Romanian government eases grip on second-pillar system

first_imgThe IMF’s headquarters in Washington DCThe International Monetary Fund (IMF) this week published a statement following an official staff visit to Romania. In it, the IMF warned of a “severe” impact on government spending as a direct result of its planned pension system reforms.“The pension law currently under parliamentary discussion warrants a reassessment to balance social needs and fiscal sustainability,” the IMF said. “The provisions in the current bill would create new spending of about 4 percentage points of GDP.“This would add a severe strain to the government finances, burden the young generation, and crowd out other priority spending on public investment, education and health.”Outside of pension reform, the IMF also warned that the progress the country had made in improving people’s incomes relative to other European countries could “suffer a setback that hurts the real incomes of retirees and poor people particularly hard”.It stated: “A more balanced policy mix is needed to reduce the likelihood of such a setback: first and foremost, fiscal consolidation complemented by monetary tightening and greater exchange rate flexibility.“Additionally, policies need to become more predictable and governance improve to enhance the medium-run prospects of income convergence.”– Nick Reeve The Romanian government has stepped back from an element of pension system reform that it was feared would cripple second-pillar provision.Pension providers will no longer be required to increase the companies’ capital by €800m – an elevenfold increase on current levels. After six months of intense negotiations, the industry managed to convince the government to amend the requirement. However, the capital increase requirement was not scrapped completely – it was merely downsized to about €80m in total.  Radu Hanga, president of the Romanian Fund Management Association, speaks in defence of private sector providers at an event in Bucharest earlier this yearAt the time of the government’s announcement, several industry representatives as well as other stakeholders – including Pensions Europe – warned that the measures would be the end of the second pillar through a “de-facto nationalisation”.The government insisted the changes would “strengthen the system”.“The combined measures were a completely unnecessary and undeserved blow against the system,” Bobocea said. “They will not strengthen the system but weaken it, and it was a threat to its stability.”He said the industry was “backed by the people” in their negotiations with the government.“After good awareness campaigns last year and at the start of this year, people are learning more about the system and they are seeing that it is working,” Bobocea added.  European Commission voices concernIn a recommendation issued earlier this week, the European Commission also noted its concerns about the future of the second pillar despite the changes to the capital requirements.  The Commission feared that the Romanian government had only “postponed” payment of the full capital increase to December 2019.“Other provisions in the December 2018 emergency ordinance that endanger the viability of second pension pillar funds remain unchanged,” the Commission added.For the seven providers of pension funds in the mandatory system, the changes come after the industry reported its worst investment results since inception. In 2018 the average return was just 1% for the year, but just before the government announcement in December providers had still been averaging 4% for 2018.The government’s announcement combined with a severe market downturn hit pension funds hard. In addition, the Romanian leu has considerably depreciated against the euro, meaning assets in the second pillar amounted to just over €11bn.“The companies have not recovered fully from that over the first months of 2019,” APAPR’s Bobocea said.People leaving the system, lower management fees and higher capital requirements “will hit the industry hard”, he added. However, so far there had been no sign of any providers intending to throw in the towel.IMF weighs incenter_img Mihai Bobocea, adviser to the board of the Romanian Pension Funds Association (APAPR), said the development was only “in part good news”. “This reduction means that the second pillar indeed has a chance for survival,” he told IPE.However, he emphasised that the new capital requirements still meant an increase of 125% compared to the current capital levels for pension providers.The other three measures published by the government in an emergency ordinance in December were still in place, he added. This meant the previously mandatory second pillar was optional and people could opt to stop paying contributions but not take out accrued assets.In addition, construction workers – which make up around 10% of active contributors in the second pillar – were removed from the system for the next 10 years, but their accrued assets remain. Management fees levied on gross contributions were slashed by 70% of the legal maximum level.“No one knows why the government wanted to take out the construction workers, or why for 10 years,” Bobocea said, “or why the level of capital increase or cuts in management fees was chosen by the government.”Backlash against reformslast_img read more

