonation. Hearats



Full Text


SAND HOT



PARTLY SUNNY |



|



The Tribune



Che Miami Herald

BAHAMAS EDITION





Volume: 103 No.198

Hutchison moves to
protect investments

SEE FRONT PAGE OF BUSINESS SECTION

Attorney General receives
landmark first dratt

@ By BRENT DEAN
Tribune Staff Reporter

THE first draft of the land-
mark Freedom of Information
Act has been received by the
Attorney General. -

Claire Hepburn revealed this
yesterday during the Chamber
of Commerce Meet the Minister
forum at Sandals resort.

“Well, it’s come to my desk.
This is the first draft. So ’m
going to have to look at it. ’m

looking at it to make sure that ”

everything that we want to be
included in it, is included in it,”
she said.

Following this process, Mrs
Hepburn told The Tribune that
cabinet will evaluate the docu-
ment and it will also be circu-
lated for public consultation.

“There will be a review
process, then it will come back
to us for finalisation before it is
presented to the House,” she
said.

Freedom of Information
Acts give citizens the legal right
to information held by the gov-
ernment, and creates a mecha-
nism by which this information
can be received. However,
there are sometimes exceptions
to the publishing of certain
“sensitive” national security
information.

The US created a FOA in
1966 applying to all federal
agencies. Agencies are
required to comply with public
solicitations for information,
and are subject to penalties for
doing otherwise.

The UK followed suit in -

2000, with the Act giving citi-
zens the right to ask for, and
be given, any information held
by a public authority.

As Mrs ee has just



,

been presented with the docu-

_ment, which is still in its initial

stage, she did not comment on
specific components of the leg-
islation.

But, she expects it to be pre-
sented to the House by the end
of the year.

One of the possible delays
for the FOA , Mrs Hepburn
said, is that stakeholders, at
times, do not provide timely
feedback when potential legis-
lation is circulated.

Regarding the importance to
this legislation, Mrs Hepburn
simply emphasized that “there
has to be access to informa-
tion.”

- The former government also
supported the concept of a
FOA, however, no such legis-
lation emerged during their
term in office.

An example of the necessity
for a FOA, was the argument
The Tribune had with the Min-
istry of Housing to review
records in the department
when corruption allegations
emerged under the last admin-
istration.

Though, after several months
of requests, some documents
were made public, these were
not all that were requested.

Lawyer Fred Smith urged

the new FNM government to
fulfil their campaign pledge
and create a FOA shortly after
the election.

“The citizens of the Bahamas
need a Freedom of Informa-
tion Act to provide them with
statutory rights,” he said. “It is
not something that should be
given by way of a privilege sub-
ject to ministerial discretion.
Freedom of information is fun-
damental to an effective
democracy.”





















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FRIDAY, JULY 20, 2007 ©

sa
TT

@ MINISTER of State
for Tourism and Aviation
Branville McCartney
looks on as air. traffic
controllers bring in
planes yesterday at the
Lynden Pindling Inter-
national Airport
(Photo:Felipé Major/

‘Tribune staff)

@ By KARIN HERIG
Tribune Staff Reporter



CO-OPERATION
between the Bahamas and
US authorities regarding
security issues at the Lyn-
den Pindling International
Airport will be better under
the FNM government than
they were during the PLP’s
time in office, Ministry of
State for Tourism and Avi-
ation Branville McCartney
indicated yesterday.

In the past three years,
the airport has come under -
intense criticism, especially
from US authorities, for the
unsatisfactory level of secu-
ity standards at LPIA.

. Former US Ambassador
John Rood was critical that
there was no improvement
in security at the airport dur-
ing his two and a half years
in office.

Speaking with The Tri-
bune yesterday, State Min-
ister McCartney said that no ~
such problems will exist with
the FNM in government.

“There are going to be no
problems, we are an open
government. They won’t
find any difficulty from us,
we have to work together

SEE page eight

PGT

§ By DENISE MAYCOCK
Tribune Freeport
Reporter

FREEPORT - A large num-
ber of former employees of the
Royal Oasis Resort met at the
Kipling Building in Freeport
on Thursday to discuss their
frustration over monies still
owed them since the resort
closed almost three years ago.

Former Royal Oasis employees
meet over money owed to them’








Ceva Seymour, a fonince
worker at the resort who is
spearheading a movement to
represent the workers, met with
the workers at a local courier
service office in the Kipling
Building.

About 200 persons signed a
letter authorising Ms Seymour,
a former front desk duty man-

SEE page eight

Govt set to review law that allows

children to ride jet skis with adults

lm By BRENT DEAN

Tribune Staff Reporter

THE government will review the
law that allows children to ride jet
skis accompanied by adults, but will

_ not legislate a ban on the rental of the

watercraft.

Dion Foulkes, the Minister of Mar-
itime Affairs, spoke on the issue yes-

terday at a Chamber of Commerce |g

forum at Sandals, in response to the
accident that claimed the life of sev-
en-year-old Eric Thomas of Ohio last

Sunday.

In addition to pledging to review
the current legislation, Mr Foulkes

SEE page foe

H DION FOULKES,
Minister of Maritime Affairs

Before e
Doors t

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PRICE — 75¢

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|

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PLP warns
Christian
Council
president

@ By PAUL G TURNQUEST
Tribune Staff Reporter

THE PLP has warned the Pres-
ident of the Christian Council
Bishop John Humes that he
should refrain from making pub-
lic statements that could be inter-
preted as “partisan” and ulti-
mately draw the impartiality of
the Church in local politics into
question.

On Wednesday, Bishop Humes
said that the inability of the PLP
to accept the results of the May
2nd general elections are con-
tributing to the “lawlessness” in
the country. Bishop Humes, who
was the guest speaker on the
radio show “The Way Forward”
on Gems 105.9 said that the PLP’s
election court challenge has exac-
erbated the polarization of the
country following the elections.
He said that if the courts decide
to give the seats to the PLP, there

_ is no way to predict what would

SEE page eight

Airport union

president says
accusations
are ‘baseless’

By TANEKA THOMPSON

PRESIDENT of the Airport
Airline and Allied Workers
Union described as.“baseless” the
accusations levelled against her
by some members of the union’s
executive board.

In a sworn statement filed in
court yesterday, it was alleged
that Ms Harding acted contrary to
the union’s constitution by seek-
ing to have certain members of
the executive board removed
from their posts.

At a press conference held at
the AAAWU headquarters at
Worker’s House on Thursday,
Nelerene Harding dismissed these
claims: “I have written to the
Department of Labour this morn-
ing, inviting them for us to have

the official election of the

removal of those officers on
August 1, 2007,” Ms Harding
said.

In reference to the $78,000 that
the sworn affidavit claims was lost
due to the president’s actions, Ms

SEE page eight

U eee Windows or
at claim to be Hurricane

Proof or Impact Resistant make
ig Mae Ma eet Led Cy b

UTHORIZED PGT DEALER

* Robinson Rd. FPT: Logwood Rd,
e-matl: chs@ebsbahamas.com

hvu a Hs panda A ats lh L hetibssaeal
PAGE 2, FRIDAY, JULY 20, 2007 THE TRIBUNE

Aeig,2®: Visitors
ro, | shake loose
Vora) | at Junkanoo

ENN A Se Summer
ummer festival. :
3 a Festival

fhelsiands, Ofthe,
VISITORS have become par-

ticipants in Bahamian culture
through Junkanoo Summer’s
new dance instruction pro-
gramme held weekly at the pop-
ular festival.

Each week, guests are taught
about Bahamian rake ‘n scrape “ ; :
and the dances that go along M# GAVIN Dawkins gives personal instructions on Bahamian
with it. The festival provides an dance to a visitor from France
interactive tutorial on several
movements that are the basis
of Bahamian dance.

“The whole idea is to give our
guests an opportunity. to be
more than spectators,” said
Janet Johnson, director of prod-
uct development and events
strategy in the Ministry of
Tourism. “Allowing them to
interact with Bahamian dancers
heightens the guest experience.
It increases their enjoyment,
and they leave with the sense
that they! could not have had
that experience anywhere else.
As a result, we are actually cre-
ating ambassadors who will
endorse the Bahamian experi-
ence when they return home,”

Professional dance teacher
Gavin Dawkins leads the week-
ly dance instruction along with #& A GROUP of visitors from North America and Europe learns
Adeltiss Stubbs, to “mash the roach”



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THE TRIBUNE



0 In brief —

Man arrested
over drug
and firearm
possession

A 34-YEAR-OLD Wilson
Tract man was arrested after
police reportedly discovered a
firearm as well as a small quan-
tity of drugs.

According to Chief Superin-
tendent Hulan Hanna, shortly
after midnight on Thursday,
police received atip that a gun-
man was seen in the area of C
J’s Restaurant and Bar, located
on Cordeaux Avenue.

Officers responded to the call
and arrested one suspect. They
recovered a .22 pistol with three
live rounds of ammunition at
the scene.

According to Mr Hanna, a
further search also uncovered

~ a small amount of cocaine and

marijuana.
Officers also found a ski mask
and a pair of gloves.

Crowning for
Miss Bahamas
World to be















‘By KARIN HERIG

Tribune Staff Reporter

IF nothing is done to reverse
the rising crime level, the
Bahamas’ number one indus-
try could soon be negatively
impacted, Minister of State for
Tourism and Aviation Branville
McCartney said yesterday. :

Touring different depart-
ments at the Lynden Pindling
International Airport (LPIA),
Mr McCartney said that
although crime in the Bahamas
is not yet at the level where
special advisory bulletins are
needed to warn tourists against
criminal activity, crime still
affects the industry.

Speaking out on the high
murder rate, Mr McCartney
said that it is unacceptable that
the Bahamas has already

recorded its 46th homicide for
the year.

“These things resonate into
the tourism industry, it’s some-
thing the tourist will look at.
If it hurts the tourism indus-
try, it hurts me, it hurts you, it
will hurt everybody,” he said.

He added that the Bahamas
cannot not allow a few crimi-
nally-minded individuals to run
the country.

“We cannot let them dictate
our tourism industry,” he said.

However, he emphasised
that special measures are in
place to protect visitors to the
Bahamas and that tourists can
still feel safe in the country.

With tourism numbers
down, Mr McCartney further
warned that all Bahamians
need to improve their attitude
towards visitors.

He said that there is still a
lack of “that welcoming atti-
tude” to be found in some peo-
ple in the industry.

“Visitors who come to the
Bahamas want to feel wel-
come, they want service.

“There are persons in industry
that are terrific, but we do have
some where we can improve on
the attitude. We have to ensure
that when they (tourists) do
come here, they get what we
advertise, we need to be the best
at what we do,” he said.

However, he added, there is
only so much the tourism min-
istry and the people working
in the industry can do.

“Tourism is everybody’s
business. It’s up to each and
every one of us to give the
tourists that welcoming feel-
ing,” he said.

Angry NIB employees have

FRIDAY, JULY 20, 2007, PAGE 3

a eee
Rising crime ‘could

soon affect tourism’

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Loyalist says
Haitian former
rebel leader
now in hiding

‘HAITI

Les Cayes

A FORMER rebel leader
and presidential candidate has
gone into hiding after US Drug
Enforcement Administration
agents launched a military-style
operation to arrest him in this
Haitian town, a member of his
party said Wednesday, accord-
ing to Associated Press.

Ronald Etienne, a deputy.in.
Haiti’s lower house of parlia-

ment, said that DEA and Hait-
ian anti-drug agents raided Guy
Philippe’s home Monday but
did not find him. Philippe has
long denied accusations of ties
to.drug trafficking.

“He’s in hiding and covering
himself. It’s normal under the cir-
cumstances because he feels his
life is in danger,” said Etienne, a
member of the Front for Nation-
al Reconstruction, a minor polit-
ical party led by Philippe.

Shortly after dawn Monday,
five helicopters, two airplanes
and at least a dozen DEA and
Haitian agents converged on
Philippe’s home, Etienne said
in a telephone interview.

Haitian police said Tuesday
that DEA agents carried out an
operation in Les Cayes. But US
and Haitian authorities have
refused to acknowledge if they
are pursuing Philippe, who helped
overthrow former President Jean-
Bertrand Aristide in 2004.

TROPICAL
EXTERMINATORS
RUE
PHONE: 322-2157







meeting with minister

@ By TANEKA THOMPSON

IN response to multiple alle-
gations of sexual harassment,
victimisation and intimidation
at the National Insurance
Board, angry employees were

finally allowed a public arena

to voice their complaints.

Minister of Housing and
National Insurance, Kenneth
Russell, held a general meet-
ing on Thursday morning that
allowed employees to air their
alleged grievances against cer-
tain NIB officials.

In attendance were director
of NIB Lennox McCartney,
parliamentary secretary
Brenville Rolle, and Camille.
Johnson, permanent secretary
for the Ministry. of Housing
and National Insurance.

“Each_staff [member] got
up and told the director how
poorly they were treated...”
a furious employee revealed.
“One staff member even got
up and said, ‘Mr Minister she
got to go’.”

According to the employee,



@ KENNETH Russell

Mr Russell recorded the “hun-
dreds” of complaints and
promised employees that an
investigation would take place
shortly.

“We waiting to see what’s
going to happen,” another
employee told The Tribune
after the meeting. “He said he
was going to take into account
what was said at the meeting,
and follow-up on it”.



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At the general meeting, an
employee reportedly asked NIB
director Lennox McCartney
why a female employee alleg-
ing sexual harassment was sus-
pended when no action was tak-
en against the manager who
allegedly harassed her.

Mr Russell informed the
employees that he would inves-
tigate the allegations of sexual
harassment personally.

“People are fed up,” the
employee continued. “I think if
he Mr Russell] don’t take
action, at the next meeting,
things will be worse.”

A union representative was
reportedly present at the meet-
ing and asked questions on

‘behalf of employees who did

not want to publicly speak out.
The Tribune attempted to
contact Mr Russell and repre-
sentatives from the relevant
union, but they could not be
reached up to press time:

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PAGE 4, FRIDAY, JULY 20, 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. ) LLD., D.Litt.

Publisher/Editor 191 9-1 972
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

Where is Raynard Rigby’s memory?

PLP CHAIRMAN Raynard Rigby was
quick to criticise Bahamas Christian Council
President Bishop John Humes for blaming

the PLP’s failure to accept the May 2 elec- °

tion results for much of the unrest in the coun-
try today.

He told the Bishop that he should refrain
from “making comments that can be inter-
preted as partisan and political and thus cause
right thinking people to view the Church as
less than balanced in public affairs.”

Mr Rigby said that one would expect Bish-
op Humes, as leader of the Christian Council,
to make “informed, responsible commentary
and not commentary that can only further
inflame an already factious public debate.”

Obviously Mr Rigby feels strongly about
the separation of church and state, but where
was his voice shortly after the May election
when a member of his own party — no less a
person than former foreign affairs minister
Fred Mitchell — made the following state-
ment:

“As we think back on the election,” said Mr
Mitchell in May, “there are several questions
we must ask: Where was the Church that was
so courted by the PLP and its leaders through-
out the five years. It was as if they went
absolutely silent, allowing scurrilous accusa-
tions, sleaze, vote buying and intimidation by
the FNM and stood by while a man who paid
no attention to them, who insulted them for
much of the past five years was able, with
their blessing (it appears) to walk back into
office.”

In view of Mr Mitchell’s comment could
that five year courtship be construed as a form
of political bribery? It certainly was an in-
your-face courtship that was almost obscene at
times. Remember the Reverend who salivated
at the thought of “anointing the prime minis-
ter in the public square.” The same Reverend
who told his congregation to “haul hip” if they
did not support the PLP, thereby denying him
the thrill of strutting through the halls of par-
- liament at the side of his prime minister.

This behaviour was far more partisan and
offensive than anything Bishop Humes said on
the radio talk show on Wednesday.

Apparently, the Church is not partisan if its
speaks from a PLP pulpit, but is partisan if it

points out that the continued squabbling over:

who won the election is keeping Bahamians in
turmoil and hurting the country.

“The country is hurting after the election,”
Bishop Humes told a radio audience. “I am

FOCOL

not saying that the former government should
not go to the election court if they feel they
have been robbed of an election, but some
things you have to accept as a fact and go on
with life. The time and money you have to
spend to get a court to reverse a decision is
only going to make it worse. What if the court
were to reverse the situation in this country?
Do you know what would happen in this coun-
try?”

This is very sound advice from a cleric con-
cerned with the welfare of his country and its
people, not of a political party.

The host of the show asked the Bishop his
reaction to criticism by members of the former
PLP government that despite their support
of the church, the Christian Council failed to
come to their aid when they needed it.

“I know the former government would
have liked us to go on their platform to cam-
paign, but I will not do it. The Christian Coun-
cil was not formed to support any political
platform. Our job is not to put our stamp on a
political party. The effectiveness of the Chris-
tian Council can only be maintained by
remaining neutral. We are the moral gate-
keepers of the country.”

Mr Rigby also says that his party has uncov-
ered serious issues of election fraud, and,
therefore it has a right to go to an election
court. No one is denying it that right. We
know of much that went wrong in that elec-
tion, an election organised under the admin-
istration of Mr Rigby’s own party. For exam-
ple, the public still wants to know why sample
ballots were being delivered to a polling station

on election day, and a couple of these ballots ~

were found floating around other polling divi-
sions. Were these part of a 41,000 print order
put in by a member of the PLP as sample bal-
lots, ostensibly for training purposes? Why
were they needed so near polling stations on
election day?

The police recovered a packet of 1,000 of
these ballots at Mount Moriah, and took sev-
eral persons in for questioning. The public is
entitled to know the results of that questioning.
Surely there must be an explanation.

Just as the PLP has a right to its court, the
public has a right to its explanation.

Anyone who dabbles in politics cannot
afford to have a short memory if he does not
want to look foolish. From some of the pro-
nouncements made by Mr Rigby over the past
five years we sometimes wonder if he has any
memory at all.



HOLDINGS LIMITED

A man’s village
is still his
piece of mind

EDITOR, The Tribune.

THE quaint settlement of
West End is still the official
capital of the island of Grand
Bahama, Bahamas. It is not

_the historical capital, as some

would have you believe. Yes,
West End is not the robust
economic and social activity
place it used to be, from the
1940s until the demise of the
Jack Tar in 1990.

During this period, many
exciting events took place in
and around West End, includ-

ing the area of Bootle Bay. °

For example, more than 30
years ago, parts of a movie
were filmed in the Bootle Bay

area we call Choke (Chuck) .

Berry Bay, where two houses
were built on the beach to
accommodate the scenes
filmed there. One of the foot-
paths we used to access this
beach area was turned into a
vehicular useable road large
enough for two trucks or cars
to pass each other simultane-
ously, going in opposite direc-
tions. After the movie was
completed, the houses and
road remained for the use and
benefit of the community. As



LETTERS

letters@tribunemedia.net




a result, this area became the
picnic place of choice by West
Enders, who used it without
restriction or hindrance.

In recent times, without
notice, the area has been gat-
ed off and chained down by
Ginn. As stated, for more than
30 years, the people had unre-
stricted access through this
road to the beach. At no time
during this period, was this
road ever closed off to the
public to maintain its private
domain status, (if it ever was
that)...I am told is required by
law. Sad to say, it is now so
gated. Thus, a new era in West
End has begun, the exclusion
‘of the native tribe. Apartheid
South Africa style-has reached
the quaint capital settlement
of West End, Grand Bahama.

In this area, the Southside,
they have destroyed most of
the indigenous vegetation and
trees. What is next, the
removal of the indigenous
people to.a Bahamian Soweto

or Transkei? No, sir! The
bright Bahamian sun will
stand still over West End,
before this insidious scheme
by Ginn and cohorts, to create
apartheid in our West End
happens. This is not Australia
and we will not be subjected
to the treatment meted out to
the Aborigines.

Yes, we may be descendants
of Africans, but what the.
Boers did in Transvaal will not
happen in West End, Grand
Bahama. The destruction to
the ponds, vegetation and
trees to date must stop now!

It may appear to some that
my writing like this means that
I am anti-foreigners or anti-
investment. No! Iam not! But
I am anti-exploitation, anti-
oppressors, anti-environment
destruction, anti-cultural
degradation, anti-carpetbag-
gers, and foreign-gated
enclaves in small indigenous
communities. Whereas peace
is much more precious than,a
piece of land, a man’s village is
still his peace of mind. ce,

1

DENNIS W MARTIN

West Ender,

July, 2007.

Mr Gray should

EDITOR, The Tribune.

I READ with great amusement your paper
on Saturday, July 14, 2007, the story on Local
Government in Hope Town and the former

Minister's comments.

The Bible tells us to first take the two-by-
four out of our own eye before we worry about
a splinter in someone else's eye.

When I say this I mean, I have been in Local
Government since its inception and I have not
known any Minister who has been there that

be the last person
— tocomplain —

'

cases as to whether it was within the rites ¢ or,

not.

pose.

He set precedents and then blatantly went
against these precedents when it suited his pur-

] do not know the history of the Hope Town

case, but I do know that Mr. Gray shouldbe
the last person to complain that a Minister is

breaking the law or rules of Local Govern-

ment.

stone."

seemed to care less about the law or Local
Government rules and regulations than Mr.

Gray.

He used Local Government to suit what he
wanted to accomplish without regard in some

"He that is ; without sin let him cast the first

ABNER PINDER

Spanish Wells,
July 18, 2007.

wma inseam
“God speaks to those who are

willing to listen.” =

SUNDAY SERVICES
7:00am, 9:00am, 11:15am
PASTOR EARLE FRANCIS J.P.,D.D.
Marriage Officer, Counsellor, Intercessor

Phone: 323-6452 ¢ 393-5798
Fax: 326-4488/394-4819



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4 THE TRIBUNE

“A

Oln brief

“AIDS Foundation
fundraiser

generates more
than $50,000

THE Aids Foundation has
announced that its latest
fundraiser exceeded the
$50,000 target — and proceeds
will go towards purchasing a
home for children that were
orphaned as a result of
HIV/AIDS.

The foundation collabo-
rated with Antonius Roberts,
one of the premier artist in

? the Bahamas.
'' Mr Roberts made the lives
rof HIV positive persons the
> subject of an exhibition, enti-
..tled, “Emerging through the
}) Shadows... A Celebration of
siHope”.
y: The unveiling of the ‘exhi-
~ bition took place on July 2 at
the Central Bank of the
_‘Bahamas.

It included 21 silhouettes
of person living with
~ HIV/AIDS.

