Submitted by David Comissiong, President,Clement Payne Chambers
CLEMENT PAYNE MOVEMENT
CLEMENT PAYNE CULTURAL CENTRE
CRUMPTON STREET
BRIDGETOWN
BARBADOS
25 January 2017
Ms Sandra Sealy
Chief Executive Officer
Fair Trading Commission
Green Hill
St. Michael
Dear Madam
Re: Proposed Sale of the Barbados National Terminal Company Limited and its proposed merger with the SOL Group of companies
I write this “Open Letter” to you as a Citizen and taxpayer of Barbados, and also in my capacity as President of the Clement Payne Movement of Barbados.
Over the past fortnight I have been approached by many individual citizens and residents of Barbados, and – in a more organized manner – by members of the Barbados Integrity Movement (BIM), expressing great concern about the proposed sale of the Barbados National Terminal Company Ltd (BNTCL), and its proposed merger with the Kyffin Simpson-owned SOL Group of companies. (I would also like to note for the record that the BIM provided me with much valuable information about the proposed sale/merger.)
As you are aware, the statutory agency that you lead – the Fair Trading Commission – was established by the Government of Barbados in the year 2002, and was given a mandate to promote, maintain and encourage commercial competition in Barbados for the benefit of the Barbadian people. In addition, your agency was mandated to prohibit and prevent the restriction of competition and the abuse by large monopolistic enterprises of any dominant positions that they may acquire in any particular area of trade or commerce in our country.
It is also important to note that the other statutory agency with which we are concerned here – the Barbados National Terminal Company Ltd (BNTCL) – was established a mere four years earlier (in 1998) on the identical anti-monopoly principles of free and fair competition.
Indeed, the BNTCL was incorporated by the Government of the day following the closure of the Mobil Oil Refinery, and was designed to be a governmental corporation that would manage the storage and distribution of all gasoline, diesel, heavy fuel oil, kerosene, and aviation (jet) fuel imported into Barbados. And, as a governmental entity, BNTCL was required to relate to and service ALL of the private fuel and gasoline retail companies operating in Barbados on a basis of absolute fairness and equality.
Furthermore, the existence of the Government-owned BNTCL definitely benefitted the people of Barbados, in that the rate of return that BNTCL set for itself was a mere one-half of one percent, as against the previous rate of 12 per cent that Mobil charged when it ran the fuel storage facility! Thus, the state-owned BNTCL was not motivated by mere profit-making considerations, and instead set out to ensure that Barbadian consumers got the best prices possible for fuel products.
And so, over the past 18 years Barbados has consciously pursued a distinct state moderated anti-monopoly policy in the fuel distribution and retail sector of our economy, and this policy has worked well for our nation and people.
Now, however, there are signs that the “monster” of private sector, profit driven, monopoly is rearing its ugly head in this sector of our economy.
At present, the fuel retail market in our country is controlled by a mere two companies – Rubis Caribbean which controls 30 per cent of the market, and the SOL Group which controls a massive 70 per cent of the market.
Now, this level of monopoly or oligopoly is extremely disturbing as it is: but, to make matters worse, we have recently learnt that the present Government – which was reelected to office in 2013 on a distinctly anti-privatisation platform – has entered into an agreement to sell the BNTCL (the company that owns and operates our nation’s only oil terminal) to the Kyffin Simpson-owned SOL Group, and to thereby bring about a “Merger” between the SOL Group of companies and BNTCL.
It is against this background that the Clement Payne Movement now hereby makes an official request that the Fair Trading Commission carry out a comprehensive investigation into this proposed sale of BNTCL to the SOL Group, with a view to exploring all of the possible “anti competition” and monopolistic implications of the said sale.
- Relevant link: Letter sent to FTC
Indeed, we wish to remind the Fair Trading Commission that under Section 5 (I) (e) (III) of the Fair Competition Act, Chapter 326 C of the Laws of Barbados, the Fair Trading Commission possesses the power (and is bound by a statutory duty) to take such action as it considers necessary to prevent mergers that are detrimental to the principles that the Commission is mandated to uphold.
The Clement Payne Movement has paid very close attention to Section 20 of the Fair Competition Act, and we believe that this section of the Act provides your Commission with an excellent framework for analyzing the relevant facts and for ultimately determining that the incestuous sale of BNTCL to SOL must not be permitted to be consummated.
The relevant portions of Section 20 are as follows :-
(1) From the commencement of this Act, all mergers by an enterprise that by itself controls not less than 40 percent of any market are prohibited unless permitted by the Commission in accordance with this section.
(Thus, in light of the fact that SOL already controls a massive 70 per cent of the market, a “prima facie” case already exists for prohibiting its merger with BNTCL ! Indeed, the Commission is obligated to begin the process with a preliminary decision in favour of prohibiting the merger – a decision that may only be reversed if there are really compelling reasons to do so!)
(2) The Commission shall conduct an investigation into the proposed merger in order to satisfy itself that the proposed merger would not affect competition adversely.
(Mr Mauricio Nicholls, the CEO of Rubis Caribbean, has already publicly pointed out that competition will be adversely affected in that Rubis’ business in Barbados is dependent on the operations of the country’s only fuel terminal, and that with the proposed merger the said fuel terminal will be exclusively in the hands of Rubis’ sole competitor. One therefore cannot want any more direct or compelling evidence of an adverse effect on competition than this!)
(3) The Commission shall conduct an investigation into whether the proposed merger would be detrimental to consumers.
(SOL is a private sector company that operates on a profit maximizing principle, and that has to answer to its profit-demanding shareholders. No doubt, it will be driven by the desire to recoup the tens of millions of dollars it will have spent on acquiring BNTCL and by the additional desire to make a profit on its investment. Thus, only a purblind idiot would believe that such a sale and merger would not bring in its train increases in retail fuel prices to the Barbadian consumer!)
(4) The Commission shall conduct an investigation into whether the proposed merger will be detrimental to the economy.
(In the six years between 2011 and 2017 Rubis Caribbean purchased Chevron Texaco’s Barbados operations; invested an additional US $50 Million in Barbados; increased its number of service stations from 12 to 17; and is in the process of constructing its Caribbean headquarters building in Barbados. But, Mr Mauricio Nicholls, Rubis’ CEO, has publicly warned that if Rubis’ sole competitor – the SOL Group – is given the distinct and unassailable competitive advantage of owning the country’s only fuel terminal, that Rubis will have to reconsider remaining in Barbados. Therefore, the clear answer to the question is:- yes, the proposed merger would be detrimental to the Barbados economy!)
It should also be further noted that none of the factors specified in Section 21 of the Fair Competition Act for permitting a merger apply to this case. These factors are as follows:-
1. A merger may be permitted if the parties establish that the merger is likely to bring gains in real efficiencies that are greater than the effects of the limitation on competition that are likely to result from the merger.