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Superb bowling effort gifts GAW much needed win

first_imgA catastrophic top-order display saw the Barbados Tridents capitulate to 92 all out in the face of an impressive bowling and fielding performance from the Guyana Amazon Warriors, who eased home with 20 balls to spare to pick up their fourth win of the season and go clear in third place on the Hero Caribbean Premier League (CPL) 2020 table.The Tridents shuffled their batting order, Justin Greaves coming into the XI to open, but he lasted only one ball as he fell LBW trying to sweep Amazon Warriors captain Chris Green. Johnson Charles fell to a magnificent catch by Shimron Hetmyer who sprinted 25 yards and dived full length, sending the bowler Kevin Sinclair into another athletic celebration. Jason Holder had only himself to blame for being run out by T20 debutant Kissoondath Magram, meaning the openers and captain had all fallen for 0. Shai Hope was shifted down to five but fell for another low score, chipping a catch back to Sinclair.The Tridents, who had won the toss and chosen to bat, were 9/4 in the fourth over, and added just five more runs before the end of the Powerplay – the second lowest-scoring in Hero CPL history. Green bowled out with another maiden, Sinclair’s last over went for just three, and the Tridents were 17/4 after eight overs.Worse calling saw the fifth wicket fall, as Jonathan Carter set off, was sent back by Kyle Mayers and was caught short of his ground by yards. Mayers followed Carter back to the dugout two balls later top-edging a pull, keeper Nicholas Pooran taking a brilliant catch running towards the boundary, and at halfway the Tridents were a staggering 22/6.Tahir’s second over was survived, but in the next over Naveen and the Amazon Warriors picked up two more. First Ashley Nurse pulled straight to Romario Shepherd at deep square leg, then Raymon Reifer looped the ball up to Pooran off his glove while playing forward, leaving the Tridents 27/8 after 12.Mitchell Santner finally hit the Tridents’ first boundaries, swinging Tahir for a Hero Maximum then straight driving for four. Santner then lofted Magram for a Hero Maximum to take the Tridents past the lowest score in Hero CPL history – 53 all out back in 2013 by the Trinidad franchise. Rashid Khan slapped two sixes off Keemo Paul, but Rashid fell trying to slice Naveen over the off-side, Sinclair taking a good catch at deep cover.Naveen finished with venue-record T20 figures, and the Tridents were 79/9 off 18. Hayden Walsh Jr slapped a four off Paul, and while Santner was run out off the last ball, they and Rashid had at least ensured the Tridents had batted the whole innings and got a recognisable T20 total – the same total they failed to chase against the St Lucia Zouks at Queen’s Park Oval on Sunday.Holder had two slips in place for his first over, a maiden to Brandon King. Santner got some drift, almost swing, with his arm-ball, but dropped short enough for King to crash a cut for four. Holder finally conceded his first run off his 11th ball via a Sinclair edge and Santner’s second went for just one.Holder attacked with Rashid in the Powerplay, and while the Afghan fired five wides, he beat Sinclair all ends up and knocked back his off-stump. Hetmyer was lucky to inside-edge for four past the stumps first ball, and to see a pull off Holder fall just short of Santner at mid-on, but King lofted the last ball of Holder’s over over long leg for a Hero Maximum to take the Amazon Warriors to 31/1 off the Powerplay.Hetmyer fell to Walsh to continue his run of low scores, beaten through the gate, and with Pooran in early off the back of his brilliant century against the Patriots, Holder attacked with his wrist-spinners in tandem. King was lucky to survive a wild swipe off Walsh, but the wrist-spin attack was just about seen off and King cashed in by cutting Nurse for four. At halfway, the Amazon Warriors were 52/2.First ball after the break, King hammered a flat Hero Maximum off Holder and the over went for 10. Nurse was nudged around, but King had started to find his feet and whipped Rashid hard for four to take the Amazon Warriors to 72/2 off 13. King took his score to 40 and his strike rate over 100 with an inventive flick off the stumps over short fine leg for four, and Santner was milked for six to take the required runs under double figures.Walsh dropped a tough diving catch to deny Rashid a second wicket, but King was able to bring up his first 50 of the season with the score-levelling stroke. Pooran nudged the run that confirmed a win that hadn’t looked in doubt for the majority of the 36.4 overs bowled tonight, and ensured that Hero CPL 2020 lightning would not strike twice.last_img read more

