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Trump touts stock market’s record run, but who benefits?

first_imgWhat’s more, nearly 90 percent of families who own stock do so through a tax-deferred retirement account, meaning they can’t access the money until they reach retirement age, unless they pay a penalty, Wolff said.So who owns most of the stock market? The majority of corporate equities and mutual fund shares are held by investors who are white, college educated and above the age of 54, according to an analysis from the Center for Household Financial Stability at the Federal Reserve Bank of St. Louis.The typical middle-class family gets the bulk of its wealth from the housing market. Households in the middle three quintiles of wealth held 61.9 percent of their assets in their principal residence in 2016, according to Wolff’s analysis. That compares to households in the top 1 percent, who held 7.6 percent of their wealth in their homes.Because most consumers accumulate the majority of their wealth through their homes, a rise in property values can provide a more substantial boost to household wealth than a stock market rally, said William Emmons, lead economist at the St. Louis Fed’s Center for Household Financial Stability.Still, the recent revival in the housing market, spurred in part by the Federal Reserve’s interest rate cuts, is not helping all Americans equally. Rising property values benefit homeowners but make it harder for aspiring home buyers to break into the market, said Eugene Steuerle, co-founder of the Tax Policy Center, a joint venture between the Urban Institute and the Brookings Institution.And some people who bought homes immediately before the recession hit may still be trying to recover their losses, Steuerle said. Their wealth may have been wiped out by foreclosure, meaning they then struggled to qualify for a new mortgage during the recovery, he said.That’s in sharp contrast to well-off investors, whose overall wealth surged after the crisis thanks to strong returns on stocks, property and other investments. Some 72 percent of wealth accumulated between the third quarter of 2009 and the third quarter of 2019 went to the richest 10 percent of households, according to an analysis by Oxford Economics. Over that same time period, the poorest 50 percent of households reaped only 2 percent of wealth gains.“There are a lot of families that have not yet recovered from the financial crisis,” Emmons said.Some more evidence that the recent stock market boom is not making everyone feel richer: There has been little evidence of the “wealth effect,” which says that people tend to spend more when stock markets are up, said Lydia Boussour, a senior economist for Oxford Economics.Since the recession, people have mostly continued to increase their savings even as the stock market rose. “Consumers are a lot more cautious,” she said.Topics : Donald Trump loves to trumpet the hot US stock market as a key achievement of his presidency, and he was in full self-congratulatory mode on that front during Tuesday night’s State of the Union address.“All of those millions of people with 401(k)s and pensions are doing far better than they have ever done before with increases of 60, 70, 80, 90 and 100 percent and even more,” Trump said in his address to a joint session of Congress.While pensions and retirement funds were lifted by the rise in stock markets, the president has avoided talking about one key point about who really benefits when the market rallies: Most of the gains go to the small portion of Americans who are already rich. That’s because 84 percent of stocks owned by US households are held by the wealthiest 10 percent of Americans, according to an analysis of 2016 Federal Reserve data by Edward Wolff, an economics professor at New York University. So when the stock market has a blockbuster year – such as the nearly 30 percent rise in the S&P 500 benchmark index in 2019 – the payoff primarily goes to people who are already rich.“For most Americans, a stock price increase is pretty immaterial to their well-being,” said Wolff, who published a paper about wealth inequality in the National Bureau of Economic Research in 2017.Roughly half of Americans own some stocks through a brokerage account or a pension or retirement fund. But for most people, the exposure is too small for market gains to be life-changing or leave them feeling much better about their finances, Wolff said. “They’ll see a small increase in their wealth, but it’s not going to be anything to write home about,” he said.US stock boom’s unequal gains. (Reuters/Howard Schneider)last_img read more