” The exhibition exceeded
“the $50,000 goal by far said

‘Wellington Adderley, admin-

_istrator of the Aids Founda-
‘tion.

gf

Cuba rejects
-US charges
-in argument
over visas

“/ HAVANA

~- A TOP Foreign Ministry
” official on Wednesday reject-
~ed US charges that the
island’s government is to
blame for Washington’s
inability to meet its annual
20,000-visa quota for Cubans
seeking to leave the island,
- according to Associated Press.

Failure to meet the quota
will likely encourage more ille-
gal immigration to the Unit-
ed States, Josefina Vidal,
director of the Foreign Min-
istry’s North American
Department, said.

“The Foreign Ministry cat-
egorically rejects the affir-
mation by the US Interests
Section that we are obstruct
ing the work of that office,”
‘Vidal said in an interview.

She dismissed complaints
made Tuesday by the Inter-
ests Section — the US mission
here — that Cuba has failed
to authorise essential per-
sonnel and materials. Wash-
ington’s failure to meet its
annual quota of 20,000 visas

by September 30 would be a
“very grave violation” of

jmiigration accords between

-the two sountue’ she said.




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@ By DENISE MAYCOCK
Tribune Freeport Reporter

FREEPORT - The govern-
ment plans to put special
emphasis on alleviating poverty
in Grand Bahama, Minister of
Social Development Loretta

’ Butler-Turner said yesterday.

Mrs Butler-Turner was
speaking during an official visit
to Grand Bahama to meet with
social partners and view work-
ing conditions of government

departments that fall under her
portfolio.

“My ministry, through its tra-
ditional programmes that I
mentioned earlier, and the new
initiative of the poverty allevi-

_ ation programme, will make a

concerted effort to address the
concerns and problems that
many families continue to expe-
rience,” Mrs Butler-Turner
said.

The poverty alleviation pro-
gramme, she said, is intended

to build capacity and promote
human capital development.

Mrs Butler-Turner, who is on
a two-day familiarisation visit,
met with staff at the various
government agencies in West
Grand Bahama.

She is expected to meet with
other staff members in East
Grand Bahama today.

“J am pleased to be in beau-

tiful Grand Bahama to official-.

ly meet with staff and our social
partners to get a first hand view

FRIDAY, JULY 20, 2007, PAGE 5

Government plans ‘concerted.
effort to tackle poverty in GB

of the accommodations and the
working conditions of the
Department of Social Services
and Rehabilitative Services, as
well as the Community Affairs
Division,” she said.

Minister Butler said that she
is aware of the challenges that
have faced Grand Bahama in
recent years due to the major
hurricanes that devastated the
island, as well as the closure of
many businesses.

The ministry, she said, is com-





mitted to continue the rebuild-
ing process with the assistance
of other ministries and social
partners.

“T wish to remind the Grand

Bahama community that the _

creation of the Ministry of
Health and Social Development
reflects my government’s com-
mitment to breaking the cycle
of poverty, however, at the
same time the provision of assis-
tance to vulnerable groups will
not be diminished,” she said.



Woman appears in court on drugs and weapon charges

A 33-YEAR-OLD woman
was arraigned in Magistrate’s
Court yesterday on drugs and
firearm possession charges.

Dawn Cash Murray of Coral
Harbor appeared before Mag-
istrate Carolita Bethel at court
eight in Bank Lane.

It is alleged that on Tuesday,
July 17 she was found in pos-
session of a quantity. of mari-
juana which authorities believed

she intended to supply to anoth-
er. :
Murray pleaded not guilty to
the charge. The prosecution
claimed that Murray was found
in possession of three pounds
of marijuana.

A second charge alleged that
on the same day, she, being con-
cerned with another, was also
found in possession of a quan-
tity of marijuana which author-

Sandals serves up

THE campsite at the Cable
Beach Police Station came alive
as Sandals staff served 50
campers lunch and spent time
sharing jokes and stories.

The camp, which is in its 16th
year, is part of the Royal
Bahamas Police Force Western
Division’s summer programme,
which caters to children of the
western district between the
ages of eight and 16 years from
July 2 to 27.

Co-ordinator of the Summer
Youth Programme, Corporal
Pennerman, contacted Sandals
to ask the resort for a donation
towards lunch for a day for the
youth.

Instead, general manager’

Stephen Ziadie offered to have
the chef*prepare%a full lunch,

“which was served by several

téam members from the resort
last week.

“We are very proud of the
work that the Cable Beach
Police Station is doing and we
knew it was the least we could
do to lend our support to such a
positive initiative,” said Mr
Ziadie. “We felt that it would
be better to provide a complete
lunch which we knew the kids
would enjoy.



Your

3

. ISUZU BIG HORN | ISUZU WIZARD HONDA CRV | TOYOTA RAV

“Our banquet chef, Trevor
Schroeder and his team did an
excellent job and the food was a
big hit with the kids.”

The more than 50 young peo-

ple enjoyed peas and rice,

mixed vegetables, chicken,
assorted cookies, fruits with
fruit punch.

Concierge supervisor Sandra
Rolle, who was one of the team
members serving the campers,
said they especially liked the
peaches. “I didn’t have to coax
anyone to take a fruit, on the
other hand I did have to do
some coaxing with the cookies.”

Corporal Pennerman said she
was very thankful to Sandals for
not only, providing the lunch,
but also taking the time to come’

~down-and:serve the meal. ..

She added, “The objective of
the summer programme is to
get the youngsters more
involved in positive, fun-filled
activities.”

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ities believed she intended to
supply to another.

Murray again pleaded not
guilty to the charge. The prose-
cution alleged that in that
instance, she was found in pos-
session of five pounds of mari-
juana.

It is further alleged that on
Wednesday, July 18, Murray
was found in possession of a
quantity of marijuana which

Rosetta St.

authorities believed she
intended to supply to anoth-
er.

Murray pleaded not guilty to
this charge and the prosecution
claimed that on in this instance,
Murray was found in posses-
sion of one pound of marijua-
na.

It was further alleged that on
Wednesday, July 18 Murray,
being concerned with another,

was found in possession of a sil-
ver .22 North American mag-
num revolver with its serial
number erased, four live rounds
of .22 ammunition and one live
round of .38 ammunition. The
accused also pleaded not guilty
to these charges.

She was remanded to prison
yesterday and will return to
court today at 2pm for a bail
hearing.

BJOVAN
Major from
the Sandals
accounts
department
is pictured
talking to
one of the
children

Yellow
Black

Ph: 325-3336



Re ee


FAGE 6, FRIDAY, JULY 20, 2007



THE TRIBUNE





The Bahamas gripped by
upsurge in violent crime

YOUNG MAN’s VIEW

i By ADRIAN GIBSON |

‘i Bahamas is
speedily becoming
an anarchic, barbarous state
where vicious murders
abound almost daily.

It is only July, barely past
the midpoint of the year,
and the country has already
recorded 46 murders. An
upsurge in violent crime is
gripping Bahamian society
by the throat, and is threat-
ening to pulverize our

’ already. fragile economy.

The Bahamas’ number one
industry, tourism, is slipping
into the doldrums as droves
of tourists are now choos-
ing other destinations.

The present crime wave
can only worsen the already
bleak outlook for tourism,
and therefore put the
Bahamas in a peculiar posi-
tion such as that faced by
crime-riddled Jamaica and
Trinidad, where the tourist
industry has been weakened
to being on the brink of col-
lapse.

These days, murder is
becoming a common prac-
tice carried out by callous
young men who show no
tespect for the value of
human life.

-Many of the murders
being committed stem from
domestic disputes, argu-
ments about women where
one man feels he must
demonstrate his machismo,
robberies, rapes and gang-
banging and retaliatory
killings. .

Frankly, it appears that
many Bahamian youngsters

have lost their collective

minds:
As a teacher, I’ve seen
firsthand. the fascination of

any youngsters. with vio- ’
At television shows/movies.



ADRIAN

and rap videos that they
identify with being cool.

Many young men (and

women) .are copy cats,
obsessed with being thugs
like rapper 50 Cent, and
constantly seeking to be
seen as a thuggish gangster,
rather than a weak “wanks-
ta.”

As violent crime surges,
it is clear that we must
introduce programmes to
socialize our youth, as many
are ill-mannered, uncivilized
and uneducated.

Bahamians are generally
not settling their differences
responsibly, choosing
instead to resort to using
weapons to take a life
rather than having a sensi-
ble discussion. It is my opin-
ion that conflict resolution
must now be taught in fam-
ily life and social studies

‘classes, beginning at the ele-

mentary level.

I am told that numer-
ous uneducated young
men, who are unable to
obtain their desired job,
resort to “tiefin” and smok-
ing marijuana on the blocks,

as they believe that cutting ©

grass and handyman jobs

‘are “below” them. In many

instances, these young men
are said to earn a living
through illegal activities and
by committing criminal acts
against hardworking
Bahamians. Crime preven-
tion begins with each com-
munity and both the gov-
ernment and community

~ activists should join hands



GIBSON

to propose programmes/jobs
to rescue these youngsters
before they fall through the
cracks to face a lifetime in
prison.

Attorney General Claire
Hepburn recently said that
there is a 500 case backlog
in the Bahamas Supreme
Court. The fact that such a

that they will tackle crime?
Whatever happened to an
eye for an eye; the govern-
ment needs to start execut-
ing these wack jobs! Why
should we (tax payers): be

. feeding them three times a

day and housing them for
free?”

I also support the death
penalty. It is my belief that
the Bahamas could save
money to care for the elder-
ly, children and the infirm
rather than housing cold-
blooded, convicted murder-
ers. I believe that the state



“Crime prevention begins with
each community and both the
government and community
activists should join hands to
propose programmes/jobs to
rescue these youngsters before
they fall through the cracks to

face a lifetime in prison.”



backlog has occurred over

the years is indubitable’

proof that our court system
is in a perilous and discom-
bobulated state. When I
asked a Bahamian banker
about the murder rate and
Mrs Hepburn’s comments,
she said:

“Lord, help us! Maybe we
will soon have to run from
Nassau to hide in the caves
on the islands, because

before you look ‘round,

these,two-bit punks will be
openly warring on our
streets, killing left and right.
And, since Mrs Hepburn is
saying that, how will her
government seek to allevi-
ate the backlog and show

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has the right to execute
murderers who threaten the
welfare of society and, in
the words of Edward Koch,
“it is by exacting the highest
penalty for the taking of
human life that we affirm
the highest value of human
life."

Statistics show that mur-
ders in Britain have more
than doubled since capital
punishment was abolished
in 1964.

On the age hand, how-
ever, in Singapore, once a
convicted murderer or drug

“trafficker has exhausted all

appeals, the death penalty
is ‘forthrightly carried out.
When compared to Britain
and other societies that
abolished the death penalty,
the crime rate in Singapore
is said to be much lower.
Over the years, the tradi-
tional family has become a

Sorel eee | are 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 Bahamian Movie

rarity in the Bahamas as
many children live in single
parent homes, typically with
their mothers.

Today, because some sin-
gle parents are not usually
at home, a nation of “latch-
key” children are growing
up alone, behind locked
doors without any parental
supervision while a parent
is working or exploring the

social scene. Indeed, there

are neglectful parents that
abandon their children, and
leave an everlasting, nega-
tive imprint upon their
minds.

|: is true that many
young men have no
father figure to emulate, so
they admire the social
deviants and neighbourhood
hooligans, who they illogi-
cally perceive to love and
appreciate them. For their
delinquency and parental
failures, some Bahamian
fathers deserve a cut-tail
from a stinging tamarind
switch!

When fathers are missing
from their children’s lives,
there is no wonder why the
children rebel or could
think that being beaten to

be inducted in a gang or ©

that being instructed to rob
and murder by their gang-
ster father figure, is an act
of love.
Negligent parents pro-
duce negligent children, and
in some instances, these are

_the same lousy parents who

are found coming out of the
woodwork and crying about
their “good child” when
that child commits a

‘heinous crime.

Recently, two friends. vis-
ited the Bahamas and
stayed with me for three
weeks. —

They were curious as to
why so many houses had

security bars like “mini-pris-

ons,” as this was apparently
not the case in Holland. I
explained the necessity of













Event Oi

JHE SUNK.

. AS CAF



392-0275
424-3960
43-0372



burglar bars and other secu-
rity mechanisms, telling
them that it was a precau-
tionary measure that
Bahamians: hoped would
avert break-ins and other
crimes, which are on the
rise.

They understood that like
many societies, there is a.
dark side to the Bahamas
that goes beyond the casi-
nos, sun, sand and sea.

If the recent spate of vio-
lent crime continues unabat-
edly, living in the Bahamas
will be nightmarish.

It is my belief that it takes
a village to raise a child,
however, hardly anyone in
Nassau seéms to believe in
that old-time proverb these
days, as many Nassauvians
don’t even ‘know their
neighbours. While growing
up in Long Island, I called
many older persons “aun-
tie” and “uncle,” whether
they were relations or not.
These island folks all con-
tributed to my growth,
whether by caring for me or
offering advice, or even by -
disciplining me. Where is -
the love these days? What
happened to the spirit of
oneness and
brotherhood/sisterhood that
once permeated Bahamian
society?

I am uncertain as to
whether enforcing the death
penalty will lead to a reduc-
tion in crime, but at least it
will cause potential mur-
derers to think twice as the
consequences of their
actions will be embedded in

. their sub-conscience. In

accordance with the recent
Privy Council ruling, I am
of the view that if a con-
victed murderer. has
exhausted all options, and is
sentenced to death, then the
death penalty should unre-
servedly be carried out.

To effectively prevent and
fight crime, we must devel-
op contingency plans not
only for law enforcement
but also to encourage neigh-

_bourhood interaction as in

days gone by. In our fight
against crime, we must also
recruit, properly vet and
hire more police officers;
construct a new prison to
contain these criminals,
preferably on a far flung

- cay/island similar to the

Alcatraz prison; review and
urgently reform our archaic
court system and hold par-
ents more accountable, even
if it means jailing some of
them.
ajbahama@hotmail.com

Prosecutors try to
close airport after
worst Brazilian
plane crash

@ SAO PAULO, Brazil

A TAM jet pulled out of an
attempted landing Thursday at
Sao Paulo’s Congonhas airport,
and federal prosecutors sought a
court order to shut down the
entire airport — Brazil’s busiest
— until the investigation into this
week’s crash that killed at least
189 people was completed,
according to Associated Press.

The TAM jet was rerouted to
Sao Paulo’s international
airport after coming in at an
unsafe angle to Congonhas, the
nation’s airport authority Infraero
said.

Critics condemned the govern-
ment for failing to invest in safe-
ty measures adopted by other
urban airports following Tuesday
night’s crash of another TAM
plane that killed all 186 people
on board and three on the
ground.

It was Brazil’s second major air
disaster in less than a year.

Late Wednesday, federal pros-
ecutors asked for a court order
to shut down Congonhas. It was
unclear when judges would rule
on the request for the airport that
lies in the heart of Sao Fula;
Brazil’s largest city.

Doing so would likely create
huge problems for civil aviation
throughout Latin America’s
largest nation because Congonhas
is a key hub, but prosecutors
called the move essential to
ensuring air safety.
»

ae nearly 25 years ago.

THE TRIBUNE

‘

FRIDAY, JULY 20, 2007, PAGE 7



iii La
ein brief Science alumni are enlisted to

teach at COB summer camp

FBI raids
police station |
in corruption
investigation

m@ PUERTO RICO
San Juan

SEVERAL members of a
police anti-narcotics unit in
western Puerto Rico will face
corruption charges for
allegedly fabricating evi-
dence, a US prosecutor said
Wednesday, according to
Associated Press.

FBI agents seized evidence
during a raid Tuesday night
on the unit’s precinct in
Mayaguez. Some of the offi-
cers are suspected of threat-

ening to frame people unless’

they paid a bribe, said Pedro
Toledo, chief of police for the
US Caribbean territory.

The suspects will also face
drug charges, US Attorney
Rosa Emilia Rodriguez told a
news conference.

Luis Fraticelli, special
agent in charge of FBI oper-
ations in Puerto Rico, said
arrests were imminent but he
did not say how many of the
20 officers in the vice and
narcotics unit would face
charges.

Grenada PM
calls for remorse
from released
prisoners

@ GRENADA
St George’s

PRIME Minister Keith
Mitchell has called on three
men released from prison last
month for their roles-in a
1983 coup to show remorse

in order to help the southern.

Caribbean island close a
painful chapter of its history,
according to Associated Press.

Mitchell said in a national
address Tuesday that old
wounds were opened by the
release of the men involved
in a palace coup that led to
the US invasion of Grenada

“The men, including former

? Deputy PM Bernard Coard,

were sentenced to death in
1986 for the killings of for-
mer socialist leader Maurice
Bishop, four Cabinet mem-
bers and six supporters.

But their sentences were
thrown out in February by
the London-based Privy
Council and a judge released
them last month.

Six days after the 1983 slay-
ings, thousands of US troops
stormed the Caribbean island

on a mission that US Presi-,

dent Ronald Reagan said
would protect American
medical students and prevent
a buildup of Cuban military
advisers and weapons.



NEW partners continue to
join the College of the

Bahamas’s effort to transform
the nation’s youth.

This summer, college alum-
nus Peter Blair has enlisted 20
science majors from the School
of Science and Technology to
teach and mentor at the first
ever Bahamas Inno Works Sci-
ence Camp.

Sharing their knowledge and
enthusiasm for the sciences, the

. college students are coaching

48 middle school students from
seven islands — Ragged Island,
Grand Bahama, Exuma,
Eleuthera, Abaco, Long Island
and New Providence — in the
two week long camp.

The college has produced
many students who have gone
on to teach related subjects and
others who have pursued
careers in architecture, medi-
cine and various aspects of engi-
neering.

Now, the 20 mentors are
developing relationships with
the younger students — all of
whom are aspiring to careers in
science-related fields.

“This certainly was needed in
the Bahamas. This sort of men-





HM ENGINEERING major Wayne Mackey menors a student

torship provides for a good rap-
port for these young people,”
said Mr Blair, director of Inno
Works Bahamas.

Mr Blair, a PhD candidate at
Harvard University studying
astrophysics, added that he is
pleased that the programme
came to the Bahamas.

“Being a Bahamian, I know
first hand the need to ensure
succession in all fields in an aim
to better build our educational

New York chef comes
to COB for exchange

AN experienced lecturer
from Monroe College in the
Bronx, New York has joined

the Culinary and Hospitality —
‘Management Institute at the

College of the Bahamas
through a faculty exchange
between,the two institutions.

Tracey Zimmerman, a sea-
soned culinary lecturer, said she
is excited about bringing her
hands-on experience to the
growing institute.

She added that she is look-
ing forward to living in one of
the world’s most renowned
tourist destinations.

Not only did the exchange pro-

vide for Ms Zimmerman to come
to the Bahamas, it also allowed
for Christina Mosley, a Bahami-
an culinary lecturer at CHML, to
teach at Monroe College.
Tracey Zimmerman has gained
extraordinary experience while
working at several leading restau-
rants and culinary institutes
throughout the United States. .
However, when she was
offered the chance to come to
the Bahamas on the faculty
exchange programme she more
than welcomed the opportunity.
“1 thought it would be a great
experience. I would get to teach
at a new institution and go to
the Bahamas and experience
something new,” she said.

Ms Zimmerman added that
during her last two weeks in the
Bahamas, she would be con-
ducting several seminars in Nas-
sau and.on Family Islands with
students and faculty.

The Ministry of Tourism is
also partnering with Zimmer-
man for the seminars in an
attempt to facilitate persons
who may wish to gain culinary
training but may be too busy to
attend regular classes within a
college schedule.

Ms Zimmerman’s plans also
came in line with a major objec-
tive of COB — to take, tertiary
education and training to the

_ Family Islands,

Ms Zimmerman says ie did
not originally intend to venture
into the world of culinary arts.
She graduated from college
with an undergraduate degree
in Political Science and English

Literature and was offered a job -

at a restaurant.
The experience she gained,
coupled with her natural love

’ for cooking, led her to apply to

the Culinary Institute of Amer-
ica in New York.and upon grad-
uation worked in Manhattan for
a decade in the industry.
Thereafter, she started up a
catering company in Connecti-
cut and began private cooking
lessons in people’s homes.



system and our economy. With
these mentors giving of them-
selves and of their time to these
exceptional students, this fact
is becoming a reality.

“It speaks volumes when we
can witness so many young men
giving of their time and knowl-
edge to assist teens and pre-

teens in their academic pur-
suits," he said.

Wayne Mackey, an engineer-
ing major at the college and a

mentor in the programme, said-

that he feels the programme is
good because it enables stu-
dents to learn more about sci-
ence and for the mentors to
learn from the students.

“It's a giving and receiving
thing, because not only do we

. teach but we also learn from

these students who are brilliant
at science considering their
ages, and that is a wonderful
thing," Mr Mackey said.
Carrying out experiments,
testing solar cars and creating
mini transformers in addition
to having several intense classes
on various science topics were
just a few of the things that kept
the campers engaged for the
entire week at the camp. |
Billy Hwang, founder of the
Inno Works Science pro-
gramme. said that he was
inspired to start the initiative
after being exposed to many sci-



Children’s home has shutters fitted



for the home,”

Scotiabank.









Scotiabank purchased hurricane shutters and
had them installed on all the windows of the
Bilney Lane Children’s-Home.

The bank’‘said this show of “corporate social
responsibility” is a part of its focused strategy
to assist under-privileged children in the
Bahamas in a way that changes their lives.

“Scotiabank is extremely pleased to be able
to purchase and install the hurricane shutters
said Andrea Myers, assistant
manager of marketing and public relations at
“Dve personally visited the home
and know of the tremendous work that Mrs

FINED



@ ANDREA Myers (left) and Janet Brown (second from right) are pictured with the
installation team, as they secured the building against this and future hurricane seasons

said.

-Brown and her team are doing to take care of
the residents, and we.are happy to help in such
a tangible and substantial way.”

At least eight special needs children are res-
ident at the Bilney Lane Children’s Home. |

The home’s administrator, Janet Brown was
beaming when the installers showed up. “I
really want to say thanks to Scotiabank and
express how much we appreciate it. It’s been
five years since we have been asking for it and
it is an absolutely blessed day to actually see the
shutters being placed on the building,” she

utomatic
Running Boards
Air-Conditioning
Aluminum Wheels

ence summer camps as a young
teenager which enhanced his
scientific abilities.

