Romania faces ‘last call’ to save second pillar

first_imgWere the proposals to be enacted, pension providers fear the government would nationalise pension assets in a move similar to other countries in central and eastern Europe, including Hungary and Poland. One senior figure said the sector needed to act, referring to a “last call to save the sector”.Pension managers have been reluctant to criticise the Social Democrat government directly, however, and it is hoped that the increase will be removed from draft legislation or watered down to a more palatable level. Romania’s finance and pensions sector is continuing to fight a government proposal that it fears could kill off the funded second pillar.The proposal, included in general fiscal measures published at the end of last year, would introduce a minimum capital requirement of up to 10% of annual pension contributions. No provider would be able to comply, IPE understands, which would effectively force second pillar providers out of business.Although the requirement would apply from end-June 2019, an effective deadline of April is looming. This is the date by which pension companies must state their intention to comply with the measures in their audited annual reports.Romania’s funded pension system manages assets of over RON25bn (€5.3bn) for 7 million citizens. It follows the so-called World Bank model of pension savings, channelling contributions from the first-pillar system to funded accounts. Lucian Anghel, Bucharest Stock Exchange“Romanian private pension funds are the most important domestic institutional investors”Lucian Anghel, Bucharest Stock ExchangeAt a conference organised by the Bucharest Stock Exchange this week, 60% of attendees in an electronic poll thought a workaround would be possible.Representatives of the finance sector were keen to emphasise the importance of the second-pillar funds to the domestic economy.Radu Hanga, president of the Romanian Fund Management Association (AAF), said: “The economic growth of Romania is, and will be, strongly linked to the development of the capital market and on the availability of long-term funding for local companies.“This is why we consider that the growth of the local fund management industry and of the private pension system are the key elements for our future and should be part of our country’s long-term strategy.”Lucian Anghel, chairman of the Bucharest Stock Exchange, noted that the pension system had achieved annualised returns of over 8% in the last decade, which he said were among the highest in Europe.“This can be considered exceptional at global level, being high above the inflation rate and government bond yields,” he said. “Private pensions have brought exceptional added-value to participants, increasing their accumulated amounts. “Romanian private pension funds are the most important domestic institutional investors. They hold above 10% of the domestic market capitalisation of the Bucharest exchange and have contributed essentially to all IPOs that ran on the stock exchange.“In this way, they contributed to the business development of Romanian entrepreneurs and created added-value, supporting economic growth and the increase of the population’s welfare in the last 10 years.”last_img read more

Photos: Fitness and fun at Camp Discovery

first_img This is placeholder textThis is placeholder text Part 2: When the injury is inside your head, some “don’t get it” – July 26, 2016 Latest posts by Taylor Vortherms (see all) EHS names new boys’ soccer coach – July 13, 2016 Laci Wilson runs away from Caramon Cotroneo (center) and Reese Carter during a boys-versus-girls game of Capture the Flag on July 22 at Camp Discovery in Eastbrook. PHOTO BY TAYLOR VORTHERMSJason Weed adjusts to the cold water in Webb Pond while Alley Estes floats on a purple noodle behind him on July 22 at Camp Discovery in Eastbrook. PHOTO BY TAYLOR VORTHERMSCooper Miles takes aim with a bow and arrow while archery instructor Chris Kravitt (left) observes his form on July 22 at Camp Discovery in Eastbrook. PHOTO BY TAYLOR VORTHERMSCampers practice their form before archery on July 22 at Camp Discovery in Eastbrook. PHOTO BY TAYLOR VORTHERMSCampers and camp counselors get muddy searching for frogs and, occasionally, their lost shoes in the swampy pond shore on July 22 at Camp Discovery in Eastbrook. PHOTO BY TAYLOR VORTHERMS(From left) Hannah Jamison, Lily Walton, Brooke Downing and Tristan Forbes gather around a frog they caught by Webb Pond on July 22 at Camp Discovery in Eastbrook. PHOTO BY TAYLOR VORTHERMSMason Gomm shows off a fish he caught while Keaghun Sutherland sneaks into the shot and adds bunny ears behind his unknowing friend on July 22 at Camp Discovery in Eastbrook.. PHOTO BY TAYLOR VORTHERMS(From left) Hannah Jamison, Whitney Carter and Camryn Clough pose with a frog they caught on July 22 at Camp Discovery in Eastbrook. PHOTO BY TAYLOR VORTHERMS12345678PreviousNextEASTBROOK — Children enjoy a sunny day at the Down East Family YMCA’s Camp Discovery on Wednesday, July 22. The summer camp, located for the past five years on Webb Pond in Eastbrook, offers activities such as swimming, fishing, frog catching, games and archery.Click here for more photos.Visit defymca.org for more information. Latest Posts Part 1: Invisible, incapacitating concussions are sidelining high school athletes – July 19, 2016 Taylor VorthermsSports Editor at The Ellsworth AmericanTaylor Vortherms covers sports in Hancock County. The St. Louis, Missouri native recently graduated from the Missouri School of Journalism and joined The Ellsworth American in 2013. Biolast_img read more