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New Amsterdam celebrates 125 years as a municipality

first_imgThe town of New Amsterdam celebrates 125 years as a municipality. The one-month celebrations commenced on Thursday, but it was on Friday that the birthday cake was cut by Mayor Kurt Winter.The one-month celebrations commenced on ThursdayIt was on September 1, 1891, that legislation was enacted to have New Amsterdam become a municipality.New Amsterdam developed as a settlement besides Fort Nassau some 55 miles up the Berbice River. Around 1784, as a result of the fluctuating fortunes of Fort Nassau, the Dutch relocated the town to its present site.The original Nieuw Amsterdam grew up during the first half of the 18th Century. It was a small township with buildings mostly strung out parallel to the river bank. The inhabitants were required to pay a fixed sum annually to the Dutch Reformed Church and the Hospital, and were required to keep the public paths and the dividing land between their lots free of bushes and/or grass.At some point after 1784 the town of New Amsterdam was born. This site was obviously selected because it provided a natural outlet and entry point for a very extensive and productive hinterland.The name New Amsterdam was chosen because most of the colonists originated from the province of Amsterdam in Holland. Between 1785 and 1790 New Amsterdam was established as the seat of Government for Berbice. At that time, the town was little more than a forest settlement, with houses scattered here and there, with no roads and drains.In May 1825, an Ordinance to establish a Board of Management for the town was passed. The Board of Superintendence lasted until 1 September 1891, when legislation was enacted to incorporate the Town into a Municipality.Neil Ross McKinnon KC, who was president of that Board, was appointed the town’s first Mayor.The Electric Lighting Order of 1900 gave the Electricity Undertaking legal status as an entity owned and controlled by the New Amsterdam Town Council. As a utility, the Council was able to satisfy its citizenry with an essential service, while at the same time earning a fair amount of revenue, which was ploughed into other capital works of the Town and to keep the levying of rates at a minimum.However, due to a world crisis in October 1973 interims of the availability and sudden rise in the price of fuel, oil and subsequently on spare parts and services, it became uneconomical for Power Stations within close proximity to operate independently.Consequently, in keeping with the economic policy of the government, the New Amsterdam Power System was absorbed into the larger system of that of the Guyana Electricity Corporation on September 1, 1979.last_img read more

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2019 Precision University: Ag tech for in-season management

first_imgShare Facebook Twitter Google + LinkedIn Pinterest By Trey Colley, John Fulton, Jenna Lee, and Elizabeth HawkinsDigital agriculture technologies, connected devices, and sensor networks have enabled data-based decision making to be implemented at the farm level. The farm of the future will have increasing access to data and real-time analyses, allowing new insights related to in-season crop protection and nutrition management. Farmers of today already have many of these data sources at their fingertips through the use of connected smart phones.Implementation of these digital tools and services during the growing season can potentially reduce the time needed to assess crop health, scout for disease, and evaluate cropping system performance. A recent infusion of in-field sensor systems are beginning to change the game for such in-season decisions through irrigation management, real-time soil nutrient assessment, and site-specific application of cropping inputs. Additionally, advanced scouting tools such as apps with geo-location features, and aerial imagery are being adopted to assist in crop nutrition and crop protection applications.Spray technologies for in-season crop protection have also undergone recent developments even at the nozzle level. Pulse-width modulated (PWM) control for individual nozzles allow for reduction of spray overlap, skips, and drift during application at high speeds. Additionally, machine vision systems have proven see-and-spray technologies can reduce herbicide application by almost 90% in initial testing. These vision-based spray technologies use machine learning algorithms to detect both the type of weed and density of weed pressure to apply only a prescribed amount of herbicide to the identified area.How can you use these data sources paired with sound agronomic knowledge to make informed management decisions? Find out at the 2019 Precision University Event on Wednesday Jan. 9, 2019 at Beck’s Hybrids in London. This year’s focus will be related to all practices and technologies used for crop management after planting. Topics of using imagery for scouting, as-applied spray documentation, and sense-and-spray technologies will be highlighted in speaking sessions of the day. Additionally, breakout sessions of “Decision making with aerial imagery,” and “Latest in nozzle technology” headline the afternoon session. For more information and to register at $50 per person, visit go.osu.edu/PrecisionU by Jan. 2, 2019. CCA/CEU credits are available.last_img read more

