Justifying BNTCL Sale to SOL

Submitted by Tony E. Gibbs (Energy Commentator)

The promotion and maintenance of fair competition requires that business activities and trading practices be closely monitored and scrutinized to ensure that consumers’ welfare is protected and their interests served through competitive markets. This requirement seems particularly appropriate in the proposed sale of BNTCL to SOL, an agreement that appears difficult to justify.

Anti-competitive market behavior and concentrated market power can be justified if based on public interest grounds, and if such actions promote economic progress and real efficiencies of which consumers can share. Consumer welfare is therefore paramount. It is considered the key driver of fair competition policy, but also it brings with it, to center stage, the important concept of market power. The nexus of consumer welfare and market power is well established. Dominant firms have the ability to use their market power to either raise prices above competitive levels or restrict their rivals’ output. Such actions contribute to the detriment of consumers by reducing their welfare and by transferring wealth to producers.

Fair competition deliberations that attempt to determine the extent of a firm’s market power must begin with a clear definition of the relevant market. This is a necessary first step in arriving at an entity’s market share, which in turn is a proxy measurement for market power and dominance. In our jurisdiction, the threshold of excessive market power in merger investigations is a 40 percent market share.

Since this threshold has been exceeded in the proposed merger, regulators are now required by law to examine the legality of this agreement. To do so, they need to weigh certain factors. First, they must look at the structure of the market likely to be affected by the merger; second, they must determine the degree of market power and control that will be exercised by the enterprise concerned; third, they must determine whether this merger is likely to serve as a detriment to competition; and fourth, they must evaluate the likely impact of this merger on consumers and on the economy.

In analyzing the market structure for petroleum products, one will immediately recognize that there are two relevant markets to be considered in this merger; one upstream and the other downstream. The upstream market is currently dominated by BNTCL, an unregulated public monopoly, which offers, at a minimum rate of return, services that relate to the bulk receipt, storage, and delivery of petroleum products. The ownership and operations of this entity, post acquisition, will change to that of a regulated private monopoly that enjoys a guaranteed utility rate of return.

The downstream market is made up of two segments, one regulated and the other unregulated. In both of these markets segments BNOCL is the sole importer of petroleum products, except for LGP, aviation fuel and marine fuel. The regulated segment is one in which the Division of Energy controls the retail pump prices of gasoline, diesel and kerosene products, and which represents 48 percent of local throughput volumes. SOL already controls 70 percent of this segment.

The retail pump price in this segment is built-up from several sources that include government taxes (V.A.T. and excise) and a CESS of 22 cents per litre on gasoline and diesel. The CESS was introduced in 2009 as part of a loss recovery pricing mechanism, designed to halt the losses on the sale of gasoline and diesel, and to facilitate the recovery of earlier losses brought about by subsidies. The CESS currently generates 46 million dollars in revenue based on a yearly throughput of 1,242 million barrels of these fuels. Technically, the CESS component in the retail pump price should be discontinued when these prior year subsidy losses are recovered. But to use the CESS in the manner now chosen, so as to guarantee investor’s profits and returns, harms consumers and is a detriment to their welfare.

The unregulated downstream market segment is made up primarily of the heavy fuel oil (HFO) and to a lesser extent aviation fuel, two products used locally in the production of electricity. This segment is currently valued around $300 million at retail prices and represents 52% percent of the domestic throughput volumes. However, these throughput volumes and their associated revenues that accrue to BNTCL will continue their steady decline with the emergence of the green economy, and as BL&P makes more changes to its fuel usage and mix and retires large ageing generation plant.

The purchase of BNTCL puts SOL in a dominant position to capture in its entirety this large unregulated market segment. BNTCL currently owns and controls the pipelines which carry heavy fuel oil (HFO) from Holborn to BL&P generation plant at Spring Garden. This is part of a $140 million infrastructural investment it made by BNTCL in 2005. SOL, on the other hand, through its purchase of ESSO owns the HFO storage tanks. By combining these two entities, potentially gives SOL the complete control of the storage, delivery and ultimately the importation of all HFO entering the island.

