Home' Trinidad and Tobago Guardian : August 26th 2015 Contents A19
• Twitter: @GuardianTT • Web: guardian.co.tt
Finance Minister Larry Howai has
described Monday s turmoil in China s
stock market which sparked fall outs in
stock exchanges around the world as a
"bloodbath" which resulted in US$8 trail-
lion in losses in the global market.
He said the situation was so serious that
members of his staff had to work overnight
to monitor the market.
Howai commented on the matter yesterday
as he delivered remarks at the opening of
the a three day regional conference.
Caribbean Technology and Innovation for
the Digital Economy (TIDE) at the Trinidad
Hilton and Conference Centre, St Ann s.
He said those development "underlined
the need for T&T to continue its efforts
towards diversification of the economy
because along with the loss in global equity
values of course, commodity prices tumbled."
He added: "As of yesterday (Monday), the
price of West Texas Intermediate which we
benchmark our oil prices against had fallen
to US$37. It has actually recovered this morn-
ing as global markets began to recover."
The minister assured there is continuous
monitoring of international markets to deter-
mine if there could be any impact on T&T s
"We ve had teams continuing to monitor
those markets all through the night to see
where we would end up this morning. I got
a call about 11.30 last night saying that the
tide seemed to have turned, Asia has opened
and the market seemed to be turning up. I
think this morning the futures market, the
Dow, would have moved up about 500 points
even before the market opened."
Howai said the ministry is not letting its
guard down concerning movements in inter-
national markets since it is a matter of "real
concern" with potential impact on "what
is likely to happen with our own fiscal posi-
Asked whether China s devaluation of its
currency is likely to affect that country s
investments in major projects in T&T, Howai
said it is not expected to affect contracts
"The companies which T&T is doing busi-
ness with are strong companies that continue
to do good business with good cash flows.
The Chinese economy itself has a lot of
good, strong financial buffers. While it is
going into a period of slowdown I am sure
they will be able to take appropriate measures
to get their economy back on track again,"
Howai said there are no plans to with-
draw from the Heritage and Stabilisation
Fund but admitted that no funds have
been deposited into the fund due to the
low oil prices.
"We only contribute to the extent that it
is over the price that we would have used
in our budget. We haven t really made any
contributions," the minister explained.
He assured that cash reserves are good
and T&T s fiscal performance for the first
eight months of 2015 is very good.
Howai on US$8 trillion stock losses:
Selby Wilson, chairman of the Telecommunications Authority of T&T (TATT), centre, with
Larry Howai, Minister of Finance and the Economy, left, and Dr Rupert Griffith, Minister of
Science and Technology, at the opening ceremony of the Caribbean TIDE Technology and
Innovation for the Digital Economy at the Hilton Trinidad and Conference Centre yesterday.
PHOTO: ANDRE ALEXANDER
SAN JOSE, California---A
man pleaded guilty to sending
more than 27 million spam
messages to Facebook users,
federal officials said.
US Attorney Melinda Haag
said Sanford Wallace, of Las
Vegas admitted in federal
court in San Jose, California, to
accessing about 500,000
Facebook accounts and
sending unsolicited ads
disguised as friend posts over
a three-month span.
Wallace collected Facebook
user account information by
sending "phishing" messages
that tricked users of the social
networking site into providing
their passwords, prosecutors
He then used that
information to log into their
accounts and post spam
messages on their friends'
Facebook walls, according to
the indictment. Those who
clicked on the link, thinking it
came from a friend, were
redirected to websites that
paid Wallace for the Internet
In 2009, Palo Alto-based
Facebook sued Wallace under
federal anti-spam laws known
as Can-Spam, prompting a
judge to issue a temporary
restraining order banning him
from using the website. (AP)
US man pleads guilty to sending spam to Facebook users
Links Archive August 25th 2015 August 27th 2015 Navigation Previous Page Next Page