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The Most Important of All Skills

first_img Essential Reading! Get my first book: The Only Sale Guide You’ll Ever Need “The USA Today bestseller by the star sales speaker and author of The Sales Blog that reveals how all salespeople can attain huge sales success through strategies backed by extensive research and experience.” Buy Now One of the more important skills one needs is to develop is the skill of self-development and improvement. It is also one of the more difficult skills to acquire, unless one happened to be born with the deficiency need for growth. Without the skill of being able to develop and improve oneself, one cannot reach one’s full potential (something that, as far as we can tell no human being has been able to do, all of us having a greater capacity than we can possibly imagine).Comfort Is the EnemyOne of the reasons it is so difficult to develop the skill of self-development and improvement is that one becomes comfortable. Comfort is the feeling that one has when we are avoiding pain, struggle, strife, or exertion. Comfort is the feeling of having enough, and not being driven to be more, do more, have more, or contribute more. Comfort is the enemy because it leads to complacency, and complacency is the recipe for standing still.There is something to be said for the idea of “enough.” There is also something to be said for being pleased without being satisfied, especially as it pertains to one reaching their full potential.DesireIf you want to develop the skill that leads to all other skills, self-development and improvement, it starts with desire. It’s the desire to be more than you are right now and recognizing there is some area where you can and should produce better results. It might also start with the desire to have more than you have now, even though that idea is not popular in some quarters. You may also desire the ability to do something you presently are incapable of doing, or something you want to master. Or maybe you want to make a greater contribution, and developing yourself into the person who can make that contribution is what drives you forward in developing some new skill.Will and Self DisciplineThose with the skill of self-development have certain character traits and attributes that allow them to develop new skills and to improve themselves. The primary character traits are the will to act and the self-discipline to do so over longer periods of time; those who do not develop themselves never develop those traits. Like a great martial artist, they are willing to practice the same thing hundreds or thousands of times until they gain mastery. They’re able to stay on the mat and do the work without any loss of enthusiasm, and without giving up. Where others dabble, those with the skill to develop other skills and improve themselves go deep.What one person is capable of, so are others. This is the belief of those with the skill to develop other skills. There are not very many things that appear to be out of the realm of possibility for those who have the mindset and the skill set to improve themselves. Most, however, believe that what one person is capable of, is too difficult for them. When they are infected with a negative belief system, they believe that natural talent is the difference, or that some individual’s achievements are the result of luck. Nothing could be further from the truth. Those who develop themselves pay the price in full for the skills and abilities they develop before anyone recognizes their mastery.last_img read more

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SEA Games: Gilas cadets dump host Malaysia