The HFO market is characterized by a single supplier (BNOCL) and a single buyer (BL&P). SOL has had exclusive access to this market prior to 2005, through their purchase of Shell. But they lost it to BNOCL as a result of a controversial and contested Cabinet decision taken at the time, a decision that essentially denied them access to pipelines from Holborn to Spring Garden. The court ultimately ruled in SOL’s favour. SOL, naturally, would very much like to recover this market when BNOCL’s current contract with BL&P comes up for renewal in 2018 and this acquisition puts them in an unassailable position to do so. It will come, however, at an increase cost to consumers of electricity in terms of increased fuel charges, since the returns on capital will be higher than that of BNOCL.

BNTCL is an organization that is in steady decline. Apart from falling throughput volumes, revenues and profits, it has a debt overhang of $ 80 million owed to Republic Finance & Trust that will immediately become due as soon as this sale is completed. A financial makeover therefore was necessary to make this deal attractive to any private investor. First, it was deemed necessary to declare BNTCL an essential facility as a matter of public policy for at least the next 15 years. This means that no permission will be given for the duplication of these resources, even if it were feasible to do so. And second, it was necessary to shore up revenues and profits to achieve an acceptable utility rate-of-return. To do this, it was necessary to raise throughput fees across the board by 32 percent before completion of the sales and purchase agreement (SPA). This increase in fees contributes an additional 10 million dollars in profits and allows for a guaranteed risk free return-on- equity of around six percent. It also signals government’s imminent departure from the oil importing business. Notwithstanding assurances given, government can no longer offer value in the new supply chain and, consequently, would be unable to justify importing, storing and reselling oil products.

There are the many assurances being given to make this merger acceptable to the public and to regulators. These assurances are built around the central concept that nothing changes with this merger and that the transfer of ownership from public to private will be seamless. We are also assured that this merger will not harm consumers, change the market structure, or concentrate the market power of any given competitor.

It is now left to the regulators, through the enforcement of fair competition law, to verify these claims and ensure that consumers’ welfare is well protected.

However, to the average observe there can be no doubt that this proposed merger, if successful, will bring about a degree of concentrated market power and dominance that will be a detriment to competition and will reduce the opportunity for others to participate equitably. At face value, this merger is difficult to justify. But, there may be other mitigating factors that the regulators may consider to be in the best interest of the consumers and the economy, the effect of which may very well result in SOL being asked to give up part of the combined

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42 Comments on “Justifying BNTCL Sale to SOL”

  1. Violet Beckles CUP Plantation Deeds from 1926-2017 land tax bills and no Deeds,BLPand DLP Massive land Fruad and PONZI March 7, 2017 at 7:11 PM #

    There is NO Justifying BNTCL Sale to SOL, The DBLP Looking for money to cover up land Fraud PONZI , the money will only last till the next hike in prices by the new owners, who will want their cash back very fast, The same crooks in government will have stock in the with the new owners.

    Like

  2. David March 8, 2017 at 12:06 AM #

    This level of analysis will float above the heads of the majority of Bajans. Especially as the silly season approaches. Now here is an opportunity for the local media to up the debate to help to educate. This is why the authorities are able to make decisions in the interest of corporate because they know there will be no challenge.

    Look how the BCCI come out hot and sweaty to rubber stamp the arrangement and was forced to walk back from the decision.

    We live in interesting times.

    Like

  3. William Skinner March 8, 2017 at 12:51 AM #

    @ David
    Yes the analysis is good.
    However why you like others were pushing privatization and now being so cautious? Stop drinking the cool aid. Privatisation will only benefit those who can purchase what the government is going to sell.
    The real story here is how Simpson became a billionaire and develop an international company from the beginnings out there by the Globe cinema. I hope he writes an autobiography.
    I notice today that GEL selling West Indies Rum refinery to an outside entity. We saw BST sell off sometime ago.
    Yes the analysis “will float above the heads of the majority of Bajans” but the Bajans know that Sir Keffin has built a very solid company and they bought his cars………
    Now we are authorities on Trump , fake news and “Amurca.”

    Are we serious ?
    And David , I am still waiting on you tell me about the “Barbados model.”

    Yes we live in interesting times: First we grew up stupid under the Union Jack and now we repeating under the Broken Trident.

    Maybe that is the “Barbados Model”

    Like

  4. David March 8, 2017 at 6:49 AM #

    William one has to assume your question about the Barbados Model is rhetorical. It is the model we use to educate our people, the governance system -electoral system, how we manage law and order issues etc.

