Theory of value and property – Locke [John] uses the word property in both broad and narrow senses. In a broad sense, it covers a wide range of human interests and aspirations; more narrowly, it refers to material goods. He argues that property is a natural right and it is derived from labour.
Locke believed that ownership of property is created by the application of labour. In addition, property precedes government and government cannot “dispose of the estates of the subjects arbitrarily.” Karl Marx later critiqued Locke’s theory of property in his social theory – Wikipedia
Barbados celebrated Errol Barrow Day on January 21. One of the pleasures of the day was to listen and view the many audio and video clips which were broadcast on the day which featured The Right Excellent Errol Walton Barrow. Clearly evident was the vision of the man – many of the concerns he expressed in the 70s and 80s are still with us today. In one of the clips Barrow lamented that our banking, insurance, tourism and other key sectors were controlled by foreign interest. Sadly two or three decades later nothing much has changed on this front.
One of the many imponderables which seems to be confronting Barbados at this time is the extent to which, as a people, we have forgotten who we are. How do we want Barbados to be defined for our children? Do we still want to be friends of all and satellites of none? Why do we continue to allocate 20% of our education budget to education but seem to have a growing predilection to sell the fruit of our labour to foreign interest?
See the document which has been circulated to BS&T shareholders advising them not to accept the Ansa McAL offer of $7.00. A number of recommendations have been stated by the Board of Directors of BS&T which seek to support their position. Thanks to that person who sent us the information; we do appreciate it.
Why is BU not surprise at the BS&T posture! This is a warning to Barbados that they are about to see a corporate dog fight which has never been seen in Barbados. A lot is riding on this deal because if Neal & Massy loses it would significantly diminish their presence in Barbados while their arc-rival Ansa McAL would have achieved the opposite.
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Neal and Massy backs down
Driselle Ramjohn email@example.com
Wednesday, August 8th 2007
QUIT BOARD: Bernard Dulal-Whiteway
THE PROPOSED merger between corporate conglomerates Neal and Massy Holdings and Barbados Shipping and Trading (BS&T) is off. In addition, three nominees to the boards of directors have resigned from both companies. The merger was called off after shareholders in Barbados filed an injunction blocking BS&T from deciding on the merger at a special meeting.
The termination of the merger agreement was announced in a joint statement in the press by both companies today. The two groups, which have been long-standing associates, announced their decision to merge operations to form one of the largest Caribbean corporations in May. Neal & Massy owns 23 per cent of BS&T. Since then two other entities, a Barbadian consortium and regional conglomerate ANSA McAL, have made bids to acquire BS&T.
BS&T reported more than $1 billion in revenues for the first nine months of this financial year.
The issues that keep surfacing about Nationalism and loss of National icons, reiterates that too many times Bajans are reactionary. When the likes of BNB was being divested by Government, where were the consortiums? All we got was the usual rhetoric from our top “analysts”, that said nothing except that the company was a good company with great potential.
This is typical of our culture; we only see the potential after an outsider has offered to take over. There was no meaningful response from the Big businesses and again our analysts when the Government as they all “claimed” to know in their desperation divested of the likes of BNB to who would take it.
This submission was received from a reader of the BU blog. It is apparent to all that BU continue to follow the battle for BS&T with a keen interest. Although the views expressed on BU are our own, we welcome our readers to bring a balanced perspective on this and other issues. We find the BS&T saga to be very intriguing and regret like others have lamented the paucity of information coming from the stakeholders, but more so the passive way the press in Barbados is tackling this matter. We believe that the battle for BS&T represents more than a commercial transaction to be determined by its 3000 shareholders. The transaction must be of strategic interest to the country. BU therefore finds it amazing that the government of the country appears to be on board with this transaction without any fear of the consequences.
BU stand firm in its position that BS&T should be declared a “national asset” and the laws of Barbados be amended accordingly,
I think Barbados Underground would agree that the “small” shareholders need to be properly advised and made aware of what their real options are. None of the “analysts” have so far honestly laid out the pros and cons, and varying options available to the shareholders under the two options being offered to them by the would be suitors of BS&T. I’d like to add that the analysts should declare their potential conflicts of interest at the time they publish their articles. Mr. Chris Callender of Fortress Fund Managers should let the public know that BS&T owns 25% of the company that employs him.
ConcernedCitizen~BU finds it very interesting that two years ago BS&T was trading at over $8.00 (2005), $5.31 (2006) and up to yesterday $5.51. Although the share prices from our research have taken a beating in the Caribbean, BU find it strange the precipitous drop in the BS&T share price compare to other companies. What is it that the market sniffed about BS&T?
