Home' Trinidad and Tobago Guardian : October 28th 2014 Contents A15
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In Light of Cancer Awareness
Every time you use a cell phone, your brain
THE NATURAL ANSWER TO REDUCE CELL
IOWA CITY, IOWA---The founder of a
popular line of food products for observant
Muslims has been charged with
fraudulently shipping beef to Malaysia and
Indonesia that didn't meet the countries'
import requirements, federal prosecutors in
Iowa said. Bill Aossey Jr, who founded
Midamar Corp in 1974, is charged with
conspiring to change labels and fabricate
documents to make products appear that
they originated from a slaughterhouse that
met Malaysian and Indonesian
requirements. Iowa-based Midamar is a
leading US halal company that sells beef,
turkey, chicken and other products around
His attorney, Haytham Faraj, called the
19-count indictment unfair, saying it was
filed after his client rejected a plea
Aossey, a prominent 73-year-old Cedar
Rapids businessman, hasn't been arrested
and is expected to soon make an initial
court appearance, Faraj said.
Aossey, a son of Syrian immigrants, is
the "quintessential American success
story," Faraj said. Midamar, now operated
by Aossey's sons, celebrated its 40th
anniversary last week.
Malaysia and Indonesia restrict the
import of halal beef products to those from
certified slaughter facilities.
Halal meat is supposed to be killed in
ritual slaughter and processed in
compliance with Islamic law. (AP)
US halal food supplier indicted over beef exports
The price of oil yesterday slipped
below the US$80 a barrel price on
which T&T s national budget is based.
The drop in price came after Gold-
man Sachs, a leading global investment
banking, securities and investment
management firm, slashed its forecast
for prices, predicting that West Texas
Intermediate (WTI) crude---the price
of T&T s oil---will spend the better part
of 2015 at US$75 a barrel.
In early trading on the New York
Mercantile Exchange yesterday, the
price of WTI slid US$1.20, or 1.5 per
cent, to US$79.79 a barrel. Brent crude
on London s ICE Futures exchange
dropped US$1.26, or 1.5 per cent, to
US$84.88 a barrel.
WTI prices recovered slightly, ending
the day at US$80.95 in New York trad-
ing, while Brent crude, which is used
by many US refineries, was at US$84.93
Since June, oil prices have dropped
steadily from a high of US$107 a barrel.
Goldman Sachs was the latest Wall
Street bank to lower its forecast for oil
prices, saying that Opec was unlikely
to cut exports to try and push prices
The bank s analysts are predicting
that WTI crude will average US$75 a
barrel for the first quarter and second
half of 2015, down nearly 17 per cent
from US$90 a barrel, previously. They
cut their Brent forecast by 15 per cent,
to $85 a barrel, from $100 a barrel, pre-
viously. The 2016 and long-term fore-
casts for those oil prices are US$80 a
barrel WTI and $90 a barrel for Brent.
In an immediate response, Prime
Minister Kamla Persad-Bissessar yes-
terday expressed confidence that T&T s
economy will not be adversely affected
by the falling oil prices.
Speaking at a joint news conference
with Tobago House of Assembly (THA)
Chief Secretary Orville London at her
St Clair Office, Persad-Bissessar said
Finance Minister Larry Howai had
recently reported to the Cabinet that
the shortfall from reduced oil prices
will be made up in gas sales.
She said Howai indicated that there
was no need "to go into further deficit
or to go into further borrowings."
Howai is expected to give a further
update on the situation to the Cabinet
"We are very optimistic that we can
weather it, we can weather the storm.
Should things change we will come
back to the public at large (but) at this
point we have been given the assurance
that we can survive," Persad-Bissessar
Howai said last week that an exercise
is already in progress to address expen-
The T&T Securities and
Exchange Commission (TTSEC)
has signed a Memorandum of
Understanding (MoU) with the
T&T Stock Exchange Limited
(TTSE) to co-operate on initia-
tives related to regulation and
development of the local capital
market and securities industry.
The MoU establishes a formal
committee which will meet quar-
terly to deal with matters relating
to both agencies and the securities
market. A working group was also
set up within each institution to
facilitate the ease with which they
interact. This is the fifth agreement
the TTSEC has signed and for-
malised over the past 18 months.
In June 2013, the TTSEC became
a full signatory to the IOSCO Mul-
tilateral Memorandum of Under-
standing Concerning Consultation
and Co-operation and the
Exchange of Information (MMoU).
On January 6, an MoU was signed
with the Central Bank Both agree-
ments deal with how they will
consult, co-operate, and exchange
information for regulatory enforce-
On January 8, a protocol was
signed between the TTSEC and
the Securities Dealers Association
of T&T and on April 9, an MMoU
with the Caribbean Group of Secu-
rities Regulators came into force.
This agreement aims to facilitate
mutual co-operation in the con-
duct of regulatory and supervisory
functions under the relevant secu-
rities laws, regulations and rules.
TTSEC chairman Professor Patrick Watson, right, and T&T Stock Exchange Limited's chairman Peter Clarke
formalise the MoU. Looking on are Michelle Persad, CEO, T&T Stock Exchange Limited and C. Wainwright
Iton, CEO, TTSEC.
diture and it will be accelerated if
the price of oil slips below the
US$80 on which the 2014-2015
budget is based.
He also expressed the view that
lower oil prices will not be a "pro-
longed situation", suggesting that
there will not be need for concern
unless "the price of gas and related
derivative commodities also show
a significant decline."
The minister told the T&T
Guardian that the ministry will
closely monitor the price of oil but
Government s response will
depend on whether the reduction
in oil price is prolonged and there
is a change in gas prices.
Howai explained that gas prices
make a bigger contribution to
T&T s budgeted revenues than oil
and that has been "so far partially
offsetting the effects of lower oil
---With additional reporting by
Oil price drops below US$80
TTSEC signs MoU with TTSE
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