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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

Padres beat Dbacks 3-0 behind Davies, three solo homers

first_img COMMENT Written By WATCH US LIVE Zach Davies retired the first 13 Arizona batters, Fernando Tatis Jr. hit a leadoff homer and rookies Jake Cronenworth and Edward Olivares also went deep to give the San Diego Padres a 3-0 win against the Diamondbacks on Friday night.Davies took a perfect game into the fifth before giving up consecutive one-out singles to Eduardo Escobar and David Peralta. He got out of the jam by retiring the next two batters on popups.Davies (2-1), obtained along with outfielder Trent Grisham in an offseason trade with Milwaukee, allowed three singles in 5 2/3 innings, struck out six and walked none.“I tried to stay at the bottom of the zone as much as I possibly could tonight,” Davies said. “Being able to locate there is a huge success. That’s where I tried to take my game. Didn’t stray from that. Live on the edges, the defense was there, we got enough to win the game 3-0.”The game took only 2 hours, 27 minutes, and Davies’ efficiency had a lot to do with that.“Staying at the bottom of the zone, trying live on soft contact, strikeouts are great but at the same time my goal is to try to get guys out as quick as possible,” he said.Four relievers finished the combined four-hitter for San Diego’s first shutout. Kirby Yates pitched the ninth for his second save in as many chances.The Padres have beaten the Diamondbacks four times in five games this season. San Diego came in having lost four of five.Tatis homered on Luke Weaver’s first pitch of the game, driving a 93 mph fastball into the Padres’ bullpen beyond the center field fence. It was his fifth this season and the seventh leadoff homer of his career. He has homered in consecutive games and in three of the last four.He has reached base all 14 games this season, matching his career single-season best. He’s been on base 15 straight times dating to his last game of 2019, Aug. 13. He was shut down after that with a stress reaction in his lower back. He still finished third in the NL Rookie of the Year voting.“First pitch home run to left-center, I mean, there’s really no better way to get a dugout going,” Cronenworth said of Tatis’ homer. “Right after Davies had a first inning that was awesome, to have that, every night it seems like every night he’s doing something to get the guys going,”Said Weaver: “That first pitch of the game is always something in the back of your mind you know you’ve got to execute. I had a good feeling he was going to be swinging. I know he’s pretty aggressive on the first pitch. The ball just got away from me a little bit … He got a hold of that one.”Davies said Tatis’ homer “sets the tone for the offense and shows the guys are ready. Tatis is that type of player. Everybody knows about him. Keep the ball down, don’t give him anything to hit. That was a mistake, just trying to get a strike where he’s ready to hit.”Cronenworth homered to right on the first pitch of the second, his second. He has impressed the Padres with his bat and glove in filling in for first baseman Eric Hosmer, who is on the injured list with a stomach ailment.Olivares, pinch-hitting for Abraham Almonte, connected off Alex Young leading off the fifth for his first big league homer.Weaver (0-3) went only three innings, allowing two runs and two hits with three strikeouts and one walk.“Obviously a frustrating night because we had a lot of momentum coming in here,” Diamondbacks manager Torey Lovullo said. “I thought offensively we were really prepared. We walked in here feeling good about scoring some runs. You get shut out, it’s not something you really want to watch or go through from a player’s standpoint. So we’ve got to regroup the troops, have a good approach tomorrow and see what that can lead to.“We clipped Luke Weaver a little short,” Lovullo said. “I know there’s probably a lot of curiosity about that. It was by design and then the bullpen took over from there.”Lovullo said the Diamondbacks limited Weaver because he’s struggled in the fourth and fifth innings of outings.