Sadly as always those using Belize as an example do not disclose all the facts, the most interesting of which is that in late 2010 on the nationalization of Belize Telemedia the PM of Belize actually approached Cable and Wireless to buy into BTL as a strategic telecom investor - they took it away from the blue water style Michael Ashcroft for ripping off the public Seee
It is unbelievable that the chairman of a public corporation who is accountable to the public would advise a member of the press to piece together WSCs plans from press archives and a political manifesto! This merely suggests to me that there is no plan.
@bahamapundit I could not disagree with you more. What you are sayings that Bahamians should be held hostage for ever by poor communications, and extortionate cellular prices. All BTC was doing was recirculating the excessive cash we spend on communications from our pockets into Gvt coffers to be wasted away by successive Governments through inefficient spending and jobs for the boys.
You miss the point entirely - imy view is that privatizing BTC is just a first step of many. The next is for it to become more efficient, offer better services etc..next step is competition which will bring communications prices down further as the mobile players agressively compete. The customer wins...we then have better communications and more cash in our pockets. We then have more disposable income which we spend in the economy. This creates economic growth. International business is highly dependent n communications also. Modern cost efficient services is a key factor for foreign investors. More FDI creates more jobs, more jobs equals more income, more income equals more indirect spending equals economic growth. It is all linked. Your position is that we should maintain the status quo - the reality is that we would actually go backwards.
The whole cash cow, bread winner argument is absolute rubbish. If BTC were left to its own devices and Gvt run and competition were introduced, it would become a cash drain within minutes.
I love the point "And when it comes down to actually putting up their money, potential buyers may stop thinking emotionally and start thinking about the risks to their investment from pending competition." Why is'nt the Government thinking this way? - it is easy to say that the price is low and Bahamians should own more and so on, but the second Bahamians have to put up their own money then we start thinking about the risks of the investment such as
- impending competition in mobile services - the cost of keeping current with technology - more an more VOIP options, on mobile handsets also - downward pressure on roaming revenues - a union that is out for themselves, not interested in the consumer or the investor - etc.......
Positive, you are obviously the most important person here if you feel that you can order people off the stage. That is self importance at its worst. And it is not a boast, the point is too many people want that big 4WD or huge plasma TV that's bigger than their friends' - and they are using the public's (our) money to finance their lifestyles. Credit is a way of life in The Bahamas, an unfortunate inheritance of US culture.
The reality is that a number of things need to happen:
1. BEC needs to be "turned around" - it operates extremely inefficiently. people always talk about fuel prices, but half our problem is that BEC is so inefficient. It also does not have any buying power for fuel or equipment, it does'nt maintain its generators or buildings properly, and it has a union knife at its throat. Of course this means dealing with labour also, but that ain't likely. Nassau is also subsidizing the family islands to a large extent, which I am not saying is wrong, just that it reduces margins and drives up rates
2. New energy legislation has to be enacted. Homeowners should be encouraged to generate their own power and be able to sell into the grid like elsewehere.
3. renewables should be embraced across the board, not put on the "back burner" just because it is is something the last Government was looking at. The more alternative sources the better. It should not cost BEC anything if managed right....they should just agree to buy the power at fixed rates from the Independent Power Producers who take on the financial risk of the projects.
4. Get a chairman and a board who are seasoned electrical utility people not political appointees, and get someone on the board who perhaps invests in renewables around the world - yes a foreigner but who has experience doing what the Bahamas has never done.
5. BEC should publish a notice to stop this speculation as to whether the entire Board's bills are current or not, and how much in arrears. It is a conflict of interest for a Board member to be in arrears with the company he is on the Board of. This should extend to any business in which any Board Member has a material interest
By the way @Positive, I pay my electrical bills on time every month and no arrears. You seem to assume that everyone in the Bahamas is like you.
Stameko says...
4. comments
1. Clearly numbers houses are already under reporting their take
2. Clearly the proposed tax is peanuts and the numbers houses will be making an absolute fortune
3. Where is the national benefits of a national lottery where most proceeds avoid the treasury and go straight into community causes
4. So if the answer is no, I assume that means numbers houses are illegal and should be shut down?
On PM says money could be funnelled into public purse
Posted 3 November 2012, 7:58 a.m. Suggest removal
Stameko says...
Sadly as always those using Belize as an example do not disclose all the facts, the most interesting of which is that in late 2010 on the nationalization of Belize Telemedia the PM of Belize actually approached Cable and Wireless to buy into BTL as a strategic telecom investor - they took it away from the blue water style Michael Ashcroft for ripping off the public Seee
http://amandala.com.bz/news/cable-wirel…
On PLP hedging on BTC nationalisation?
Posted 29 August 2012, 9:53 p.m. Suggest removal
Stameko says...
