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Russian pension funds set for more secure future

first_imgThe Russian press additionally reported that there would be no further moratoriums on pension contributions in 2016.Medvedev explained that he based his decision on expert advice and public opinion.In a recent poll conducted by Public Opinion Foundation, 62% of those surveyed opposed the abolition of a funded pension system.The main reasons for their view were poorer retirement prospects and losing the opportunity to save for their retirement.Medvedev’s announcement is a victory for the finance and economy ministries and Bank of Russia over the government’s “social” bloc, spearheaded by Olga Golodets, deputy prime minister for social affairs, and Maxim Topilin, minister of labour and social protection.The social bloc’s arguments for either making the second-pillar voluntary or even abolishing it included what they considered to be poor returns generated by the scheme.In 2014, according to Bank of Russia, NSPF nominal returns averaged 4.9% compared with an inflation rate of 11.4%, although individual fund returns ranged between 0.2% and 52%.However, the fund run by the state-owned Vnesheconombank (VEB) for those citizens who did not choose a private NSPF returned only 2.68%.Last year proved disastrous for conservatively orientated funds investing in government securities, notably VEB, as sharp interest rate hikes by the central bank pushed up bond yields.Meanwhile, the 24 NSPFs that had, as of 1 March, converted from non-profit to joint-stock company status, gained central bank accreditation and signed up to the guarantee scheme administered by Deposit Insurance Agency (DIA) will receive the contributions frozen in the second half of 2013 and held at VEB by the end this May.Funds that register later will get their contributions from the third quarter of this year.In April, the central bank approved two more funds to join the DIA.The collective RUB947bn (€17bn) in pension savings accounts for some 85% of the total.Mandatory second-pillar funds that fail to complete this process by the start of 2016 will be liquidated. Russia’s non-state pension fund (NSPF) system appears more secure after the government ended months of speculation over its fate.Today, Russian prime minister Dmitry Medvedev announced at a government meeting that the country would continue with the accumulative mandatory second pillar.Medvedev has instructed Igor Shuvalov, first deputy prime minister, to produce proposals to balance the budget and produce more effective measure for the long-term use of pension fund assets.The decision follows on from yesterday’s announcement by the Kremlin’s press service that, following a meeting with government members at the start of the month, president Vladimir Putin instructed the government and Bank of Russia, the central bank and pensions regulator, to devise mechanisms for channelling NSPF assets into long-term investment projects, and to assess financing volumes.last_img read more

AMBER ALERT: Have you Seen this 9-year-old Florida Boy?

first_imgHOLIDAY, Fla. – An Amber Alert was issued Monday morning for a 9-year-old boy from Pasco County.According to the Florida Department of Law Enforcement, Michael Morris was last seen in the 4000 block of Sail Drive in Holiday, Florida.Authorities believe he may be in the company of Haralampos Savopoulos, 50, who is also from Holiday.Michael was last seen wearing a black T-shirt and white shorts. He has a cut on his chin.Authorities said Michael and Savopoulos may be traveling in a white, 2011 Nissan Versa with Florida tag PCWH01. It’s unclear whether they are related or why authorities believe Savopoulos would take Michael.Police warn the public not to approach Savopoulos or the vehicle if spotted, but to call 911 immediately.last_img read more

Syracuse switches between zone, man-to-man defense to shut down Pannell in upset win over Cornell