Real-terms funding at Dutch schemes improves to 91.9% on average

first_imgCivil service scheme ABP was 82.8% after inflation, while healthcare pension fund PFZW was 79.7% funded. Metal industry schemes PMT and PME both recorded a coverage ratio of 81.4%.The occupation scheme for dental technicians (Tandtechniek) had the lowest coverage ratio in real terms, with 75.3%. The scheme is set to transfer its pension rights to PFZW on 1 October, with its members incurring a benefit cut of 9.3%.The €10.3bn occupational pension fund for medical consultants (SPMS) had the highest real-terms funding, 172.9%, due to its unconditional indexation of 3% a year.The occupational schemes for midwives and physiotherapists also had a high funding level after inflation due to unconditional indexation policies, despite having a shortfall in nominal terms.The DNB figures also showed that asset management costs rose by 1 basis point to 39bps on average last year.The €238m pension fund of potato starch company Avebe showed the largest drop, from 70bps to 26bps, following its divestment from hedge funds.With 9bps, asset management costs (excluding transaction costs) were the lowest at Detailhandel, the €20.8bn pension fund for the retail sector. Including transaction costs this figure rose to 17bps.Only the small company schemes for Metro, PepsiCo and Sagittarius posted lower combined costs. Funding in real terms of Dutch pension funds improved from 86.4% to 91.9% on average last year, according to De Nederlandsche Bank (DNB).Figures published on the regulator’s website showed that the number of schemes with funding ratio of at least 100% after taking into account inflation rose from 25 to 36 during this period.DNB requires pension funds to draw their calculations for real-terms funding on expected returns for securities of 6.75%.With an after-inflation funding ratio of 93.1%, BpfBouw, the €58bn pension fund for the building sector, was in the best financial shape out of the Netherlands’ five biggest schemes.last_img read more

Not Impossible For Inter To Sign Messi

first_img Inter chief executive Giuseppe ‘Beppe’ Marotta was the mastermind behind Juventus signing Cristiano Ronaldo and whilst currently focused on other targets such as Dries Mertens and Marash Kumbulla, if Messi decides he wants to leave Barcelona, Inter, armed with the knowledge Marotta has of such ginormous deals, will try and sign him. Messi has a clause in his contract which allows him to free himself this Summer although he cannot use this clause to go to another club in a top five league. Therefore Tuttosport suggest it could take around €100 million to sign him. The situation will very much be similar to that of Ronaldo’s as he pushed to leave Real Madrid and despite being worth more, they settled for a €100 million fee.Advertisement Loading… It would not be impossible for Inter to sign Barcelona superstar Lionel Messi according to a report in today’s print edition of Tuttosport. Inter could offer Messi a net salary of €35 million a year, approximately €66 million gross. They could however take full advantage of the new tax laws on foreigners meaning they would only have to pay tax against €51 million of that gross sum. Messi could chose to adopt the same tax relief method that Ronaldo chose which would be the worse solution for Inter as they would not save as much. Read Also:‘Messi leaving Barca not impossible, could play with Ronaldo’ The report from the Turin newspaper suggests that the total cost of a move for Messi could range between €350-365 million or €86-91 million a year on the basis he signs a four year contract with the club. FacebookTwitterWhatsAppEmail分享 Promoted ContentThe Very Last Bitcoin Will Be Mined Around 2140. Read MoreBirds Enjoy Living In A Gallery Space Created For ThemYou’ve Only Seen Such Colorful Hairdos In A Handful Of AnimeCan Playing Too Many Video Games Hurt Your Body?Who Is The Most Powerful Woman On Earth?The Highest Paid Football Players In The World2020 Tattoo Trends: Here’s What You’ll See This YearTop 10 Most Romantic Nations In The WorldHere Are The Top 10 Tiniest Mobile Phones On The Planet!7 Of The Wealthiest Universities In The WorldA Guy Turns Gray Walls And Simple Bricks Into Works Of ArtWhat Happens To Your Brain When You Play Too Much Video Games?last_img read more