first_imgTrending Articles PLAY LIST 00:50Trending Articles00:50Trending Articles00:50Trending Articles01:37Protesters burn down Iran consulate in Najaf01:47Panelo casts doubts on Robredo’s drug war ‘discoveries’01:29Police teams find crossbows, bows in HK university01:35Panelo suggests discounted SEA Games tickets for students02:49Robredo: True leaders perform well despite having ‘uninspiring’ boss02:42PH underwater hockey team aims to make waves in SEA Games CONTRIBUTED PHOTO/POOLKUALA LUMPUR — Philippines blew host Malaysia apart, 98-66, to score its third straight win Wednesday night in the Southeast Asian Games men’s basketball.The win assured the Philippines of a place in the semifinals after victories over Thailand and Myanmar.ADVERTISEMENT SEA Games in Calabarzon safe, secure – Solcom chief MOST READ SEA Games: PH’s Alisson Perticheto tops ice skating short program LATEST STORIES As a result, Cruz and Amer were ejected with 5:41 left in the third quarter with Gilas protecting a 57-41 lead.READ: Ravena lauds Standhardinger’s efforts in Gilas cadets’ opener winUnfortunately, organizers only meted punishment on the Gilas guards and none on the Malaysians.But that hardly mattered as the Filipinos simply widened their lead by more than 30 points in the final quarter.ADVERTISEMENT View comments Catriona Gray spends Thanksgiving by preparing meals for people with illnesses LOOK: Venues for 2019 SEA Gamescenter_img Read Next Fil-German Christian Standhardinger scored 18 points and 18 rebounds for Gilas.READ: SEA Games: Gilas cadets survive ThailandFEATURED STORIESSPORTSWATCH: Drones light up sky in final leg of SEA Games torch runSPORTSSEA Games: Philippines picks up 1st win in men’s water poloSPORTSMalditas save PH from shutoutGame was interrupted by a scuffle involving frustrated Malaysia defender on Kevin Ferrer. Baser Amer, Bryan Cruz and Troy Rosario engaged Malaysian players in pushing contest.Kuek Tian Yuan first fouled Ferrer and refused to let go, prompting Gilas teammates to come to his side but instead of cooling it off, it escalated the situation. Brace for potentially devastating typhoon approaching PH – NDRRMC WATCH: Streetboys show off slick dance moves in Vhong Navarro’s wedding Don’t miss out on the latest news and information. Short on projection, PH gymnasts still log ‘marked progress’ LIST: Class, gov’t work suspensions during 30th SEA Games UPLB exempted from SEA Games class suspensionlast_img read more

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Matt Nieto reaping rewards of hardwork over off season

first_imgFire hits houses in Mandaluyong City MOST READ For the complete collegiate sports coverage including scores, schedules and stories, visit Inquirer Varsity. Fire hits houses in Mandaluyong City Season 78 eventually saw Matt develop into his own as he grew into one of Ateneo’s main offensive threats.READ: Ateneo stays unbeaten in five games, keeps UST winlessFEATURED STORIESSPORTSWATCH: Drones light up sky in final leg of SEA Games torch runSPORTSSEA Games: Philippines picks up 1st win in men’s water poloSPORTSMalditas save PH from shutoutIn Season 80, Matt has more than doubled his career scoring average to 10.8 points to become Ateneo’s leading scorer behind Thirdy Ravena, who averages 17.4 a game.“I’m just doing my job, I’m just finding open lanes, looking for my teammates, and it’s just a bonus that I can make my shots,” said Nieto Wednesday after the Blue Eagles’ 94-84 win over University of Santo Tomas. Brace for potentially devastating typhoon approaching PH – NDRRMC He exploded for a career-high 22 points against the winless Tigers in an impressive shooting display as he went 7-of-12 from the field.Matt said this increase in production is the product of an intenstive personal preseason workout.“Maybe I just improved since last season, I just really practiced hard during the summer break,” said Matt. “I’m thankful for my coaches and my teammates for giving the confidence.”ADVERTISEMENT View comments Filipino athletes get grand send-off ahead of SEA Games PLAY LIST 01:27Filipino athletes get grand send-off ahead of SEA Games00:50Trending Articles00:59Sports venues to be ready in time for SEA Games01:37Protesters burn down Iran consulate in Najaf01:47Panelo casts doubts on Robredo’s drug war ‘discoveries’01:29Police teams find crossbows, bows in HK university01:35Panelo suggests discounted SEA Games tickets for students02:49Robredo: True leaders perform well despite having ‘uninspiring’ boss02:42PH underwater hockey team aims to make waves in SEA Games Ginebra thwarts San Miguel’s grand slam bid, enters semis Typhoon Kammuri accelerates, gains strength en route to PH Read Next Photo by Tristan Tamayo/INQUIRER.netMatt Nieto just went from twin brother to just about anything for Ateneo.Joining the team in 2015 together his twin brother Mike, Matt struggled to find his form in the first two seasons with the Blue Eagles as he averaged just 4.4 points as an on-and-off rotation player.ADVERTISEMENT Don’t miss out on the latest news and information. LOOK: Loisa Andalio, Ronnie Alonte unwind in Amanpulo for 3rd anniversary Nonong Araneta re-elected as PFF president BSP sees higher prices in November, but expects stronger peso, low rice costs to put up fight Frontrow holds fun run to raise funds for young cancer patients  LATEST STORIESlast_img read more