(It is difficult – if not impossible – to conceive of a more efficient arrangement than the one that exists now, with the state-owned entity fairly and even – handedly servicing all of the private sector retail companies, and at the same time looking out for the consumer by settling for a rate of return that is extremely modest and yet still sizeable enough to enable the enterprise to make a more than reasonable profit for the Government and people of Barbados. Thus, one CANNOT argue that the proposed merger will bring any gains in efficiencies, much less any gains that would be capable of off-setting the obvious ill effects of the limitation on competition that the merger would cause.)
2. A merger may be permitted if one of the parties to the merger is faced with actual or imminent financial failure, and the merger represents the least anti-competitive alternative uses for the assets of the failing business.
(This is a total non-factor! Not only is SOL one of the richest, most powerful and most stable companies of Barbados, but no less an authority than Sir Frank Alleyne, Government’s former Chief Economic Adviser, has publicly described BNTCL as the “Crown Jewel” of all Government enterprises! Thus, neither one of these profitable and stable companies requires this proposed merger in order to survive!)
It is against this background therefore that we now call upon the Fair Trading Commission to do its duty and to protect Barbados and Barbadians from the spectre of unhealthy monopoly and the unholy restriction or distortion of competition that this proposed sale and merger portends.
We also remind the Fair Trading Commission that it is an INDEPENDENT entity that is governed by its own Act of Parliament, and that it not beholden to any particular Minister of Government or partisan political Administration.
We trust that the professionalism and objectivity of the Fair Trading Commission will shine through all of its dealings with this matter, and that there will be no need for recourse to the ultimate Review role that the Supreme Court of Barbados always reserves for itself in matters of this nature, particularly where duties are imposed and procedures stipulated by an Act of Parliament.
We now look forward to hearing from the Fair Trading Commission as soon as possible.
Yours faithfully
DAVID A. COMISSIONG
PRESIDENT
If SOL as stated has 70% of the distribution market why is this sale even being contemplated? Why is there a feeling the political directorate expects the deal to be rubber stamped by Jeff et all?
Thanks Peter, a typo.
@David
The letter asserts that Sol has a 70% share of the distribution market, not 30%.
I have never read the Fair Competition Act, but Mr. Comissiong makes a convincing case here. I fear that the reason for the sale is also under Section 21 of the Act: “A merger may be permitted if one of the parties to the merger is faced with actual or imminent financial failure.” In this case the party faced with imminent financial failure is the Barbados government. Without this US$100 million in the treasury soon there will probably need to be draconian restrictions on access to foreign exchange.
I know that the Barbados government does not meet the criteria of this clause: it is a shareholder rather than a party to the merger.
@Peter
Based on the mouthings of government operatives there is no imminent financial crisis. Also, we must remember RUBIS has expressed an interest in the deal. There appears to be room to negotiate this matter without selling the whole hog to SOL.
Some years ago, when there was a thriving 2nd hand car sale activity, the oligarchy that was located on Fairchild Street met with others of the afflicted sorry i meant to type affected (but i past the word now) met and decided that it was “buyout time”
And so, one friday evening 45 minutes after the specific car dealership had closed, a certain man from the Customs and Excise Department slinked into the said dealership and got into a brand new ******* car and drove out
And that was the end of the 2nd hand car industry.
It is similarly purported that, when SLIME and SLOW and the other entity wanted to continue raping the populace of Barbados by (a) charging the caller AND THE EFFING RECIPIENT of cellular for phone calls (b) administering an accounting system which continues to teif minutes from users of phones & THE FTC still ent got no way AND JES IS NOT INTERESTED in double checking if this is true.
NOw it is purported dat all of de staff up deah does get Samsung phones and pay nothing as their monthly bill comes due but the bowl of pottage that the FTC (IS PURPORTED TO) drink from with its apertif of Samsung S7’s cannot obtain under the noble Jeff Cumberbatch.
In the USofA FTC members/staff having charge accounts at the same SOL outlets would be construed a conflict of interest but how would one expect Jeff to know if, hypothetically speaking, Sandra and She husband got charge accounts deah.
In fact, barring someone giving verbal assurances that their S7 or their gas DOES NOT COME FROM or is a bribe for soft enablements THERE IS PRACTICALLY NO WAY FOR Jeff to know if a feller getting kick backs.
Always remember that Frank King, the man of honour that he was, and still is, is purported to have resigned when he is said to have encountered similar “pottage bowls” when Minister Ronald Toppin was in power.
Purport verb “appear or claim to be or do something, especially falsely; profess. an in “she is not the person she purports to be” synonyms: claim to be, profess to be, pretend to be;
Need anymore be said? Thank You PLT
“In this case the party faced with imminent financial failure is the Barbados government. Without this US$100 million in the treasury soon there will probably need to be draconian restrictions on access to foreign exchange.”
The joke is, Mr DC writes as though Rubis is a charity? I cannot believe given the movement in bulk oil prices versus the price at the pump, that the BNTCL was only making those mark-ups? What were they doing….passing the product through another entity first? And how would those minimal mark-ups make it a jewel in anybody’s crown?
Connect the dots.
http://solpetroleum.com/guyana
http://www.forbes.com/sites/clairepoole/2017/01/12/big-oil-discovery-could-boost-growth-at-exxon-mobil-hess/#1548eb235b75
THERE WILL BE no devaluation of the Barbados dollar! – See more at: http://www.nationnews.com/nationnews/news/92842/pm-devaluation-barbados-dollar#sthash.teGrqvCs.dpuf
Since many of our “indigenous” companies are foreign owned, I PERSONALLY do not have a problem with government selling BNTOC to the SOL, a company owned by a Barbadian.
The fate of Barbadians, their jobs, homes, businesses, savings, insurance coverage, etc, lay predominately in the hands of foreigners………. Trinidadians in particular.
Barbados Shipping & Trading (BS&T) is now owned by Trinidadian Massey Group of Companies and was rebranded as Massey, thereby removing BS&T forever from our landscape.
Barbados Holdings Limited (BHL), which produces our Pine Hill Dairy milk and award winning Banks beer, is now owned by the Brazilian company AmBev.
Barbados National Bank is owned by Trinidadian Republic Bank and was rebranded to reflect its ownership, removing “Barbados” from its name.
Barbados Light & Power Co. Ltd., is now owned by the Canadian company Emera.
The Trinidadian owned Ansa McAl Group of Companies own Stokes & Bynoe and Brydens Stationery.
90% of the stalls illegally constructed in the old Fairchild Market compound are owned by Guyanese & Jamaicans, while at least 60% of the stalls located in front the Fairchild Street Bus Terminal are operated by Guyanese.
Majority of the vendors in Spry Street are Jamaicans.
Why should there be concern as to why government did not sell the oil company to the FRENCH based international private limited company, RUBIS?