He didn’t find the traditional
approach to high school science
appealing but rather found that
learning science outside of a
classroom context really caused
him to gain a greater apprecia-
tion for it.

As a result, he sought to also
help others who may have felt
trapped by classroom science
to see the “interactive magic”
the discipline contains when
explored in a more comfortable,
relaxed environment.

Mr Hwang is a recent gradu-
ate of Duke University, where
he met Peter Blair, and is now a
graduate student at Oxford
University in the UK.

He mentioned that the camp
has seven chapters, all at well-
respected institutions through-
out the United States, and
added that the success of the
local camp is based firmly on
the strengths of the mentors
from the college.












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PAGE 8, FRIDAY, JULY 20, 2007



FROM page one

ager, to work on their behalf
to access their files from the
hotel in order to assist them in
getting what money is owed
to them.

“We are trying to get the
staff together to see how we
can get the monies that are
due to us from Royal Oasis. If
we have to go to Government
House to demonstration we
will do that because it has

Bahamas Bus & Truck Co., Ltd
Montrose Avenue
Phone:322-1722 « Fax: 326-7452

THE TRIBUNE

Royal Oasis Airport security co-operation with US Govt set to review law

employees

been too long now, and we
have gotten no response from
the government.

“Everyday we hear that the
hotel is sold; the hotel is not
sold. Things are tough and
some workers have lost their
homes — we need our mon-
ey,” she said.



Be ES
eet

2007

FROM page one

with the US and I’m quite sure they will receive cooperation from me and
all my other political colleagues,” he said.

Although the FNM will not continue with the task force put in place by
foymer Aviation Ministry Glenys Hanna-Martin to review security mea-
sures at LPIA, Mr McCartney said that the Airport Authority and the new-
ly established Nassau Airport Development Company (NAD) will ensure
that security levels at the airport are up to the required standards.

“Between the two of those we will make sure it’s done right,” he said.
“We will ensure security is up to standard, that this airport is safe for vis-
itors and safe for Bahamians,” he said.

. With the aim of gaining better insight into operations at the airport, the
aviation state minister, together with members of the media, yesterday

toured different facilities at LPIA.

Mr McCartney.undertook tours of the Doppler radar office, the fore-
cast office and the air traffic control tower.

The state minister said he wanted to bring to the public’s attention the
importance of the work that is done by the employees in these offices at

LPIA.

- Often faced with antiquated equipment and difficult working conditions,
the staff at these departments nevertheless carry out their jobs with the

highest professionalism.

FROM page one

happen.

Responding to this in a state-

ment issued yesterday, PLP’ chair-
man Raynard Rigby described
Bishop Humes’ statements as
“unfortunate”.

“For Bishop, Humes to blame
the PLP’s decision to proceed to
an Election Court as contribut-
ing to the atmosphere of lawless-

ness in our nation is not-only-pre--- -

posterous but it is an assault on
the core principles of democracy
and the Rule of Law,” he said.
“The PLP has made it very
clear that our decision to chal-
lenge the election results in
Pinewood, Marco City and Blué
Hills was purely driven by the evi-
dence that was uncovered which

. led our legal team to be satisfied

that there were serious issues of
election fraud. In a democracy
like The Bahamas, it must be
recognised that all individuals,
and in this case the PLP, have a
constitutional right to free and
unfettered access to the Court to
adjudicate on legal complaints.
Our party sincerely hopes and

trusts that Bishop Humes was not: —
_ attempting to suggest that the

PLP did not have such a right and

that where someone has been -

wronged he must not seek redress
from the courts. That would be

. a frightening approach.”

Mr Rigby continued, pointing

PLP warns

“However, the PLP and the
Bahamian people have noted that
in the midst of the national
debate on the role that Urban
Renewal played and can continue
to play in the fight against crime,
his voice was silent.

“Bishop Humes should refrain
from making comments that can
be interpreted as partisan and
Bolticat and thus cause right
thinking people to view the
Church as less than balanced in
public affairs. As the Leader of
the Christian Council one expects
‘informed, responsible commen-
tary and not commentary that can
only further inflame an already
fractious public debate.

“In moving to the Election
Court as it has; also in seeking
the determination of the Courts
in the matter of appointment to
the Senate; and in seeking to pre-
serve the reduction in crime and
the fear of crime brought about
by the Urban Renewal pro-
gramme; the Progressive Liberal
Party has, is and will always con-
tinue to champion the protection
of the Constitution and the best
interests of the country and the
Bahamian people,” he said.



FROM page one



FROM page one

told the audience that the pre-
liminary report on the death
indicates that it was an acci-
dent not “caused by any of the
jet ski owners or operators.”
However, the minister did not
go into further detail on the
accident, he said, as there may
be a coroner’s inquest.

When asked about the pos-
sible banning of these water-
craft, whose use and misuse,
have damaged the Bahamas’
international reputation
through several fatal acci-
dents, and severe injuries, Mr
Foulkes told the press:.

“That is not a matter that
is under consideration.”

Despite claims that have
been made against some
watercraft operators such as
the selling of drugs and sexu-
al misconduct, the minister
expressed confidence in the
majority of those who work
in the industry.

“We think that the jet ski
operators, in the main, are
very responsible and they con-
tribute — they form - a very
significant part of the tourism
product,” he said.

“Jet skis are very popular
among tourists. They provide
a very significant livelihood
for a lot of the operators,” the
minister added. ;

There are provisions in this
year’s budget, Mr Foulkes
told the audience, for the hir-
ing of 16 enforcement officers,
trained by the police and
defence force, for the water
sport industry. These officers
are to report to the Ministry
of Maritime Affairs and the
Port Department.

They will be stationed at six
sites, the minister said — three
on Paradise Island and three
in the Cable Beach area.

“They will be there full time
from nine. to five to ensure
that the regulations are car-
ried out,” he said.

Most Bahamians are aware -

of the tragic death of British
\

toddler, Paul Gallagher, after
being hit by a speedboat
that ran up onshore at Par-
adise Island nearly five years
ago.

However, when The Tri-
bune looked through its
archives, just a few years back,
there were eight deaths and
numerous injuries — mostly of
tourists — related to jet ski
accidents and their use.

¢ In February this year a
Canadian tourist died after
being thrown from a jet ski.

¢ In July of last year a 14-
year-old William Kay of New
Jersey was killed when a jet
ski he was riding collided with
a parasail boat.

e Last August two tourists
had to be hospitalised after
their jet skis collided.

e In Dec 2005 19-year-old
Jose Ruben received serious
chest wounds when the jet ski
he was riding collided with
another.

e In November 2004 44-
year-old Anthony Morettie of
Staten Island, New York was
killed after a jet ski collision
between he and his 13-year-
old niece.

¢ In March of 2004, 38-year-
old Milton Williams, a
Bahamian jet ski operator was
found washed up on the shore
near the old Club Med resort.

¢ In September of 2003, 21-
year-old Jason Melon of New
Jersey was killed, and a 14-
year-old American girl was
seriously injured, after a col-
lision between a boat and jet
ski near Sandyport. ~

e While in the span of a
week in late May of 2002,
three people drowned in sep-
arate jet ski accidents. One
man died off Paradise Island,
and a man and a girl died at
Goodman’s Bay.

These accounts only reflect
some of the injuries associated
with jet skis in recent Bahami-
an history, and seem to illus-
trate the danger they pose to
riders and the national
tourism product.

out that the Christian Council

on the talk show bringing heal-
ing to the country — especially
in light of the recent number. of
violent murders — instead of crit-
icising the PLP. _

MARLIN MARINE 13" ANNUAL FISHING TOURNAMENT

1" Place Winners “King Fish” were the recipients of a

Sea Doo GTI SE Personal Watercraft, donated by

Bombardier Recreational Products & Marlin Marine

Pictured Left to Right - Loran Pyfrom & Sam Evans

- Marlin Marine, Glenn Haab - Bombardier
Recreational Products and the Winning Team ~ Paul King,

Adam Dann, Chris Lloyd, Kristian Kwiecinski and Richard King.

THANK YOU TO ALL OF THE SPONSORS

Abaco Beach Resort & Boat Harbour

Allied Caribbean Ltd,

Anthony’s Caribbean Grill

Audio Concepts

Bahamas Bus & Truck

Bahamas Ferries

Bahamas Food Services

Boone Bait Co.

Bombardier Recreational Products

Bristol Wines & Spirits

Brown’s Boat Basin

Callenders & Co.

Caribbean Beverage Ltd,

Comfort Suites ~ Paradise island

Crown Jewelers

Damianos Realty Ltd. - fn Memory of
“Jay”

Data Systems Int'l,

Deloitte & Touche

Disston Realty

Robert Dunkley

Elgin Marble Ltd,

Esso on The Run ~ Bay & Fowler
Florida Air Cargo

Graham Realty Ltd.
Graham, Thompson & Co.
Harbourside Marine Ltd.
Kentucky Fried Chicken
King & Co.

Lightbourne Marine Ltd,
Magic Photo

Master Technicians Ltd.
Montagu Gardens Restaurant

Nautilus Water re

Phoenix Aviation / Million Air

Purity Bakery / Bacardi Rum Cakes

Prime Bahamas Ltd.

Roeky Farms Nursery

Royal Bank of Canada - Commercial
Banking Centre

Salty Dog Rod & Reel Repair

Sandals Royal Bahamian

Sun Tee Mig. Co, Ltd.

Super Club Breezes

Super Value Food Stores

Thompson Trading Co. Ltd,

Thriller Power Boat Tours Ltd,

Mr. & Mrs. Donald Tomlinson

Tropical Shipping



leader should have spent his time. :

Harding said that “the funds were always where
they were deposited.”

According to Ms Harding, after unsuccessfully
attempting to secure financing for'a new building
on behalf of the union.at a cost of $1.4 million, she
sent multiple documented letters to the vendor’s
attorney requesting that the $78,000 deposit be
refunded to the union as per a clause in the sales
agreement.

According to documents she produced at the
press conference, only $39,000 of the $78,000 has

been refunded to the union by the vendor’s attor-



| ney.

4 “We have recouped $39,000 which was made

known to every executive officer,” she added. “I
can’t see him (Bain) saying that I am not trying to
Tecoup the money...I have 14 pages of documents
from October (2006) until now.”

According to Ms Harding an unauthorised meet-
ing was held by the union when she was on vaca-
tion. Under Article 4 Clause 9 of AAAWU’s con-
stitution members cannot call an annual, general,
or special convention meeting without a quorum
which consists of 20 members.

Ms Harding maintains that the special meeting
held by the secretary general only had three mem-
bers present.

She argued that there were no “discrepancies”
regarding the union’s finances, as claimed by cer-
tain board members.

She said that on the night of June 13, during
nomination night, the former treasurer'stated that
the AAAWU account balance was $41,919.
According to.Ms Harding, this amount represent-



Airport union


































ed figures before-a bank reconciliation, and did not
reflect the actual reconciled balance of $27,834.42
after outstanding cheques were cleared.

» Ms Harding maintained this is the reason behind
the alleged discrepancy with the union’s operating
account, but all executive members were made
aware through written correspondence of these
matters. t

Ms Harding told The Tribune that before she
became president of AAAWU, the accounting
books were outstanding since 2001. Since her
tenure as president, she said that regular audits by
Gomez & Gomez were performed, and that
presently AAAWU’s books were “up to date.”

As reported by The Tribune on Thursday, Sec-
retary-General Anthony Bain, treasurer Susan
Palmer, two trustees, and a chief shop-steward
claimed that Ms Harding is acting in breach of
the union’s constitution by attempting to dissolve
the executive body’s three year term after only
one year. The Tribune reported that five executive
members were seeking to have an injunction
served against Ms Harding and AAAWU, to stop
proceedings to have them dismissed, and to bring
to light “discrepancies” with the union’s operating
account. :

“T have not received any documents,” Ms Hard-
ing announced. “I have only heard through the
press that there is an affidavit for an injunction. I |.
don’t know how you can ask for an injunction
when due process has been outright followed.”

Messages were left for Mr Fayne Thompson,
counsel for the five plaintiffs, but up to press time
he could not be reached for comment.

NLLALT_UIB UO
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MR. MUCAN DAWKINS/CHAIRMAN
THE TRIBUNE

The Best
in the
World

Written by Marc Talbert
Illustrated by Betsy James

STORY SO FAR: Nick and his best friend,
Clay, have decided to write their own book of
world records—in which thev hold all the
records

CHAPTER TWO
A Ton of Money

“Something nobody’s ever done before?”
Clay asked.

“Like seeing how-many jelly beans we can
stuff in our mouths?” Nick puffed out his

cheeks until his eyes squinted.

“Naw,” Clay said. “Too easy. And I bet
it’s been done.”

‘What if we did it standing on our heads?
Only black ones’?” ;

“Get real!” Clay said. “I hate black ones
and I don’t want to choke on jelly beans and
die upside down making a record tor some

_book. Even ours. There’s goita be some:

the richest kids in thé world *
“There are lots of rich kids in the world,
Nick said. “You just have to be born rich.”

“But maybe we could make a record for
becoming rich kids by making the most mon
ey ina day. Or in a couple hours.”

Nick thought fora moment Getting rich
and setting a record sounded like a pretty
awesome combination. He nodded.
“Maybe. But how can we make that much
money?”

Before Clay could answer, Nick heard his
mother calling for him. “Ma-a-an!* he mut-
tered. “Coming!” he called, running.

“What does she want?” Clay asked, puff-
ing alongside Nick. Nick shrugged and
leaped up the steps to the back porch. All he
knew was, whenever his mother called. she
meant business.

Opening the screen door, Nick and Clay
were hit by the smell of just-baked chocolate
chip cookies. Nick’s four-year-old sister, Jazz
for Jasmine, was sitting at the kitchen table,
staring at a huge pile of cookies. His moth-
er had called him in to have cookies with
Jazz? Give me a break! he thought.

- Jazz looked up. “What took you so long?”

Nick’s mother turned from washing a mix-
ing bowl. ,

“That was fast!” She smiled. “I told Jazz
she couldn’t have any until you two were
here.”

Jazz reached for a cookie. but Nick was
faster.

Clay took a bite and smiled at Nick’s moth-
er. The chocolate smeared on his teeth made
him look dangerous. “These are great!” he

- said. He turned to Nick. “Maybe we should
see how many of these puppies we can eat in
aminute. Oran hour. Or a year!”

¢ ¢ W hat record should we try ,
for first?” Nick repeated.

thing else! Maybe something that Il make us

Spend the summer with the Babatnas lcading news and information source

Read along with us in:





“Why would vou want to do thar’ Nick-
’s mother asked.

“To be the best in the world at something,”
Nick answered.

“But you’re already the best in the world
at something.”

“Yeah?” Nick wondered if she was poking
fun at them.

“Yes. Nick, you’re the best in the world at
being yourself. And you, Clay are the best
at being yourself!”

Both Nick and Clay groaned
mother-thing to say!

Her face turned serious “Nick T need to
get some work done around here so i want
you to look after Jazz tor the next few
hours.” Nick was about to say no when she
interrupted. “And I} want you to pick up
some things at the grocery store for me.”
She took a list from her pocket. and a iwen-
ty-dollar bill. “For doing me such a big
favor, you can keep the change after you ve
bought everything.

Before Nick could protest, Clay blurted
“Sure thing!”

“Thanks for being a good syrort. Clay,
said Nick’s mother.

What a

Summer Reading Ser
is sponsored by ~

PSU eee MU ace Tc),
THOMPSON TRADING - SHIRLEY STREET - 394-1142





Feeling grumpy at his mother and Clay,
Nick took the list and the money. He
reached for two more cookies, daring his
mother to say no. She didn’t. “Come on,
Jazz” He held out his other hand. Her
hand was as warm as the cookies.

Clay nabbed two cookies on his way to
the door “See vou later.” he called, slip-
ping outside. “Whats on the list?” he whis-
pered as they rounded the corner of the
house. He took it from Nick and read.
“We re on our Way.to making a ton of mon-
ey he said handing it back. “This record’s
going to be a cinch,

Hiow’s that?”

My moms got everything that your mom
needs Except the toilet paper. We'll keep
the iwenty bucks for our world record!”

Isnt that stealing?” Nick asked.

lis not stealing if vou take stuff that’s
yours is tb?”

But thai stuff doesn’t belong to just you.”
Nick rephed

Se} wou teat chips or drink soda for a
week that should make up for my part of
it.’ Clay countered

Phey were headed for Clay’s house and





FRIDAY, JULY 20, (






de
























eries

inne netics tne lteter thereon nathan mn NTS
.



stopped to wait for a red light. Catiycoruer,
aman stood facing traffic, holding'a piece of |
cardboard for passing cars to:
“Hungry and Homeless.” 4
stop. The man nodded h
driver handed him money. ...
“His clothes aren’t raggedh
dirty,” Clay said. nodding towa
“He must make a ton of meneye
_Jazz tugged at Nick’s hands
asked. .
“Just a minute,” Nick answerei
Jazz’s hand tighter. He loo
2°80?” is
“So. He just gave me an i
a ton of money.”
Nick frowned. The light
What was Clay getting them:





































Illustrations copyright © 2001:
Reprinted by permission of Break
als, Inc. ie
www.breakfastserials.com









aes Ra SERIE SS
Wek SRS |
PAGE 10, FRIDAY, JULY 20, 2007

THE TRIBUNE



LOCAL NEWS

Ecotourism on the wing — birding in

t By GLADSTONE THURSTON

MATTHEW Town, Inagua —
Bahama parrots know how to
flaunt their rights here. The rare
birds invade and occupy this
town of some 900 souls each
summer taking up residence in
the choicest guinep, sapodilla,
and tamarind trees.

In a chatter of piercing
shrieks and squeals, they do as
they like to such an extent, that
visitors often think they are
domesticated.

At 5,000 strong, these flam-
boyant Amazona leucocephala

bahamensis are fast becoming |

the star attraction to local and
international birders in a show
once dominated by the regal
flamingo, the national bird of
the Bahamas.

“They believe they own this
town,” said Inaguan historian
Vivian Moultrie, of the Ministry
of Tourism’s ecotourism pro-
ject. “We oblige them and pret-
ty much let them do as they
please.

“They are protected by the
law and they seem to know it.
There isn’t anything we can do
bui welcome them.”

Adorned in their character-
istic green coat, blue wings, red
neck and breast, and white
crown, Bahama parrots are
found only here and in Abaco
where the population is said to
be about 1,000 — and under
threat.

During this July 13-16 week-
end, Inaguans hosted a group
of specialty tour operators and
birders from the United States
as the Ministry of Tourism lays
the groundwork for showcasing
the birds of Inagua in a big way.



@ BIRDS flock Inagua’s shores

In conjunction with the
Bahamas National Trust and
residents here, the Ministry is
looking at ways in which the
economy of Inagua can grow
through tourism.

Two key objectives are to
reduce outward migration
through the creation of eco-
nomic alternatives for local res-
idents, and to raise awareness
levels and stimulate visitor
interest in Inagua.

“The people of Inagua have
been very accommodating to all
of us,” said Heather Buiwit of
the Massachusetts Audubon
Society. “The restaurants and
the accommodations have been

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public & our valued. customers that
Ms. ANN FORBES is no longer
employed by LOWE’S ALARM
SERVICE LTD., and is no longer

authorized to conduct any form of
business on behalf of Lowe’s Alarm

Services Ltd.

Management.



\Villane Road : Phone 393-5310. Open 8:30AM







really, really great.

“There is definitely potential
here. It’s a beautiful island with
beautiful people. The birding
has been quite good. My
favourites are the Bahama par-
rot and the Bahama woodstar

hummingbird.”

Other tour operators were
Lori.Gross of Creative Educa-
tion, Annapolis, MD; Bob
Schutsky of Bird Treks,. Peach
Bottom, PA; and Andrew Gris-
wold of the Connecticut
Audubon EcoTravel, Essex,
CT. Sheila G Cox is the Min-
istry of Tourism’s general man-
ager for ecotourism.

Covering nearly 700 square
miles,-Great Inagua, Little
Inagua and two. cays form the
most southern tip of the islands
of the Bahamas. They lie
approximately 70 miles north
of Hispaniola, between Cuba,
50 miles to the southwest, and

the Turks and Caicos Islands,
30 miles due east.

Great Inagua — where the
capital Matthew Town, a port of
entry, is situated — lies almost
in the Windward Passage, one
of the busiest shipping lanes in
the western hemisphere.

It is site of the 183,784-acre

Inagua National Park, home to -

the world’s largest breeding
colony. of West Indian flamin-
gos, numbering in the region of
70,000.

Experts estimate that more
than 100 species of bird, from
the Arctic Circle to Tierra del
Fuego, seek out the sweet
berries and cherries and the rich
marine life that flourish in and
around the Inaguas.

Brown pelicans, tri-coloured
herons, snowy egrets, reddish
egrets, stripe-headed ‘tanangers,
cormorants, roseate spoonbills,
American kestrels, burrowing

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- 5:30PM

@ BAHAMA parrots know how to flaunt their rights here. The
rare birds invade and occupy this town of some 900 souls each
summer taking up residence in the choicest guinep, sapodilla,

and tamarind trees.

owls, Bahama pintails are but
a sample of the park's interior.
Experts estimate that many mil-
lions pass through the meauas
each year.

“Inagua has great potential,”
said certified birding instructor
Paul Dean. “Where, Inagua is
situated, because it is so far
south almost on the ocean, we
get a lot of seabirds coming in,
some birds you never see any-
where else in the Bahamas.”

Birds are also drawn to
Inagua by the abundance of
brine shrimp Morton Salt seeds
its 2,279-acre salt ponds with to
control algae growth.

To replenish the salt ponds,
the company pumps sea water
into a portion of Lake Rosa
bringing in with it marine life
which over the years has thrived
to create a new eco system that
is renewed every time more sea
water is pumped in.

“The brine shrimp feed on
the sae and Brow fat and the
hp" rots .

may see one én top-of a ‘tree or |

birds'fé€d on the bi rine § shrim
anid: Stow fat? said M. ulirie.




“The-e¢o-system developed By ¢

pumping sea water into Lake
‘Rosa positively impacted not
only the flamingos but many
other water birds like Roseate
spoonbills, egrets — the millions ~

of migratory birds that flock |

; OFFICE LOCATED
COLLINS AVENUE AND 4TH TERRACE ©

PHONE: (242) 326-4234 ©

MR. MUCAN DAWKINS/CHAIRMAN

Mon - Sat.