    Like

  5. David March 8, 2017 at 7:39 AM #

    Let cut to the bone William. Despite the beating of the breast bone 80 percent of Barbadians do not understand or want to. What does concentration of marketshare in a segment mean etc.

    Like

  6. William Skinner March 8, 2017 at 9:05 AM #

    @ David
    80 percent of Bajans know who controls the market
    and who can make mock sport of the political
    Class any day of the week. They know who can
    buy the Sanitation Board, the Transport Board,
    CBC. The air and seaports and everything else
    that can be put on the auction block.
    Knowing about “market segment” is great but
    on the ground they know who is cockroach and
    who is fowl cock.
    Thanks for answering about the Barbados model.

    Like

  7. Hants March 8, 2017 at 9:17 AM #

    Why does Government sell 100% of state owned entities ?

    I understand the desperate need for CASH but surely retaining 30% seems logical to a layman like me.

    Like

  8. Bush Tea March 8, 2017 at 9:36 AM #

    @ Hants
    Why does Government sell 100% of state owned entities ?
    +++++++++++++++++++++++++++++++++++++++++++++++
    Told you already.
    Same reason that drug / alcohol/ sex addicted children steal and sell off their families assets, piece by piece, until them, and their stupid families are all on the street begging…

    We have a government of PARROs.

    @ David
    What good analysis what?
    Lotta mumbo jumbo bout …
    ….Anti-competitive market behavior and concentrated market power can be justified if based on public interest grounds….
    and “unregulated downstream market segment”

    Long and short of it is that, due to the management INCOMPETENCE of successive governments, we are now being disenfranchised by these parros as they systematically sell off the assets which were acquired with our hard-earned taxes, to children of the same damn white people who, for 400 years, exploited our ancestors to enrich themselves.

    The ONLY sensible justification of having a monopoly arrangement, is where that monopoly is OWNED by the collective society….. which is what we have at present – with the shiite government acting on behalf of the owners.
    Selling it to ANYONE is abject idiocy.

    As far as ‘downstream regulation’ is concerned, anyone who thinks that the FTC will have anything more than a rubber stamping role …is a jackass of the Froon and Stinkliar class.

    We are building our own damn gallows….

    Liked by 3 people

  9. NorthernObserver March 8, 2017 at 10:56 AM #

    “Why does Government sell 100% of state owned entities ?”

    Maybe it is because business does not wish to have government as a partner? Sellers cannot be choosers, especially when their backs are against the wall. Sell me 100% or sell me nothing.

    Like

  10. David March 8, 2017 at 11:29 AM #

    @William

    The issue is not knowing and full stop. It is about understanding so that it can inform the right behaviours in the people to lead to change.

    Like

  11. David March 8, 2017 at 11:33 AM #

    Isn’t Rubis interested in the transaction?

    Like

  12. Hants March 8, 2017 at 12:45 PM #

    @ NorthernObserver,

    The only time “business” would not partner with the Barbados government is if one of them is a crook or the business has secrets of theivery that could be exposed.

    The problem is that bushie’s brassbowls probably didn’t think of or try to negotiate a partnership.

    Like

  13. millertheanunnaki March 8, 2017 at 1:00 PM #

    @ Bush TeaMarch 8, 2017 at 9:36 AM
    “As far as ‘downstream regulation’ is concerned, anyone who thinks that the FTC will have anything more than a rubber stamping role …is a jackass of the Froon and Stinkliar class.”

    Well put, Bushie!

    This sale, in its proposed format, is a fait accompli. The sheaf holding a dagger of political demands wrapped in a plea of patriotism to save the Bajan dollar from ‘forced’ devaluation will trump any objective’ analysis and ‘alternative’ recommendation based on sound legal arguments and rational business thinking.

    If the local people (BU Bushie’s Bajan Brass Bowls, BBBBB’s) cannot participate as individual shareholders because of the dire need for a quick fix forex injection in true drug addict style to calm the raging conspicuous consumption beast inside, then why can’t Rubis be given a piece of the cake to be paid for using the same forex drug?

    At least it would tie Rubis’s commercial hands to remain in the retail market as an alternative player to mask any monopolistic tendencies towards poorer service delivery presently displayed by the bigger bully of a sol(e) bad wolf.

    Bandwagon hoppers like the same writer Tony Gibbs can jump as far as the moon in their retrospective ‘BU copied’ calls for ‘rational’ review.