Artaxerxes,
Do you think that seminal statement of Barbados for Bajans which you just announced resounds with Sandra Sealy of the FTC, or Humpty Dumpty of the Immigration Department or Downlowe and the Cahill scam or Alleyne Arthur as he sold out the Bank and the effing list goes on and on on both sides?
Each one of those illegals that you cited in those various venues has paid Humpty Dumpty $800 for the 3 month extension that exceeds the 6 month maximum for the last 5 years!!!
Why should we get vex bout trunks 2000 mile wall when right here our people jes selling out for thedown payment for the apartment buildings?
When trunk started talking bout mek king America Great again the message was and is, let us get rid of the foreigners.
And you dun see that he won.
Unfortunately In addition to the sellouts like Humpty Dumpty and Alleyne Arthur tell me how many Bajans give a flying bag of badword?
We are doomed
The Barbados economy is now officially – deflation – why is this not talked about among professional economists?
@Hal
This is a good point. In the traditional media we are subjected to the same two or three talking heads. If you peruse the UWI, Cave Hill website there are several economists with all their credentials who are happy to ‘lecture’ students unlike the Jeffs of this world.
Now that the PM has signaled that he will approve the Hyatt hotel project will we see Comissiong filing the injunction as promised?
David,
What we have a new generation of economists being taught by an older generation from the same old lecture notes.
In effect the same old same old. Our media executives are out of their league.
Art….whenever Simpson is through with the oil company, if he is alive, if not his children and grands if they do not keep it, will sell to a foreign entity for 5 times what they paid government for it, it will never be locally owned after that….
…… do you see any of these 2 clown governments raising Barbados to a financial level that they can repurchase an entity for half billion dollars or more….have they ever done it in 50 years, they only know how to sell state assets, the government ministers of either party do not know how to purchase appreciating assets to benefit the majority population and never have….with theur track recirds, they never will..
Given how much Barbados imports, and the persistent issues with productivity over the years, it would have to be supply side deflation? Hoarding money?
Doesn’t the GoB, and for years, set the retail price of petroleum products? The value in the distribution (BNTCL) is the monopoly status. Once privatized, what is to stop Rubis from opening their own distribution network? The Rubis squeeze is when their selling price is dictated, and their input cost is controlled by a competitor.
Seems SOL is paying a lot, unless it comes with certain guarantees on distribution rights?
We have to eyeball the terms of the agreement.The reporting suggest the ministry of commerce will continue to set the price points for the petroleum products. The agreement may disallow transfer of the entity to foreign hands. We need to see the agreement.
What “I think” Hants was suggesting….connect the dots….is because of SOL’s buying power, they own retail distribution centres in many places (and I do not know the distribution set up in J’ca, Guyana etc) but their profit may come from being able to buy cheaper than the GoB. Given such products have a connection between volume/price, this is highly likely.
For the thrust of DC’s argument to be valid, prices would have to rise, otherwise the consumer is paying no more and not disadvantaged. The profit he so detests is coming from economies of scale, And prices cannot rise if they are controlled by GoB.
The issue for Barbados is to ensure we ringfence our local market. By any measure the concentration of interest by SOL in the local market is excessive.
All that can be avoided by establishing a prices and income commission.
Hal Austin, perhaps your comment re: “What we have a new generation of economists being taught by an older generation from the same old lecture notes,” is NOT confined to the Caribbean, but applicable to ALL world-wide universities.
@ David
Are you suggesting UWI lecturers should write newspaper columns similarly to Dr. Tennyson Joseph and Jeff Cumberbatch?
And while perusing UWI’s website, did you read, for example, any research items, technical reports or articles written by Dr. Philmore Allyene, Dr. Dwayne Devonish, Dr. Clyde Mascoll or the late Prof. Roland Craigwell?
Have you read “Foreign exchange reserves – how much is enough?” written by former Central Bank Governor, Dr Marion Williams?
The material is there for all to read, but rather than search for it, you would prefer, in the absence of the necessary information, choose to be overly critical of UWI.
The problem with us is, when Dr. Robinson speaks on economic issues he is deemed to have spoken from a DLP perspective and Dr. Mascoll’s comments on economic issues are interpreted as him presenting a political opinion from a BLP perspective.
Jeremy Stephen also comments on economic issues in Barbados and uses the traditional media and the call-in-programs to “spread” his message. When he first became president of the Barbados Economic Society, Maureen Holder of CBC’s “Talk ya Talk” and a few pro DLP callers to that program held Stephen in high esteem.
Now Stephen has been commenting about the true state of the Barbados economy, he can no longer hold audience with Holder at CBC and he is now labeled a supporter of the BLP. Chris Sinckler uses parliament to assassinate the man’s character and as recent as Tuesday this week, he once again made disparaging remarks about Stephen.
Yuh just can’t win wid wunnuh.
@Artax
You are saying the sum effort of the majority of our academics is to deposit their research papers in the public place?
The counter argument is BNTCL has been around for many years, and other retailers could have entered the market, guaranteed the same buying price as SOL and Rubis?
Today, a major component of a “gas station” are other items. Why we see in other places, retailers commonly associated with small convenience type stores getting involved in gasoline retailing. It is not a major investment in comparison to some others (manufacturing).
What is amazing to me is that these jackasses, having acknowledged that their ‘no-privatisation’ lies were nothing more than election-podium fantasy, didn’t start by getting rid of the money-pit organisations like CBC, NCC, NHC, MTW which are sinking us.
This is nothing more than a desperate measure to repay Kyfin’s decades of DLP favours.
There will be no economic recovery under Fumble’s teefin Fools.
David
I think he’s saying that we are lazy. Rather than search and read for ourselves, we want to be spoon fed. Yet when we are fed, the feeders are considered political. We are however willing to be spoon fed garbage from the politically non-aligned, sorry “BDLP” non-aligned. #shamedthompsonsupporterswsitingongodot
@enuff
And if the academics realise there is a dearth of financial acumen in the media and wider population read gap how should they respond? Continue to do what academics in Barbados do? Who is responsible for finding ways to educate the public? Not those with the knowledge?
NorthernObserver January 26, 2017 at 7:56 AM #
The counter argument is BNTCL has been around for many years, and other retailers could have entered the market, guaranteed the same buying price as SOL and Rubis?
Today, a major component of a “gas station” are other items. Why we see in other places, retailers commonly associated with small convenience type stores getting involved in gasoline retailing. It is not a major investment in comparison to some others (manufacturing).
The planning process for new service stations borders on the impossible, even after a decade of effort and expense. The process alone requires a BDS$300,000 investment, nothing to do with land and building.
Barbados is not a business-friendly place, that is the major impediment to fair competition which has gotten much worse under this DLP gov’t who have no comprehension about business facilitation.
@Frustrated
Would you buy the CBC or the MTW etc? They need $$$, and will sell that which they can find buyers for, and where they can show value for money. The other which might attract attention is the GAIA, but we know that is a labour relations nightmare for any buyer.