Ne





2 & Bw Ss Wa tee ee OE

&

here, from the Arctic Circle to :
Tierra del Fuego.”
Certified birder, Henry |

Nixon, warden of the Inagua.:.

National Park insisted that all.
birds are “well protected” on |
the island.

Visiting birders and conser--

vationists “have been very |

impressed with what they have
seen,” he added.

“It must be remembered that ,:
we have 70 to 80 of our species '
that stay here all-year round,”
he said.

One such is the sociable ¢
Bahama parrot, which is oe
ing doors for Inaguans in’
tourism. ;

“Our parrots are smart,” said” :
Moultrie. “You should see them +,
eat. Utilising their beaks and",
claws, you would swear they ¢
were imitating us.”

“Not taking anything away’

- from Abaco,” added Dean, «

“but, a challenge Abaconianss!
have is showing off their par- 4
.. Aftei’a long search, you ,

two-flying by. ®s wl
“But, the parrots here act as if,
they are tamed. Where else in~
the world do you get this plea-
sure? I-can look o out.my. wiD-.

“dow here-and see'fare Benin, ‘.
parrots eating guineps.”.*

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Paes te Se ee
THE TRIBUNE | .. «v, 2007, PAGE 11

Mo eer lll
Ter _ First Caribbean makes donation to
Inagua takes of. Bahamas Swimming Federation



@ BAHAMA parrots . @ THE Bahamas Swimming Federation was the happy recipient of a cheque from First Caribbean

flock Matthew Town each which will assist the Federation’s swimming and water polo teams. From left at the presentation

summer : are: John Bradley, swimmer, YMCA Wave Runners; Robert Cox, manager of home finance for

(Photo: BIS/Patrick : First Caribbean International Bank; John Bradley Sr, first vice president of the Bahamas
Hanna) i Swimming Federation and Corey Bruney, swimmer, Barracuda Swim Club.

(TCL Photo by Wendell Cleare)





a EDU
FLAMINGOS, the national
airinInagua.





‘ as
@ MANY millions of birds
rs "

\

On Sunday, July 22,

Anya Watkins, Miss Motions, |

will vie for the title of Miss Bahamas 2007 at the
Crystal Palace Resort and Casino’s Rainforest Theatre.

Anya, 21, studied pre-pharmacy at Palm community. While pursuing her studies in
Beach Atlantic University and is currently Palm Beach, Anya volunteered for Habitat
working at Lowe's Pharmacy while pursuing for Humanity and Locks of Love. She also
a marketing degree at St. Thomas University. _ volunteered to work in soup kitchens for the
less fortunate at First Baptist Church.

Her ambition is to own an array of
businesses and launch them internationally, If she wins the Miss Bahamas crown, Anya
while remaining in the Bahamas no matter says she will be fully dedicated to her

_ how successful she becomes. Anya enjoys platform and will do everything in her power
swimming, reading and cooking and is to represent the Bahamas to the best of her
motivated by her family and by her desire to ability. Motions wishes Anya, Miss Motions,
help others in the community. the best of luck on July 22!

Her biggest inspiration is her mother, who Vote for Miss Motions at
has always found time to give back to the 242-376-0409 14

Anya will get pageant ready using Motions Hair products
giving her hair beautiful shine and style.

After relaxing Amya's hair with Motions Hair
Relaxer, her stylist uses Critical Protection dual
Repair Treatment Sramypoo aud Comdliitiiomen
to moistunize Iner Fradtir to wvitlastamel tive:
Bahamian weather; Them she wses Motions
Heat Seeker Protecting Spray and Smoothing
Shine Serum to achiewe the style Amya loves so
much! At home, Amya uses Oil Moistumzang
Lotion.amd Conditioning Han Spray to keep
her Took” anal premaned for the demnanuating
activities of the Miss Balamuas Comnpetitiom.



piers


PAGE 12, FRIDAY, JULY 20, 2007



THE TRIBUNE





Citing growth in interest in
Family Island property, ERA
Dupuch Real Estate this week

announced the appointment of

additional BREA-licensed

sales associates in four family
islands.

“We are pleased to announce
the expansion of ERA Dupuch
Real Estate in Spanish Wells,

YOUR. CONNECTION fo

LOCAL NEWS

ERA Dupuch Real Estate expands

Eleuthera, Hope Town, Aba-
co and Exuma and Long
Island,” said Peter Dupuch,
founder of the company head-
quartered in an historic cottage








on East Bay Street in Nassau.
The move to boost Family
Island coverage began last year
when the company opened its
first Abaco office. That office,










staffed by Donna and James
Rees, is in the Stratton Building
in Marsh Harbour.

The new appointments
include a third Abaco repre-
sentative, Ricky Sweeting, for
Hope Town. Also appointed
were Clay Sweeting (no rela-
tion), Spanish Wells and Giselle
Knowles for Exuma and Long
Island.

“While the real estate mar-
ket in Nassau and Paradise
Island has been strong with the

most-noteworthy growth in con- °

dos and homes in gated com-
munities, the real change in the
industry is.the explosion of
interest in the Family Islands,”
said Mr Dupuch.

Much of the interest, he not-
ed, is among Bahamians.

“It’s as if the country woke
up one morning realising that
all that beautiful land out there

. in the Family Islands was going

fast and everyone wanted to
secure their piece for retirement
or a second home or for invest-
ment potential before it was too
late. There are still good buys
out there, but local knowledge
is becoming increasingly impor-
tant as good deals grow
scarcer.”

Mr Dupuch, an FAA-certi-
fied pilot for 26 years, first
greeted the reawakening of
interest in Family Island prop-
erty by piling staff into the com-
pany’s plane for an in-house
showing. He still does this, but
says having people on the
ground with local knowledge
and ready availability is a big
boost.

“Every time we get a new list-
ing, I gather everyone and say,
‘Let’s go.’ You can’t sell what
you don’t know,” he said. Even
with new associates, the plane is
still invaluable, he says, for
prospective buyers as well as
staff. ‘

In each case where ERA
Dupuch added an agent, the
firm identified a Bahamian who
had not only earned a BREA
licence, but had strong commu-
nity ties and thorough knowl-
edge of local settlements, prop-
erties and market trends.

“It’s a common thread
throughout the islands, to add
real estate as a profession to a
list of earlier accomplishments.
It makes sense because the per-
son has built a reputation, is
trusted in the community,
knows the product and in most
places, during part of the year,

_ there is not enough activity to

make real estate a full-time
occupation so they are able to
turn to other pursuits.

“We hope with associates
nearly from one end of the
archipelago to the other, we will
be in the best position to serve
clients whether they want
beachfront in Eleuthera or farm

Hi DONNA and James Rees

Order it alone or do a tasty Combo.
Just make sure you’re prepared...

Always Fresh. Never Frozen.



CLAY Sweeting



@ GISELLE Knowles

land in!Long Island.”

Dupuch Real Estate, foundéd
in 1993, joined the ERA real
estate network in 2001 with
more |than 38,000 brokers
worldwide and some 3,000
offices in the US, EUroRS and
the Caribbean.



M





FRIDAY, JULY 20, 2007

SECTION

business@tribunemedia.net

_ The Tribune

BUSINESS

Miami Herald Business, Stocks, Analysis, Wall Street







j

Hutc

pr

M@ By NEILHARTNELL |
Tribune Business Editor

utchison Whampoa,
the Hong Kong-
based conglomerate
that has invested
some $1 billion in equity in
Freeport, has moved to secure
and safeguard its investments in
the Bahamas given the ownership
battle at the Grand Bahama Port
Authority (GBPA), The Tribune
has learnt, as efforts intensify
behind the scenes to avoid a
courtroom showdown between
the St George estate and Sir Jack
Hayward. , i
Multiple sources have: con-
firmed to The Tribune that senior
Hutchison Whampoa executives
have been meeting with the Gov-

hison moves to
otect investments

* Hong Kong conglomerate buying Freeport’s productive assets floated as solution to Port ownership battle

ernment in Nassau with regard
to the status and security of their
investments in light of events sur-
rounding the GBPA, as the July
25-27 trial date on Sir Jack’s 75
per cent ownership claim looms.

Yet attorneys for both sides in
the dispute have been working
hard to see if the dispute can be
resolved without the need for a
protracted legal battle, and some
of the proposed solutions involve
Hutchison itself, The Tribune has ,
learnt. :

One idea that is understood to
have been floated in talks
between Hutchison and the Goy-
ernment is that the Hong Kong-

based conglomerate should
acquire all the productive assets

in Freeport that used to belong to |

the GBPA, but are now owned
by its Port Group Ltd affiliate.
It is unclear exactly what part
Hutchison Whampoa could - or
will - play in any solution to the
GBPA ownership dispute,

although it is the Port Authority.

and. Port Group Ltd’s main
investment partner on Grand
Bahama.

Some sources suggested that
another potential solution would
be for Hutchison to acquire Sir
Jack’s 50 per cent stake in Intern-
continental Diversified Corpora-

tion (IDC), the holding compa-
ny that owns both the GBPA and
Port Group Itd.

Sir Jack attempted to sell his
stake in 2006, for a price said to
be around $55 million, to a Euro-
pean investor group headed by
Hannes Babak, the GBPA chair-
man currently barred from act-
ing in any executive, Board or
managerial capacity by a receiver-
ship order obtained from the
Supreme Court by the St George
estate. :

Hutchison would likely be a far
more acceptable investment part-
ner for the late Edward St
George’s estate than Mr Babak,

Attorney calls for Bankruptcy reform

@ By NEIL HARTNELL
Tribune Business Editor

A LEADING Bahamian attorney yester- °

day urged this nation to reform its outdated
Bankruptcy Act, but warned that it. should
stay away from implementing US Chapter 11-
style protections because this could “encour-
age unsavoury businesses and fiscal irrespon-
sibility”. m4

Responding to-comments by Freeport-
based attorney Fred Smith, who earlier this
week had urged the Bahamas to reform its
“dead or alive” bankruptcy laws, Brian Moree,
senior partner at McKinney, Bancroft &
Hughes, agreed that the Bankruptcy Act
“needs to be modernised”.

He explained that this was because the
courts needed to be able to deal with such
cases, and process them, as rapidly as possible.

Mr Moree told The Tribune: “I don’t think
there’s any question that the bankruptcy laws
in the Bahamas heed to be reformed.

“We are a major financial centre, and
should have modern, efficient, bankruptcy

laws, but at the moment we do not..........

’ “Our Bankruptcy Act needs to be mod-
ernised. It needs to be changed in the sense
that it is based upon very old laws. We need to
have a modern set of rules that allows persons







* But urges Bahamas to stay away from Chapter 11-style laws, as
could ‘encourage unsavoury businesses and fiscal irresponsibility’
* Creditors might be left unprotected and go bankrupt themselves



BH SMITH

B MOREE

to declare bankruptcy

in a reasonable period of time, or creditors to
put them into bankruptcy in a reasonable
period of time.”

Mr Moree said the Bahamas’ rules on com-
pany insolvencies were “very good”, although
they needed to be reviewed to ensure they
were modern and efficient.

However, the companies side was “not as



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' Reality Check. ;
You never know what's in yours. -

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woefully out of date as the bankruptcy laws”.

He disagreed, though, with Mr Smith’s
assertion that the Bahamas should implement
Chapter 11-style bankruptcy protection laws to
allow Bahamian-businesses to restructure and
reorganise without being threatened by their
creditors.

Mr Smith suggested that given the rela-
tively small size of the Bahamian economy,
businesses that ran into difficulties should be
given more opportunity to restructure and
reorganise than currently.

He said the lack of bankruptcy/liquidation
protection for Bahamian companies acted as
a disincentive for entrepreneurs, and meant
many business ideas were killed off before
they started to bear fruit.

Currently, if Bahamas-based businesses are

unable to pay their debts and meet obliga- .

tions to creditors, they are put into adminis-
tration and receivers — usually a team of

SEE page 6










GUARDIAN

INSURANCE
COMPAN Y








who the estate appears to consid-
er ‘persona non grata’, and whose
appointment acted as the ‘light-
ning rod’ or ‘trigger’ for the
events culminating in the owner-
ship battle.

The Tribune understands that
the St George estate has made
several propasals to Sir Jack in
an attempt to avoid a courtroom
fight over the ownership, but the
big stumbling block that remains
is the latter’s apparent insistence
on selling his ICD stake to Mr
Babak.

Hutchison Whampoa’s involve-
ment will come as little surprise,
given its extensive investments in



@ By NEIL HARTNELL
Tribune Business Editor

COMMONWEALTH
Bank, the publicly traded finan-
cial institution, is the latest

_BISX-listed equity to consider
a stock split, The Tribune can
reveal, with its stock currently
trading at over $15 per share.

Sources familiar with the sit-
uation revealed that just like
FOCOL Holdings, which yes-
terday confirmed its own four-

story on Page 11B), Common-
wealth Bank’s Board and man-
agement were actively consid-
ering one of their own.

The likeliest split would be a
three-for-one, with Common-
wealth Bank issuing existing
shareholders with two new
shares for each one they
already own.

This would have the effect
of bringing the bank’s BISX-
listed share price down from
its current 52-week high of
$15.10 when trading on the
exchange closed yesterday to
just over $5 per share. . j

Such a price would be per-
ceived as making Common-
wealth Bank’s stock more

“attractively priced to new
investors in the context of the
Bahamian markets, making it
more ‘affpordable’ and stimu-
lating greater trading activity
in the bank’s shares.

T. B. Donaldson, Common-
wealth Bank’s chairman, was
yesterday said to be off the

Bank mulls



for-one stock split (see other. |
- holders and potential new



Grand Bahama. It holdings com-

prise the Freeport Container Port;

_the Freeport Harbour Company,

Grand Bahama Airport Compa-
ny, Sea Air Business Centre and
Grand Bahama Development
Company, the latter four of which
it is in a 50/50 joint venture with
Port Group Ltd.

Other investments include the
Our Lucaya Resort and proposed
Silver Point development, both
of which are owned 100 per cent
by Hutchison Development
(Bahamas).

SEE page 8

stock split





























island until Monday when The
Tribune called seeking com-
ment.

Ian Jennings, Common-
wealth Bank’s chief financial
officer and senior vice-presi-
dent, finance, did not return
The Tribune’s call before press
time last night despite a
detailed phone message being
left for him.

Stock splits, such as the one
contemplated by Common-
wealth Bank, are often carried
out when a company’s share-

investors are reluctant to trade
in and buy its shares, because
they believe the stock is either
overvalued or has hit its peak
valuation, or because they.
believe it costs too much.

Effectively, investors believe’
the stock has become too
expensive to purchase and
trade, so by splitting the stock
on a three-to-one ratio, say,
Commonwealth Bank will dra-
matically increase the supply
of shares.

This increased availability,
in turn, will have the effect of
decreasing the price the stock is
trading at, lowering the cost of
purchasing shares and thus
stimulating trading activity and
volume.

Yet the stock split will not
dilute the value of a share-
holder’s investment in Com-
monwealth Bank.

SEE page 8





Shipping potential |
not fully exploited —

@ By CARA BRENNEN-
BETHEL
Tribune Business Reporter

TO wt. Bol
Bahamas has }
not exploited the |
full potential of |
its maritime |
industry, which }
could rival the |%)
financial services |
sector as the-sec-
ond pillar of its
economy, the
minister respon-
sible said yesterday.

Dion Foulkes, minister of mar-
itime affairs and labour, said.that
in Grand Bahama, it was the
Freeport Container Port, which
employed 700 staff and generated
millions of dollars, that carried
the island’s economy through the
devastating effects of the 2004
hurricane season and the closure
of the Royal Oasis resort.

He added that if the Bahamas
was able to fully tap into the
industry’s benefits, it could sig-
nificantly expand shipping behind
tourism and the financial services
sector. &

Mr Foulkes said that at pre-
sent, the country’s shipping reg-
istry - the third largest in the
world behind Panama and Liberia
- contributes $50 million to the



FOULKES

Bahamian economy annually. °

He added that he was con-
vinced that with an aggressive .
recruitment drive, the Bahamas
could rank as high as second, indi-
cating this would have a signifi-
cant impact in terms of the
income generated and Registry’s
international prestige.

Mr Foulkes, who was speaking
at a special Meet the Ministers
Forum sponsored by the Cham-
ber of Commerce, told busi-
nesspersons that their bottom
lines could be significantly
improved if they could transport
their wares directly via the
Freeport Container Port, rather
than have them shipped through
other ports and then into the
Bahamas.

Mr Foulkes also addressed con-
cerns regarding the Internation-
al Labour Organisation’s (ILO)
Convention 87, which gives
employees the right to join the
union of their choice. Businesses
fear it would create a “super
union”, swallow up the smaller
unions and tip the balance of
power to the master union.

Mr Foulkes said the business
community has raised legitimate
concerns, but promised that
before anything is undertaken the
Government will have full dis-
closure with the Bahamian peo-
ple-
PAGE 2B, FRIDAY, JULY 20, 2007

THE TRIBUNE







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ecting traffic to

key profit centres

nce you have managed
to drive traffic to your
site, you will need to do

something with it. Don’t let your
visitors come and surf, and then
disappear forever. At the very
least you should tempt them to
stay long enough until you can
persuade them to either try or
buy your product, or at the very
least get them to give up their
name and e-mail address so you
can contact them later.

Most people will visit a web-
site several times before they pur-
chase, so you will need to add val-
ue or give them a compelling rea-
son to come back. Keep. your
website looking fresh and new by
regularly updating the content,
adding new features and links.
Here are four traffic conversion

» activities:

The first thing you should do is
to make your website ‘sticky’.
You do this by designing and
writing great content. ontent is
about copy, the features you
include on your website, the
design and navigation.

Keep it simple. Make sure you
appeal to everyone, including
people who are new to the game
and don’t know much about com-
puters. Ask yourself what a visitor
would want to see on your site?
By thinking through your strate-
gy, you can get your visitor to fol-
low a defined path to purchase
your product by providing the fol-
lowing content:

Write compelling copy. Make it

’ sales-oriented, selling the ‘sizzle’

about your product. However,
don’t try the ‘hard sales’
approach. Make sure you give
compelling descriptions about
your product with ‘Buy Now’ or
‘More Info’ buttons that lead

them to more detailed informa- .

tion about your product. Product
content should just be slipped in.
Your visitors will also want some-
thing else to keep them there and
become loyal.

So, give something away. Just
like in the bricks and mortar

aM VeSN Aeon



; Business
% Sense
‘a

world where you give giveaways
to your customers, such as pens or
cup holders, give your visitors
something of enough value that
they will keep.

Try and be original and offer
quality. Educate your visitors by
providing them with interesting
articles, web logs (blogs) or pod-
casts, which you can either pro-
duce yourself, or get a non-com-
peting expert to do for you. Then
there are competitions to enter
for prizes; surveys and opportu-
nities to vote on issues; free
eBooks, reports and newsletters
that are themed to your site;
interesting links to other sites that
are offering general information
about your industry, but are not
competing or selling your type of
products; and (f) free tools that
your visitors can use.

‘You can also make your web-
site ‘sticky’ by posting testimoni-
als from people that have found
your service useful. This will give
your site third party credibility,
as well as help persuade visitors to
buy your product.

Design a navigation bar on
each page, so that visitors can
enter your site on any of your




pages and easily navigate around
your site. This will help you keep
them on your site.

Spend time on the design of
your website to make it look
attractive. Design nice banners
and buttons. Spice up your site
with audio and video presenta-
tions. Integrate speaking charac-
ters from sites such as SitePal to
help explain how your products
work. Keep testing the content
and see what works and what
doesn’t.

The second thing you should
do is to design your sales chan-
nels. This is the strategy behind
how you will get your customers
to buy. There are two ways you
can do this.

You can acquire your transac-
tions at the Front End. This is
where you market a product to
your customers once only, and
once they buy it your transaction
with them is finished.

This is a rather limited
approach, so most marketing
savvy websites are designing Back
End sales channels. This is where
you market an inexpensive prod-
uct, or free product, to capture
the name and e-mail at the front
end, so that you can send a
newsletter or e-mail upselling
them to a more expensive prod-
uct later.

Consultants commonly sell
their seminars, or courses, by giv-

SEE page 8

KINGSWAY ACADEMY
Vacancies for Teachers for September 2007

Kingsway Academy, an Interdenominational,
Evangelical, Co-Educational Christian Day School,
invites applicants from qualified and experienced
candidates for teaching positions at the Elementary and
High School levels (grades 7 through 12).

ELEMENTARY:

Trained Physical Education Teacher for grades K-4

through grade 6
HIGH SCHOOL

High School applicants should possess a Teachers
Certificate, at least a Bachelor’s Degree in the particu-
lar subject area and be able to teach to the AP level. A
Masters Degree in the content area or in aducation for
the subject area would be an asset.

¢ English Language/Spanish

e Mathematics

e Business Studies (Office Procedures, Economics,

Accounts)

¢ Information Technology

The successful candidates should have the following:

¢ An Academic Degree in the area of specialization

e A Teaching Certificate

e Excellent Communication Skills
¢ A love for children and learning
¢ High standards of morality

° Be a born again Christian

Letters of application together with a recent color
photograpgh and detailed Curriculum Vita (including
the names and addresses of at least three references,
one being the name of one’s church minister) should be

forwarded to:

Ms. Kelcine Hamilton

Academy Affairs Manager

Kingsway Academy Business Office

Bernard Road
Nassau, Bahamas

Deadline for applications is Tuesday July 31, 2007.




BUSINESS

The Miami Herald Gb

THE MARKETS.

