Home' Trinidad and Tobago Guardian : January 15th 2015 Contents A19
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WASHINGTON---The FBI is stepping
up efforts against international cor-
ruption, creating new squads to search
for bribery cases that are rooted over-
seas but reach to the United States, law
enforcement officials said.
The three squads, based in the FBI's
largest field offices, will concentrate on
a key priority the Justice Department
set over the past decade.
Officials say that in the expanding
global economy, the additional re-
sources are needed to prevent corrup-
tion's ripple effects in the US or desta-
bilization of foreign governments. The
work complements the Justice Depart-
ment's ongoing efforts against corrup-
tion and the enrichment of foreign
rulers at the expense of their citizens,
"Corruption leads to lack of confi-
dence in government. Lack of confi-
dence in government leads to failed
states. Failed states lead to terror and
national security issues,' said Jeffrey
Sallet, chief of the FBI's public corrup-
tion and civil rights section, in an in-
Science, Technology and Sports Minister
Dr Rupert Griffith yesterday admitted that it
has been been difficult to implement cutbacks
in expenditure at the ministries in his portfolio
following declines in the price of oil.
Griffith said he has already met with officials
from the ministries under his purview to discuss
projects which can either be stopped completely
or deferred. This follows an announcement by
Prime Minister Kamla Persad-Bissessar that
some ministries would have adjust their budgets
because of a $7.4 billion shortfall due to declin-
ing oil prices.
Responding to questions from reporters, the
minister said making adjustments in expen-
diture was a work in progress
"I met with the two permanent secretaries
and the technical staff and they are working
it out," he said.
"It is not a simple exercise. You have to
really look at your priorities, you have to look
at the strategic plan you have for the ministry,
you have to see what are the priority items
you can't afford to touch, then we have to look
at areas that can hold for next year.
"The projection is that within the next six
months the oil will go back up to US$60 or
US$70 per barrel, so put it on hold until such
time as you have the resources to go forward."
Griffith spoke to reporters yesterday following
a ceremony to distribute instruments of
appointment to members of the iGovtt board
at Tower D, International Waterfront Complex,
He said three new stadia would be com-
pleted by mid-June as part of the Sport
Ministry's projects since funding had
already been set aside for those projects.
The facilities, all located in Couva, are the
Aquatic, Cycling and Tennis Centres.
"Those funds are committed through the
IDB loan... all are 75 per cent is completed.
We are proposing to have the opening of those
facilities by mid-June this year. It tells you,
you can't turn back on those, because the
money is already committed.
West Texas Intermediate (WTI), which
trades on global markets within the range
of T&T s light sweet crudes, posted its
biggest one-day percentage gain in more
than two years yesterday, settling at
US$48.48 a barrel and up 5.6 per cent---
its best day since June 2012.
Brent North Sea crude reversed earlier
losses and increased by US$2.10, or 4.5 per
cent, to close at $48.69 in London.
The price had slipped earlier in the day
after the US Department of Energy revealed
yesterday that commercial crude stocks had
surged 5.4 million barrels in the week ended
Analysts said that was far bigger than
market expectations for a gain of 1.75 million
barrels and signalled weak demand in the
United States, the world's top crude con-
A dismal outlook for global growth had
also briefly weighed on oil markets after the
World Bank cut its outlook for global growth
lateTuesday. It said the global economy is
expected to expand three per cent this year,
up from 2.6 per cent in 2014, but still slower
than its earlier forecast of 3.4 per cent for
this year. The World Bank also trimmed its
2016 forecast for global growth to 3.3 per
cent from 3.5 per cent.
Oil prices that have fallen by about 60
per cent since June are wreaking havoc on
energy exporting economies. It has already
resulted in a revision of T&T's national
budget which is now pegged on an oil price
of US$45 a barrel, considerably lower than
the original estimate of US$80 a barrel.
Dr Rupert Griffith, seated second from left, with the new board of directors of the National
Information and Communication Technology Company Ltd (iGovTT) yesterday. Members seated
are, from left, Annessa Ali Bocas, chairman Jacqueline Syms and deputy chairman Rachel
Maikhoo. Standing from left, William Archie, Vishneu Koon Koon, Krishanna Badaloo, Daryl
Ramkalawan, Cindy Hinds, Stellan Ragbir and Sylvannas Berkley. PHOTO: ANDRE ALEXANDER.
WTI posts biggest
It's hard to cut spending
FBI gets tougher against foreign corruption
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