first_img Published on April 11, 2013 at 12:29 am Contact Trevor: tbhass@syr.edu | @TrevorHass Facebook Twitter Google+ Related Stories FIGHTING BACK: After slow start, Syracuse’s offense breaks out in 13-12 win over Cornellcenter_img Rob Pannell’s four-point performance would have been a career night for some players. But not for Pannell, the country’s third leading scorer. Not for the player Syracuse head coach John Desko called “arguably the best in the country” the day before.No. 7 Syracuse (8-2, 2-1 Big East) came away with a scintillating 13-12 win over No. 2 Cornell (10-2, 4-0 Ivy) at the Carrier Dome on Wednesday night. After a sluggish start in which it allowed four goals in the game’s first five and a half minutes, the Syracuse defense contained Cornell’s explosive offensive attack in the final three quarters. Brian Megill guarded Pannell at times and the Orange used a zone in other stretches to hold Pannell to just one goal on 11 shots.“It’s always fun to go up against the best to test yourself,” Pannell said. “He held me scoreless after the first quarter, so credit to him and the Syracuse defense.”Pannell came into the game averaging 5.4 points per game, having tallied 26 goals and 33 assists. He scored nine points against Hobart earlier in the season and six against Syracuse two years ago.During the opening quarter on Wednesday, it appeared Pannell would have another monster game. He assisted on three of the Big Red’s first four goals as Cornell jumped out to an early 4-0 lead by the 9:38 mark.AdvertisementThis is placeholder textHis first assist came on a man-up opportunity. Syracuse long-stick midfielder Peter Macartney was whistled for an illegal body check. Less than a minute later, Pannell found Steve Mock, the nation’s leading goal-scorer, who scored on a lefty shot from the right side.Cornell was feisty and efficient early on. Syracuse was lethargic and bewildered.It was exactly what the Orange had feared. Pannell to Mock, then Pannell to John Hogan, then Pannell to Connor Buczek. Pannell dominated the game and the Orange had no answer. Megill and the rest of the defense simply couldn’t contain him.“Rob’s a great player,” Megill said. “I said going into this game we were going to have to limit his points as a defensive unit. He’s going to get his points, and he did, but I think we came out slow.”Cornell, meanwhile, did anything but. After goals by Syracuse’s Scott Loy and Henry Schoonmaker cut the deficit to two, Pannell scored his only goal of the game with 4:51 left in the first quarter on a rebound off of a Matt Donovan shot.But that was the last time Pannell would score or assist on a goal all night.Syracuse switched into a zone after allowing the first four goals of the game, and Pannell’s production dwindled immediately. Wherever he went, there was a Syracuse defender to cut off his path toward the crease.The Orange embarked on a 4-1 run, capped by goals from Billy Ward and Luke Cometti early in the second quarter. Pannell was silenced. So was Cornell’s entire offense.“Cornell came out on fire, like they do in many of their games this year,” Desko said. “They got some early goals. We jumped into a zone just to try and slow the tempo down.”Syracuse flip-flopped between zone and man-to-man defense during the second half. When SU was in man, Megill said he tried to stay on Pannell’s hands. He knew heading into the matchup that he couldn’t go for Pannell’s stick because the ball would never come out.“Rob’s the best in the game at it,” Megill said. “He always knows when the ball’s in his stick. He’s got great handles.”So instead, with help from David Hamlin, Sean Young and the rest of the Orange defense, Megill played Pannell’s body and shut him down. The failed slides and miscommunication that haunted Syracuse in the first quarter became a distant memory.Cornell outshot Syracuse 20-6 in the opening quarter, but the Orange outshot the Big Red 31-27 the rest of the way. All of the holes in Syracuse’s porous defense were patched and SU came away with the statement come-from-behind win.“Personally, they were quick to double to me and did a great job there,” Pannell said. “Megill’s a great defenseman. We were able to put the ball in the net, but after scoring six in the first quarter, we scored six the rest of the game. It was a great job by Syracuse’s defense.” Commentslast_img read more

Newcastle winger already considering future…despite only arriving in the summer

first_imgFlorian Thauvin is considering a move away from Newcastle – despite only joining the club in the summer.The Frenchman moved to St. James’ Park from Marseille in August after the Magpies shelled out £12m to secure his services.Since then though the attacking midfielder has struggled to make his mark, failing to score or register an assist this season.And now, according to Mercato 365, Thauvin is already considering leaving Newcastle.The 22-year-old is contracted to the club until 2020 and they are keen to allow him more time to settle. Florian Thauvin 1last_img read more