Eastmond Adds Her Say On Proposed BS&T Merger
Web Posted – Sat Jun 30 2007
By Stacia Browne
Commanding more than 40 per cent of the market and consolidation are the primary concerns of Senator Lynette Eastmond and one of her lead agencies, the Fair Trading Commission, in their assessment of the race for local conglomerate BS&T. Speaking at a press briefing yesterday, the Minister of Commerce, Consumer Affairs and Business Development stated that the issues which fall to the regulation of Government have to do with the proper regulation of the market.
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Lynette Eastmond, Minister of Commerce
Each and every time BU read or listen to Senator Eastmond of late we struggle to keep our hope alive that she is the right person to run such an important ministry. BU wonders if a person with an established track record in business would not do a better job. We of course mean nothing personal towards the lady. She is easy on the eye, articulate and one could easily see why in a country where there is a dearth of local knowledge about consumerism and commerce willing to enter politics, why she would hold-on to her job.
The latest “foolish” statement is the assertion that because the Fair Trading Commission has performed some ratio analysis which points to the proposed merged entity of Neal & Massy, BS&TT not owning more than 40% in any of the business sectors they currently operate, the deal would have no effect on the economy of Barbados. On that basis she is has given her blessings to deal! When BU read this news it reinforced in our minds why the business sector in Barbados has been so passive under this Barbados Labour Party government. BU yet again wishes to reiterate that we have no problem with foreign investment flowing into Barbados. In a free market world if we have to manage a mixed economy it is inevitable that any government of Barbados must formulate a strategy to encourage the right mix of investment that will strengthen our business sector to be able to compete. More importantly is the need to shift to export oriented enterprises that will allow small and vulnerable economies like Barbados to support the high standard of living we currently enjoy.
Selling our finite land resource and building condominiums is not a sustainable solution!
The point which the lovely Senator continues to miss, and many of her colleagues, is the high level of investment of T&T companies and how as a group one country can now influence the economy of Barbados. People in the business of managing risk should be very concern at the risk profile which has emerged with the veracious acquisition of Bajan entities by T&T companies. T&T owned companies now dominate in all key sectors of the Barbados economy. We should take the time to remind the Senator that CLICO, Ansa McaL, Arawak Cement, and several other T&T businesses have operated in Barbados for years without attracting undue criticism.
The inflow of T&T capital is being encouraged by Eastmond and her government against the background of zero-reciprocity. How can we forget the millions spent on challenging T&T to appear before an international tribunal to determine sea boundaries. So was it about hydrocarbons or fishing boundaries? BU is not naive but is seems that the outcome from the tribunal ruling justifies our conclusion that the fisher folk of Barbados have been deemed expendable by the government of Barbados. Is Arthur who has been portrayed as the leader of all Caribbean leaders so blind and helpless that he cannot “squeeze the balls” of Patrick Manning to seek resolution on the fishing agreement? Senator Eastmond can you enlighten him as to how it can be done?
Senator Eastmond we have observed that your contribution over on the Barbados Free Press website has waned of late. We know that it is wishful thinking that you would want to clarify some of the issues which BU continue to raise in this article and others__we hope that there is no gag order in effect! The positive coming out of the fight for the lone Barbados conglomerate is the discussion which has led to concern it has galvanized among Barbadians. BU remain hopeful that the unsubstantiated reports about a Bajan consortium which is comprised of Kyffin Simpson, David Seale and others will be successful in their bid to own BS&T.
BU understands that the shareholders of BS&T may be offered up to $10.00 per share!
It warms the hearts of the BU household that we still have some the Bajan pride to step-up even at this late stage in the face of the T&T invasion. We wish the consortium well even if it looks like it will continue to tighten the strangle hold the white mercantile class has on the country. Barbados is in a difficult position but we agree with the adage that “home drums beat first”. Senator Eastmond must understand that to compare the integration of the developing economies in CARICOM to the very developed ones in the EU is stupid. A Pan-caribbean company can exist to distribute those products and services which can benefit from economies of scale.
BU agrees with MP Kellman on this point!
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Lynette Eastmond is a blabbering waste of space what an idoit she is.
Lynette Eastmond was once referred to as ‘motor mouth’ by someone on air.
Any one else realising how the public views her with scant respect would have shut up by now – not her however – she obviously (but sadly wrong) thinks she is a ‘success’.
listen can you all stop for minute or two think what you all saying here about someone who is importnamt to bajans there and everry where.
butt he way this is laurine talking to people here who very disrepect ful
She is drifting in her sea of confusion and uncertainity not knowing where she should be turning to for electoral support, certainly not towards Owing, not any longer Julie has put paid to his nonsense and village ram mentality.
She is on her own and she is at sea in others words she is an absolutely worthless, useless minister but alas she is only one of many like, Walcott, Clarke, Lynch, Liz Thompson, Mottley, Marshall, Toppin, Owing they are working at idle hall and we are paying them for their idle time.
Interesting points wishing in vain. I too wish for the day when Ms. Eastmond does not have the oppurtunity to put her foot in her mouth so often.
What she has been quoted on record for is total hogwash.
I do hope the masses will know they have the power to remove this bunch of conniving crooks and robbers aka BLP. They are really the highest paid government idlers 🙂
K.O.S this is just another case of Owing seeing after his own and putting money in someones pocket who happened to be one that he is intimate with, You cannot question his motives can you?
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really need it for a project at Christ Church Foundation School.”The BEST SCHOOLin the world.”Thanks again see you soon have a good day from the whole family.