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Lukaku matches Saha & Van Persie record

first_imgPremier League Lukaku matches Saha & Van Persie record with goal against Everton Goal Last updated 2 years ago 01:51 18/9/2017 FacebookTwitterRedditcopy Comments(2) Romelu Lukaku Manchester United Getty Images Premier League Manchester United Romelu Lukaku Manchester United v Everton Everton Stats Having netted five goals in his first five Premier League appearances for the Red Devils, Lukaku finds himself in privileged company Romelu Lukaku enjoyed a successful first appearance against his old club Everton on Sunday, and in the process equalled a Manchester United record held by Louis Saha and Robin van Persie. The Belgium international provoked the wrath of the Toffees faithful after celebrating when he netted a close-range finish to put United 3-0 up.A further strike from Anthony Martial from the penalty spot set an emphatic final scoreline of 4-0 in Jose Mourinho’s men’s favour.  Article continues below Editors’ Picks ‘I’m getting better’ – Can Man Utd flop Fred save his Old Trafford career? Why Barcelona god Messi will never be worshipped in the same way in Argentina Lyon treble & England heartbreak: The full story behind Lucy Bronze’s dramatic 2019 Liverpool v Man City is now the league’s biggest rivalry and the bitterness is growing Lukaku has settled perfectly into life at Old Trafford, and his latest goal took him level with two former United favourites who also made brilliant starts at the club. Only Saha and Van Persie had previously netted five goals their first five Premier League games for Manchester United, and now Lukaku joins that privileged club. United will be hoping that the goals keep flowing, as they sit pretty at the summit level on points with bitter rivals Manchester City at this early stage in the season. Check out Goal’s Premier League 2019-20 fantasy football podcast for game tips, debate and rivalries.last_img read more

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10 months agoRB Salzburg coach Marco Rose surprise candidate for Man Utd job

first_imgRB Salzburg coach Marco Rose surprise candidate for Man Utd jobby Paul Vegas10 months agoSend to a friendShare the loveRB Salzburg coach Marco Rose is a candidate for the Manchester United job.The Sun says Rose is the shock name on Manchester United’s managerial shortlist in case Mauricio Pochettino rejects them.The list also includes Zinedine Zidane, Laurent Blanc and interim coach Ole Gunnar Solskjaer.Although Pochettino remains first choice of executive vice-chairman Ed Woodward, United are putting together a list of alternatives in case the Spurs boss turns them down.Rose, 42, is admired within the United boardroom after leading Red Bull Salzburg to the Austrian title in his first season.The club also made it to the semi-final of last season’s Europa League after beating Real Sociedad, Borussia Dortmund and Lazio in the knockout rounds. TagsTransfersAbout the authorPaul VegasShare the loveHave your saylast_img read more

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Jason Whitlock Thinks Chip Kelly Will Be Miami’s Next Head Coach

first_imgJason Whitlocks and Colin Coward talk about Chip Kelly on ESPN.jason whitlocks chip kelly to miamiThere are many who believe that Philadelphia Eagles head coach Chip Kelly will eventually wind up back in the college game, where he saw great success as the leading man for the Oregon Ducks. One Fox Sports analyst – Jason Whitlock – thinks that it’s going to happen sooner rather than later.Whitlock joined Colin Cowherd on his radio show Wednesday afternoon and made a bold prediction. He thinks that Kelly will be Miami football’s next head coach. He believes that Kelly’s system would be a great fit for the Hurricanes, given the talent in the area.We’re not sure we agree, but it’s fun to think about. Miami needs to make a splash, and being able to land Kelly would certainly do just that.last_img read more

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