BU smells something funny
Posted on BU -3rd July 2007
A poster to BU made the quoted observation on the 3rd July 2007 and to our surprise in the Nation this morning we see the headline BS&T Shares Lockdown. What BU finds intriguing is the length of time it took for the industry regulator, Barbados Stock Exchange to suspend trading in a transaction where there was sure to be heightened interest given the nature of the deal. It is Barbados lone conglomerate and the market as we have seen will speculate and manipulate if allowed.
We visited the BSE website to view the trade summaries of the days being investigated, see attached. A novice scan of the reports clearly show that the share price has been allowed to move from $5.51 on the 2 July to $6.66 on the 6 July 2007. The is a clear manipulation of the share price which was done under the nose of the BSE. The significant movement in the share price has huge financial implications given what is at stake.
All members of the Board should resign immediately.
THE UNFAIR DISTRIBUTION of benefits in favour of Trinidad and Tobago is of concern to Prime Minister Owen Arthur and will come up for serious discussion when Caribbean Community heads of government begin talks today. This imbalance under the Single Market and Economy (CSME) was raised by Arthur yesterday as he addressed the official opening of the 28th CARICOM Heads of Government Conference in the courtyard of the Parliament Buildings, before more than 350 people and a regional radio and television audience.
He said while Trinidad and Tobago was the main beneficiary of the expansion in intra-regional export, apparently only “a few countries” were carrying the weight of the community’s free movement of skills programme. “Already, issues regarding the fair distribution of benefits from the CSME are surfacing,” Arthur said as he took over the chairmanship of CARICOM from St Vincent and the Grenadines Prime Minister Dr Ralph Gonsalves.
He pointed out that while intra-regional exports between 1995 and 2005 had grown from 13 per cent to over 20 per cent of the total exports of the region, “this growth has largely been to the benefit of one country – Trinidad and Tobago”. He told the gathering of regional government chiefs, other ministers and members of the diplomatic community that this situation “is untenable”.
Did BU read this article correctly? Is Owen “CSME”Arthur making anti-CSME statements? Wow…Prime Minister Arthur you better be careful, your statement could be construed as protectionist in some quarters! The posture now emanating from Arthur is confusing to us. One minute Arthur is welcoming all investment that is non-Barbadian, with emphasis on Trinidadian investment, yet in the Nation article he is expressing concern at the lopsidedness of the investment between Trinidad and the rest of CARICOM. One does not have to have a Masters in Economics to know that the cash rich Trinidad, which has a rich venture capital infrastructure to boot, has prepared its companies to be the “economic tigers” of the Caribbean. It follows that the scenario playing out should not have come as a surprise to the directorate of Barbados. Our great surprise on the BS&T, Neal & Massy merger comes from the opposite positions which Barbadians are hearing from our government ministers of late.
Senator Allan Fields, the man who has led the country’s biggest conglomerate, Barbados Shipping & Trading, for the past five years is preparing to step down from that office.
The s comes a month after he demitted the post of head of the Barbados Private Sector Association (BPSA), now led by financial management consultant Chris de Caires.
Senator Fields revealed in an exclusive interview with BUSINESS AUTHORITY over the weekend that the island’s most important private sector employer had already started its recruitment process and by next month the list of possible candidates for the top job will be narrowed down.
He is expected to step down at the end of the company’s financial year in September.
“I came to BS&T five years ago and I committed to them that I would be with them for a minimum of five years and I have indicated that I would like to retire at the end of the financial year,” he said.
Sir David Seale, Kyffin Simpson and Sir Allan Fields are men, white men who have dominated the business landscape of Barbados over the last 30 years. Unlike Sir David and Simpson, Sir Allan has been contented to exercise his management skills to consolidate the hold which white owned companies have had on the distribution sector in Barbados over the years, in case you don’t get our drift, distribution means food! Some of the companies which Sir Allan has blessed with his business acumen are Barbados Light & Power, Tropical Battery, Neal & Massy, Banks Breweries and Barbados Shipping & Trading Company Ltd. The power base which he has developed as a consequence has ensured that he firmly wears the title of one of the most powerful men in Barbados. No doubt Prime Minister Arthur is aware of Sir Allan’s influence on the economic elite in the country and has co-opted his support in key areas of managing the economy, at the top of the list must be his involvement in the Social Partnership, a tripartite arrangement comprised of private sector, union and government. His appointment as pinch hitter as Chairman of the Board of the Caribbean Broadcasting Corporation and Ambassador to China clearly demonstrates his positioning in the mind of Prime Minister Arthur.