    But the forex hungry handicapped horse, with a wave of the FTC ‘starter’s flag, has already bolted the political gates to seek a temporary stay of execution from the IMF judges’ 2018 finishing line marked in bold red: ‘To any forex-drug addicted horse ,win, lose or dead-heat, after our test, Devaluation at the End’.

    Bushie, please offer a prayer and beg your BBE to ‘shine’ favourably on your ‘estimable’ friend and learned luminary who has found himself caught under a ‘legally’ difficulty rock of justice and fair play while playing Jack Horner in a real hard politically-squeezed corner in which men with less balls like Delisle found impossible to remain.

    Like

  14. David March 8, 2017 at 1:59 PM #

    @Miller

    Wasn’t Tony Kite Gibbs at the forefront of the fight against Cahill? Be fair!

    Are you also saying the Chairman of the FTC is made of rubber timbre?

    Like

  15. millertheanunnaki March 8, 2017 at 2:35 PM #

    @ DavidMarch 8, 2017 at 1:59 PM
    “Wasn’t Tony Kite Gibbs at the forefront of the fight against Cahill? Be fair”

    “Kite”! Nice nick name for Ms Hatfield’s hubby. Seems he is very good at his hobby.
    All along we thought it was the role of BU which gave both feet and wings to exposing the Cahill scam especially the contributions made by our most informative correspondent Due Diligence (DD) despite the ragingly mad objections from Alvin Cummins who was in negotiating contact with Clare the Cow woman.

    Didn’t the likes of Kammie H, MAM and the same high-flying Kite take the Cahill investigative baton from BU and ran with it for publicity and self-promotional ends?

    Not only the miller is seeing a rubber stamp instead of a gavel made from the evenhanded wood of fair-play but check out Bush Tea with a real taste of wisdom when it comes to understanding these esoteric behind-the-scenes wheeling and dealing to appease certain politically cock-sure masters.

    BTW, David BU, when are you going to see the bulldozers and excavators moving in to remove all the impediments in the way of the erection of the Hyatt hotel built with money borrowed on the international money markets and backed by investors keen and ready to sink $200 million in a country with a sovereign bond label marked: ‘Don’t enter this junkyard unless you want to lose your shirt and die from financial pneumonia’?

    Like

  16. Piece Uh De Rock Yeah RIght - INRI March 8, 2017 at 2:49 PM #

    @ Tony E Gibbs

    I am a simple man.

    Primer school education.

    Slow of thought, and even slower to respond.

    The equivalent of the Human Sloth or in other words – a Bajan BrassBowl

    You have come to BU, for the first time, and submitted what in fact is a thorough document.

    But, Mr. Gibbs, even though thorough, it ent what 99% of de ingrunt Brassbowls dat we Bajans are will understand

    Let me give you an example.

    You state “…To do this, it was necessary to raise throughput fees across the board by 32 percent before completion of the sales and purchase agreement (SPA)…”

    You ever went to the gas station?

    You ever asked one of the gas attendants to calculate the VAT in their head?

    I know that after that exercise you thought that they were all related to Chris Decimals Bond Stinkliar right?

    THis article is too sophisticated AND will only attract the accountants and actuaries and people like Walter PPK who has worked in Chicago at someplace but ent telling de ole man

    Here be a simple one for you Gibbsy

    Like

  17. David March 8, 2017 at 2:53 PM #

    @PUDRYR

    See comment to Miller, Tony Kite Gibbs is a contributor to BU.

    Like

  18. David March 8, 2017 at 2:54 PM #

    @Miller

    To be successful it is about working as a team. No one entity or individual was responsible for the Cahill success.

    Like

  19. Tony E. Gibbs March 8, 2017 at 4:04 PM #

    Please don’t shoot the messenger. I am only raising these issues solely for public awareness. I believe I have a right to comment on important social issues.

    Liked by 1 person

  20. Hants March 8, 2017 at 4:27 PM #

    @ FREng FRSA BSc DCT(Leeds) CEng FIStructE FICE FBAPE FASCE FRICS HonTTIA

    messengers don’t get shot on BU. They may get intellectually or spiritually whacked by Bush Tea.

    They may also get posterized by Pieceuhderock. lol

    Liked by 1 person

  21. millertheanunnaki March 8, 2017 at 4:46 PM #

    @ Tony E. GibbsMarch 8, 2017 at 4:04 PM

    So Kite, please share your genuine position on the BNTCL sale.

