Barbados National Bank

Selling the Shop!

rumHave you noted, David. that no one bats an eyelid at the FACT that NON-CANADIANS CANNOT (by law) own more than 25% of Canadian assets like Air Canada, ….

but that PRIVATE Canadian companies can own 100% in banks,[…] utilities and other CRITICAL infrastructural assets in other sovereign ‘cuntries’ like Brassbados…? …and that OUR government controlled NIS seem to be leading the way in this sellout…? – Bush Tea

The above statement is poignant and should resonate with all Barbadians especially during the month of Independence.  After all, it is the time of year many Barbadians reflect on what defines the Bajan identity. What have we achieved in the post Independence period. What do we need to do to continue to build the perfect BAJAN society.

After sinking billions in education by successive governments since 1966, it appears Barbados has reached a point predicted  many years ago – that one day Barbadians would awake to the realization that locals would not owed these fields and hills. What is the purpose of heavily investing in education if its people cannot utilize the knowledge derived by creating and managing our social and commercial sectors to the benefit of all Barbadians. It seems all of the significant indigenous brands have been sold.

In Canada here is how specific local industries are protected (restricted) by law – see Manitoba Fact Sheet. The aggregate holdings of non residents (and associates) cannot exceed 25% of all shares in the banking sector. In the broadcasting sector a license will not be issued to companies controlled/owned by foreigners. Ownership by foreigners is restricted to 20% in telecommunication companies. Ownership in existing insurance companies is limited to 25%.  There are other industries like oil, gas, farming, liquor, engineering, aviation, fisheries and a few others where ownership is restricted. Bear in mind Canada is a resource rich country yet it see the utility in protecting sectors in the economy commonly referred to as strategic assets.

To reinforce the point: in Australia cattle farming is big business and considered a key activity in the agriculture sector. Chinese investors have been investing heavily in Australia yet we observe another resource rich country which sees the utility to scrutinizing/curtailing attempts by foreign investors to buy into that sector.

Soaring house prices in Sydney and Melbourne, Australia’s two biggest cities, have added to politicians’ nervousness about foreign money coming into the country. Without presenting evidence, some press pundits and radio “shock jocks” have blamed Chinese investors for forcing Australians out of the market. But non-resident foreign investors are banned from buying houses in Australia. New dwellings are excepted on the ground that such sales help expand the housing stock – Selling the Farm

Only in Barbados we have our university trained citizens willing to justify the sale of our  meagre assets remaining to non Barbadian interest. How are we conditioning our children to think? We accept that we live in a global space and we must train and educate Barbadians to compete in the global market, but, this is no reason why our intelligence should not also be leveraged in the domestic market.

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12 Comments on “Selling the Shop!”

  1. Well Well & Consequences November 22, 2015 at 7:57 PM #

    University trained professionals who equate education to intelligence even 50 years later after holding Ph.Ds, Alvin comes to mind.

    First, the young students going forward must be taught that knowledge is power, the compilation of information is knowledge which equals power, which equals intelligence. Hence the politicians keep information and secrets from the taxpayers, they keep knowledge from the people, vital intelligence that can benefit the people and country.

    Strutting around feeling all arrogant that they know something the taxpayers who pay their salaries don’t know, is downright backward and ignorant, you cannot move forward without intelligence. Share the intelligence and you get a more informed society.

    As it stands right now, the only intelligence being shared by the leaders, is one of corruption and has been for the last 50+ years.

    Like

  2. Shaft November 22, 2015 at 8:34 PM #

    Barbados no longer belong to Bajans, we sold the country long shot! The celebration of 49 years of independence is eminent…! We should be celebrating 49 years of Government corruption…

    Like

  3. millertheanunnaki November 22, 2015 at 8:57 PM #

    Emera could have made this offer to buy all remaining shares only if it received a firm prior indication from the National Insurance Board that they are prepared to sell the shares at the offer price.

    Emera would have gone ahead with the deal knowing full well if the NIS capitulates the rest of the local shareholders- insignificant in the grand scheme of things and with the law on their side- would have to follow suit.

    Now what does the NIB’s decision to divest itself of its interest in such a strategic national asset say to you so-called educated Bajan brass-bowls?

    Let the chairman come on BU and justify this decision to sell out the NIS contributors. Let him also deny that the NIS is up financial shit street. Hence the reason for the selloff to get quick cash to settle its outstanding benefit claims running into the thousands.

    Like

  4. flyonthewall November 23, 2015 at 9:22 AM #

    If the NIS can realise a decent capital gain by selling, it is far more in the “national interest” that they do so. Better to lock in profits now and get cash, than to hold on to shares that are already thinly traded. What would be better still would be to take the offer of shares in Emera. This would give NIS an opportunity to invest in companies outside Barbados, which it desperately needs to do.