Enuff January 26, 2017 at 8:13 AM #
“David: I think he’s saying that we are lazy. Rather than search and read for ourselves, we want to be spoon fed. Yet when we are fed, the feeders are considered political. We are however willing to be spoon fed garbage from the politically non-aligned, sorry “BDLP” non-aligned.”
@ Enuff
EXACTLY!!!!!!
However, I’m sorry that I was not as concise with my comments as you were.
@Frustrated
“The process alone requires a BDS$300,000 investment”, if true that is ridiculous. These are cookie cutter buildings and storage, even if you include a fluid change facility.
@ NorthernObserverJanuary 26, 2017 at 7:30 AM
“The profit he so detests is coming from economies of scale, And prices cannot rise if they are controlled by GoB.”
Excellent observation!
What you are implying here is that the death knell now ‘tolls’ for the parent company BNOC. The BNTCL is the cash cow of that State-owned commercial entity.
In the absence of this cow which was milked (until its udders were at times sore) to facilitate the government ‘s emergency cash flow requirements we cannot see it surviving unless subsidized by taxpayers.
Who would want to buy its crude other than Emera via a most convoluted transportation, refining and trading arrangement?
Would Emera (BL&P) be now given the right to import and store its own fuel oil and diesel requirements instead on total dependence on SOL?
If the government does not see the necessity to directly control the importation, storage and distribution of these finished petroleum products why is it so keen to keep control over prices? Shouldn’t this be left to market forces within a regulatory framework under the ambit of the FTC?
Why do taxpayers have to be saddled with the cost of a ‘separate’ Cabinet minister to perform a non-existent function and to exercise ghost responsibilities for energy other than that for policy formulation for the developing alternative energy sector?
Artax,
No. It does not apply all over the world.
NorthernObserver January 26, 2017 at 8:19 AM #
@Frustrated
Would you buy the CBC or the MTW etc? They need $$$, and will sell that which they can find buyers for, and where they can show value for money. The other which might attract attention is the GAIA, but we know that is a labour relations nightmare for any buyer.
I’m no Kyfin business magnate, but let’s say that we offered CBC, Kensington Oval, Gymnasium etc. to qualified applicants around the world for BDS1.00 per year on a 25 year lease with no Sandals-like tax concessions except on facility-improvement imports.
Let’s say some entertainment/sport entrepreneurs from around the world, who may be short on cash but long on ideas and effort, took us up on our offer after meeting qualifications and conditions.
In one swell foop the gov’t of BDS has saved 50 million dollars per year in expenditure and embraced new thinking and benefited nationally by new investment. We have also turned tax-spenders into tax-payers.
Or, we can continue doing what we are doing until no-one will cover our staggering losses any longer and we become Greece.
@ HantsJanuary 25, 2017 at 10:28 PM
“THERE WILL BE no devaluation of the Barbados dollar!”
If you swallow that you could as well believe your mother is your grandfather’s sister.
Weren’t similar cast-iron assurances given to the students about to enter the UWI?
Weren’t similar commitments made to the thousands of public sector workers about the security of their employment just prior to the last elections?
Didn’t poor OSA lose his head on the electoral guillotine for proposing Privatization as a possible solution to the country’s growing debt problem which is now about the drown the taxpayers in a perpetual quagmire of fiscal servitude.
This administration speaks with a forked tongue in true serpentine fashion when it comes to Privatization.
The boss man dismisses this path as a viable way to debt reduction and fiscal discipline. Others in his cabinet (especially his MoF and his bugbear the Don of motor-mouths) sing a different tune in public.
Didn’t the Guv of the CB raise the warning flag about the highly probable event involving a need to adjust the peg which ties the local currency to the US$?
But what can one expect from a captain of a sinking ship? Didn’t the captain of the Titanic tell the passengers and crew: ‘Don’t panic, help is on its way’. Here comes the SOS IMF!
They say a promise is a comfort to a fool. But as the elections season raises its silly head of arrival the fools of the Bush Tea Bajan brass-bowl variety are gathering in balls like sardines ready to greet the bottlenose dolphins.
If we accept what retired professor Michael Howard is quoted as saying in today’s Nation i.e. the government polcies have failed and it was more concerned with political fallout, it is hard to see how the same government will be able to exercise the required discipline in an election year.
Miller
It is economic illiteracy. There is internal devaluation – the economy is now in deflation – caused by the current account deficit, and there is devaluation against the Greenback, which is technical.
The old lady in Boscobel could not care less about which it is. All knows is that a pound of flour now costs more than last week.
.
@ Hal AustinJanuary 26, 2017 at 8:50 AM
You are frequently promoting the argument that maintaining foreign reserves at a conservatively perceived ‘healthy’ level is old school economics which still determines, according to your perception, inappropriate monetary and fiscal management tools.
You have not yet convinced us that your avant-garde approach is the economic salvation and the ‘right’ path to further development of Barbados.
We cannot see how your proposal of floating the Bajan dollar against a basket of ‘reputable’ currencies could work unless there is a reliably firm foundation of foreign reserves denominated in some major international currency.
You must ask yourself why does Singapore carry over US$ 251,364,000 in its forex savings kitty?
Maybe the Singapore dollar can replace the US$ in your basket of floating currencies.
Miller.
I am tired of explaining myself. I did not retire to run an online school. What I have been saying is that if we played the currency futures markets in a rolling three-monthly basis, we could meet the requirements of the central bank/finance ministry, while having access to the Bds$600m we have in foreign reserves warehousing. Futures contracts do not tie up the cash.
In all the central bank’s revelation we are never told what of the reserves are liquid and what are easy access investments.
I am are that we do not have local people expertise in derivative trading, but that can be bought in.
Finally, foreign reserves are kept for a number of reasons, sudden and unexpected increases in imports, outflow f capital, or most important of all, a shock event, what actuaries call a once in a 200 year event.
Our last shock was on Sept 22, 1955. None of these justify the panic about the level of foreign serves. It is mass hysteria, brainwashing, consensus thinking, it is the under-use of our money.
Since the earl1980s when derivatives created, the market is now valued at about US$800trn, and fast approaching a quadrillion.
Financial engineering is now highly technical and calls fore the brightest of the brightest in mathematics. Far above my imagination.
We need an Advanced School of Finance were the skills will taught, rather than spending more on low-grade lawyers
@Hal
Our “shock” is rampant consumption of things foreign by citizens.
http://www.nationnews.com/nationnews/news/92860/howard-govt-advice
David,
That is the Bajan disease, living above your means..
David Commsiong is a public nuisance. He’s incapable of creating a single job in the economy but uses legal tricks to block jobs for poor black people. BU tolerates Commisiong’s disgusting pup. BU supports the plan of the public nuisance for an injunction to block for the umpteenth time a project of benefit to Barbados and poor unemployed blacks. We place the judiciary on notice to throw Commisiong’s rubbish into the garbage bin from day one. The time has come to end the rot . Sores that fester on the public body must be eradicated or the body will die. Progress cant be halted by one jackass. Commisiong is a public nuisance devoid of shame.
