IPE 360: Financial literacy can lower political cost of pension reform

first_imgA good pension reform was one that triggered changes in behaviour to ensure that it lived on in society, according to Fornero.One of the reasons that reform was so difficult was because it had to involve reducing benefits for some and giving or reducing the burden on other generations, she said.“Don’t believe when they tell you that they’re doing a pension reform where nobody has to pay a price,” she told delegates. “It’s simply something that does not exist in nature.”Fornero said it was important to narrow the gap between the technical and the popular view of pension reforms. She did not like the view expressed by Jean-Claude Juncker, who once said: “We all know what to do, we just don’t know how to get re-elected after we’ve done it.” She and a fellow academic at the University of Turin, Anna Lo Prete, carried out research to test whether this view was empirically justified, and whether the political cost was reduced when people better understand the reform.She said the research, which analysed 20 years of pension reform in different countries, showed that implementing change reduced the chances of a government being re-elected, but that in countries with higher “economic financial” literacy, governments were penalised much less.“This is good news,” said Fornero. “We need to work on financial literacy programmes exactly because we need to involve people in social change.”Harking back to the situation in Italy around the time of the pension and labour market reform she introduced, Fornero said the political parties approved the reform but then attacked them in a bid to rebuild their reputation.“It was of course natural for them to say our work was so bad, which is exactly the opposite of the message that should have been given,” she said.The message should have been that the reform was done for the benefit of the country, and not for any single party, trade union, or interested parties, she said.“It’s difficult but it was worthwhile,” she said. “And the reform is still there.” Financial literacy can help reduce the electoral cost of pension reform, according to research carried out by economics professor and former Italian labour minister Elsa Fornero and a fellow academic.Fornero, who is professor of economics at University of Turin, was the labour minister in Mario Monti’s technocratic government from 2011 to 2013. She introduced a pension reform that helped save Italy from financial collapse, although it was seen by many as amounting to austerity.Speaking at the IPE 360 conference at the London Stock Exchange yesterday, Fornero said public pension systems were full of political risk, as it was easy for politicians to make big promises given that they have a short-term horizon but pensions are long-term.Today that short-term horizon favoured the older generation, she said.last_img read more