“It’s part of the game,” Weaver said. “We’re trying to win ballgames, trying to get guys in the right situations, the right spots in order to move on down the road and to be at their best. After some discussions, we felt like this was a good way to go. Ultimately Torey makes that decision. I just try to do the best I can to improve.”TRAINER’S ROOMPadres: Manger Jayce Tingler said there’s a good chance 1B Eric Hosmer will be activated from the injured list on Saturday. He’s been out with a stomach ailment.UP NEXTDiamondbacks: RHP Merrill Kelly (1-1, 2.63) is scheduled to start Saturday night. He took a no-hit bid into the seventh inning at Texas on July 28. He was 3-1 with a 3.71 ERA in five starts against San Diego in 2019, including winning his MLB debut on April 1, allowing three runs in six innings of a 10-3 victory.Padres: RHP Chris Paddack (2-0, 2.65) is scheduled to make his fourth start. He beat Arizona at home on opening day, throwing six scoreless innings in a 7-2 win.Image credits: AP SUBSCRIBE TO US LIVE TVcenter_img Associated Press Television News Last Updated: 8th August, 2020 11:18 IST Padres Beat Dbacks 3-0 Behind Davies, Three Solo Homers Zach Davies retired the first 13 Arizona batters, Fernando Tatis Jr. hit a leadoff homer and rookies Jake Cronenworth and Edward Olivares also went deep to give the San Diego Padres a 3-0 win against the Diamondbacks on Friday night First Published: 8th August, 2020 11:18 IST FOLLOW USlast_img read more

First Edition March 1 2013

first_imgFirst Edition: March 1, 2013 Today’s headlines include a story suggesting that the health law’s implementation will proceed amid the sequester.  Kaiser Health News: Hospital Executive Bracing For Budget Cuts Says ‘We Need To Deal With Medicare’Kaiser Health News staff writer Mary Agnes Carey reports: “David P. Blom is one of thousands of hospital executives across the country who are bracing for a reduction in Medicare payments as part of a series of federal spending cuts that begin Friday. Blom, 58, is president and chief executive officer of OhioHealth, a Columbus, Ohio, based not-for-profit health care system that includes 18 hospitals, 23 health and surgery centers, home-health providers and other facilities” (Carey, 3/1). Read the story.Kaiser Health News: Capsules: Hospital Consolidation Dance Heats Up In NYC; Mass. Weighs Governor’s Plan To Tax Candy And SodaNow on Kaiser Health News’ blog, Jenny Gold reports on developments in the New York City hospital markets: “The health care game of musical chairs is picking up speed in New York City, one of the most competitive markets in the country. The Mount Sinai Medical Center and Continuum Health Partners announced today that their boards of trustees have reached a tentative agreement on a possible merger” (Gold, 2/28).Also on Capsules, WBUR’s Martha Bebinger, working in partnership with KHN and NPR, reports on legislation in Massachusetts to tax candy and soda: “Are candy and soda food? In Massachusetts, candy and soda are considered food and are exempt from the state’s 6.25 percent sales tax. But Gov. Deval Patrick wants to change that. He’s proposing that the legislature tax every bag of M&M’s and bottle of Pepsi bought in the state” (Bebinger, 3/1). Check out what else is on the blog.The Wall Street Journal: Cuts Roll In As Time Runs OutThe federal government enters a controversial new phase of deficit cutting Friday, as an automatic trigger begins slicing budgets in some areas while leaving programs such as Medicare and Medicaid—among the largest drivers of future debt—largely untouched (Paletta and Hook, 2/28).The Associated Press/Washington Post: Obama Still Betting On A Big Fiscal Deal As Automatic Cuts Kick In, But Odds Weigh Against HimA fiscal deadline all but blown, President Barack Obama says he once again wants to seek a big fiscal deal that would raise taxes and trim billions from expensive and ever growing entitlement programs. But with automatic federal spending cuts ready to start taking their toll, the path toward that grand bargain Obama campaigned on last year has significantly narrowed. The president has summoned the top bipartisan congressional leadership to the White House, a meeting designed to give all sides a chance to stake out their fiscal positions with a new threat of a government shutdown less than four weeks away. There were no expectations of a breakthrough (3/1).The New York Times: Boehner Halts Talks On Cuts, And House GOP CheersSpeaker John A. Boehner, the man who spent significant portions of the last Congress shuttling to and from the White House for fiscal talks with President Obama that ultimately failed twice to produce a grand bargain, has come around to the idea that the best negotiations are no negotiations (Parker, 2/28).USA Today: Senate Rejects Sequester AlternativesThe Democratic alternative would have replaced the cuts, known as the sequester, with a combination of a minimum 30% tax on millionaires and cuts to defense and farm programs. It failed 51-49. The Republican alternative would have transferred sweeping authority to President Obama to force him to determine how to implement $85 billion in cuts instead of the across-the-board spending cut affecting most reaches of the federal government. The sequester exempts military personnel accounts and the social safety net including Social Security and Medicare. The GOP measure also failed, 38-62 (Davis, 2/28).USA Today: Interest Groups Barrage Congress With Sequester PleasHematologists are sending tweets to members of Congress, warning that looming cuts to federal research funding threaten to slow medical advances