STOCKS, MUTUAL FUNDS, 8B

‘DOW30 14,000.41 +82.19 A

sapsoo. 1553.08 +601 AL

NASDAQ 2,720.04 +2055 AN

J0-YRNOTE 5.02 -0.01 W
40.87 a

CRUDEOIL 75.92




1 14, 1,000

BY TIM PARADIS
AssociatedPress oo
NEW YORK — - Wall Street
moved soundly higher ‘Thurs- —
_ day, sending the Dow Jones _
industrials to their first close |

~ above 14,000 as investors kept _
- jitters about the economy atbay







= . "Profit n news Gon: ompanie
fe like International Busines:
a a network auonen





. ae ae lift stock ; and
_ boosted investors’ appeti
_technology issues. However, —
the momentum could be short-
lived as Google after the closing _
yell Thursday turned in a sec- _
nd-quarter profit that fell short —
of Wall oS bigh ere oS











- which are made to borrowers ©
with poor credit history, gener-__
ally hurt financial stocks, while
a ee thata a woule Pe eer :

-, age from eaening ‘its gains

The Dow rose 82.19, or or 0.5 :
_ percent, to 14,000.41. The blue |
_ chip index danced around the.

eas



Be " Broader s ‘ock indicators also
ae eased Thursday. The S&P 500 a
rose 6.91, or 0.45 percent, to |
_ 1,553.08; its previous record of
1,552.50 occurred Friday. The —
_ technology-focused Nasdaq
_ composite index rose 20.55, or __
_ 0.76 percent, to 2,720. 04, follow -
' ing the upbeat tech earnings. —_—
_ Though stocks briefly shed _
some gains after newly released —
Minutes from the Federal ~
_ Reserve’s last meeting appeared —
_ to confirm that the central bank
has no plans to cut rates any:
time soon, investors resume
buying i in short-order, = /
Bonds showed little eal a
@ movement, ‘The yield on the —
benchmark 10-year Treasury —
note was flat at 5.03 percent —
from late Wednesday. The dol-
lar was mixed against other |
major currencies, ye gold
prices rose.
The stock market's rise came —
even as oil moved higher. Light, —
sweet crude settled up 87 cents
at $75.92 per barrel onthe New _
_ York Mercantile Exchange after















’) FRIDAY, JULY 20, 2007



HOUSING MARKET



PHOTOS BY DON RYAN/AP

JUST HEATING UP: Across the West, some smaller metropolitan areas have managed to remain
largely unaffected by the nationwide housing slump, as seen at this subdivision in Salem, Ore.

BUCKING THE SLUMP

WHILE HOME SALES IN CALIFORNIA AND FLORIDA NOSE DIVE,
SOME SMALLER POCKETS, PARTICULARLY IN THE WEST, ARE THRIVING

BY AARON CLARK
Associated Press :

SALEM, Ore. — Aside from being Oregon’s capital
city, Salem doesn’t have much to boast about. Most
downtown restaurants close by 7:00 p.m. and Lefty’s
— the only cool bar in town, according to local col-
lege students — is known for its karaoke fundraisers.

But the real estate market here is buzzing. For-sale
signs litter front yards, and the local newspaper is fat
with ads for homes.

The community of 150,000 is a prime example. of
an overlooked phenomenon in the country’s over-
heated housing market: While demand for homes:has
nose-dived from Florida to California, some smaller
metropolitan pockets continue to thrive.

Towns like Salem, Ore.; Wenatchee, Wash.; and
Provo-Orem, Utah are among the few places in the
country where housing prices are growing at double-
digit rates, according to a recent federal study.

Experts say population growth and job growth are
one reason. Local factors — like proximity to ski
slopes, mountain bike trails, or nearby cities — are
also helping some Western markets escape one of the
nation’s worst housing downturns in years. And most
of these small-to-mid-size cities weren’t a part of the
original housing boom and speculation that followed,
so many of them are still playing catch-up.

“The Pacific Northwest was a little bit late coming
to the party,” said Andrew Leventis, an economist
with a federal housing agency. “The extreme appreci-
ation over the past five or six years in the country
only just began in the Northwest a few years ago.”

In Wenatchee, a 30,000-resident town east of the
Cascade Mountains, homes appreciated an average of
25 percent between the first quarter of 2006 and the
first quarter of 2007, according to a recent study by
the Office of Federal Housing Enterprise Oversight.

But it’s not just the Pacific Northwest that’s seeing
double-digit home appreciation. While some of the
worst hit housing markets include cities in California,
Nevada and Arizona, many of the remaining strong
markets are clustered west of the Rocky Mountains.

Fifteen out of 20 metropolitan areas with the high-
est rates of home appreciation in the country were in
Washington, Idaho, Utah, Oregon, Colorado or New

INTERNET

Google’s profit surges
but misses expectations

BY MICHAEL LIEDTKE





CHECKING IT OUT: First-time home buyers Ben

‘and Chantle Brubaker examine dining room

space while viewing a house in Salem, Ore.

Mexico, according to the federal study, which looked
at markets with at least 15,000 transactions over the
last 10 years.

On a recent sunny afternoon a real estate agent
showed Ben Brubaker and his wife Chantle, a three-
bedroom, two-bathroom, pale-blue home in a subdi-
vision in south Salem, with.a list price of $184,500. A
small but trim backyard, large living room and
kitchen tiles caught the couple’s eye.

“You'll be able to be there for a few years, turn it
around and make some money out of it,” said, Sylvia
Perry, a real estate agent for RE/MAX equity group.

Young, first-time homebuyers like the Brubakers
are also triggering demand in Utah, said a state econ-
omist, Mark Knold.

Utah, which has the highest job growth rate in the
country this year at 4.5 percent, has the youngest
work force in the country with 48 percent under the
age of 35. Knold said over the last few years low inter-
est rates have turbocharged that demand.

“We had a spike of young people hitting the mar-
ket” the past few years, said Knold. “A 23-year-old

who might have waited until they were 28 to buy a ©

house may have jumped on and bought one.”

The Provo-Orem metro area was ranked second in
the nation in house price appreciation with nearly
20 percent between the first quarters of 2006 and
2007 in the federal study.

wvtecinnsontstecaoseesaaieicoveintoeiny



__ briefly touching $76 for the first

: time in 11 months.

_ Thursday’s gains extended a :
: partial recovery that started late ©

in Wednesday’s session, when

__ the Dow pulled itself up from a

loss of 134 points to end with

_only a 53-point deficit. Stocks

had ceded ground Wednesday

amid uneasiness about Ber-

- nanke’s assessment of the

economy. ae
‘Advancing i issues ; outnum: A

_ bered decliners by about 2 tol
on the New York Stock
_ Exchange, where consolidated

volume came to 3.19 billion

shares, compared with 3; 55. bil- |

lion Wednesday.

‘The Russell 2000 ides of
smaller companies rose 5.94, or
0.70 percent, to 85185. _

In market action abroad,

Japan’s Nikkei stock average
rose 0.56 percent. Britain’s

_ FTSE 100 rose 1.11 percent, Ger-

many’s DAX

1.24 percent, and France’s

_ CAC-40 rose 1.16 percent.

index rose.

Associated Press

SAN FRANCISCO — Google’s
second-quarter profit climbed 28 per-
cént, but it wasn’t enough to fulfill
Wall Street’s high expectations for
the Internet’s search leader.

Investors quickly expressed their
dismay, causing Google shares to
plunge by nearly 8 percent after the
results were released Thursday.

The Mountain View-based com-
pany earned $925.1 million, or $2.93
per share, during the three months
ended in June. That compared with
net income of $721.1 million, or $2.33
per share, at the same time last year.

If not for costs associated with
employee stock compensation, Goo-
gle said it would have earned $3.56
per share. —

That figure missed the average
analyst estimate of $3.59 per share
among analysts polled by Thomson
Financial.

Revenue for the period totaled
$3.87 billion, a 58 percent increase
from $2.46 billion at the same time
last year. 7

After subtracting commissions
paid to its advertising partners, Goo-
gle’s revenue was $2.72 billion —

about $40 million above projections.

But the quarter’s bottom line
raised concerns that the rapid growth

' propelling Google’s lofty stock price

is slowing more dramatically than
analysts thought.

The second quarter represented
the first time that Google’s year-over-
year profit hasn’t improved by at
least 60 percent since the company
went public in August 2004. What’s
more, it’s just the second time Goo-
gle’s earnings have fallen below ana-
lyst estimates in its 12 quarters as a
public company.

Google’s track record had many
investors taking another: blowout

quarter for granted. The anticipation

lifted the company stock price by 10
percent since the end of May. Most of
those recent gains evaporated Thurs-
day as Google shares plummeted
$43.10, or 7.9 percent, in extended
trading. The stock ended Thursday’s
regular session at $548.59.

Despite the earnings letdown,

3B

INTERNATIONAL EDITION

ASIA

Chinese
economy
growing at
fastest rate
since 1995

BY JOE McDONALD
Associated Press .

BEIJING — China’s booming econ-
omy accelerated in the second quarter
to its fastest growth rate since 1995,
driven by surging exports and invest-
ment, according to data reported Thurs-
day. i

The government said it will take new
steps to control the boom.

The figures put China on track for a
fifth straight year of double-digit
growth and to replace slower-growing
Germany as the world’s third-largest
economy.

The economy expanded by 11.9 per-
cent in the April-June quarter over the
same period of 2006, even faster growth
than the previous quarter’s 11.1 percent,
the National Bureau of Statistics
reported.

“These numbers show that China’s
growth actually accelerated in the sec-
ond quarter,” said Standard Chartered
economist Stephen Green. “The key -
question is, how sustainable is all
this? And the rhetoric in Beijing sug-
gests the authorities think it is
sustainable.” _ -

Inflation also rose, with consumer
prices climbing by 4.4 percent in June.
The economy also felt pressure from a
swollen trade surplus and high energy
consumption, the National Statistics......

Bureau said.

“We will further enhance. and. z
improve macro control and put into
practice various policies set by the cen-
tral government,” Li Xiaochao, a statis-
tics bureau spokesman, said at a news
conference.

The government will take steps to
“change the pattern of economic
growth and deepen reform,” Li said. But
he gave no details of whether Beijing is
planning a new rate hike or other mea-
sures.

Communist leaders want fast growth
to reduce poverty but are trying to cool
some industries.

They are worried that runaway
investment could push up inflation or
ignite a debt crisis if borrowers default.

Beijing has raised interest rates four
times since April 2006 and imposed
investment curbs on some industries.

Second-quarter growth was the fast-
est since the final quarter of 1995,
according to economist Mingchun Sun
at Lehman Bros. in Hong Kong.

The latest data prompted analysts to
raise forecasts for full year growth to as
high as 11.5 percent, up from earlier esti-
mates that ranged from 9.5 to 10.5 per-
cent.

Chinese leaders are concerned about
the political impact.of rising food
prices, which hit the poor, populous
countryside especially hard. ¢



JEFF CHIU/AP

HIGH STANDARDS: This quarter was the first that Google’s year-over-
year profit hasn’t improved at least 60 percent since it went public.

Google Chairman Eric Schmidt told
analysts that he was pleased with the
company’s performance, particularly
its revenue growth and increased
traffic on its website.

Echoing a familiar theme, Schmidt
said Google relinquished some of its
profit to invest in more computing
power and to hire more employees.
The company’s capital expenditures
totaled $575 million in the quarter,
down 17 percent from the same time

last year. Meanwhile, Google hired’

1,548 additional employees during the
quarter compared with the 1,152
workers it added last year.

Schmidt indicated Google may not
hire as briskly in future quarters, say-
ing the company intended to be more
“careful” about adding employees.
Google ended: June with 13,786
employees, a 74 percent increase dur-
ing the past year.

“When I look at the quarter, we
are vety pleased with what we deliv-
ered,” Schmidt said. ~


THE MIAMI HERALD | MiamiHerald.com

BUSINESS BRIEFS

e TECHNOLOGY



PAUL SAKUMA/AP FILE, 2006
NOT A GAME: Microsoft’s second-quarter profits were
hindered by a $1.06 billion charge earlier this month
related to repairs on its Xbox 360 console, above.

Microsoft beats losses
on defective Xbox 360s

From Herald Wire Services
Microsoft’s (MSFT) fiscal fourth-quarter profit edged up
7 percent despite a hefty charge to cover the cost of defective

Xbox 360 video game consoles.

The world’s largest software maker said Thursday its
earnings for the three months ended June 30 climbed to $3.04
billion, or 31 cents per share, from $2.83 billion, or 28 cents
per share, during the same period last year.

Results were weighed down by a charge of $1.06 billion, or
8 cents per share, related to the video game console repairs.

The earnings were released after the closing bell.

Earlier, Microsoft shares gained 59 cents to close at $31.51,
up 1.9 percent. In after-hours trading, they lost 53 cents.

e MEDIA

DOW JONES DIRECTOR
RESIGNS OVER DEAL

_ German publishing exec-
utive Dieter von Holtz-
brinck has resigned as a
director of Dow Jones
(DJ) to protest the board’s
endorsement of a deal to sell
the company, which pub-
lishes The Wall Street Jour-
nal, to Rupert Murdoch’s
News Corp (NWS).

In a letter to Dow Jones’ * * :
board members, von Holtz-
brinck said he was “very
worried” that Dow Jones’
“unique journalistic values
will long-term strongly suf-
fer after the proposed sale.”
Dow Jones disclosed von
Holtzbrinck’s departure and
included a copy of his letter
in a regulatory filing.

Murdoch’s bid to acquire
Dow Jones has met with stiff
resistance in several quar-
ters, including a union rep-
resenting Journal reporters,
several members of the Ban-
croft family, and former
board member Jim Ottaway
Jr., who together with his
brother David control 7 per-
cent of the company’s share-
holder vote.

e@ PHARMACEUTICALS

STRONG SALES HELP |
COMPANIES’ EARNINGS

Pharmaceutical compa-
nies Wyeth (WYE), Roche
Holding and Baxter Inter-
national (BAX) all posted
double-digit profit
increases, mainly due to
strong sales of key medi-
cines. ,

Shares of Wyeth and Bax-
ter fell despite the fact both
companies beat analyst
expectations and raised
their profit forecasts
slightly, although Baxter
was hurt by news on a prod-
uct recall.

Meanwhile, Roche, the
Swiss parent of Hoff-
mann-La Roche, said its
longtime CEO, Franz _
Humer, is giving up his post
but will remain chairman, as
the company’s board is split-
ting the two posts. Humer
will be succeeded by Sev-
erin Schwan, 40. Roche .
shares rose nearly 3 percent
in Zurich.

Baxter shares fell $3.04
percent, or 5.2 percent, to
$55.56.

Shares of Wyeth fell
more than 2 percent but
recovered to close down 28
cents at $56.33.

4 J nai 6:35 p.m. Late
Stock Tk. close Chg. volume
Microsoft MSFT 31.51 30.84 67 174681
PwShs QQQ QQQQ 50.32 50.24 133148
AMD AMD 15.78 16.55 +.77 120876
iShR2K nya IWM 84 84.55 3 99378
SPDR SPY 155.07 = 154.82 -.25 60310
SanDisk SNDK 55.96 59.50 +3.54 51455
Intel INTC 25.26 «= 25,08 9-18 = 51161
Google GOOG 548, 508.55 -40.04 44322
Wachovia WB 61 51.36 = -.25 38728
Comcsps CMCSK 28, 28.80 ° 34624
Dellinclf = DELL 29.19 29.19 * 24883
Atmel ATML 58 5.85 * 22434
Kraft KFT 36.33 36.30 — -.03 21962

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

e BANKING

BARCLAYS MAY UP

OFFER FOR ABN AMRO
Barclays (BCS) said it

may alter its all-share offer
for ABN Amro Holding

- (AABA) to remain competi-

tive with a higher bid froma
rival consortium led by
Royal Bank of Scotland
(RBS).

The RBS group intends to
bid $97.8 billion, mostly in

‘ cash; for the Dutch’ bank, in

the largest takeover battle in

‘the history of the financial

industry.

Barclays’ current pro-
posed bid, all in shares, is
worth at least 10 percent
less.

ABN Amro shares rose
0.4 percent to close at $51.03
in Amsterdam.

e ITALY

MINISTER SAYS ALITALIA
COULD BE LIQUIDATED

Alitalia will have to be
liquidated if it is not sold,
the Italian economics minis-
ter said, one day after the
collapse of an auction to sell
the state-controlled airline.

The government formally
scrapped privatization plans
after the last of a series of
bidders dropped out. Poten-
tial bidders have consis-
tently cited overly restric-
tive conditions set by Italy
for the sale. .

The Italian government
is seeking a private investor
to buy at least a 39.9 percent
stake in Alitalia but is pre-
pared to sell its entire
49.9 percent stake.

e NEWSPAPERS

PUBLISHERS HURT BY
ADVERTISING DECLINES

McClatchy (MNI) and
‘Media General (MEG)
both reported steep adver-
tising declines and lower
profits, while Dow Jones,
publisher of The Wall Street
Journal, had lower profit
because of a charge but
higher revenue and operat-
ing income.

McClatchy, which owns
The Miami Herald and sev-

. eral newspapers in Califor-

nia, had a 9.8 percent
decline in advertising reve-

_ hue across its 31 newspa-

pers.
McClatchy attributed much
of the weakness in those ‘
markets to economic factors
including the slowdown in
the housing sector.

4pm. 6:35 p.m.
Stock Tkr. case close

Charttm CHTR 4.80 4.86 +.06
SP Fel XLF 36.05 -.03
Svemstr 15.34 = -.01
sTKbwRB —-KRE 44.76 -.04
ApolloGrp 62.82 *
MetLife MET 63.05 x
Target TGT 68.83 = -.06
Broadcom:
SunMicro
Suntrst STI
CVS Care CVS
eBay EBAY





BANKING

INTERNATIONAL EDITION _

_FRIDAY, JULY 20, 2007 |4B

Bank of America profit rises - again

BY IEVA M. AUGSTUMS
Associated Press

CHARLOTTE, N.C. —
Bank of America recorded
another profitable quarter
Thursday, but gave investors
reason to worry as it fattened
its provisions for loan losses,
an indication it sees lending
risks growing.

Bank of America, the No. 2
U.S. bank by assets, reported a
5 percent rise in earnings from
growth in capital markets

' activity and consumer fees,

offsetting an increase in credit
losses.
But its provision for credit

losses ballooned 79.2 percent

to $1.81 billion, up from
$1.24 billion in the first quarter
and $1.01 billion in the second
quarter of 2006.

Net charge-offs, or bad
loans, rose to $1.5 billion, com-
pared with $1.43 billion in the
first quarter and $1.02 billion
in the year-ago quarter. _

Other banks this week,
including Washington Mutual
and Comerica reported similar
trends. Citigroup, the nation’s
largest bank, and Charlotte-
based Wachovia are expected
to report results Friday.

Bank of America shares fell
9 cents to $49.27 Thursday.

The earnings news came as
nervousness over shaky loans
increased. Bear Stearns told

clients Tuesday that a melt-

AUTOMOTIVE



CHITOSE SUZUKI/AP FILE, 2006

STEADY AS SHE GOES: Bank of America’s second-quarter
earnings beat analyst expectations by eight cents,
according to a poll by Thompson Financial.

down in the subprime mort-
gage market has made the
assets from two of its flagship
hedge funds, which were once
worth $1.5 billion, almost
worthless.

But Kenneth Lewis, Bank of
America’s chief executive, said
“we’re well positioned going
into the second half of 2007,
with additional upside in
2008.”

Bank of America, based in

_ Charlotte, credited the quar-

ter’s results to revenue
increases in its three main

businesses: consumer and
small business banking, corpo-
rate and investment banking
and wealth and investment
management.

Bank of America generates
more of its business domesti-
cally than its main rivals, New
York-based banks Citigroup
and JPMorgan.

But like its peers, Bank of
America’s second quarter
results reflected the ongoing
challenges in the loan environ-
ment.

“[We] remain a little con-

cerned about domestic con-
sumption spending given the
prolonged housing subprime
issues and higher fuel prices,”
Lewis said.

Net income at Bank of
America climbed to $5.76 bil-
lion, or $1.28 per share, from
$5.48 billion, or $1.19 per share,
a year ago.

Its revenue grew 8 percent
to $19.96 billion from
$18.52 billion last year.

The results beat analysts
expectations, which estimated

earnings of $1.20 per share on |

revenue of $18.58 billion,
according to a poll by Thom-
son Financial.

In other earnings reports
on Thursday:

e Bank of New York, the
financial firm that bought Mel-
lon Financial earlier this
month, said its second-quarter
profit rose 21 percent, not
counting integration costs.

Including those costs, the
financial services company’s
profit slipped 0.7 percent,
but the adjusted results —
driven by growth in asset
management and a record
amount of securities servicing
fees — beat analyst
expectations.

Net income for the quarter
was $445 million, or 58 cents
per share, from $448 million,
or 59 cents per share, in the
same period a year ago.

Ford: Bids for Jag, Rover coming in

BY TOM KRISHER
Associated Press

DETROIT — _ = Cash-
strapped Ford took a step
toward selling its Jaguar and
Land Rover units on Thursday

when it received an undis- -

closed number of opening bids
for its British automaking
businesses.

Thursday was a deadline to
submit early bids, but Ford
said no sale is imminent.

“We've had contacts from
third parties, and -we’re
actively evaluating them as
part of our strategic review,”
John Gardiner, a Ford spokes-
man in London, said Thurs-
day. “They’ve only been pre-
liminary discussions, and no
decisions have been made.”

He would not say how
many bids have been received
or who submitted them.

Ford, which lost $12.7 bil-
lion last year and $282 million
in the first quarter of this year,
has cut thousands of jobs and
closed factories in an effort to
shrink itself to match lower
demand for its products.

The company last year
mortgaged its factories to get a
$23.4 billion financing package
to fuel its restructuring and
cover expected losses in its
automotive operations. It
expects to burn up $17 billion
in cash before returning to
profitability sometime in 2009.

Analysts have said the com-
pany may be depleting its cash
at a higher rate than expected

and may need to sell the Brit- ©

ish brands to raise money.

In March, the company sold
its Aston Martin luxury sports
car unit for $848 million, and it
has said that all options are
open, including a sale of its
profitable Volvo unit.

U.S. ECONOMY

Leading indicators

BY CANDICE CHOI
Associated Press

NEW YORK — The
nation’s economy could be in
for a sluggish spell in coming
months as a downturn in the
housing industry takes a
deeper toll on businesses and
consumers.

The Conference Board’s
index of leading economic
indicators, released Thursday,
signaled economic weakness
with a 0.3 percent decline in
June, more than the 0.1 percent
analysts were expecting. The
index had risen 0.2 percent in
May after dropping 0.2 per-
cent in April.

The report is designed to
forecast economic activity

over the next three to six

months.

“The leading index has
slowed in recent months, sug-
gesting a possible softening of
the overall pace of economic



PHOTO COURTESY OF JAGUAR

MOVING CAUTIOUSLY: While a Ford spokesman acknowledged the company had
received bids for its Jaguar and Land Rover units, he would not declare how many
there were, nor who had submitted them. Above, is the 2007 Jaguar XKR sports car.

A company official who
asked not to be identified
because the bidding process is
confidential said that prelimi-
nary bids have been-submitted
only for Jaguar and Land
Rover, and that the company
did not take bids for Volvo.

Ford bought Jaguar in 1989
and Land Rover in 2000, and
placed them with Aston Mar-
tin and Volvo to form its Pre-
mier Automotive Group.