Update on the latest sports

first_imgIf the season should resume, VanVleet says he isn’t convinced health concerns can be adequately addressed as long as the coronavirus pandemic remains a threat. He described himself as a skeptic in a conference call Wednesday and questioned whether a return to action could be carried out safely. VanVleet also said he doesn’t relish the idea of playing in front of empty arenas.In other virus-related developments:— Charlotte Hornets coach James Borrego says he thinks some players could need “multiple weeks” to get back into true basketball shape if the NBA decides to return to action this season. The league hasn’t played games in nearly six weeks due to the coronavirus pandemic. Borrego says unlike when there was a lockout — and players gathered routinely for five-on-five pickup games in gyms — he knows some players who don’t have access to a court to work on basketball-specific drills.— Louisville has furloughed 45 athletic department staffers for at least 60 days and eliminated 40 other support positions in the latest budget moves resulting from shutdowns caused by the coronavirus pandemic. Athletic director Vince Tyra also announced 4% pay cuts for staffers earning more than $100,000 in the next year, with those earning below that figure taking 2% salary cuts. The newest salary cuts do not include head coaches, senior staff or the AD, whose salaries were reduced 10% earlier this month.— A staff member of the Tokyo Olympic organizing committee has tested positive for COVID-19. Tokyo organizers issued a statement Wednesday saying the male employee in his 30s worked at the headquarters building in Tokyo and was in quarantine at home. They said the area where he worked would be disinfected, and people who worked nearby have been told to stay home. The Tokyo Olympics were postponed last month until 2021 because of the coronavirus pandemic. Share This StoryFacebookTwitteremailPrintLinkedinRedditMLB-RED SOX-SIGN STEALINGRed Sox stripped of pick, Cora banned in sign stealing scamsNEW YORK (AP) — The Boston Red Sox have escaped the heavy punishment doled out to the Houston Astros in their separate sign-stealing scandals. Baseball Commissioner Rob Manfred has stripped the Red Sox of their second-round pick in this year’s draft while also punishing former Boston skipper Alex Cora for his role in the Astros’ sign-stealing maneuvers of 2017 and ‘18.Manfred concluded Red Sox replay system operator J.T. Watkins broke rules by using in-game video to revise sign sequences provided to players. According to Manfred, Watkins was a “key participant” in the 2017 Apple incident, when the Red Sox used a smartwatch to relay decoded signs from the replay room to the dugout.Watkins was suspended without pay through this year’s postseason and prohibited from serving as the replay room operator through 2021.Meanwhile, Cora has been suspended through the 2020 postseason for his previous conduct as bench coach with the Astros. Cora became manager of the Red Sox in 2018 and left the team last winter.Manfred found Boston’s conduct far less egregious than that of the Astros, whom he determined used video to steal catchers’ signs during their run to the 2017 World Series title and again during the 2018 season. Houston manager AJ Hinch and general manager Jeff Luhnow were suspended through the 2020 postseason on Jan. 13 and Houston was fined $5 million, the maximum under the Major League Constitution. The Astros were penalized their next two first- and second-round amateur draft picks. The Red Sox also announced that Ron Roenicke (REH’-neh-kee) is their new manager after giving him the job on an interim basis in March. He replaced Cora.NFL-NEWSTrade reunites Gronkowski with Brady in Tampa BayUNDATED (AP) — Rob Gronkowski has become an official member of the Tampa Bay Buccaneers.The tight end will be catching passes from Tom Brady again after the New England Patriots agreed to send him to the Bucs, along with a seventh-round pick in this weekend’s draft. The Pats receive a fourth-round selection. Christian is one of hundreds of University of Michigan graduates who allege that Anderson molested them under the guise that the abuse was a normal part of the physicals they had to get in order to participate in sports.GOLF-WOODS/MICKELSONWoods-Mickelson rematch to include Brady, ManningUNDATED (AP) — Tiger Woods and Phil Mickelson are primed for a made-for-TV rematch, and they’ll be paired with a pair of NFL rival quarterbacks.Turner Sports says quarterbacks Tom Brady and Peyton Manning will join them for a two-on-two match to be aired on TNT sometime in May. Turner didn’t provide specifics concerning the exact date or location, only to say that tournament organizers would work with government and health officials to meet safety and health standards. Maxwell Berning won a fourth major at the Women’s Western Open. She had 11 career victories on the LPGA Tour while raising two daughters. She joins Tiger Woods, Marion Hollins and former PGA Tour Commissioner Tim Finchem in the 2021 induction class.,Tampa Bay Lightning advance to face Dallas Stars in Stanley Cup finals, beating New York Islanders 2-1 in OT in Game 6 The 20-time Grand Slam champion issued the notion in a series of tweets, saying it probably should have happened a long time ago and maybe now is really the time.Those giving support to the idea include rival Rafael Nadal and 12-time major singles champion Billie Jean King, who founded the WTA and has long said men and women should share one tour. Women’s tennis stars Simona Halep (HA’-lehp) and Garbiñe Muguruza (moo-gah-ROO’-thah) have also voiced their approval.VIRUS OUTBREAK-SPORTSHornets coach says players aren’t in game shapeUNDATED (AP) — Toronto Raptors guard Fred VanVleet is bracing for the suspended NBA season not to resume, saying everyone is preparing for the worst-case scenario. Turner said all donations and fundraising from the match would benefit relief efforts for the COVID-19 pandemic.GOLF HALL OF FAME-MAXWELL BERNINGMaxwell Berning, winner of 3 US Opens, gets in Hall of FameUNDATED (AP) — Susie Maxwell Berning is the fourth and final person to be inducted next year in the World Golf Hall of Fame.She won the U.S. Women’s Open three times in a six-year span. Only five other women have won at least three U.S. Women’s Open and all of them are in the Hall of Fame. Notre Dame’s Muffet McGraw has abruptly retired after a Hall of Fame coaching career that includes 936 victories and two national championships in 33 seasons. The 64-year-old McGraw became the 13th woman inducted into the Naismith Memorial Basketball Hall of Fame three years ago, one year before her second NCAA title.McGraw is one of five Division I men’s or women’s basketball coaches with at least 930 wins, nine Final Fours and multiple titles. She logged 842 over 24 seasons with the Irish.TENNIS-FEDERER-TOUR MERGERFederer wants ATP-WTA mergerUNDATED (AP) — Roger Federer is calling for the merger of the governing bodies for the men’s and women’s professional tennis tours, sparking a conversation among players and fans. Update on the latest sports Associated Press — The New Orleans Saints have canceled their offseason program because of the coronavirus shutdown and informed players they will not be required to report to club headquarters until training camp, whenever that may be. Saints general manager Mickey Loomis said coach Sean Payton informed players of the decision today, adding that the club will remain in regular communication with players between now and the opening of training camp.— Percy Harvin is planning an NFL comeback, nearly four years after his last game. The former Florida star and first-round draft pick by Minnesota in 2009 expects to get invited to a training camp this season and show his 32-year-old body still has what it takes to be an elite playmaker. Harvin’s decision to resume his career comes after he underwent hip surgery last August. Doctors found a blockage he says may have been there since high school.WOMEN’S COLLEGE BASKETBALL-NOTRE DAME-MCGRAWNotre Dame’s McGraw retiresUNDATED (AP) — One of the most successful coaches in women’s basketball history has stepped down. — The Berlin Marathon says the race cannot be held as planned in September because of new restrictions in the city related to the pandemic. City authorities have extended a ban on major events with more than 5,000 people until October 24. More than 62,000 people took part in the marathon last year.UNIVERSITY OF MICHIGAN-DOCTOREx-Michigan tight end Chuck Christian says he was abusedANN ARBOR, Mich. (AP) — The first former University of Michigan football player to publicly say that a team doctor abused him believes he would have sought medical help sooner for what has become stage 4 prostate cancer if he hadn’t been victimized in college.Chuck Christian said during a videoconferencing interview Wednesday that the late Dr. Robert Anderson gave him unnecessary rectal exams before he played for the Wolverines during the 1977-80 seasons. The 60-year-old Christian said he would have been quicker to seek cancer treatment if he wasn’t emotionally scarred by Anderson’s annual physicals. April 22, 2020 Gronkowski earned four All-Pro selections in nine seasons while serving as one of Brady’s top targets at New England. Brady signed a two-year, $50 package with New England past month.The 31-year-old Gronkowski has one year and $10 million left on his contract. He comes out of retirement following a one-year absence.In other NFL news:— Giants defensive tackle Leonard Williams has signed his non-exclusive franchise tag. Williams will earn a salary in the 2020 season based on the average of the top five salaries from his position. The two sides can negotiate a long-term contract during the season. The Giants acquired Williams on Oct. 29 from the Jets for two draft choices.— The head of the NFL Players Association says the new collective bargaining agreement does not have a similar clause to one that allows the NBA to start cutting players’ pay in mid-May. Executive Director DeMaurice (deh-MOHR’-ihs) Smith said Wednesday on a call with reporters that the CBA with the NFL does not have a provision that would prevent someone from fulfilling a contract because of unforeseeable circumstances. The NBA is using that clause to begin taking a 25% chunk out of players’ checks starting May 15 for a league that shut down March 11 because of the coronavirus pandemic. The NFL began its new business year March 18.last_img read more