Recovery act: After 2-year postseason ban, USC back in national championship hunt

first_imgOn Jan. 10, 2009, Pete Carroll stepped down as USC head coach. The resignation started a period of turmoil for the Trojans.Rumors had been swirling of potential NCAA sanctions for USC. On June 10, they became official. Both Southern California and the NCAA found that 2005 Heisman Trophy-winning running back Reggie Bush received gifts from an agent, thereby forfeiting his amateur status.Bush was forced to return his Heisman, but he was already in the NFL. The bigger issue was for USC.The storied program vacated its final two games of the 2004 season, including its national championship, and all of its wins in 2005. The Trojans were also banned from postseason play in both 2010 and 2011, and were docked scholarships for three seasons.On Saturday, No. 2 USC (1-0) will meet Syracuse (0-1) inside MetLife Stadium in East Rutherford, N.J. But the past penalties continue to swirl around USC, as it will play with 75 scholarship players instead of the typically allotted 85 this season.AdvertisementThis is placeholder textIt hasn’t mattered for USC as of yet. The Trojans entered the season ranked No. 1 in the country and are among the favorites to win their first national championship since — technically — 2003.But not everyone is buying the hype.“They’re certainly talented,” Sports Illustrated college sports writer Pete Thamel said. “But I worry that depth may catch up to them this year a little bit and I’m not sold on their defense.”Overall, though, the general consensus seems to be that the hype is justified for USC. Even Thamel said he believes they are in the national championship conversation.The sanctions could have crippled USC, but the Trojans have already bounced back to become a national threat once again.In 2009, USC started a true freshman quarterback for the first time in program history. Matt Barkley joined the Trojans with lofty expectations as Rivals.com’s No. 5 overall prospect and ESPN’s top prospect. That season, Barkley led Southern California to a 9-4 record and an Emerald Bowl victory over Boston College.But Carroll left for the Seattle Seahawks during the ensuing offseason. Lane Kiffin left the University of Tennessee and returned to his alma mater to take over as head coach.The NCAA handed down its sanctions and allowed all USC players to transfer without penalty. Barkley could have been one of them.But what he would do was never in doubt.“I never questioned my loyalty to this school, never thought I was going to leave,” Barkley said in a teleconference Tuesday. “It never crossed my mind once.”Instead, the Trojans used the two sanction-ridden seasons as growing experiences. Everyone who stuck around at USC did so knowing that, for two seasons, there would be no postseason glory.What that fostered was a tight-knit group that puts individual goals in the backseat.“We have a very close team,” Kiffin said in the teleconference. “I think they’re very unselfish. I think we have so many nationally star players, nationally recognized players that it creates pressure for stats on kids, but our kids aren’t like that.”Southern California showed that last Saturday.In USC’s season-opening 49-10 victory over Hawaii, starting running back Curtis McNeal carried the ball just five times, and preseason Heisman Trophy candidate wide receiver Robert Woods had just six catches. For a team hoping to take full advantage of its bowl eligibility, the win was all that mattered.Still, Barkley continued to grow into his role as one of the nation’s best college quarterbacks. After guiding the Trojans to a solid 8-5 record in 2010, Barkley led Southern California back onto the national stage in 2011.Despite spending nearly half the season unranked, USC finished the season No. 6 in its final season of bowl ineligibility.That could have been the end of the Barkley era in Los Angeles.The quarterback likely would have been a Top-10, if not Top-five, pick had he left for the NFL following his junior season. When his left tackle, Matt Kalil, declared for the NFL Draft on Dec. 16, 2011, many expected Barkley to follow.Six days later, Barkley held a press conference to announce his decision. The quarterback presented his head coach with a Christmas ornament featuring a picture of the two of them with the words “One more year” written on the back.“The fact that we couldn’t play the last couple years in the postseason had a lot more to do with it,” Barkley said of his decision to return for his senior season. “Just knowing the team we have this year and how special these guys are, and the talent level and really the character of these guys and how bad they want it, how hard they were willing to work, I saw that at the end of last year and I didn’t want to miss out on it.”While Barkley’s had the chance to play in a bowl game, most of his teammates are still waiting for their opportunity. For players like tight end Randall Telfer, this is the moment they’ve been waiting for since they set foot on USC’s campus.A redshirt sophomore, Telfer arrived at Southern California knowing that he would be unable to play in a bowl game during his first two seasons. But after two seasons of watching games from home in December and January, the Trojans are expected to be playing at the end of the season.“It’s definitely a big deal,” Telfer said. “This is what I came to USC for.”And for roughly half of the Southern California student body, 2012 is the first chance they have to see the Trojans play in the postseason.Telfer says the feeling around campus is noticeably different this season from a year ago because of the expectations and anticipation for the postseason.“We’ve got a lot of support coming from students, staff, faculty,” Tefler said. “So it just starts with family, community, and there’s lots of excitement in the community.”But right now, the focus for USC isn’t the past two seasons, nor is it the national championship, which isn’t until Jan. 7, 2013.For now, the Trojans are taking an approach of one game at a time. There’s still a long way to go until the postseason, and Barkley doesn’t want to let his final chance at a bowl game slip away.“Nothing’s set in stone, you’ve got to work for it,” Barkley said. “That’s a long way away, January’s a long way away. We know that it’s really going to take one game at a time.“We knew that it’s going to be a long haul.” Comments Facebook Twitter Google+ Published on September 5, 2012 at 2:22 am Contact David: [email protected] | @DBWilson2last_img read more