WHO: ‘Long way to go’ in coronavirus crisis

first_imgGhebreyesus added: “Most countries arestill in the early stages of their epidemics. And some that were affected earlyin the pandemic are now starting to see a resurgence in cases.” (AFP) The COVID-19 pandemic has killed morethan 180,000 people and infected more than 2.6 million, and nations arestruggling to check its spread with social distancing measures and lockdowns,while trying to repair their virus-ravaged economies. World Health Organization chief TedrosAdhanom Ghebreyesus on Wednesday cautioned that the struggle is far from over. GENEVA – The global coronavirus crisiswill not end any time soon, with many countries still in the early stages ofthe fight, health experts have warned as researchers revealed the first USdeaths from the disease came weeks before the alarm was raised there.center_img “Make no mistake: we have a long way togo. This virus will be with us for a long time,” he stressed. Medical workers get ready for a shift treating coronavirus patients at the Spasokukotsky clinical hospital in Moscow, Russia. AFPlast_img read more

How About That!

first_imgIn a recent baseball game, 3 Oakland Athletic rookies hit a home run in their first-ever major league game.  To show how rare this is, you have to go back to April of 1914 to find when it had been done before.The 3 rookies who accomplished this feat for the A’s were Matt Olson, Jaycob Brugman, and Franklin Barreto.  This led the A’s to a 10-2 win.  Oakland has traded almost all of their older players to contending teams in the last month.  Nice to see these young players get a chance.last_img read more

Belleville Motorsports wins fifth Manufacturers’ Cup crown

first_imgBELLEVILLE, Kan. – Six different builders won or shared regional titles while Belleville Motorsports earned its fifth IMCA Manufacturers’ Cup crown in 2014.The Belleville, Kan., chassis builder had the top point total among the 20 manufacturers entered in this year’s program; points were awarded to 13 different manufacturers based on top 10 drivers (10 points for first, nine points for second, etc.). in each of the five IMCA Xtreme Motor Sports Modified regions. Points from each re­gion were then combined to determine a na­tional manufac­turer of the year. BMS tallied 47 points, Jet Racing had 28, Razor Chassis 27, Chase Allen Motorsports 24 and Larry Shaw Race Cars 22 to round out the top five. Shaw paced the Western Region points. Razor shared top honors in the North Central Region with first-time titlist Skyrocket Chassis.BMS ruled for the sixth straight year in the Eastern Region. Jet won for the fourth time in the Central Region and Chase Allen Motorsports repeated in the South Central. All regional winners get plaques and BMS receives a $500 cash prize and trophy during the IMCA national awards banquet in Lincoln, Neb., on Nov. 29.Completing the scoring were Rage Chassis, 16; Victory Chassis, 13; Skyrocket, 11; Ninja Chassis by DeVil­biss 10; 1st Class Chassis and GRT Race Cars, both seven; Harris Auto Racing five; and Sidebiter Chassis, two. Other cup entries this year included Addiction Chassis, Advantage Chassis, B & B Racing Chassis, Dirt Works Race Cars, Jake Murray Race Cars, Medieval Chassis and MRT Race Cars. “We had great balance this year as six manufacturers won or shared regional titles. BMS continues to have a strong presence in multiple regions, which led to their fourth consecutive Manufacturers’ Cup crown,” noted IMCA Marketing Director Kevin Yoder. “I want to thank each manufacturer for participating and congratulate BMS on their fifth Cup in six years.” Zane DeVilbiss won Western Region and national titles in a Ninja. Johnny Saathoff piloted a Jet to first in the Central Region and Chris Abelson paced the North Central ranks with a Razor. Chris Fleming topped the Eastern Region with a Victory. “It’s great to win the Manufacturers’ Cup contest for the fifth time. It was a goal that all the guys in the shop worked very hard to achieve,” said BMS manager Brandon Blochlinger said, sharing the success with dealers Close Racing Supply, Jimmy Reeves Motorsports, Sebo Motorsports and KSI Racing Supply. “We’re working on some new things and look forward to the 2015 Manufacturers’ Cup contest.”last_img read more