    Since a divestment of this State-owned asset is inevitable do you recommend a sale involving other players either competitively involved directly in the petroleum industry or other non-traditional investors- both institutional and individual- to share in the economic democratization of Barbados?

    Since you seem to have no ‘oily’ skin in the ‘monopoly’ game stop being a mere messenger flying kite on a fence of indecision and let us see how you vote on a position in this battle of who owns and runs your beloved country.

    Or are you, like many fogeys on BU on their way out to pasture, too old to really care a flying farthing wrapped in a Bajan bread paper kite dollar about the economic inheritance left to the black and white young singing angels to the fallen ‘bulls’ of their boastfully infertile intellectually-gifted forefathers?

    Like

  22. Piece Uh De Rock Yeah RIght - INRI March 8, 2017 at 4:57 PM #

    Don’t get me wrong Mr. Gibbs

    My comments are purely from an assimilation perspective.

    I know noting about you otherwise and consequently am not able to comment on allegiances.

    Bu allegiances I mean that you may be one of Rubis’ promoters and may therefore be presenting a perspective that is biased BUT and here is the clincher, that perspective seeks, in the first parley, to be interested in protecting the interests of the common man and woman in Barbados.

    Now mind you, SOL and Rubis may gang together later to contrive what the throughput rate should be, EVEN IF THE CREDIT UNIONS GET SHARES but for right now all de ole man was and is saying is that the reason your entry has 20 entries may have something to do with the language.

    I had to read it twice but while so doing I started to see some additional things that I HONESTLY DID NOT THINK ABOUT prior to seeing this.

    How many bajans KNOW or EVEN CARE BOUT this very salient point?

    “…The court ultimately ruled in SOL’s favour.

    SOL, naturally, would very much like to recover this market when BNOCL’s current contract with BL&P comes up for renewal in 2018 and this acquisition puts them in an unassailable position to do so…”

    Fuh me my man that means dat my light bill going up in 2018 and everyone else’s

    How many Bajans know bout that case?

    And the impact of this sale?

    You following me?

    Like i said at the beginning of my post I am a simple man bereft of any intellect like wunna energy consultants but what you and BIM and Kammie and the rest uh wunna doing, aided by the Honourable Blogmaster is looking our for we Brassbowls who jes out deah wukking up

    Or going go down by Mugabe March and have a good wuk up.

    Why is it dat Mugabe and she lot uh posturers sit down in Parliament all this time and ent say one effing word?

    Whu I wud thing that you is MP Gibbs or the Neil Holder is PM Holder cause the LoT Mugabe Mottley certainly ent doing her job as an MP and none of her teives in waiting ent doing didly squat,

    you with me?

    Like

  23. Piece Uh De Rock Yeah RIght - INRI March 8, 2017 at 5:07 PM #

    So many mistakes on the keyboard.

    But i shall repeat for emphasis

    The LoO Leader of the Opposition Mia MUGABE Mottley IS SITTING IN PARLIAMENT for 9 years (let us not add the other 14 years while part of the GoB administration in power, sitting there AND DOING SH*T NOTHING!

    Like

  24. Alvin Cummins March 8, 2017 at 5:24 PM #

    David and Tony,
    “The promotion and maintenance of fair competition requires that business activities and trading practices be closely monitored and scrutinized to ensure that consumers’ welfare is protected and their interests served through competitive markets. This requirement seems particularly appropriate in the proposed sale of BNTCL to SOL, an agreement that appears difficult to justify.”
    How does this match up with the sale of BS&T to Massy; lock stock and barrel, which gave Massy control almost all the food wee purchase (import) and control of all the distribution. Where is the competition?

    Like

  25. Alvin Cummins March 8, 2017 at 5:29 PM #

    Miller,
    I don’t know you, and as usual; like some of my cricketing friends, you swiping..like when you say ” Alvin Cummins who was in negotiating contact with Clare the Cow woman.. You know nothing about me so keep your snout out of my pig trough.

    Like

  26. David March 8, 2017 at 5:45 PM #

    @Alvin

    Was the BS&T Massy transaction done under the oversight of the FTC?