    Like

  5. Bush Tea November 23, 2015 at 9:41 AM #

    Good to see that NIS is trying out some PR here on BU.
    That really is a wise move.

    Now…
    What will NIS do with any cash realised from this sale that represents a better investment than the current one in a LOCAL monopolistic ESSENTIAL service?
    Most sensible countries do not even ALLOW outsiders to control such entities -far less to remove themselves from ANY opportunity to access information on how they are being managed by FOREIGNERS….

    Why should we prefer ownership in a CANADIAN company over interest in our OWN – when they are essentially managed and controlled by the Canadians anyway..?
    Is BL&P not effectively fully a part of emera already?
    Why are BL&P shares then lower than emera shares right now…?
    SURELY this is a scam…..

    This ‘fly’ seem to think that there are idiots on BU that like kool aid….

    PR is fine, but it should MAKE SENSE….

    Liked by 1 person

  6. Wily Coyote November 23, 2015 at 10:52 AM #

    Typical BAJANS – Worried about country business and assets being sold offshore but missing asking the real QUESTION that should be asked “WHY IS NIS SELLING THEIR SHARES”.

    Well I can give you the answer “NIS IS BROKE” and needs cash for the GOVERNMENT day to day ATM withdrawals.

    Country finances are in a shambles, corruption is rampant, no leadership etc.

    Like

  7. Due Diligence November 23, 2015 at 1:21 PM #

    SELLING THE SHOP?

    WHAT ABOUT MORTGAGING THE HOUSE?

    I posted this to another blog, but think it fits well here.

    For those who have not read it, DD suggests all read the story Bajan Yen in BT at: http://www.barbadostoday.bb/2015/11/21/bajan-yen/

    …………Ambassador Extraordinary and Plenipotentiary of the People’s Republic of China to Barbados Wang Ke said the St Philip project was the “very first of its kind” large scale infrastructure project in Barbados for which China was offering funding under preferential terms.

    “This makes China the only country that offers large scale preferential loan to finance infrastructure projects in Barbados, which not only shows that China remains confident in Barbados’ tourism industry and its national economy, but also write a new chapter in China-Barbados partnership of neutral benefit and win-win corporation,” said the Chinese diplomat. “I would like to mention that besides Sam Lord’s Castle hotel, China and Barbados are negotiating several other projects to be funded by China preferential loans such as the reconstruction and expansion of the Grantley Adams International Airport and Pier-head Marina project in Bridgetown.”…….

    …….Pointing out other areas of “Chinese participation” in the development of Barbados, including the Garfield Sobers Sports Complex, Prime Minister Freundel Stuart said today’s signing marked another phase of the relationship between the two countries.

    And he expressed confidence that the redevelopment of the Sam Lord’s Castle and the construction of the Wyndham hotel would benefit the island’s tourism product tremendously. “May we hope this is the first of a series of new developmental initiatives to further define and enrich the relationship between Barbados and the People’s Republic of China,” said Stuart……….

    Also, view the video of Orville Schell – https://en.wikipedia.org/wiki/Orville_Schell at:

    According to Schell – “They (Chinese) will now be reckoned with on their own terms – not ours (USA). ”

    And they would have us believe that the same Administration that negotiated the most one sided agreements known to mankind with Clare/Cahill, is able to negotiate loans from the PRC on its own terms?

    Oh, and what are the terms of the deal with Wyndham?

    Like

  8. Well Well & Consequences November 23, 2015 at 5:37 PM #

    Due….I know they have done something even worse than Cow-an/Cahill and are hiding it from the taxpayers. It is their modus.

    Liked by 1 person

  9. lawson November 25, 2015 at 7:48 AM #

    The Chinese have done the numbers and have figured it is cheaper to buy an island in the Atlantic than build one in the china sea

    Like

  10. Due Diligence November 25, 2015 at 11:23 AM #

    Lawson

    You got that right.

    Like

  11. TheObserver November 26, 2015 at 10:25 AM #

    @lawson
    Even if said in jest, your last comment may have provided the best summary of this multinational relationship. Forging alliances with countries who are in the “US backyard” may be a key part of China’s policy, making our beloved islands a set of pawns in China’s game.

    Like

  12. Colonel Buggy November 28, 2015 at 5:26 PM #

    A Chinese war ship is in Bridgetown at present. Perhaps one day we could look forward to the reopening of the old US Naval Base,when the China Construction Company is “invited” to build a hotel on that prime property.

    Like

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