@In and Out aka waiting
You should read the Nation and Barbados Today newspapers. Of course you will not find his releases in the Barbados Advocate.
Question how is it that SOL a local company can pay in US $?
The people at the FTC, all of them, are there to serve the corporatists.
And it doesn’t matter how much bureaucratic verbiage they rap their functions in
The results will always be the same.
The FTC is only a microcosm of a wider societal norm.
The system talks about competition but has always moved towards monopoly
And Kiffin Simpson knows this well
That it is merely a matter of time before he has a complete monopoly of this industry
The political elites, on both sides, will help him as well
But they will never do for cooperatives what they are so willing to do for the local White corporate elites.
Barbados is a willing slave society, still.
Notions of ‘free’ or ‘fair’ trade were always misnomers, double speak.
Trade or markets are never free.
Are never fair
Trade and markets were always fought for, protected, enforced.
Like in the USA, capitalism uses the reverse of its intentions to mislead the stupid.
So anything that says ‘fair’ really means unfair.
And this schema covers all areas.
All of our problems have been solved for the next 18 months during which time,
0.5B coming in,
projects wyndham,hyatt,paradise to start,
14000 jobs created and just by happenstance elections will be called.
Now you all will understand the greatness of this govt and its quiet leader,who will win the next election hands down and EWB correct that Bimmers have short memmories.
So all prospective candidates do not waste your deposit as the economy batting like Sobers as a former PM would have said.
David
Why would you let somebody tell you that Bajans are uniquely spendthrift.
People all over the world are doing this, as norm.
The USA, which is supposed to be the leading post-industrial state has over 230 trillion dollars in debt, all told.
But a notional income of 20 trillion.
People are still trying to use their ‘homes’ as bank accounts, credit card debt, etc – all on the ris
There is little difference between how Barbados government finances are and those of the people.
We can then say that correlation is not causation, or could we?
@Pacha
You dare to compare Barbados to the country that has the world’s reserve currently?
Yes
@VH
don’t forget the IADB loan to fix the roads.
And ya notice how the ac’s love BIM and SB? They know they will split the vote, and that will harm their opposition more than dem.
@mother sally
SOL’s parent company is a huge company, with business interests in many countries. They can easily find $US elsewhere.
@ Hal AustinJanuary 26, 2017 at 10:23 AM
“In all the central bank’s revelation we are never told what of the reserves are liquid and what are easy access investments.”
“I am are that we do not have local people expertise in derivative trading, but that can be bought in.”
“Financial engineering is now highly technical and calls fore the brightest of the brightest in mathematics. Far above my imagination.”
Why don’t you stop contradicting yourself?
We “anonymice” might not be the sharpest tool in the shed covering the area of business and finance but one thing for sure we are ‘blessed’ with ‘Commonsense’.
You might be able to bring your bullshit to the market visited by fools but you are just a boy when it comes to the adult world of finance and accounting.
How can a two-bit third world country not having its own internationally recognized tradable currency or endowed with sought-after internationally traded commodities and barely surviving in the cursed junkyard of bond trading ever participate in a derivatives trading market?
In any event who would be footing the bill of these so-called highflyers imported from the world of esoteric finance?
Wouldn’t the cost of these high-finance boffins far outweigh the profits derived from gambling with Mickey mouse money which when converted to a hard currency does not worth its weight in cut-plate?
First let us establish what makes up the Bds$ 600 million in foreign reserves.
How much of that is made up of SDR’s and ‘gold bar’ holdings which can only be accessed under special conditions or “shock events” one of which you so ‘smartly’ alluded to when Bim did not have its own currency?
Would you think of gambling with your little savings before you know your credit worthiness or your favourite casino-accepted betting limit?
You might just be shocked to find out that figure from a genie bottle might just disappear in smoke of 4 weeks of imports just like the $300 million missing since April 2013.
@ NorthernObserverJanuary 26, 2017 at 12:01
“SOL’s parent company is a huge company, with business interests in many countries. They can easily find $US elsewhere.”
And which must be paid back along with interest and profits by Bajan consumers in US$ or some other internationally traded currency earned by those businesses earning and depositing forex in the country.
Based on the current administration’s stated position on Privatization this is no more than a ‘distress’ sale to buy time until after the upcoming elections when the spectre of devaluation would return to haunt the corridors of the Bajan comatose economy.
BTW, do you know if the parent company of SOL is registered and pays taxes on its ‘worldwide’ profits in Barbados?
The blp yahoos along with the discontent Commisiong can create mischief all you want but the deal is a good one suffice it to say our national interest stays intact
Why should the BNTCL– an asset that belongs to the Government and people of Barbados and that is THE most profitable state enterprise(earning tens of Millions of dollars for our Government every year)— be sold to Kyffin Simpson’s company? And why shouldn’t I — a Citizen of Barbados– question this?
Similarly, why shouldn’t I object to our Government spending close to a Million taxpayer dollars each year on the rental of EACH private refuse collection truck engaged by the SSA?
Why shouldn’t I demand that I and other Citizens of Barbados be consulted as part of the process of determining whether our Government should grant Mark Maloney permission to build a 15 storey hotel on one of our prized beaches?
And for the record— I sue the Government of Barbados all the time– whether it is a case of an errant Police Officer unlawfully beating (or shooting) a civilian; the Immigration Department unfairing a powerless Caribbean migrant; a civil servant who is being denied his rights; a pedestrian who is injured when walking on a defective public street; and the list goes on. That is what a lawyer is supposed to do. But of course these are so-called “small” cases that don’t come to public attention.
Citizens and their lawyers MUST be prepared to challenge Governments and to go to Court if necessary. If they are wrong the Courts will tell them so. That is what the Courts are there for.
To do otherwise is to encourage a culture of authoritarianism and impunity to develop in the society.
DAVID COMISSIONG
@David Comissiong
You list is obviously not exhaustive but you should have included the cement tanks at the port.
#Tieferry
Miller,
What is the contradiction?
Allow me to first profess my ignorance on knowledge of derivatives.
I google to see what the current opinion was and it appears to be ‘positive’. I remember a time when we were all afraid of derivatives and a current positive outlook may only reflect a “pump and dump” situation.
Hopefully, no one suggest day trading.
millertheanunnaki January 26, 2017 at 12:31 PM #
“How can a two-bit third world country not having its own internationally recognized tradable currency or endowed with sought-after internationally traded commodities and barely surviving in the cursed junkyard of bond trading ever participate in a derivatives trading market?”
@ millertheanunnaki
I was going to ask Hal to name five (5) countries, characterized by economic circumstances similar to that of Barbados, that have used funds from the Treasury to gamble by investing in financial derivatives, with a successful outcome?