    Liked by 1 person

  27. Tony E. Gibbs March 8, 2017 at 5:54 PM #

    My major concern Is the consumer and his/her welfare. This merger will harm consumers since you are first of all selling public assets that previously helped to keep oil prices down with a minimal return to a newly formed private utility that gets to enjoy guaranteed market returns. That will drive up fuel prices at the pump.
    I do recognize the country needs foreign exchange and this is where the FTC is placed in a bind. Based on Fair Competition Legislation this merger is very hard to justify. The only way out for Jeff and his people is to ask SOL to share part of the BNTCL assets, possibly 50/50. This is the only way out of avoiding the tremendous concentration of actual and potential market power that this merger brings.

    Liked by 1 person

  28. Tony E. Gibbs March 8, 2017 at 6:06 PM #

    Alvin,
    I think David is right, the FTC was not involved, since that takeover was not considered to be anti-competitive. in matters such as mergers and anti competitive behavior generally one must first identify the relevant market. Both BS&T, Massy and ANSA were conglomerates occupying various market segments. I don’t think any one of them dominated any segment. Beer market is perhaps was the most problematic and that would be so if ANSA had won and had Carib and Banks in their portfolio

    Like

  29. millertheanunnaki March 8, 2017 at 6:10 PM #

    @ Alvin CumminsMarch 8, 2017 at 5:24 PM
    “How does this match up with the sale of BS&T to Massy; lock stock and barrel, which gave Massy control almost all the food wee purchase (import) and control of all the distribution. Where is the competition?”

    You see how true that old saying is: de higher de stupid monkey climb, de more Alvin the silly chipmunk shows his black bushy ignorant tail’.

    Both buyer and seller are both private sector entities. BNTCL is the property of the State and must operate in the interest of the people; not private owners looking for large profits.

    Neither did BS&T represent the sole importer of processed food into Barbados where there are other players preventing the creation a food-importing monopoly to attract the attention of the FTC in the same way the sale of the BNTCL has done.

    Even you Alvin, in your patriotic zeal of xenophobia, can import as much processed food for sale without any economies of scale and storage constraints as in the case of finished petroleum products.

    You could even sell to the “coolie man” (Bajan term for the East Indian itinerant trader) for retailing to the stupid black yard-fowls who like you would die of starvation for their dear letdown party (dlp).

    Like

  30. millertheanunnaki March 8, 2017 at 6:23 PM #

    @ Tony E. GibbsMarch 8, 2017 at 5:54 PM

    Well put, Kite! That is what we wanted to hear from you. At least you have a few intellectual razor blades attached to your ‘swizzle’ tail,

    Now you can send your invoice to Rubis making sure you pass on 50 % as the miller’s cut.
    While you are at it you should pen a similar letter of disgusting complaint to the BCCI for shooting themselves in the foot.

    Not even a first-year student in Business Administration would craft the crap that business umbrella body published recently based on paid propaganda from that specially chosen KPMG.

    Like

  31. vincent haynes March 8, 2017 at 7:38 PM #

    Food for thought from Kite my senior at Cawmere……interesting to note how many up and Oners contribute to BU………ah wonder if David and Piece are too….

    Like

  32. de pedantic Dribbler March 8, 2017 at 9:18 PM #

    @Vincent, you know that there is enough ‘snobbery’ bout de place already, so what difference does it really make where Piece (who btw, did say yes he went there) or David spent their youth?

    Glad to see you share your camaraderie of school spirit as others have done for their alma maters and surely guys and gals enjoyed the news of school sports over these last several days – maybe some when to participate in the old scholar races – and relived their halcyon days if they were athletic stars or just proud fans of their Set or House.

    As old peoples now, that is really the only ‘rememberance’ of ‘school dazes’ that should be relevant here, bro

    Like

  33. Bush Tea March 8, 2017 at 9:48 PM #

    @ Hants
    Cuh dear man … stop giving Bushie a bad name … leave that to AC nuh….
    Bushie just calls it as he sees it…

    @ Kite
    “My major concern Is the consumer and his/her welfare.”
    ++++++++++++++++++++++++++++++++++++++++++++++
    Well not Bushie’s……

    Bushie’s primary concern relates to the enfranchisement of the ordinary people of Barbados in terms of their OWNERSHIP of meaningful assets.

    People who own nothing, end up as beggars..