for diseases such as sickle-cell anemia and lymphoma. … Hundreds of elected officials from cash-strapped counties will swarm Capitol Hill in the coming days to decry reductions to federal grant programs that help fund everything from libraries to sewage systems. Public-sector unions began running television ads in in seven cities Thursday that target Republicans and warn of financial pain for millions. Lobbyists and interest groups representing almost every corner of the country have spent months and millions trying to forestall what now seems inevitable: automatic across-the-board cuts totaling an estimated $85 billion that will kick in starting Friday without action by Congress and the White House (Schouten, 2/28).The Wall Street Journal: Another Big Step In Reshaping Health CareHospitals and health insurers are locking horns over how much health-care providers will get paid under new insurance plans that will be sold as the federal health law is rolled out. The results will play a major role in determining how much insurers will ultimately charge consumers for these policies, which will be offered to individuals through so-called exchanges in each state. The upshot: Many plans sold on the exchanges will include smaller choices of health-care providers in an effort to bring down premiums (Mathews and Kamp, 2/28).Politico: Friends And Foes Expect Obamacare Rollout Amid SequestrationThe Obama administration has issued ample warnings how the sequester can have dire effects on health programs. Official talk about fewer vaccines, cuts in medical research grants, less money to treat HIV, fund cancer screenings or respond to outbreaks. But they haven’t been issuing a lot of warnings about how it’s slowing down the rollout of Obamacare. Because sequester or no sequester, the administration is trying to keep work on the core elements full steam ahead (Norman, 3/1).The Washington Post’s WonkBlog: Interview: Sen. Rockefeller On The Future Of ObamacareOn Tuesday, Sen. John J. Rockefeller (D-W.Va.) chaired a Commerce Committee hearing on the Affordable Care Act’s summary of benefits and coverage provision, which requires insurance companies to summarize all benefits in a standardized, four-page document. It’s something akin to a nutrition label for health insurance. We spoke afterward about that part of the law, as well as the Medicaid expansion, the possibility of rate shock and why he isn’t worried about getting Americans enrolled in health law programs. What follows is a transcript of our conversation, edited for length and clarity (Kliff, 2/28).Politico: Tom Corbett May Be On Verge Of Medicaid ReversalPennsylvania Gov. Tom Corbett is feeling the Medicaid squeeze. A Republican governor of a Democratic state, Corbett has railed against the health law’s massive Medicaid expansion and omitted it from his proposed budget. But all around him, governors are opting in — including Republicans John Kasich just west of him in Ohio and Chris Christie just east in New Jersey (Cheney, 2/28).Los Angeles Times: J&J Gambled On Hip Implant Safety, Lawyer AllegesHealthcare giant Johnson & Johnson played “Russian roulette” with patient safety by ignoring high failure rates and surgeons’ complaints about its once-popular artificial hip, a Los Angeles jury was told during closing arguments at a high-stakes medical trial for the company. Jurors heard arguments from both sides Thursday in a case that pits the world’s biggest seller of medical products against Loren Kransky, a 65-year-old former prison guard in Montana who claims he suffered metal poisoning and other health problems from the company’s ASR XL hip implant he received in 2007 (Terhune, 2/28).The Washington Post: Children’s, Inova Form New Group Of Pediatric Specialists In Northern VirginiaChildren’s National Medical Center and Inova Health, two of the Washington area’s largest health systems, are forming a new organization to give families in Northern Virginia more direct access to doctors who treat specialized children’s illnesses, including cancer, genetic disorders and bone problems, officials said (Sun, 2/28).Politico: Anti-Abortion Group Susan B. Anthony List Endorses Ken CuccinelliThe anti-abortion group Susan B. Anthony List endorsed Virginia Attorney General Ken Cuccinelli in the state’s gubernatorial race, committing $1.5 million to the Republican candidate’s campaign and in the process drawing criticism from Democrats. The SBA List’s $1.5 million is the biggest financial commitment so far in the race, and could give Cuccinelli a boost with more than eight months to go until Election Day (Schultheis, 2/28).Check out all of Kaiser Health News’ e-mail options including First Edition and Breaking News alerts on our Subscriptions page. This is part of the KHN Morning Briefing, a summary of health policy coverage from major news organizations. Sign up for an email subscription.last_img read more