@Commissiong
I support your stance on The Hyatt regarding the height and location. Does it conform with what is set out in the Physical Development Plan under 3.1.2?
@ David Commisiong
You forgot to mention the illegal fingerprinting scam that you stopped when they tried so they could justify the US$10 million? Dat dem get and are purported to have paid $5 million to dem friends
@David Comissiong
You forgot the hundreds of thousands spent by the Electoral Department on the National ID Project. Equipment is said to be gaining obselesance by the day however a few handpicked contractors are happy. More to come when the bell is rung.
NorthernObserver January 26, 2017 at 12:01 PM #
Quite right I forgot that one and if the 20M for BWA and the 500M for the Sugar factory come in…..whapaxx…..de dog dead……everybody on here except the acs can cry a river….5 more years of this govt for Bim.
PDP 3.1.2.4:
The following issues will be considered for new developments in Centres (Bridgetown is the National Centre).
a) Compatibility of the proposal with adjacent residential communities. New developments should be designed so as to:
i) minimise impacts with respect to shadowing, overview, loss of privacy and blockage of breezes to adjacent residential dwellings.
ii) create an effective transition in HEIGHT and MASSING between the more intensive corridors and centres and adjacent residential neighbourhoods.
b) Compatibility with the built form of adjacent uses in terms of building HEIGHT and MASSING and relationship with the street.
@enuff
Didn’t PM indicate the approval in seven days is conditional?
The following article highlights the number of CLICO policyholders who have > died since the company closed in Barbados. >
“Too high a toll, says BIPA Added by Barbados Today on February 8, 2017. Saved under Local News 0 The June Fowler-led Barbados Investors and Policyholder Alliance (BIPA) today warned that it was simply not prepared to give up the fight on behalf of the thousands affected by the collapse of the Trinidad-based CL Financial.
However, in a press release, BIPA expressed strong concern the heavy loss was weighing down on its membership – in particular families of the more than 200 policyholders who have died since the “scandalous” collapse, which also affected local subsidiaries CLICO and British American Insurance Company Limited (BAICO).
To add to the indignity of the situation, BIPA said it was still not known if the dependents of those who had died would ever see any of the money “so carefully and trustingly put by for them”.
“Eight years is eight years too long and as we have said from day one, ‘we want our money back’, especially before any more policyholders through illness, or those already in ‘the departure lounge of life’ pass away,” BIPA added.
However, it complained that while several of its members had already died, “the perpetrators of this debacle walk around free from accepting or being charged with any culpability for the utter devastation of so many lives for which they are directly responsible”.
BIPA also acknowledged that the BAICO Judicial Manager had already confirmed a May 31 date for the transfer of all qualifying policies to Sagicor, with payments to policyholders due to follow shortly after that date.
However, it said no such commitment had been forthcoming on CLICO, with the transfer of those policies to ResLife Limited also yet to be approved by the court.
Today, the alliance also called on Minister of Finance Chris Sinckler to expedite the necessary parliamentary and other approvals to ensure immediate transfer of their funds as soon as the court approves the agreement. ”
> > >
David
Most planning permissions have conditions.
I am lost. How does the BNTCL set a RoR of 0.005% and is not motivated by profit, become the MOST profitable state enterprise?
“Furthermore, the existence of the Government-owned BNTCL definitely benefitted the people of Barbados, in that the rate of return that BNTCL set for itself was a mere one-half of one percent, as against the previous rate of 12 per cent that Mobil charged when it ran the fuel storage facility! Thus, the state-owned BNTCL was not motivated by mere profit-making considerations, and instead set out to ensure that Barbadian consumers got the best prices possible for fuel products.”
versus
“Why should the BNTCL– an asset that belongs to the Government and people of Barbados and that is THE most profitable state enterprise(earning tens of Millions of dollars for our Government every year)— be sold to Kyffin Simpson’s company?”
@miller
I have no idea of the corporate structure, however, KS’s accountant of the past is highly skilled at establishing minimum tax structures. And his enterprises are extensive both in size and multiple locations.
The poor rakey parliamentarians have secured their 10% in time to qualify at the higher salary for Pension purposes.The bell will be rung soon,therefore there are those who fear they will lose their seats and who are making sure their Pension is calculated on the higher salary peg.
The DLP don’t owe Kyffin any favours.It was Barrow that made Kyffin the rich ass man he is today.
The DLP may not owe Kyffin nothing but, Boyce may think that he is owed something and, with this sweetheart deal in place, be able to secure some recurring income well into his pension years.
These underhand. Kickbacks, or so it is purported lololol, have a purpose heheheheh
@ David
For the last three years all I was hearing was privatise, privatize. Now at the first sign of privatization, there is widespread panic.
I have maintained from day one that this privatisation rubbish will only make the rich richer and the benefits will be very negligible to the poor .
Now it is plain that whatever is put up for sale will be bought by those who have the wealth and we behaving as if it wudduh be any different. Cockroach has no right at fowl cock dance!
Man, all that gine happen is dat we gine sell the fridge and then buy ice!!!
@ Hal Austin
It is folly to expect anything from these so-called economists and assortment of intellectuals around here. I don’t think that some of them have read anything about the current world economy. They still spouting out of date solutions to modern day problems. Sad thing about it is that the pseudo intellectuals walking about regurgitating crap they really don’t understand and trying to fool people that they brighter than anybody else.
Well said William.
The so-called discipline called ‘economics’ is nothing but a late 20th century phenomenon that was driven by the pyramid-like characteristics of the albino-centric politics of the post WWII era when the albino peoples of our modern world really came into their own.
From around 1950 to 2000, the characteristic of greed was able to drive the behaviour of those leading this global pyramid scheme called capitalism. (albino-centricity)
Like all pyramids, it has come to an end….. as has the fundamentals of the so-called discipline of ‘Economics’.
Listening to the likes of Owen, Sir Frank, Jeremy, and Mascoll is downright laughable….
The real joke is that even though the results consistently defy their theories, they persist with their 1970’s learnings… doing the same shiite analyses, and expecting different results.
As to ‘privatisation’, this is a SIMPLE case of ‘Parro’-children, selling off the family silver to strangers (cheaply) – for the routine needs of living (a bowl of soup) because they do not possess the basic ability to be productive enough to sustain themselves – far less to continue to build up family reserves for future generations.
OUR LEADERS ARE SIMPLE PARROS.
…and parros have the singular ability to take their ENTIRE families back into poverty and slavery – which is where we are headed.
Poor fella, -the ‘now conflicted’ but still highly respected adjudicator- has found himself cogitatively trapped between a steadfast moral rock and a politically- circumscribed hard place.
We shall see if this ad nauseating but sudden revival of the politically convenient mantra and buzz word of “Productivity” would be honoured more in its application by management as an opportunity to beat up on workers seeking long-in-coming wage increases than in its observance by those elected and appointed by the common people to strongly defend their interests.