The company does not
break out earnings for the
individual brands, but analysts
say Jaguar has struggled to
make money during the time
that Ford has owned it. The

activity later in the second
half of this year,” the Confer-
ence Board’s labor economist,
Ken Goldstein, said in a state-
ment accompanying the
report.

The Conference Board
report tracks 10 economic
indicators. The index was
dragged down in June by a
drop in building permits as
well.as unemployment claims,
consumer expectations, ven-
dor performance and interest
rate spread.

The positive contributors
were weekly manufacturing
hours, new orders for non-de-
fense capital goods and stock
prices. Manufacturers’ orders
for consumer goods and mate-
rials and real money supply
held steady.

While the report captures
the weakness in the housing
market, it fails to reflect the
economy’s bright spots, said

Premier group has lost $1.15
billion over the past three
years, excluding special items.

Paul Newton, an analyst in
London for the Global Insight
automotive research firm, said
he expects Jaguar and Land
Rover to be sold separately
because of Jaguar’s losses.

Ford may even have to pay
or assume liabilities to get Jag-
uar off its books, he said, but
Land Rover is a reasonable
value for a buyer.

“I don’t think anybody’s
going to bid cold, hard cash for
Jaguar,” Newton said.

Newton said Ford would
like to find a buyer or buyers

who would preserve the Jag-
uar and Land Rover heritage
and jobs in the United King-
dom. Ford, which is the top
auto seller in the U.K., doesn’t
want to rankle its British cus-
tomers, Newton said.

“We've been here a long
time. We understand our
‘responsibilities toward our
businesses and our employ-
ees,” Gardiner said.

Land Rover employs 8,300
people in the U.K. and 11,500
worldwide. Jaguar has about
7,000 in the U.K. and 10,000
worldwide.

Ford shares_ closed
unchanged at $8.63 Thursday.

fall off in June

Brian Bethune, an economist
with Global Insight.

“It’s not picking up: the
strength of the _ global
economy, the momentum of

corporate profits driven by .

overseas sales and employ-
ment conditions,” Bethune
said.

That should offset some of
the weakness in the housing
sector, he said.

Also Thursday, the Labor
Department reported that job-
less claims dropped last week
to the lowest level in two
months.

The job market has held
steady despite a yearlong eco-
nomic slowdown that pushed
overall growth to an anemic
0.7 percent in the first quarter,
the poorest showing in more
than four years. |

The index of leading eco-
nomic indicators has bounced
up and down over the past few

months, with offsetting
increases and decreases sug-
gesting that economic growth
is likely to continue, but likely
at a slower pace in the near
term.

With the latest report, the
cumulative change in the
index over the past six months
has dropped 0.7 percent, the
Conference Board said.

Federal Reserve Chairman
Ben Bernanke, in a second day
of testimony before Congress
on Thursday, repeated the
Fed’s belief that the economy
will grow gradually this year,
restrained by the housing
slump.

Fed officials have held a key
interest rate unchanged for lit-
tle over a year, providing a
period of stability to borrow-
ers. Analysts expect the cen-
tral bank to keep interest rates
steady through the rest of the
year.

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THE TRIBUNE

FRIDAY, JULY 20, 2007, PAGE 5B



Bay Street firms,
property owners

rapped by ministers | Any lifestyle ~

@ By CARA BRENNEN-
BETHEL
Tribune Business Reporter

he Ministry of Works

will employ a ‘battalion’

of workers to clean up

Bay Street, as government minis-

ters urged downtown Nassau

retailers and property owners to

take responsibility for the side-

walks in the front of their busi-
nesses.

Speaking at a special Meet the
Ministers forum, sponsored by
the Bahamas Chamber of Com-
merce, several ministers
expressed their frustration at the
state of downtow Bay Street area
and the urgent need to address
the problem.

Minister of State for Finance,
Zhivargo Laing, indicated that he
has asked the ministries of Works
and Tourism to examine the
problems plaguing the are,a with
a view to examining what short-
term, medium-term and long-
term solutions can be done to



B ZHIVARGO LAING

alleviate the problem.

“We recognise that we have
lost ground when it comes to the
attractiveness of the downtown
area,” he said.

Mr Laing acknowledged there
are numerous problems plaguing
downtown Nassau. However, he
said they cannot all be tackled at

GENERAL NOTICE

- diate and short-term challenges.

once, which was why it was
important to address the imme-

Minister of Works, Earl
Deveaux, promised that his min-
istry would have a dedicated staff
for the downtown area, but
expressed his hope that the pri-
vate sector would play a part as
well. :

He said he was personally
offended by the filth in New Prov-
idence.

Similarly, Tourism Minister
Neko Grant said it was unaccept-
able that his Ministry should have
to spend money on cleaning up
the downtown area, money that
should be allocated to promoting
the Bahamas and increasing the .
overall visitor experience.

He urged Bay Street merchants
to ensure that they washed down
their store fronts either every
morning or every evening, and
kept the area in front of their
stores clean, something he said
would begin to have an immedi-
ate impact.



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Bled, 367-2

FOR IMMEDIATE RELEASE

EMPLOYMENT
OPPORTUNITY

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 am. on 25th July, 2007 and will cease at
4:00p.m. on 26th Yuly, 2007. Application for the Stock subscription must be applied for in units of
BS$100.00. The details of the Issue are as follows:

; Issue
Name of Stock Amount Price
: BS BS

Rate of Interest

Bahamas Registered Stock 2037

| 100,000,000.00 |

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

5/8% Above Prime Rate

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:- Pa

Bank of The Bahamas International

FirstCaribbean International Bank (Bahamas) Limited
Finance Corporation of Bahamas Limited
Commonwealth Bank Limited ;

Royal Bank of Canada

Scotiabank (Bahamas) Limited

Fidelity Bank (Bahamas) Limited

Citibank NLA. |

_ 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.


PAGE 6B, FRIDAY, JULY 20, 2007

THE TRIBUNE





Attorney calls for Bankruptcy reform

FROM page 1

accountants — called in to see if the com-
pany can be salvaged.

But Mr Moree said the implementa-
tion of Chapter [1-style protections in

the Bahamas could encourage a lack of

responsibility among Bahamian busi-
nesses, who were safe in the knowledge
that they would be protected from cred-
itors despite running up huge debts
through poor management and negli-
gence.

While such companies were protect-
ed, their debts would act as a millstone

and individuals, some of whom might
themselves go under as a result of the
debts owed by Chapter [l-protected
firms.

Mr Moree told The Tribune: “1 per-
sonally do not support the Chapter 11
approach, which they have in the US.

“If you have Chapter |1-type bank-
ruptcy protection, which enables indi-
viduals or businesses to shed their cred-

itors, go into the tunnel and come out
the other side, discard their creditors and
start over again, that certainly doesn’t
assist creditors or anyone the bankrupt
owes money to.

“In the context of the Bahamian econ-

omy, it’s not a good idea for people to
shed their creditors and start all over
again, leaving their creditors out of pock-
el. ICs only going to encourage unsavoury
types of business and encourage fiscal
irresponsibility.

“It would really be to promote greater .

irresponsibility among individuals, with
regard to the usual practices one has to
accept in one’s financial dealings- if you
incur liabilities and debts, you have to
repay them.

“In our economic environment, I don’t
think we should make it easier to dis-
card those debts ot commitments to cred-
itors.”

By introducing Chapter | 1-style pro-
tection in the Bahamas, Mr Moree said it
would encourage badly-run companies
to “leave a mountain of debt behind
them, which could have an adverse effect
on our economy”.

While businesses and individuals oper-
ating under Chapter I1-style protection
would be able to continue operating, Mr
Moree said it was possible their credi-
tors would not be able to do so without
recovering those debts.

“The impact on the economy of all
those people going into Chapter 11 and
leaving behind their debts would be quite
detrimental,” he added.

“It could result in the writing-off of
substantial debts by small businesses and
other people in the economy who would
not be able to call in those debts. .

“On the one hand, you’re giving the
bankrupt an opportunity, but on the oth-
er you're giving the person an opportu-
nity to get out of their obligations to
creditors, who have no effective means of
recovering the debt. That is not good for
an economy.”

Mr Moree also warned that compa-
nies could continually go through Chap-
ter 11 debt restructuring exercises with-
out any protection being afforded to their
creditors whatsoever.

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Sales & Full Service Department
Rosetta & Montgomery Streets
322-2188/9

JONES & CO

Aer een You'll wonder how you ever got along without it.

FIRSTCARIBBEAN a

Security & General
INTERNATIONAL BANK ae ree ¥

CAREER OPPORTUNITY
| Jor |
Director, Corporate Banking -
Bahamas OPCO

BUSINESS RELATIONSHIP UNDERWRITING EXECUTIVE

Security & General, a subsidiary of Colonial Group International Limited (CGIL)
headquartered in Bermuda, is seeking a Property and Casualty (P&C) Business Relationship
Underwriting Executive.

Qualifications:

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.
management and leading relationship management teams.

Focused and motivational leadership skills to galvanize a team to work
collaboratively and effectively for customer value and profitability.
High level of understanding of the markets, geographic, macro economic
and global factors impacting our client base.
Superior ability to interpret complex corporate client needs and to service

assemble innovative value-adding solution that achieve Client objectives. ¢ Undertaking market research and maintaining currency with local developments
¢ Maintaining a high level of product knowledge

General Responsibilities (not all inclusive): ¢ Preparing monthly reports as required

The successful candidate should possess the following minimum requirements:

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 of a*
rapidly growing innovative company, focusing on Providing clients with first class service
and access to competitive products.

The individual will be responsible for business development and servicing and maintaining
existing business. Responsibilities will include, but not be limited to:

¢ Establishing and maintaining relationships with significant business partners
¢ Retaining and acquiring profitable business by providing quality customer

° Deliver planned targets by aggressively growing the book of profitable
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 Py
to clients in the corporate and commercial markets in the Bahamas ‘
OPCO.

A professional insurance qualification (ie. ACII or CPCU), or proven progress -
towards its completion

A minimum of 5 years relevant work experience in Sroatty and Casualty
insurance and a proven sales track record with P&C products

Superior communication, interpersonal and organizational skills

Proven ability to negotiate with external business partners and clients and work
under pressure

In-depth knowledge of policy wordings

Proficiency in MS Word, Excel and e-mail software

Compensation is based on performance and production. Security & General offers an
attractive benefits package that includes comprehensive medical insurance, contributory
pension plan, long-term disability and life insurance coverage.

Ifyou have a keen commitment to quality results and want to contribute your talents to a
dynamic company, contact us about this opportunity, Applications will be treated in the
strictest confidence and should be made in writing to:

Remuneration:

e Salary commensurate with management position at the FC Level 11
(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 benefits.
Security & General Insurance Company, htd.

Attn: Human Resource Manager
P.O. Box N-3540

Nassau, Bahamas

or

by Fax fo 356-9049 (private fax number)

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.

Closing date for applications is July 31".


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CR. SS € 2 4 82 FTO SSE Se

THE TRIBUNE

FRIDAY, JULY 20, 2007, PAGE 7B :



To advertise in The Tribune - the #1 newspaper

State Farm to drop about
50,000 ‘risky’ homeowners
policies on Florida coast

@ By DAVID ROYSE
Associated Press Writer

TALLAHASSEE, Florida
(AP) — State Farm Insurance,
Florida’s largest private home
insurer, said yesterday it will drop
about 50,000 homeowners poli-
cies next year in what it considers
risky areas along the coast.

Most of the homes and condos
that will lose their coverage are
within a few miles of the coast,
but some are farther inland, State
Farm spokesman Justin Glover
said.

Glover said the move was “a

very tough decision for us to

make, but it is part of our decision
to remain in this market.” State
Farm filed paperwork Thursday



with the state Office of Insurance
Regulation announcing its inten-
tion to drop the policies.

State Farm will still be the
state’s largest private home insur-
er by far after the move, he said.

Insurance

The largest hurricane insurance
provider overall is state-backed
Citizens Property Insurance

Corp., which originally was cre- _

ated by lawmakers to sell cover-
age to those who couldn’t get pri-
vate insurance. Citizens now has
the authority, however, to also
insure some coastal property even
when private coverage is avail-
able.

Glover emphasized that no pol-

Ne
"i, In Loving Memory of
aS Kay Veronica Bethune
March 23rd, 1958-July 20th, 2006

We would not ever know why things
happen, but we do know that love
and beautiful memories outlive the
pain and grief, we can also believe
that there's a place inside the
heart where love lives always, and
where nothing beautiful. can ever
be forgotten. .

“Gone but not forgotten
Ginger, "Her special friend," DMG
Staff Freeport and Nassau,

The International Bazaar and a
‘ host of friends and family.

hs Fi ea ee ite

icy holders will lose coverage dur-
ing the current hurricane season,
which runs through November.
Customers will start to be

- dropped after January 1, 2008,

when their policies come up for
renewal.

State Farm has more than one
million policies in Florida, so the
number of homeowners whose
policies won’t be renewed is a
small percentage of the compa-
ny’s business.

But the move adds to the short:
age of property insurance options
for coastal homeowners, more of
whom will now have to turn to
Citizens. State Farm was one of
the few private insurance compa-
nies writing policies in the high-
wind areas closest to the coast.



























a ay Front



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
in accordance with International Financial Reporting Standards.

The successful candidate must have the following qualifications

and experience:

e3GPA 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

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Jliaaaw

invites applications for the position of
Senior Internal Auditor



SUMMARY:

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.

RESPONSIBILITIES:

Conducting meetings and interviews with all levels of
management and personnel

Performance of thorough studies of business processes for areas
under audit

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

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

Organizing the audit working papers in.a.manner conducive to
developing a report on audit results, findings, and
recommendations 5

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

Preparing reports detailing the audit results, findings, and
recommendations

QUALIFICATIONS:

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



The Senior Internal Auditor is ipa 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.

Send resumes no later than 20th July 2007 to:



Group Internal Auditor
= ) FIDELITY

51 Frederick Street
P.O. Box N-4853
Nassau
Fax 328.1180
PAGE 8B, FRIDAY, JULY 20, 2007

THE TRIBUNE



HUTCHISON, from 1
Sources told The Tribune that apart

. from the ownership dispute, the Hong

Kong conglomerate had also become
nervous over the Supreme Court action
filed earlier this year by the Freeport

: Licensees & Property Owners Associ-
‘ation, seeking answers to certain events

» the Freeport Power Company, and.’

that had transpired during the GBPA’s
history.

In particular, the action was seeking
answers on how the GBPA had been
able to transfer and sell significant
stakes in its productive assets, such ‘as

» whether these events might have
: breached the Hawksbill Creek Agrée-

ment. Several of these asset sales facing
questions were those Hutchison Wham-

= ‘poa had bought into, especially Devco

BANK, from 1

« holding will be $15,100.

« Ifa three-for-one-split happened, the investor would now
- hold 3,000 shares priced at just over $5.03 per share, still
. leaving him with a total $15,000 investment.

Commonwealth Bank’s stock was priced at $6 when its’

For
investor currently holds
1,000 shares in Common-
wealth Bank, based on yes-
. terday’s $15.10 per share closing, the total value of their

and the Harbour Company. A company

attorney was sent out from Hong Kong

to probe the advice Hutchison Wham-

, poa received on the purchases, but it

is understood that the company

* received reassurances that the licensees’

-action was not intended to disrupt or

overturn the current status quo, as the
deals happened some time ago.

‘What will be of more interest is the
licensees’ reaction to the current pro-
posals involving Hutchison Whampoa,
especially as any change in the Port
Authority’s ownership or asset owner-

- ship has to be approved by no less than
80 per cent of them.

Hutchison is unlikely to be interested
in the quasi-governmental powers, reg-
ulatory and governance obligations at
the GBPA, raising the prospect that
the Port Authority may be split off from

example, if an

Port Group Ltd and the productive.

assets, leaving the Hong Kong firm to
manage these.

But the Freeport Licensees & Prop-
erty Owners Association is thought like-
ly to want the.answers to its questions to
be supplied first before agreeing to any
major changes at the GBPA and Port
Group Itd.

Then there is the position of the US,
which is thought to already be nervous
about the size and extent of Hutchison’s
involvement and presence in Grand
Bahama, given the China connection.

One source suggested that talks had
initially focused on the suggestion that
Hutchison take over 100 per cent own-

ership of the Freeport Harbour Com- .

pany and the Grand Bahama Airport
Company,. before mushrooming. into
something bigger.



initial public offering (IPO) was held, meaning that its stock
has more thabn doubled in value, increasing by 152 per cent
to reach today’s heights.

This price is likely to be perceived as prohibitive and too,
expensive to encourage an appropriate level of trading activ-

ity in Commonwealth Bank’s stock.

Legal! Notice

N otice

In the context of the Bahamian capital markets, a $5.03 per
share price resulting from the stock split.is likely to be per-
ceived as an attractive entry point for new investors, and for
encouraging existing investors to buy.and sell.

WANTED

Leading Law Firm seeks Legal Secretary

TRAFFIC, from 2

ing away a free report, and then try to
upsell the customer later into buying one
of the seminars. The back-end sales chan-
nel is usually automated through the use
of auto responders. You can get your
developer to create these for you, or use
sites such as GetResponse to create auto-
matic e-mails that sell for you.

The third thing you should do is to get
them to try and buy something. Make it
easy for your visitors to purchase. Remove
the risk and let them trial your product for
a limited time period to see if they like it,
or let them try a reduced featured product
for a limited time, then upsell them an
enhanced subscription version after a lim-
ited time period. Another way to remove
risk is offering -your visitors a cast-iron
guarantee to remove the risk of purchas-
ing.

The final thing you should do is to cap-
ture their name and e-mail. If you can’t
manage to get them to purchase the prod-
uct the first time they visit the site, then at
the very least you should try to capture
their name and e-mail. This is called list
building. A ‘sticky’ site will offer newslet-

ters: eBooks or reports to capture thes
lists. Make your copy compelling enough
to get them to give up their valuable name
and e-mail. Successful sites market to their
list periodically to try to get them to buy
their own or third party products.

Another good strategy is to use a ‘pop-
up’ box on your website to collect your
visitor’s name and address, as these are
proven to work.

Don’t be an antipreneur and let your
valuable traffic leave your site without
doing something with it. Converting your
traffic into sales and useable lists should
be a key objective for your website. So, in .
order to avoid the trap of antipreneur-
ship, make sure you spend sufficient time
on this area, as it will pay large dividends
for your future business success.

NB: Adapted from his eBook. The 10
Deadly Sins of Antipreneurship. avail-
able at www.antipreneurship.com

Mark draws on 20 years of top level
business, marketing and communications
experience in London and the Bahamas.
He is chief operating officer of
www.ezpzemail.com, currently lives in
Nassau, and can be contacted at markalex-
palmer@mac.com

© Mark Palmer. All rights reserved

NOTICE

NOTICE is hereby given that CHARMAINE LATOYA
GRANT of 117C FARNHAM CLOSE, FREEPORT, GRAND
BAHAMA, BAHAMAS is applying to the Minister responsible
for Nationality and Citizenship, for registration/naturalization

as a citizen of The Bahamas, and that any person who
- knows any reason why registration/ naturalization: should

ULTRACAPE (HOLDINGS) LTD.

Pursuant to the Provisions of Section 138 (8) of the
International Business Companies A‘ct 2000 notice
is hereby given that the above-named Company has
been dissolved and struck off the Register pursuant
to a Certificate of Dissolution. issued by the Registrar
General on the, 12th ne of J uly, 2 2006.

liyned Maycock
Adar
of
ULTRACAPE (HOLDINGS) LTD.

pL Tee TESA EER

|Candidates must have experience in
one or more of the following areas:
Conveyancing litigation, mortgages, and
| general matters; be highly proficient in
|MS Word & Windows; type 70+ wpm; be
comfortable and polished with high-level
}clients; have excellent organizational and
lfollow-up skills. Salary commensurate
|with experience. Please send resume and
|salary expectations to: Epiplan@ Yalioo com,

| jor send fax to: 323-0012



THE BANK OF NOVA SCOTIA TRUST
- COMPANY (BAHAMAS) LIMITED

The Bank of Nova Scotia Trust SE Company, sy (Bahamay) taintted invites ~g applicanions from qualified’
individuals for ue Postion of Manages Investment Services.

The position requires experience: in analyzing international financial markets and managing the
investment portfolios of. hight net worth individuals and companies.

Diverse product knowledge i is expected relating to both the investment and trust fields in several
inernational jurisdictions. The position requires interaction with top international investment managers
and carries responsibility for formulation of investment policy for the Trust Company and its clients.

Candidates must have a proven track record of sales in investment products. Strong client relationship
skills, analytical and communication skills as well as familiarity with PC Software are essential.

Applicants must have the CFA designation, a University Degree in Economics/Business Administration
and a minimum of 10 years of International Portfolio Management Srpe rience and should have held a

manapeuen position in the offshore trust sector.

Interested persons should submit applications i in writing marked Private and Confidential to:

Manager Operations
P. O. Box N-3016
Nassau, Bahamas

_ Applications should be received no later than Friday, 27th July, 2007,

YS =

Pricing Information As Of:

ee

52wk-Hi 52wk-Low
Abaco Markets* - 255° Sos.
Bahamas Property Fund | Sy
Bank of Bahamas g
Benchmark>
Bahamas Waste:
Fidelity Bank: :
Cable Bahamas”
Colina Holdings ®:
Commonwealth Bank |! Bett
Consolidated Water BDRs:
Doctor's Hospital
Famguard - # Set
Finco fe hed
FitstCaribbean :
Focol
Freeport Concrete
ICD Utilities
J.S. Johnson |. !
Premier Real Estate

12.25 Bahamas Supermarkets
10.00 Caribbean Crossings (Pref)

0.60
Ee
S2wk-Hi
1.3476
3.2920
2.7399
1.2576
11.6049

52wk-Low
1.2983
2.9218
2.4415
1.1820
11.0691

Fund Name
Colina Money Market Fund
Fidelity Bahamas G & 1 Fund
‘Colina MSI Preferred ‘Fund>
Colina Bond Fund
Fidelity Prime Income Fund ©

1.347598"
3.2920***
2.739935**
1.257576****
11.6049***

52wk-HI - Highest closing price In last 52 weeks
52wk-Low - Lowest closing price in Jast 52 weeks
Previous Close - Previous day's weighted price for dally volume
Today's Close - Current day's weighted price for daily volume
Change - Change in closing price from day to day

Dally 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 --

ee de

Previous Close Today's Close

Change Daily Vol: EPS $ Div $

Last 12 Months

EEA Se
closing price

Bid $ - Buying price of Colina and Fidelity

Ask §$ - Selling price of Colina and fidelity

Last Price - Last traded over-the-counter price
Weekly Vol.
EPS $ - Acompany's reported earnings per share for the last 12 mths
NAV - Net Asset Value

N/M - Not Meaningful

FINDEX - The Fidelity Bahamas Stock Index. January 1, 1994 = 100

*-13 July 2007
- Trading volume of the prior week ** - 30 June 2007

* - 31 May 2007

*- 30 June 2007



not be granted, should send a written and signed statement
of the facts within twenty-eight days from the 13th day
of July, 2007 to the Minister responsible for Nationality
and. Citizenship, P.O.Box N-7147, Freeport; Bahamas.















PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that |, DREW REG ) ARTA

ALFRED LIGHTBOURN of High Vista, in the Eastern District of the
Island of New Providence one of the Islands in the Commonwealth
of The Bahamas intend to change my name to DREW REGINALD
ARTACUS ALFRED KNOWLES. If there are any objections to this
change of name by Deed Poll, you may write such objections to the
Chief Passport Officer, RO.Box N-742, Nassau, Bahamas no later than
thirty (30) days after the date of publication of this notice.

Legal Notice

NOTICE ©
RECOV! HILLS INC.

(In Voluntary pean)

Notice. is Sheeby “given that he spore: named
Company is in dissolution, which commenced on
the 18th day of June 2007. The Liquidator is Argosa
Corp. Inc., RO.Box N-7757 Nassau, Bahamas.

ARGOSA CORP. INC.
(Liquidator)

EMPLOYMENT
OPPORTUNITY

Computer Company Seeks Person to fill the position of
Computer/Network Technician.

Applicants should possess the following:-

° Be knowledgeable in PC Hardware and Software Repair

¢ Have knowledge of Troubleshooting and repairing
computer networks

e Have Good Organization Skills

° Be task & goal oriented and be able to work with minimal
supervision

¢ Must Be Punctual

Previous experience in computer service/repair is a plus.

Interested applicants should send resumes
and other information to

nassautechjob@ yahoo.com

LEGAL NOTICE

NOTICE |

INTERNATIONAL BUSINESS COMPANIES ACT .
(No.45 of 2000).

KENNINGTON LIMITED

Notice is hereby given in accordance with Section 137 (8) of

! the International Business Companies Act, (No.45 of 2000),
the Dissolution of KENNINGTON LIMITED has been |
completed, a Certificate of Dissolution has been issued and
the Company has therefore been struck off the Register. The
date of completion of the dissolution was July 5, 2007.

ALRENA MOXEY
LIQUIDATOR
THE TRIBUNE



een ae ae

Leading indicators slip
in June, suggesting
US economy to slow

_ @ By CANDICE CHOI

AP Business Writer

NEW YORK (AP) — United
States economic growth is likely
to slow in coming months as the
ongoing slump in the housing
industry takes a deeper toll on
businesses and consumers, a
gauge of future business activity
showed yesterday.

The Conference Board said its
index of leading economic indi-
cators fell 0.3 per cent-in June,
higher than the 0.1 per cent drop
analysts were expecting and more
than reversing last month’s
revised growth of 0.2 per cent.

The Conference Board report,
designed to forecast economic
activity over the next three to six
months, tracks 10 economic indi-
cators.

The five negative-contributors,
beginning with the largest, were
building permits, unemployment
claims, consumer expectations,
vendor performance and interest
rate spread.

The positive contributors, start-
ing with the largest, were weekly
manufacturing hours, new orders
for non-defense capital goods and
stock prices. Manufacturers’
orders for consumer goods and
materials and real money supply

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



held steady in June.

With the latest report, the
cumulative change in the index
over the past six months has
dropped 0.7 per cent.

In his midyear economic report
to Congress Wednesday, Federal
Reserve Chairman Ben Bernanke
said that if the housing slump
turns out worse than expected,
consumer spending may drop and
weaken overall economic growth.

Bernanke also said growth for
the year will be slower than the
central bank projected in Febru-
ary.

Another risk to the economy
is if energy prices continue to rise
sharply, Bernanke said. That
could raise prices of goods and
services, spreading inflation
through the economy.

Stocks traded higher Thursday,
following some upbeat earnings
reports. The Dow rose 0.69 per
cent to 14.013.74.

Broader stock indicators rose.
The Standard & Poor’s 500 index
advanced 8.88, or 0.57 per cent, to

- 1,555.05, while the Nasdaq com-

posite index rose 0.75 per cent to
2,719.83.

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.

FIRSTCARIBBEAN

INTERNATIONAL BANK
CAREER OPPORTUNITY

FRIDAY, JULY 20, 2007, PAGE 9B

Security & General -

INSURANCE

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

% Maintaining and processing all business production records
% Local underwriting control

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

The successful candidate should possess the following minimum requirements:

¢ Aprofessional insurance qualification (ie. 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.

wS)
ANSBACHER

member of the QNB Group

Human Resources Manager

Nassau, Bahamas
Qualifications:

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

Â¥ Employee Relations - Provide guidance to managers & supervisors
in supporting proactive HR plans, products or 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

Â¥ 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

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

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

Â¥ Responsible for all entry-level recruitment including management of
requests from the business and the FirstStart Initiative

Vv Provide guidance and counsel on hiring and ‘discipline practices

VY Plans human resources activities and ensures they are carried out to

service standards

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:

e Management and motivation of a small team of relationship officers
providing guidance, supervision, Peformance, 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:
e 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

Remuneration: Spanish speaking skills would be an asset

¢ Salary commensurate with management position at the FC Level 6 meee saiery & beneles
(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.

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

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. Deadline for all applications by hand, fax or email is

July 20th, 2007
Vardicies are open to Bahamians only.


PAGE 10B, FRIDAY, JULY 20, 2007

INDEPENDENT AUDITORS’ REPORT

To the Shareholder of Bank Hofmann (Overseas), Ltd

KPMG Telephone 242 393 2007

PO Box N 123 Fax 242 393 1772
Montague Sterling Centre Internet www.kpmg.com.bs
East Bay Street

Nassau, Bahamas

Report on the Balance Sheet ‘ Y
We have audited the accompanying balance sheet of Bank Hofmann (Overseas) Ltd. (“the Bank”) as at
December 31, 2006, and a summary of significant accounting policies and other explanatory notes.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of this balance sheet in accordance
with International Financial Reporting Standards (“IFRS”). This responsibility includes: designing,
implementing and maintaining internal control relevant to the preparation and fair presentation of financial
statements that are free from material misstatement, whether due to fraud or error; selecting and applying
appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

Auditors’ Responsibility
Our responsibility is to express an opinion on this balance sheet based on our audit. We conducted our

audit in accordance with International Standards on Auditing. Those standards require that we comply with
relevant ethical requirements and plan and perforrh the audit to obtain reasonable assurance whether the
balance sheet is free of material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the.
financial statements. The procedures selected depend on our judgment, including the assessment of the
risks of material misstatement of the financial statements, whether due to fraud or error. In making those
risk assessments, we consider internal control relevant to the Company’s preparation-and fair presentation
of the financial statements in order to design audit procedures that are appropriate in the circumstances, but
not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. An
audit also includes evaluating the appropriateness of accounting principles used and the reasonableness of
accounting estimates made by management, as well as evaluating the overall presentation of the financial

statements,

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion. 5

Opinion
In our opinion, the balance sheet presents fairly, in all material respects, oe financial position of the

Company as at December 31, 2006 in accordance with IFRS.

Emphasis of Matter

Without qualifying our opinion we emphasize that the balance sheet does not comprise a complete set of
financial statements prepared in’ accordance with IFRS. Information on results of operations, cash flows
and changes in equity is necessary to obtain a complete understanding of the financial position,

performance and cash flows of the Company.

KOM

Chartered Accountants
Nassau, Bahamas
May 29, 2007

BANK HOFMANN (OVERSEAS) LTD

Balance Sheet

December 31, 2006, with corresponding pee for 2005
(Expressed in United States dollars)











Note 2006 2005
Assets
Due from banks -
Demand deposits 3&7 $ 11,132,130 10,654,929
~eehPirfic epostts eens Aon seninerdis eg linss ns 39,613,609 ..........23,433,860
50,745,739 34,088,789
“Investment ~~ Myon rs: 5 6,360,260 5,987,138
Accrued interest and other assets 7 2,840,955 2,198,230
Total Assets $ 59,946,954 42,274,157
Liabilities
Due to customers and banks: ;
Demand deposits 3&7 $ 14,518,943 14,597,001
Time deposits 4 36,073,742 19,515,497
50,592,685 34,112,498
Accrued interest and other liabilities z 507,900 257,012
Total Liabilities 51,100,585 34,369,510
Shareholder's Equity
Share capital:
Authorized, ished and fully paid
3,000,000 shares of B$1 each 3,000,000 3,000,000
Retained earings 5,846,369 4,904,647
Total Shareholder's Equity 8,846,369 . 7,904,647
Total Liabilities and Shareholder's Equity $ 59,946,954 42,274,157

See accompanying notes to balance sheet.

This balance sheet was approved on’ behalf of the Board of Directors on May 29, 2007 by the

following:

(

eter Wirth ; ; o

Tyrone L.E. Fitzgerald





Director

Director

BANK HOFMANN (OVERSEAS) LTD

Notes to Balance Sheet

December 31, 2006
(Expressed in United States dollars)

Ee SSP sss sc Ss ss SSNS

1. General

Bank Hofmann (Overseas) Ltd (‘the Bank”), is incorporated under the laws of the
Commonwealth of The Bahamas and is licensed by the Ministry of Finance of The Bahamas
to carry on banking business. The Bank is a wholly-owned subsidiary of Bank Hofmann AG,
(the “Parent Company”) Zurich, Switzerland, which is in turn 100% owned by. Credit Suisse,
Zurich, Switzerland. Bank Hofmann AG and Credit Suisse and its subsidiaries are referred to
in these financial statements as "Affiliates".

The registered office of the Bank is in The Bahamas Financial Centre, Nassau, Bahamas.
2. Summary of significant accounting policies
(a) Accounting convention

This balance sheet has been prepared in accordance with International Financial
Reporting Standards (IFRS) and ety Staons adopted by the International Accounting
Standards Board.

Financial assets and liabilities and non-financial assets and liabilities are stated at
amortised cost or historical cost.

(6) Foreign currency translation:

The functional and reporting currency of the Bank is United States dollars, as a
significant amount of the Bank’s transactions are carried out in United States dollars and
the majority of the Bank’s assets are held in this currency,

Assets and liabilities maintained in foreign currencies are translated into United States
dollars at the rates of exchange nrev'ling at the balance sheet date

THE TRIBUNE

(c) Financial instruments
Classification
Cash and cash equivalents are short term “highly liquid investments” which are readily

convertible into known amounts of cash without notice and which are within three (3)
months of maturity when acquired.

Held-to-maturity investments are financial assets with fixed or determinable payments
and fixed maturity that the Bank has the positive intent and ability to hold to maturity.
The Investment in US Treasury Note is classified as a held-to-maturity investment.

Due from banks are considered to be loans and advances that are originated by the Bank.
Financial liabilities that are not held-for-trading are demand deposits and time deposits
due to customers and banks.

The Bank recognizes financial instruments on the day it becomes a party to the
contractual provisions of the instruments,

Measurement

Financial instruments are measured initially at fair value (transaction price), including
transaction costs.

Subsequent to initial recognition all held-to-maturity investments are measured at
amortized cost.. Premiums are amortized over the remaining life of the instruments.
Loans and advances originated by the Bank are measured at amortised cost, less
provisions for losses as appropriate. ,

Derecognition

/, financial asset is derecognised when the Bank loses control over the contractual rights
that comprise that asset. This occurs when the rights are realized, expire or are
surrendered. A financial liability is derecognised when it is extinguished.

Held-to-maturity instruments are derecognised when the Bank no longer has control over
the contractual rights that comprise the instruments. This occurs when the rights are
realized, expire or are surrendered.

(d) Impairment

Financial assets are reviewed at each balance sheet date to determine whether there is
objective evidence of impairment. If any such indication exists, the asset’s recoverable
amount is estimated. Provisions are established by charges against income and are
maintained at a level considered by the directors to be adequate to provide for potential
losses.

(e) Use of estimates

The preparation of financial statements in conformity with IFRS requires management to
make judgments, éstimates and assumptions that affect the application of accounting
policies and the reported amounts of assets and liabilities and disclosure of contingent
assets and liabilities at the date of the balance sheet The estimates and associated
assumptions are based on historical experience and various other factors that are believed
to -be reasonable under the circumstances, and the results of which form the basis of
making the judgments about carrying values of assets and liabilities that are not readily
_ apparent from other sources. Actual results could differ from those estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions
to accounting estimates are recognized in the period in which the estimate is revised if the
revision affects only that period, or in the period, of the revision and future periods if the
revision affects both current and future periods. The accounting policies have been
applied consistently by the Bank and are consistent with those used in the. previous year.

Key source of estimation uncertainty is described in accounting policy 2(d)

3. Due from banks

Due from banks —‘demand ‘deposits earned interest at annual rates ranging from 1.00% =
* 23.00% at December 31, 2006 (2005 — 3.50% to 19.00%).

" | Due from banks — time deposits earned interest peetiual rates ranging from 1. 82% - 6.1% at
y | December 31, 2006 (2005 - 0.65% to 3. we ies
4. Due to customers and banks ~ time deposits

Interest was paid on balances due to customers and banks - demand deposits at.annual rates
ranging from 0% - 5.75% at December 31, 2006 (2005 - 0% - 0.25%).

Interest was paid on balances due to customers and banks - time deposits at annual rates
ranging from 1.45% - 8.98% at December 31, 2006 (2005 - 0.15% - 2.05%).

5. Investment

Investment comprises a US Treasury note (inflation linked), with an annual coupon rate of
3.375%, maturing in January 15, 2007 and inflation adjusted face value of $6,397,900 (2005
— $6,283,200) and market value of $6,355,960 (2005 - $6,330,324).

6. Financial instruments

The Bank is party to financial-instruments with off-balance sheet risk and other derivative
financial instruments in the normal course of business to meet the financing needs of its
customers, Financial instruments include commitments to extend credit at fixed and floating
rates, standby letters of credit and currency forward agreements. These instruments involve,
to varying degrees, elements of ‘credit and interest rate risk in excess of the amount
recognized in the financial statements. However, the Bank's credit risk is minimal, since
most of the instruments have been entered into on behalf of clients.

The contract or notional amounts of financial instruments reflect the extent of the Bank's
involvement in particular classes of financial instruments and do not measure the Bank's
exposure to credit or market risks and do not necessarily represent the amounts exchanged by
the parties to the instruments. The amounts exchanged are based on the contractual notional
amounts and the other terms of the instruments. Notional amounts are not included in the
balance sheet and generally exceed the future cash requirements relating to the instruments.

The Bank manages its exposure to interest rate changes, liquidity and currency risk related to
its portfolio of loans (Due from banks) and asset and liability deposits by maintaining a
matched book of assets and liabilities by currency and maturity. Its objective is to manage
the impact of interest rate changes on earnings. Derivative financial instruments (forward
contracts) used by the Bank to: manage currency risks for clients at the balance sheet date
were comprised of $3,557,627 (2005 - $nil) of purchase commitments and $nil (2005 - $nil)
of sale commitments.

Credit risk

Credit risk is the risk that a counterparty to a financial instrument will fail to dischagge an
obligation or commitment that it has entered into with the Bank.

The majority of the Bank’s financial assets are either on deposit with or due from affiliates.
Accordingly, there is minimal credit risk.

Fair values

Due to their short terms to maturity, the carrying values of cash and cash equivalents are
considered to approximate: their fair values.

Management estimates that the total fair values of depéait assets and liabilities do not differ
materially from their carrying values given that the average effective interest rates
approximate the current interest rates available to the Bank for loans and placements and
offered by the Bank for deposit liabilities-with similar maturities.

The fair value of the investment is disclosed in note 5.

7. Related party balances

The Bank entered into various transactions with the Parent Company and related parties. The
balance sheet include the following related party balances:





2006 2005
Assets
Due from banks — demand deposits $ 10,922,280 10,564,286
Due from banks — time deposits 36,079,849 22,931,442
Accrued interest and other assets 2,640,281 2,082,501
Liabilities
Due to banks - demand deposits 813,841

Accrued interest and other liabilities 114,026 92,940
———
(Continued)



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THE TRIBUNE

BANK HOFMANN (OVERSEAS) LTD
Notes to Balance Sheet

Fae

8. Commitments

The Bank has arranged outstanding guarantees amounting to $11,965,924 (2005 -
$1,141,857) on behalf of its clients. These guaranteed are fully collaterized by investments
and demand and time deposits.

Assets under management ‘

The Bank manages assets on behalf of its clients. The assets are held for the account and risk
of the clients, and are therefore treated as off balance sheet items. Total assets under
management at December 31, 2006 amount to $217.9 million (2005 - $162.8 million).

. Maturities and concentrations of assets and liabilities

. All time deposits due from banks and due to customers and banks are scheduled to mature
within one year.

Significant concentrations of assets and liabilities by geographical locations are as follows:

2006

United States Other Total

Switzerland
ASSETS

50,745,739
6,360,260
57,105,999

Due from banks 46,510,709
Investment 7
46,510,709

274,270
6,360,260
6,634,530

3,960,760
3,960,760

LIABILITIES

Due to customers

and banks $ = ed 50,592,685 50,592,685
$ = = 50,592,685 50,592,685

Switzerland United States Other

ASSETS

Due from banks 2,765,245
Investment =

2,765,245

34,088,789
5,987,138
40,075,927

19,318,862 12,004,682
5,987,138 -_
25,396,000 12,004,682

LIABILITIES

Due to customers
and banks 3,965,631

3,965,631

34,112,498
34,112,498

4,681,071
4,681,071

-_ 25,465,796
25,465,796

. Subsequent event

On January 26, 2007, Credit Suisse merged its four Swiss private banks - Bank Hofmann,
Clariden Bank, BGP Banca di Gestione Patrimoniale, Bank Leu and the securities dealer
Credit Suisse Fides to form a single autonomous bank called Clariden Leu..

Clariden Leu will operate in The Bahamas only through its new Clariden Leu branch (the
“Branch”). All rights, interests, benefits and advantages (including without limitation, the
benefit of all indemnities) under the documents signed or provided by the bank’s clients in
respect of their relationship with the bank were transferred and assigned to the Branch on
March 1, 2007.



INSBACHER

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

Duties 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.

FRIDAY, JULY 20, 2007, PAGE 11B





FOCOL’s four
for-one split

@ By NEIL HARTNELL
Tribune Business Editor

OCOL Holdings, the
BISX-listed petroleum
products supplier, yester-
day confirmed Tribune Business’s
exclusive revelations on June 8
by announcing a four-for-one
stock split of its ordinary shares.

The company announced that
shareholders who held one ordi-
nary share in FOCOL Holdings
at the close of trading on July 30,
2007, would be entitled to receive
four ordinary shares.

Colina Financial Advisors, the
company’s registrar and transfer
agent, will update the sharehold-
er registry on Friday, August.10,
to reflect the increased number
of ordinary shares and mail out
confirmations to investors.

This is the first stock split to
take place involving an equity
that is listed on the Bahamas
International Securities Exchange
(BISX).

Keith Davies, BISX’s chief
executive, yesterday described
stock splits as “a unique type of
corporate event” that is handled
differently in different jurisdic-
tions, the method used being dri-
ven largely by the way the regis-
trar and transfer agent handles
it.

Mr Davies explained that on
July 30, a “snapshot is taken” of
FOCOL’s shareholder register,
“and at that point everyone gets
an entitlement to receive four
new shares”.



@ KEITH DAVIES

The key word here, he empha-
sised, was “entitlement”. After
August Lo, all FOCOL Holdings
investors would hold four new
shares in the company for every
one they had previously held, and
the shareholder registry would be
updated to reflect this.

However, Mr Davies said trad-
ing in FOCOL Holdings stock
could still take place between July
30 and August Lo at the pre-split
price - $20 per share at yester-
day’s close on BISX.

The share registry would “take
into account any transaction
occurring between July 30 and
August 10, the split date”, the

- BISX chief executive said. Any-

one selling FOCOL Holdings
shares between those two dates
would lose their entitlement to
gain three extra shares for every
one they currently held, he added.

FOCOL Holdings yesterday

NOTICE

NOTICE is hereby given that REVEL MICHAEL FRASER
of # 8 INSPIRATION RD, P.O. BOX N-10478, NASSAU,
BAHAMAS, is applying to the Minister responsible for
Nationality and Citizenship, for registration/naturalization as a
citizen of The Bahamas, and that any person who knows any
reason why registration/ naturalization should not be granted,
should send a written and signed statement of the facts within
twenty-eight days from the 20TH day of JULY, 2007 to the
Minister responsible for Nationality and Citizenship, P.O.Box

N- 7147, Nassau, Bahamas.

indicated that trading at the new
split-adjusted price, likely to be
around $5 per share, was expect-
ed to start on Monday, August
13,

However, Mr Davies said
BISX would have to pick an ear-
lier date “before August 10,
beyond which we will adjust the
price”. This will be done to ensure
all trades at the pre-split price are
captured before August 13, as
completion of clearing and set-
tlement of all BISX trades, Mr
Davies said, took place three
days after the trade.

FOCOL’s stock split will
increase the volume of ordinary
shares outstanding to 34,430, 468,
compared to the existing
8,607,617.

Two analysts spoken to sepa-
rately by The Tribune believe the
company’s stock still has upside
potential at the current $20 per
share price, one saying the true
value of FOCOL Holdings was
$22 per share, the other $23 per
share.

Ken Kerr, head of investment
advisory firm, Providence Advi-
sors, told The Tribune of the stock
split: “It’s a great entry for new
investors coming in and being
interested in the stock. It’s a price
affordability issue more than any-
thing else, because the funda-
mentals remain intact for the
company.

“The real upside is in the abil-
ity to extract synergies from the
recent Shell acquisition, cost sav-
ings and bottom line impact.”

INSIGHT

For the stories
behind the news,
read Insight
on Mondays

FIRSTCARIBBEAN

INTERNATIONAL BANK
CAREER OPPORTUNITY

jor

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 relationships with
HNWIs, professional trustees and financial intermediaries.