    90% of Bajans will NEVER be major shareholders in any shiite…. But they are the children of multiple generations of Blacks whose slave labour, sweat, tears and blood built Barbados. Why the hell should they not COLLECTIVELY own the basic strategic assets that provide the root services they must buy?

    Barrow’s generation of politicians CLEARLY saw this as a VITAL necessity, and made HUGE sacrifices to accumulate a number of impressive assets like BET, Airport, Port, Water works, shares in BL&P etc…. VALUABLE assets OWNED by ordinary Bajans.

    It REALLY pisses Bushie off now to hear the shiite talk about ‘consumers’, fair trade, monopolies, and such petty red herrings… while systematically disenfranchising the future children of this, the first generation of Black Bajans EVER to actually have owned any shiite….

    National development in reverse….

    BBBB!!

    Liked by 1 person

  34. Alvin Cummins March 9, 2017 at 8:04 AM #

    Miller,
    The sale of BS&T, went from Bajan ownership of a number of companies in different fields, to Trinidadian ownership, completely. BS&T was a conglomerate owning and controlling a number of different entities, some being agents and distributors for a number of different manufacturers and products, real estate, plantations etc.. When Massey bought BS&T all of this became concentrated in that single entity, so they control the agencies and all the distributors; SB Distribution, for instances, all the supermarkets; Big, B,, JBs, (Supper Centres) , they became the importers (from themselves) and the suppliers to themselves. The real estate is another matter.
    BNTCL may be a government owned corporate body, but its profit or loss : remember when it was losing about 90 million dollars, just before the 2008 election? and is on the government books. If it is an asset, it appears as such, and therefore must be considered a candidate for divestment.If it can be sold at a profit, that is one more that can satisfy the demands of people like you, who are always harping that the load to support such “assets” should be removed from the back of government.
    As far as anticompetitive markets and monopolies, what happened to C&W and the telecommunications market? We had C&W, the sole player in the telecommunications market. Enter Digicell to compete in the cellular market, and planning to provide competition in the land line market. CBC, was the lone player in the multi choice television market. Enter LIME, Enter Flow. C&W buys out LIME. C&W buys Columbia (which owns Flow). So C&W now owns LIME and Flow; the competition is too much for CBC and its multi choice. It remains uncompetitive and is another orphan sucking at the government tits; a situation that was supposed to have been corrected when the BLP ATTAINED THE GOVERNMENT IN 2004. NEVER HAPPENED THIS TWENTY YEARS LATER. So C&W maintains its dominance in the telecommunications market, and CBC is over a hundred million dollars in debt. Solution anyone?
    Bushy,
    are you not one who has been calling for less, or at least, smaller government?
    Would yu refer to the Massey purchase as a “petty red herring[s]…”?
    Dribbler, Piece, Vincent, and even Bushie, up and on. We relive those halcyon days vicariously now.

    Like

  35. millertheanunnaki March 9, 2017 at 12:24 PM #

    @ Alvin CumminsMarch 9, 2017 at 8:04 AM

    Debating with you is a most futile exercise in intellectual masturbation analogous to shouting in the ears of a ‘soundly’ deaf and glaringly blind jackass pushing a wheelbarrow made from cardboard and laden with wet sand to adhere to the following instructions:

    Keep straight when the ‘dumb’ bell is dropped once;
    push to right when the it clangs twice;
    and turn to the left when it tolls thrice for thee.

    Stop blaming the last administration for the selling of the BS&T to Trinidadians or any privatization of State-owned assets.

    Such selling off of what EWB and JMGA accumulated started under a previous DLP administration headed by Sir Lloyd which went through a so-called structural adjustment under the directives of the IMF.

    Can you ‘inadvertently’ remember who sold the shares in Bartel to C&W, the Arawak Cement Plant and the Flour Mill for a mess of forex pottage?

    But what can one expect from a big-headed fool who still clings doggedly to the view that Barbados does not need foreign exchange to run the ship of State as long as the figurative printing press in the Church Village monopoly money-making Micky Mouse factory is open to meet the MoF’s demands to save his sorry ass from public servants striking for a lack of pay.

    Like

  36. Bright Red Cherry March 9, 2017 at 12:31 PM #

    Alvin

    The DLP going to get some warm rashole licks in the next election……………………….going to be embarrassing.

    Liked by 1 person

  37. Hal Austin March 9, 2017 at 1:02 PM #

    Miller,

    The BS&T was a private company. What its sale showed was that the white business community had also failed, not just the black politicians.