‘Fair’-minded people do not respect those who preach one thing and do something in complete moral contradiction to their compromised spirit.
Barbados has invested heavily in its human capital, it’s time for some returns in the form of Noblesse Oblige in the memory of EWB and his now at risk project.
“To whom must is given, much will be required”.
“For the cause that lacks assistance, the wrong that needs resistance, for the future in the distance, and the good that [BU] can do “
This group of policyholders and their leadership must be the biggest set of patsies that ever existed. They help us to understand how Blacks remained in slavery for 400 years.
Try as Bushie might, it is hard to see how a bunch of damned crooks could steal so much money, from so many people, and continue to walk around this shiite country with such impunity eight years on…
Specifically, it is not possible for Bushie to grasp how a government of black people could so openly cover for these crooks – even to the point of hiding the ill-gotten gains in the damn Central Bank…
…and how can victims sit so quietly and endure such injustice? while their money is being laundered in medical facilities, car dealerships and other OBVIOUS scams by other parasites….
…and meanwhile, the robbed policyholders continue to suffer and die…
It is no wonder that the whole damn country is going to the dogs… for a lack of righteousness
No morals
No scruples
No integrity
No conscience
…just open greed, selfishness and nastiness.
Useless, cursed leadership at all levels –
Government,
BIPA,
the Press,
The legal fraternity,
The Central Bank,
A pox on all wunna stinking asses….This country DESERVES all that it has coming…
Feeling you Bushie. This was posted for ac who questioned BU’s comment a couple weeks ago when reference was made to CLICO policyholders who have crossed to the great beyond. Amazingly we have JAS who will continue to put polictics first.
>
Miller,
You have been saying before 1986 that the Barbados dollar would be devalued; in relation to its par value vs the U.S. dollar. the exchange rate has been two to one. It has been and still is. If the P>M ;says there will be no devaluation, (change in the per) what is so difficult for you to understand/ Why do you want devaluation so much?
It is not what the PM says that will determine if the dollar is devalued, it is as the Governor stated in the last economic forum featured above, the ability of the country to defend the reserves.
“Feeling you Bushie. This was posted for ac who questioned BU’s comment a couple weeks ago when …”.
Feeling you Bushie. Does anyone take seriously the invented American ghetto-speak of a decade ago? Barbados gotta ghetto? Where dat ghetto at? Ya feel me?
Can always tell when the election year begins the fearmongers come out in droves with the Central bank govt attachment in tow. Very predictable to say the least never mind that the Govenor said things that were positive . stating clearly that the sale of the oil terminal would raise the level of the reserves including other projects that are schedule to start in the year.
Anyhow the govt and country has had to deal with scaremongering for eight years nothing new here
A current commentary on the rounds relating to the Legacy and Expectations of the Demonic Labour Party is
“Don’t leave your panty on the clothes line overnight cause if the Minister of Edykashun WeJonesing does not tief it, TO WEAR IT, the D.L.P going teif it AND RE-SELL IT”
In fact, at the rate dem doing tings nowadays, dem reselling them EVEN IF THE PANTIES (and boxers, to be politically correct) are on our as*es!!!
http://imgur.com/a/vfy27
http://imgur.com/a/MnBfL
http://imgur.com/IwFfoyG
It would appear like the Head Boy is not alone in the Peace and Love sign that he is posing with here.
Here is their side of the greeting – Salve Magister
http://imgur.com/gQicNgH
Signed
Another Anonymice
Doesn’t Neil Holder of BIM political party realise the sale is about securing forex? What sale to locals what!
>
Viewers on Barbados UnderGround will note that at 1.03 p.m. a post signed by one Piece Uh De Rock blah blah blah entered the BU space @ https://barbadosunderground.wordpress.com/2017/01/25/open-letter-to-the-fair-trading-commission-on-the-proposed-salemerger-of-bntcl/#comments
The viewer is to note that oddity and will be able to confirm that, as at this time and date, there is no dual validation of submissions to BU.
Such served to definitively confirm that you, or anyone pretending to be you, who may have posted under your real name, or false name or pseudonym or Carl Moore’s name CANNOT be legally affirmed to be you.
This odd submission may, and will, confuse new readers but, TO WHOM IT MAY CONCERN, given the impending battle lines that will be drawn, this will serve to put you “on notice” that we users know of your plans.
Until such time as the BU management insists on email verifications for bloggers, bloggers on this site are safe, notwithstanding pixel tagging/tracking (and that would be well ****)
DE ole man submits this dribble as a FYI to bloggers who come to this site and blog.
Like my fellow blogger the Gazer did for a few submissions, I suggest that the more fervent and patriotic of you, when you post here, use this process, periodically.
I remain confident that our colleague in Arms tHe Honourable Blogmaster will let us know in the ulikely case where a request is made for specific names and IDs of bloggers either now, under the Fumbles’ administration or Lord Forbid, the Mugabe Regime.
@ the Honourable Blogmaster
Let me see if I understand what you just said when juxtaposed agains what I think is being countered be a patriotic Bajan.
It is understood that FOREX is needed to bring the country back from the brink of Perdition that we coolaid drinkers aided and abetted (sme of us more than others)
That is agreed but that is not the point.
Let me break if down in terms that a former article that you facilitated its prosecution here
The disproportionate payment of legal fees to one Richard byer for 750K on the Harison Cave matter.
Now as i recall it a second opinion by another lawyer was sought and that came in at $17,000
The points here are that
(a).two bids were sought
(b).they were not done in secret
The parallel in this matter is that no such alternatives were entertained in what is an obvious monopoly that, like the LIME monopoly of our recent history ONLY RAPES BAJANS.
From what I am made to understand from what I am reading from the FTC document and i beg your forgiveness if i am wrong in this, the suggestion is that consideration be given to SOL & to RUBIS to sit at the same table
from what I am seeing on the B.I.M petition site at https://gopetition.com/petitions/petition-demanding-the-immediate-halt-of-sale-of-barbados-national-terminal-company-limited-by-the-government-of-barbados-to-the-sol-group.html not only are the irregularities of the sale being queried but, BUT two options ar being suggested which are reasonable to any patriot OF WHOM YOU NUMBER GRETEST.
The counter is that
(1).OPTION A. The offer price (USD$120 MILLION) made by the SOL group be modified to represent 49% of the BNTCL value and said offer price be made as a share offering to ALL Barbadians, at home, and abroad, (in USD $).
(2).OPTION B The offer price (USD$120 MILLION) made by the SOL group be equally divided between the SOL Group, RUBIS and the Credit Union Movement ( through whom more than 170,000 Barbadians will have ownership in BNTCL). SOL Group and RUBIS will subscribe, in US Dollar equivalents, and the Credit Union Movement, in Barbados Dollars.