Qualifications:

Internationally recognized Financial Planning or Investment qualification (e.g. FPC or
CFA).

e 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 balancing 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 for clients from various
jurisdictions.
Must be fully aware of latest KYC, AML and fraud prevention requirements and
monitoring tools.
Possess a strong knowledge of global economic and political conditions and current
affairs.

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 cliénts/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 and coaching skills

General sneaiiveapen talteeogtonalbidies
Ability to manage multiple priorities
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.

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

Remuneration:

e Salary commensurate with level 9 out of 11 pay levels °
¢ Benefits- comprehensive banking benefits, variable incentive pay (bonus) and preferred
loan rates

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

Applicants are requested to submit their resume with a cover letter via 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.

To advertise in The Tritune, just call 822-1986 today!


PAGE 12B, FRIDAY, JULY 20, 2007

THE TRIBUNE



COMICS PAGE






JUDGE PARKER

THOSE GOONS CAN
KICK THE DOOR DOWN
ANYTIME THEY WANT!

AT LUANN’S STUDIO, THE
APPARITION APPEARS AND. «+




OUR BIGGEST POTENTIAL CLIENT
EVER, J.J. VANDERWITT, WILL, BE
HERE IN 15 MINUTES! p








MATTER of FACT,
THE (OK DID
WoRK A> AN
L.A.B.D.
PATROLMAN.

RoN'D You

TIGER

a



4 ACROSS
Nullify, for instance, in neat 1
fashion (6) : 2
Spanish name for a plant and nothing

else (8)

Land of nuts (6)

Taking one in, he can make a sale (5)

Left a youngster out of society (4)

One on the drums during the Trolley

Song? (4)

Verse that gets an MEP upset about

nothing (4)

Ingredient of ketchup, and so on (3)

It's significant to most women (4)

Hay from the Balearics? (4)

How to be original (9)

Loudly persuaded to

mZzeoo— 41

have run away (4)

It's noteworthily symbolic (4)

That volatile gal (3)

Catch some big

rabbits (4)

A much admired figure (4)

Charge money - it makes sense! (4)
Aré such eyes considered

Ea

decorative? (5)

Perhaps not as a solo

piano work (6)

Amused when sent the long
way round? (8)

Railman’s drink? (6)

THE PAINTINGS ARE
NEARLY FINISHED.



“MAKE SURE
EVERYBODY
IS READY!

CRYPTIC PUZZLE

DOWN







---WE NEED'TO
FIND SOMETHING
TO DEFEND








DON'T worry, 2
BOSS... WE'LL BE






APPARENTLY
MOM DOESN'T
APPRECIATE
UNSOLICITED






Ys PIANO, SUT
LOONT LIKE

LISTENING

Like the following morning? (6)
Follow to:central Hammersmith in the
end (5)

She'll never be a right muggins! (4)
Lofty one upset about a bit

of a blow (5)

You'll quickly seize the resemblance
to"27 Across”! (4)

Sad to have upset the sitter (6)

A sound to detect (6)

It's highly likely to lead to a smash (3)
A fifty to one chance to be unique! (5)
Pointed to what's no-end nice in

solid fuel (7)

A much loved trumpet piece (3)
Jocelyn’s place (3)

In time, perhaps, a bit of a grudge
means little (6)

He's in the medical field (5) ‘
Well rebutted (3) 4
It's long and white with a raised black - :
piece (3) 0
Like to make “4” out of a“5" (6) :
Show willing (3) 15
All set to study a key part (5) :
A board game (5) 19
Dylan's new girl? (5) oH
Animal lover holding a cow's tail (4)

A piece of unsuitable work can get

you puffed (4)

a

aS
=
=

ise)
Q

o

EASY PUZZLE -

24
26
27

29
32
33

I FORBID IT! ) S7OP- TI CANT
- T= LATHE £

TST

LUCKILY, WE GOT THIS DEADBOLT
INSTALLED ON THE BREAK ROOM
DOOR JUST
LAST WEEK



Yesterday's cryptic solutions

ACROSS: 1, Toddle 7, Lot-hari-o 8, Saps 10, P-r-ague 11,
Act-I've 14, Rot 16, Aides 17, Ra-I-n 19, Bad-ge 21, Patio
22, Begin 23, Spat 26, Set in 28, So-u 29, P-lunge 30,
Seller 31, Heap 32, Con-Vince 33, Di-e-sel

DOWN:11, Tamper 2, D-ragon 3, Else 4, Chic-ago 5,
Bra-I-d 6, Voles 8, Sari 9, Put 12, Ti-e 13, Vesta 15, Latin
18, Angel 19, Bag(-shot) 20, Din 21, Pen-gui-n. 22, Bin 23,
Sol-ac-e 24, Pu-l-p 25, T-hr-ill 26, (all-)Spice 27, Turns 28,
See 30, She'd

Suoeovone mEO



34
Yesterday's easy solutions

ACROSS: 1, Pundit 7, Insanely 8, Same 10, Chimed 11, 36
Mature 14, Rat 16, Panes 17, Ores 19, Refer 21, Merit 22,

Radar 23, Bred 26, Divan 28, Tee 29, Animal 30, Forage

31, Road 32, Patience 33, Twelve

DOWN: 1, Poncho 2, Dramas 3, Tied 4, Parapet 5, Begun

6, Pyres 8, Sire 9, Met 12, Tar 13, Revue 15, Feral 18,

Resin 19,-Red 20, Fir 21, Manager 22, Ram 23,

Berate 24, Read 25, Dredge 26, Damps 27, Vista 28, Too

30, Fret







aa

*THEY SAY PRESERVATIVES ARE BAD FOR You, BUT
AT MY AGE I NEED ALLTHE PRESERVATIVES
| ICAN GET.”




ce

yy
0




South dealer.

47 | Both sides vulnerable.
BY NORTH
‘ AKQ5
VAK
AK 53
bI83
WEST EAST
864 3973
Â¥108763 v2
987 #Q102
&42 #109765
SOUTH
#102
Â¥QI5954
364
&AKQ
The bidding:
South West North East
1y¥ Pass 2% Pass
2 NT Pass 4NT ~ Pass
5¢ Pass S.NT Pass
64¢ Pass TNT

Opening lead — nine of diamonds.

The Vienna Coup is basically a
run-of-the-mill squeeze; it is too bad
that, on, account of its fancy name, it
sounds more difficult than it is. The
chief difference between a Vienna
Coup and a simple squeeze is that
declarer at a particular point deliber-
ately establishes a trick for the
defense before proceeding with the
squeeze.

GOCOM(CS, COM ( PONSOUITIZ

HOW many words of -
four letters or more 4
can you make from the | :
jetters shown here?In
making a word, each
jietter may be used once
only. Each must contain
the centre letter and
there must be at least
one nine-letter word. No
plurals or verb forms
ending in “s”, no words
with initial capitals and

The first word of a
inkjet printer).

TODAY'S TARGET
Good 13; very good 19; excellent 25.

Solution tomorrow.

ACROSS

Notices (5)
Spoor (5)
Otherwise (4)
Transparent (5)
Danger (4)

First batsman (6)
Type of acid (6)
Fabled bird (3)

Obscure (5)
Overdue (7)
Relative,
informally (3)
Boy (3)
Embellished (6)
Boarding house (5)
Suitable (3)
Rubbish (3)
Seldom seen (6)
Immerse (3)
Friend (5)
Motorcycle (5)
Anxious (5)
Roasting rod (4)
Benefit (4)

Box (6)
Alongside (8)
Religious festival (6) .
Clan (5)
Support (4)
Flatfish (4)
Lake (4)

Ready (3)
Disgusting (4)
Norse deity (4)
Shape (9)
Gesture (4)
Diplomacy (4)
Perform (3)

Aid in crime (4)

Radiate (4)

Metal fastener (4)
Inclination (5)
Felt (6)

Night (8)

Guard (6)





no words with a hyphen or apostrophe permitted.
phrase is permitted (e.g. inkjet in

T NEED SOME
HELP WITH MY

THATS THE
PROBLEM. I
CANT THINK
OF ANYTHING
TO ARGUE.

See
55> ee

<>
cS

%
S25





The Vienna Coup

seven notrump. The contract seems
to be laydown until — after winning
the diamond lead with the king and
cashing the A-K of hearts — he
learns that West started with five
hearts to the ten.

With only 12 sure tricks now in
view, South cashes the ace of dia-
monds to pave the way for an even-
tual. squeeze. It is this cashing of the
ace, establishing East’s queen, that is
called the Vienna Coup.

Declarer next plays the A-K-Q of
clubs and Q-J of hearts, producing
this position with East not yet having

played to the jack of hearts:
5 North,
; @AKQ5
West East
Immaterial 3973
#Q
South
#102
v9
oJ

East is helpless; whatever he dis-
cards, declarer scores the rest of the
tricks.

Note that if South fails to first
cash the ace of diamonds, he later
squeezes dummy instead of East and|
goes down in the grand slam instead
of making it. Establishing East’s
queen of diamonds early in the play
is the key to the successful Vienna

TARGET



SOLUTION :
amuse aneurism animus ANTISERUM antrum anus

arum atrium aunt auntie autism insure inure manure
mature meatus menu minuet minus minute murine
muse must muster mute muti nature naturism neum
nurse nutria ramus rimu ruin rumen ruminate rune
runt rusa ruse rust saunter sauté serum sinuate smul
sternum strum struma stum stun suer suet suit suite
sura sure surname sutra terminus triune true truism
- tsunami tuna tune tuner turn unit unite uniter unmet
unrest unseat untie urate urea uremia urinate urine

ursine user

new
word




means or tactics
in attempting to
PTetol =)

CHESS by Leonard Barden |



From an early game by Mikhail
Botvinnik (Black, to move).
Botvinnik, the patriarch of
Russian chess and world
champion for 13 years, became
the finest strategic player of his
generation, but when young he
preferred a sharper, highly
tactical style, leading to
positions like today’s puzzle.
The future grandmaster has
sacrificed a bishop to drive the
white king into the open, and at
first glance he can checkmate
quickly by 1...Qe3+ 2 Kxb4 a5+
3 KbS Ba6+ 4 Kc6 Rac8 mate.
White can defend much better
by Qe3+ 2 Bc3 Bd5+ 3 Kb2!
when the WK is safe while Black,
still a plece down, is threatened
with Qxg7 mate. Botvinnik
found a better idea, where the












TM SUPPOSED TO WRITE
A PAPER THAT PRESENTS
BoTH SIDES OF AN ISSUE
AND THEN DEFENDS ONE
OF THE ARGUMENTS.

STERPUNS FEBig FELVOAUN AQ THONCSOTEM C551 ©



THATS HARD \T'M ALWAYS
To BELIEVE. / RIGHT AND

FRIDAY,
JULY 20 =

ARIES — March 21/April 20

Risk-taking is not on the agenda this’
week, Aries. Walk the straight and,
narrow path, and you’ll find that,
things will go much more smoothly. 1

Expect Scorpio to pose a concern. '
(

TAURUS -— April 21/May 21 ,
See that new project through, Taurus. :
Don’t give up now that things have!
just begun. If you’re feeling over-'
whelmed, seek the assistance of a
family member who wants to help.

GEMINI - May 22/June 21
Your funk is over, and you have;
found a new outlook on life. This:
week should be a‘breeze for you,'
Gemini, with particularly good news'
arriving on Friday.
CANCER - June 22/July 22 |
Bad news finds you on Tuesday,!
Cancer. While it may be. a blow,’
you’ll survive the turmoil. Keep your!
chin up — better things will come,
your way next week. '

LEO - July 23/August 23!
The world is still offering you,
lessons, but you’ve tuned out. Get,
those ears working again and accept:
the things that you must change

about yourself,

VIRGO — Aug 24/Sept 22 '
Flirtation gives rise to passion by !
Thursday, Virgo. You’re showing off '
your wild side and loving every |
minute of it. Those close- to -you

might become concerned. '

LIBRA - Sept 23/Oct 23 ’
A friend comes to you with a serious +
problem, Libra. In your current state !
you are by no means ready to offer '
solid advice. Guide this person to ,
someone who can help for now.

SCORPIO -— Oct 24/Nov 22

Your ego has gotten in the way |
again, Scorpio, but you can redeem ;
yourself. That charitable act you’ve |
been -~"4ering could be the perfect |
way t. your sweet side. _'!

SAGITTARIUS — Noy 23/Dec 21 .
Trouble at, home escalates by :
Wednesday, Sagittarius. You’ve
made a mountain out of a mole-
hill. Change your strategy and you
could find a quick resolution.

CAPRICORN - Dec 22/Jan 20
No one is being fooled by your sincer- *
ity act, Capricorn. They’re all on to '
your hidden agenda. Don’t try to deny |
your motives — it will only make \
things worse in the end.

AQUARIUS - Jan 21/Feb 18

You are-not scoring well in the love
department, Aquarius. Fawning aver
your partner has only been giving
you the reputation of a pushover.
Define what you want, and go for it.

PISCES — Feb 19/March 20

Financial success is imminent this
week, Pisces. Just be sure to share
your wealth with someone desérving.
It will make it much more rewarding.

'
!
i
{

|
|
'
!
i
!
i
i



key Is Black's second tum, leading
to a rapid win. Can you do as well?

LEONARD BARDEN

‘SRR, RE EL

Chess solution :1..Bd5+!2 Kxb4 g6l and OFB+

isa decisive threat. The finish could be 3 Rcl QfB+ 4

Ka4 (4 Kc3 Rac8+ 5 Kd2 Bxf3+ wins the queen) bS+15
KothS RabB+ 6 Ka5 Qc5+ 7 Kad Qh5 mate.

Mensa quiz: 1. Mountaineer. 2. Divide, plus, multiply
and minus.

One possible word ladder solution is: POEM, poet,
port, pork, cork, cook, BOOK
THE TRIBUNE FHIDAY, JULY 20, 2007, PAGE 13B

FRIDAY EVENING a JULY 20, 2007

| 7:30 | 8:00 | 8:30 | 9:00 | 9:30 |) 10:00 | 10:30

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MPAGE 14B, FRIDAY, JULY 201H, 2007





















Sea

INSURANCE MANAGEMENT

(BAHAMAS) LIMITED. INSURANCE BROKERS & AGENTS

Wonrip Cities Marine FORECAST







Today Saturday : WINDS WAVES VISIBILITY WATER TEMPS.
“High = Low W High Low W WASSAU = Today: E at 7-14 Knots 1-2 Feet 6-7 Miles 86° F

F/C F/C F/C F/C . Saturday: Eat 5-10 Knots 1-2 Feet 5-7 Miles 86° F







FREEPORT Today: ESE at 5-10 Knots 0-1 Feet 6-7 Miles 85° F

Saturday: ESE at 5-10 Knots “0-1 Feet 6-7 Miles 85° F

: ABACO Today: ESE at 5-10 Knots 1-2 Feet 6-7 Miles 84° F

Partly sunny and Partly cloudy and Partly.sunny and Mostly cloudy, a Mainly cloudy, Mostly cloudy with a The higher the AccuWeather UV Index™ number, the Saturday: ESE at 5-10 Knots 1-2 Feet 6-7 Miles 84° F
seasonably hot. warm. seasonably hot. t-storm possible. t-storms possible. t-storm or two. greater the need for eye and skin protection.

High: 91° High: 91° High: 89° High: 87°

- High: 91° _ Low: 79° Low: ; Low: 75° Low: 75° Low: 75° a IDES FOR PT
eV Ela ee | VA Wem elas aN emacs eT ere aa AccuWeather RealFeel YN Ea aad :





[err Cae) * tera * eer)” eer 99°-81° F High _Ht.(ft.) Low __Ht.(ft.
The exclusive AccuWeather RealFeel Temperature® is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure, and Today 12:21am. 24 6:29am. 0.3
elevation on the human body—everything that effects how warm or cold a person feels. Temperatures reflect the high-and the low for the day. 12:52pm. 2.6 7:04p.m. 0.5




turday U08am. 23 7:09am. 03
Te Seturay isspm. 26 7.55pm. 06

Statistics are for Nassau through 2 p.m. yesterday Sunday 148am. 21 753am. 04



64/17 46/7 pc
66/18 41/5 sh.

































ABACO Temperature 2:28p.m. 2.5 8:51p.m. 0.6 Budapest _ 103/39 aie s
a HIGH sede sscassissccatesaat saccatesescctsensttessssnane 91° F/33°C. |) pga -~—Ss«éBulentos Aires. = D049 pe
Highs 1 F/33°C wo 79° Fi26°¢ Monday 9) Oe jase oF Califo. 01/3 100/37 75/23 s
Normal Wigh ooo... esssecssesssessssesssersenses B8°F/31°C «Caleta ee nse | 92/83 82/27 t
Normal lOW oo... cesessesseesesseeseeneeseseesses 75° F/24° C Calgary 75/23 54/12 pe
Last year’s High ....sccsssscsccssssssesseseeesen 91° F/33° C ATT yey ite cnn 91/32 71/21 pc
Last year’s IOW oc eseeeseeeseereeeees 74° F/23° C Caracas 82/27 68/20 pc
Precipitation Sunrise...... 6:32 a.m. Moonrise ... 12:03 p.m. Casablanca 71/21 63/17 s~
As of 2 p.m. yesterday .........sssssssssessssssseeee 0.00” Sunset....... 8:01 p.m. Moonset....11:52p.m. — Copenhagen 67/19 52/11 ¢
Year tO date .......cssssessse . 34, First Full Last New jublin 64/17 50/10 sh
High: 90° F/32° C Normal year to date 43": , I /21
Low: 78° F/26°C qi = sit |
AccuWeather.com 7222 B73 ¢
All forecasts and maps provided by 8780 72/22 ¢ Showers



AccuWeather, Inc. ©2007 Jul. 22 Jul. 29 Aug.5 ~~ Aug. 12 72 54/12 po T-storms Ra
anon ae ‘eva2~ 8207 t Rain | °
Flurries Fronts
m3 Pe eh Sh itions of weather systems and oe ta
own are noon positions of weather systems an =
a0 sare « 8 eA Ie precipitation. Temperature bands are highs for the day. dow: 4
; ce Forecast high/low temperatures are for selected cities. Stationary Mergen |
KEY WEST CAT ISLAND
High: 89° F/32° C

Low: 81° F/27°C ‘London

Niro) i ISURATIC

_ SAN SALVADOR
High: 89° F/32°C
Low: 75° F/24° C

Moscow



Shown is today's weather. Temperatures are today's
highs and tonights's lows.

73/22 49/9 c

High: 92° F/33°C
Low: 80°F/27°C
64/17 pc

83/28 s






























Today Saturday . Saturday Today Saturday E MAYAGUANA

High Low W High Low W High Low W High Low W High Low W Low W High 88°F/31°C 38

FIC FIC FC FIC aie FC Fi FC -Low:76°F/24°C 68/20 t
Albuquerque 92/33 68/20 t 94/34 68/20 t _—_Indianapoli 0/26 | BINS 8 3 36/2 ¢
Anchorage 72/22 55/12 s 73/22 5713 s Jacksonville © 98/36 76/24 t 92/33 72/22 t Phoenix | 28 73/22
Atlanta 90/32 68/20 t 87/30 6648 pc KansasCity 84/28 6548 s ° 87/30 67/19. s- Pittsburgh 2th 2 pe RAGGED ISLAND Hi ae ‘ oS = a :
Atlantic City 82/27 59/15 t 82/27 60/15 pc LasVegas 107/41 79/26 s 106/41 82/27 s Portland, OR 73/22 rea r 75/23 63/17 __ sh High:87° F/31°C , F/24°C Senne 69/20° S512 pe = :
Baltimore 86/30 62/16 pe 82/27 60/15 pc Little Rock «90/2 71/21 t 89/31 68/20 pe _— Raleigh-Durham 92/83 6317 t 88/31 62/16 pc Low: 70°F/21°C ‘Sydne “Bt NG 48/8 . a
Boston 83/28 62/16 t 79/26 62/16 pc Los Angeles 82/27 65/18 pc 85/29 65/18 pe St. Louis 83/28 61/16 pc 85/29 64/17 5s . ee ana eQacaec7ane'st - : ; M AN AGEMENT
Buffalo 72/22 56/13 pe 75/23 56/13 pc Louisville 82/27 60/15 pc 83/28 62/16 s SaltLakeCity 98/36 70/21 s 96/35 69/20 pc GREAT INAGUA Tokyo 81/27 76/24 t ct XS
Charleston, SC 96/35 74/23 t 91/32 70/21 t Memphis 88/31 69/20 t 89/31 68/20 pc San Antonio 90/32 74/23 t 89/31 73/22 t: High: 88° F/31°C “Toronto © aie °-75/23° 57/13 pe RANCE BROKERS & AGENTS
Chicago 74/23 542 s 78/25 5713s Miami 90/32 79/26 pe 90/32 79/26 t SanDiego 74/23 66/18 pc. 76/24 68/20 pe ta 76° F/24° Trinidad 91/32 68/20 pc
Cleveland 74/23 54/12 pc 76/24 57/13 pc —— Minneapolis 80/26 62/16 s 87/30 66/18 s San Francisco 72/22 58/14 pe 74/23 58/14 pe et? s Vancouver 69/20 59/15 sh Ne Flouthera Fyumie
Dallas 92/33 75/23 pe 92/33 74/23 t Nashville - ~ 86/30 62/16 t 88/31 62/16 pce Seattle 69/20 58/14 rt - - 71/21 60/5 “sh Vienna 89/31 - 57/13 pc RIBLER 5} 4 Te 94) 33). 986) ie: M 33 1
Denver 88/31 64/17 pc 96/35 65/18 pc New Orleans 92/33 76/24 t 92/33 76/24 t Tallahassee 98/36 74/23 t 92/33 73/22 t “Warsaw 82/27 57/13 t t { } f Le, }
Detroit ~ 76/24 5613 pe 80/26 59/15 pe New York “82/27 66/18 pe 82/27 67/19 pe Tampa - 92/338: 77/25 t ~~ 92/33 76/24 t~ : Winnipeg 82/27 64/17 s
Honolulu 90/32 78/25 s 91/32 78/25 pc Oklahoma City 92/33 70/21 t 93/33 71/21 pe Tucson 99/37 78/25 pce 94/34 77/25 t : !
Houston 87/30 74/23 t 90/32 74/23 t Orlando 95/35 75/23 t 93/33 75/23 t+ Washington,DC 86/30 64/17 t 84/28 65/18 . pc Ste Pei abe See SAG vice ueeonation. Hearats





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