Sports Minister pays a courtesy call on Weightlifters ahead of Africa Championship

first_imgAs part of his avowed dream to help develop sports in the country, the Honorable Minister of Youth and Sports Elvis Afriyie Ankrah has paid a working visit to the training camp of the Ghana Weightlifting Association at the Accra Sports Stadium to familiarize himself with their preparations ahead of the African Championships.The Ghana Weightlifters Association have been preparing assiduously for the event in the last few months and are only fine tuning themselves with just a few days for the Championships to commence. The Honorable Minister was clearly impressed with what he saw and urged the lads to train hard to be able to compete with the very best on the continent.“Your competitors are not from Space. They are human beings like you. The only difference between two competing athletes is the level of training they have and the support they get from bodies like us.From what I have seen in here, it is obvious that you guys are in very good shape for the competition and I would implore on you to go make the nation proud at the event. You can do it if you put yourself to it, train intensively, get the right nutrition and simply believe that you are the best out there.”President of the Ghana Weightlifting Association, Ben Nunoo Mensah who also serves as a Presidential Staffer expressed his gratitude to the Minister for spending such quality time with the athletes and urged them to heed to the advice of the Minister as they stand a very good chance of winning laurels in the near future for the nation.Two companies also used the occasion to present cash and product support to the Association. Erke presented the athletes with some sports products, whilst Indomie Ghana Limited presented a cash of GHC 5,000.00  and a cheque of GHC 15,000.00 A philanthropist was also on hand to donate GHC 2,000.00 to the Association.last_img read more