Both options if i read correctly speak to payments in US Currency BUT I MAY BE WRONG ON THIS and will ask your forgiveness and that of other bloggers if I am
But what is interesting is that this counter suggest that Bajans OF WHICH BOTH YOU AND I NUMBER barring dual citizenship are being brought to the table as part of the Rape of this country that has been effected by the Demonic Labour party
Interestingly point 4 that states and i quote “…The SOL Group the price that The SOL Group paid for ALL of BNTCL is USD$120 MILLION
The petition which is available for all to view states “…(5) Minister of Finance Hon. Chris Sinckler states that the Government was selling the shares for BDS$60 MILLION…”
Now de ole man ent no sherlock holmes but you ent tink it strange dat US$60 M disappear from Chris Decimal Bond’s calculations?
Jes like US $180M disappear from Dale Teets Marshalls’ calculations of the VECO Dodds computations when he was in power 8 years ago….
hmmmmmmm you ent tink dat Dale Teets marshall went to de Garrison wid Chris Decimals Bond do you??? dere seems to be a problem wid numbers
As an aside dem tell me dat de DLP seeking $100M to run the general election bribes for their re-election campaign you tink dat de ammmmmmm missing US60M got anyting to do wid it???
YOu tink dat de reason dat dem did not want to include RUBIS is causing ef 3 people involved in de deal de money dat was going to grease de election campaign would have been exposed??
I only asking you David cause you may know these things…..
@PUDRYR
The BU concern stands, credit unions do not earn forex.
The government owes Sir Kyffin.
But the BU Concern is flawed and I shall explain why
The two issues being discussed are (a) the investment of US Forex being raised and (b) ownership in the 100% shares being raped from the People of Barbados
The suggestion is that given that the BNTCL makes $80M in profits each year then
(a).The Sale Price is a sellout and obvious rape like the sale of that hotel for $7.5 million
(b).That the price be reconsidered as 49% for that US$120M
(c).That there be an equal allocation between Rubis & Sol and that Bajan Credit Unions, people like me and you be allowed to participate in that largesse (as lonG as we bringing US$ to the table?)
So the GoB still got 51 percent in that tingy and dat de average Bajan dat we always pun here talking bout empowering get a piece of the action.
The government ent owe sir Kyffin one dondey it owes the people who elected them and you know what, it owen the people who going ef dem out of office when the general Election Bell rings
Barring de trick dat Stinkliar and de Attorney General Planning wid de falsification of de Ballot Boxes dat dem getting build and paint by dem peoples even as de ole man speaking
But of course Mugabe Mottley out dere strategizing pun marches dat you say tek so long to plan and ent seeing whu happening in front we very yes.
1500 votes in a cunstituency in Adriel Nitwit district, you remember dat??
Tell Mia to check wid she peoples at de Customs and see de *** of ** dat come in.
Dem could hide and buy land, (like she does) but dem cant hide and wuk um…
@PUDRYR
Is this not a done deal awaiting the blessing of Jeff’s Comissioners?
To the degree that the FTC, erstwhile pooch suckers and recipients of Galaxy 7 telephones under the former FTC CEOs and Chairmen Downes and Taitt
To the degree that even during the BLP administration siad pooch suckism was of such a vacuum that Frank King resigned when Ronald Toppin was in his prone face being sat upon position
TO the degree that there is a new Sherriff in Town in the body of Jeff Cumberbatch who is noyone’s pooch vacuumer
I do not believe that this is a done deal
This is very much in the veing of selling Zone one Land to Del Masturbator to poison us effers while Mia Mugabe Mottley sits in Parliament and says nothing
So we shall see where there are still men in Barbados who have Iron Balls and will not sell out what is the property of Bajans yet unborn
@ David
You are being provocative, but you are also talking shiite (if a bushman is allowed to whack the owner of the damn lawn 🙂 )
Only a PARRO sells off valuable assets to raise money for a bellyful or for a drugs fix…well either a parro or a brass bowl female rabbit.
It has become clear to everyone now that our country (household) is being raided by a bunch of Parro addicts, who are selling off every shiite to pay for their monthly habits.
After they have sole everything including the very panties off AC donkey … what will we do then?
….or are you saying that THEN, is when we should start worrying?
If we were not an island of retarded brass bowls we would long ago have grabbed those parros by the scruff of their necks and kicked their donkeys into the nearest gully to set up shop and see what they can find to sell from the monkeys…. (like sensible Bajan parents do if in such a position)
Clearly Froon and Stinkliar are not intelligent enough to see past the wages bill for this month, but our problems will only grow as we allow these idiots to continue to sell our kitchen sink to which-ever albino they can work a deal with…
@Bushie
No offense taken.
Note the government is on record stating it will NOT go to the IMF. It will NOT devalue. What it means therefore is that the donkeys must find ‘creative’ to generate forex.
and now showing at theatres all over Barbados and on every singe Television the Hollywood Block Buster or sorry the Mugabe-vill blockbuster
http://imgur.com/2MMaGB3
Special appearances by the whole troupe of the Demonic Labour Party
We bajans have to take back what is ours
And we WILL USE THE BALLOT BOX TO DO THIS
Hallelujah, hallelujah! The FTC has ruled against the SOL sale. Thanks to all the BU bloggers.
@bajans
You give BU way too much credit. Jeff and his team of commissioners likely used an evidence based approach to inform the decision. What BU is curious about is why has the FTC not posted the info on their website yet the Nation newspaper is given time to craft a story out of it.
David
How true is the story then?
@Vincent
Until it is confirm by the FTC we wait.
What BU is curious about is why has the FTC not posted the info on their website yet the Nation newspaper is given time to craft a story out of it.
@David, the info is not on the FTC website because there has been no final decision in the matter as reported. What the newspaper probably had access to is a preliminary findings report that had been sent to the parties concerned for their final comments. Obviously, that fell off the back of a truck somewhere on one of the nation’s highways and the reporter ran with it.
Thanks Jeff, if time allows there is the opportunity to clarify for the public.
It will be done on the morrow, I feel certain!
Noted Jeff.
any one who had read the article with a clear understanding could not have mistaken that there was a 30 day window for Sol to present further evidence
However the question as to whether Sol took such advantage was not stated but since the FTC has not posted a final resolution one would then belive the matter is still being reviewed in the hands of the FTC
In my opinion The FTC weighed its first ruling in favour of consumerism with a fear that Sol would become the king of the Hill to the disadvantage of the consumer and free market enterprise system
If this ruling stands it puts govt in a no win position as to not continue on a more aggressive austerity path in order to pay its bills
For what it is worth the Unions might think twice before rattling the govt cage because with a govt hands tied behind its back in order to stave off further downgrades the Unions would have given the govt an opportunity to send the workers home albeit against a fiscal background where the oneness of govt was that of getting revenue from the sale of BNTCL to pay debt some of which is part civil servant wages,