    Like

  38. millertheanunnaki March 9, 2017 at 1:29 PM #

    @ Hal AustinMarch 9, 2017 at 1:02 PM

    Hal, don’t bring that bogey man for a debating decoy to BU.

    Bajan white people what! You are referring to a dying breed of business owners.
    Why blame that ‘soon-to-be-extinct’ species for selling out to Trinidadians while lying on their death bed?

    Did you really expect them to sell or give away their businesses to black brass-bowl Bajans? Do black Bajans deliberately patronage their own kind of business owners?

    From your own family tradition and experience can blacks really keep profitable shop?

    Just look at Roebuck Street today and see the results of black commercial enterprise?

    We just hope that “Popular” does not go the way of the traditional black business in Bim being ‘run’ into the financial gutter or sold out like Joseph and his multi-coloured coat to East Indians and the commercial mafia from the Middle East.

    Like

  39. Hal Austin March 9, 2017 at 1:36 PM #

    Miller,

    You forgot to mention that banks often give information about black-owned businesses to rivals. When you see it at first you just do not believe it. I was in a bank once when a well-built white guy came in and asked the manager about a business and the bank manager just told him. I was gobsmacked.

    Liked by 1 person

  40. Piece Uh De Rock Yeah RIght - INRI March 9, 2017 at 1:45 PM #

    Mr Austin,

    Whu going on?

    You batting 100’s!

    My man whu happen?

    Strupseeeee, you mean dat i going have to disentangle your name from Alvin Cummins and Angela Sealy?

    Steupseeee I going have to get the granson change de Paling Cock picture and tek you out of it.

    Like

  41. Piece Uh De Rock Yeah RIght - INRI March 9, 2017 at 4:15 PM #

    Please forgive the insertion but it MUST BE NOTED…

    In what can certainly be give another “Hats Off”, and standing ovation, the patriotic blog, BARBADOS UNDERGROUND and their support of the campaign against 8 Police Officers of the Royal Barbados Police Force has led to 2 of of the * officers who sought to murder Nazim Blackett, being tried for Police Brutality. this July

    For more of this unstinting campaign by the Blog see the article https://barbadosunderground.wordpress.com/2016/07/13/the-brutality-of-the-royal-barbados-police-force-with-video/

    It just goes to support the belief that “a few good men can turn anything around”

    To the Honourable Blogmaster David King and his household thank you for a job well done

    Like

  42. Bush Tea March 10, 2017 at 7:24 AM #

    @ Hal
    Never mind the protestations of Miller, You are 100% correct about the sellout of Barbados by the albino business owners.
    These white-owned businesses made a conscious decision to sell to foreign interests rather than to embrace clearly TALENTED Blacks and even when they did embrace blacks, they choose Uncle Tom lackies – who were only competent at kissing butt, and who could be controlled like poppets to be even more albino centric than the owners.

    In Bushie’s opinion, BS&T was disposed of when it became clear that they could not find enough competent albinos to sit at the top of that organisation… same shiite with BL&P …and with others.
    After centuries of parasitically sucking the blood of Black Bajans, many also resented Tom Adams imposition of meaningful taxes (which they could easily afford) to rebalance the situation ….and like Money Brain’s dad, sold out their businesses to outsiders, and moved their slave-gained assets to North America.

    After Wynter Crawford and then Tom Adams, none of the other shiite politicians even understood the issues at stake, and people like Sandi and Arthur started selling NATIONAL assets too – thinking that they were mimicking the damn white people….
    A case of “monkey see, monkey do – but monkey ain’t got a clue.”

    BBBB!! Who ever heard of a carpenter selling off his tools to buy rice or milk?
    No wonder that we have sunk to the level of having someone like Stinkliar in charge of our damn (now empty) treasury…

    Anyway…
    Good to see that everyone has now caught up to the REALITY that our Bajan asses are in for deep shit, something that Bushie has been preaching since the days of Arthur with his CSME nonsense.

    What many of you may want to consider though, is that EVEN DEEPER shit awaits those jurisdictions where the stolen Bajan assets have been hoarded in North America and Europe….and in VERY SHORT order too…. no doubt wunna will catch up on that story too… 🙂

    Karma don’t play, …and time is short.
    Brass bowls can run – but duh cannot hide from the bitch….

    Like

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