Filoil: Blazers relish physical game in win over Growling Tigers

first_imgWith emotions on a high, CSB found a way to keep its focus on winning behind Clement Leutcheu, Edward Dixon and JJ Domingo.Minus the injured Steve Akomo, the Tigers had no one to match up with Leutcheu, who dominated with 22 points and 15 rebounds.Dixon added 16 points and four assists while Domingo had 14 points and six rebounds.“It’s been a while since we had this kind of physical match and it’s a great experience for us,” said Tang.“The only thing I told the players is you gotta be mentally tough out there. Being able to play within the environment and still be able to win and I think we handled that well.”ADVERTISEMENT Steam emission over Taal’s main crater ‘steady’ for past 24 hours View comments Kenneth Zamora led UST with 22 points built on five 3-pointers while Zachary Huang and Marvin Lee added 21 and 19 points, respectively.The Tigers also missed the services of Renzo Subido, who is nursing an ankle injury. China population now over 1.4 billion as birthrate falls MOST READ Sports Related Videospowered by AdSparcRead Next For the complete collegiate sports coverage including scores, schedules and stories, visit Inquirer Varsity. Lights inside SMX hall flicker as Duterte rants vs Ayala, Pangilinan anew Carpio hits red carpet treatment for China Coast Guard PLAY LIST 02:14Carpio hits red carpet treatment for China Coast Guard02:56NCRPO pledges to donate P3.5 million to victims of Taal eruption00:56Heavy rain brings some relief in Australia02:37Calm moments allow Taal folks some respite03:23Negosyo sa Tagaytay City, bagsak sa pag-aalboroto ng Bulkang Taal01:13Christian Standhardinger wins PBA Best Player award Rockets-Warriors a roller-coaster of blowouts after 3 games In fight vs corruption, Duterte now points to Ayala, MVP companies as ‘big fish’ Heated game between St. Benilde and University of Santo Tomas. Photo by Tristan Tamayo/INQUIRER.netBodies crashed, tempers flared and players were ejected in an intense duel between College of St. Benilde and University of Santo Tomas on Tuesday.It was just the kind of game the Blazers needed and they won it too.ADVERTISEMENT LATEST STORIES Winfrey details her decision to withdraw from Simmons film Dave Chappelle donates P1 million to Taal relief operations Volcano watch: Island fissures steaming, lake water receding Jury of 7 men, 5 women selected for Weinstein rape trial Jiro Manio arrested for stabbing man in Marikina Don’t miss out on the latest news and information. “It was a very physical game out there,” said CSB head coach TY Tang after a 99-87 victory in the Filoil Flying V Preseason Cup. “That’s one thing that we also need. This kind of environment is gonna help us toughen up.”The Blazers improved to 5-0, but not before surviving a grueling game with the Growling Tigers applying fullcourt pressure for majority of the game and roughening them up with their scrappy play.FEATURED STORIESSPORTSGinebra beats Meralco again to capture PBA Governors’ Cup titleSPORTSAfter winning title, time for LA Tenorio to give back to Batangas folkSPORTSTim Cone, Ginebra set their sights on elusive All-Filipino crownThe game got testy early with CSB guard RR Pagulayan and UST playmaker Marvin Lee getting under each other’s skin and it continued in the second half where Pagulayan got ejected after getting called for an unsportsmanlike foul and technical late in the third quarter.UST’s Ira Battaler also got tossed in the same sequence.last_img read more