@Observer I found it on a page (people should definitely read more and not speculate, you are right) - see
http://www.thebahamasweekly.com/publish…
Also see:
http://www.bahamaslocal.com/files/Offer… - I believe ATN, One Equity and CWC all bid on 51% also
On 'Flawed' BTC process means no FDI impact
Posted 23 August 2012, 8:18 p.m. Suggest removal
Stameko says...
Please do disclose the consulting report - that would clear up a whole lot of useless political back and forth.
On 'Meet your promises, don't just spread propoganda'
Posted 11 July 2012, 9:47 p.m. Suggest removal
Stameko says...
It is unbelievable that the chairman of a public corporation who is accountable to the public would advise a member of the press to piece together WSCs plans from press archives and a political manifesto! This merely suggests to me that there is no plan.
On Roberts declines to explain Water and Sewerage plans
Posted 11 July 2012, 9:39 p.m. Suggest removal
Stameko says...
@bahamapundit I could not disagree with you more. What you are sayings that Bahamians should be held hostage for ever by poor communications, and extortionate cellular prices. All BTC was doing was recirculating the excessive cash we spend on communications from our pockets into Gvt coffers to be wasted away by successive Governments through inefficient spending and jobs for the boys.
You miss the point entirely - imy view is that privatizing BTC is just a first step of many. The next is for it to become more efficient, offer better services etc..next step is competition which will bring communications prices down further as the mobile players agressively compete. The customer wins...we then have better communications and more cash in our pockets. We then have more disposable income which we spend in the economy. This creates economic growth. International business is highly dependent n communications also. Modern cost efficient services is a key factor for foreign investors. More FDI creates more jobs, more jobs equals more income, more income equals more indirect spending equals economic growth. It is all linked. Your position is that we should maintain the status quo - the reality is that we would actually go backwards.
The whole cash cow, bread winner argument is absolute rubbish. If BTC were left to its own devices and Gvt run and competition were introduced, it would become a cash drain within minutes.
On Attempts to reclaim BTC are a monumental waste
Posted 28 June 2012, 7:17 a.m. Suggest removal
Stameko says...
I love the point "And when it comes down to actually putting up their money, potential buyers may stop thinking emotionally and start thinking about the risks to their investment from pending competition." Why is'nt the Government thinking this way? - it is easy to say that the price is low and Bahamians should own more and so on, but the second Bahamians have to put up their own money then we start thinking about the risks of the investment such as
- impending competition in mobile services
- the cost of keeping current with technology
- more an more VOIP options, on mobile handsets also
- downward pressure on roaming revenues
- a union that is out for themselves, not interested in the consumer or the investor
- etc.......
On Attempts to reclaim BTC are a monumental waste
Posted 27 June 2012, 7:35 p.m. Suggest removal
Stameko says...
Positive, you are obviously the most important person here if you feel that you can order people off the stage. That is self importance at its worst. And it is not a boast, the point is too many people want that big 4WD or huge plasma TV that's bigger than their friends' - and they are using the public's (our) money to finance their lifestyles. Credit is a way of life in The Bahamas, an unfortunate inheritance of US culture.
On BEC chairman Miller vows to lower bills
Posted 23 June 2012, 5:37 p.m. Suggest removal
Stameko says...
What an unsurprising coincidence....
On Footage missing in sabotage probe
Posted 22 June 2012, 12:30 p.m. Suggest removal
Stameko says...
The reality is that a number of things need to happen:
1. BEC needs to be "turned around" - it operates extremely inefficiently. people always talk about fuel prices, but half our problem is that BEC is so inefficient. It also does not have any buying power for fuel or equipment, it does'nt maintain its generators or buildings properly, and it has a union knife at its throat. Of course this means dealing with labour also, but that ain't likely. Nassau is also subsidizing the family islands to a large extent, which I am not saying is wrong, just that it reduces margins and drives up rates
2. New energy legislation has to be enacted. Homeowners should be encouraged to generate their own power and be able to sell into the grid like elsewehere.
3. renewables should be embraced across the board, not put on the "back burner" just because it is is something the last Government was looking at. The more alternative sources the better. It should not cost BEC anything if managed right....they should just agree to buy the power at fixed rates from the Independent Power Producers who take on the financial risk of the projects.
4. Get a chairman and a board who are seasoned electrical utility people not political appointees, and get someone on the board who perhaps invests in renewables around the world - yes a foreigner but who has experience doing what the Bahamas has never done.
5. BEC should publish a notice to stop this speculation as to whether the entire Board's bills are current or not, and how much in arrears. It is a conflict of interest for a Board member to be in arrears with the company he is on the Board of. This should extend to any business in which any Board Member has a material interest
By the way @Positive, I pay my electrical bills on time every month and no arrears. You seem to assume that everyone in the Bahamas is like you.
On BEC chairman Miller vows to lower bills
Posted 22 June 2012, 12:14 p.m. Suggest removal