Villa stretch unbeaten run to five games with draw at West Brom

first_img The Barclays Premier League’s bottom club were unfortunate not to have a spot kick awarded by referee Robert Madley when Jordan Ayew was felled by Jonas Olsson near the byline midway through the first 45 minutes. In a game of few opportunities, it proved crucial as the Baggies claimed a share of the spoils despite offering little attacking threat at The Hawthorns. For the fourth time this season Tony Pulis’ side failed to register an attempt on target and not even the second-half introduction of Saido Berahino, who was the match-winner in the reverse fixture, could inspire the hosts in what may prove to be the in-demand forward’s final league game for the club. Goalkeeper Ben Foster was handed a first Premier League start since March following a knee injury and he made the key save of the first period when parrying from Ayew, after he had closed down Olsson on the right flank. It would not be the first time the winger’s pace would cause the Swede issues and, on the opposite side of the pitch this time, it should have resulted in a 24th-minute penalty for Villa. Olsson blocked Ayew’s original attempt to go past him but as the ball went behind the defender, the Ghana international went around him and was scythed down by a sliding challenge. There were few appeals from the travelling players, despite Olsson not connecting with the ball when he lunged in, and referee Madley showed no interest in pointing to the spot despite the replay showing Villa had cause to feel aggrieved. The visitors shaded the opening 45 minutes despite not troubling Foster again, yet there was a fear they could be undone by defensive indiscipline as they continually conceded free-kicks around their own area. It was from one of those from Craig Gardner that Craig Dawson nodded over early in the second half and Stephane Sessegnon tried to inject some life into a tepid affair with a swerving try that struck the stanchion behind the goal. With Berahino on the bench, it was increasingly looking like the stage was set for him, and Pulis did call for his forward and Victor Anichebe with 26 minutes remaining. Villa boss Remi Garde introduced Rudy Gestede at the same time and the former Blackburn forward rose well to guide Ashley Westwood’s volleyed cross wide. His afternoon lasted just 17 minutes, though, as he pulled up with a hamstring strain just when Garde was in the process of replacing Micah Richards with Jordan Veretout. That almost proved to be a stroke of fortune when Richards met Veretout’s corner in the final 10 minutes, yet he directed his header over to ensure Garde’s wait for a first away win in English football goes on. TWEET OF THE MATCH “HT: West Brom 0 Villa 0. Think you can pencil this in for the ‘last-on-MOTD’ slot #wba #avfc” – Foresight. Our own Liam Blackburn envisioned the outcome of the game at the interval. PLAYER RATINGS West Brom Ben Foster: 7 Jonas Olsson: 5 Claudio Yacob: 6 Jonny Evans: 5 Craig Gardner: 6 James McClean: 6 Gareth McAuley: 6 Darren Fletcher: 6 Craig Dawson: 7 Stephane Sessegnon: 7 Salomon Rondon: 6 Substitutes Saido Berahino: 6 Victor Anichebe: 5 Callum McManaman: 6 Aston Villa Mark Bunn: 6 Micah Richards: 6 Jores Okore: 5 Leandro Bacuna: 5 Idrissa Gana: 6 Ashley Westwood: 7 Joleon Lescott: 6 Jordan Ayew: 7 Carles Gil: 6 Libor Kozak: 5 Aly Cissokho: 6 Substitutes Rudy Gestede: 6 Jordan Veretout: 6 STAR PLAYER Jordan Ayew. There were few memorable moments in this instantly forgettable clash but winger Ayew at least looked lively in the first period. He should have won a penalty and was offered little support by those around him in a claret and blue shirt. MOMENT OF THE MATCH The decision not to award a penalty for Olsson’s challenge on Ayew midway through the first half. The Ghana international did appeal but it looked more in hope than expectation and perhaps that swayed referee Robert Madley when he elected to ignore the half-hearted Villa protests. VIEW FROM THE BENCH Although West Brom failed to register a shot on target for the fourth time this season, Tony Pulis did bring on three attack-minded players from the bench. Villa showed some spirit in the first period but they are still lacking quality to get them out of the mire, something Remi Garde has to remedy in the transfer window’s closing days. MOAN OF THE MATCH Victor Anichebe pulling out of a last-minute tackle with Joleon Lescott. This is supposed to be a fierce derby encounter. WHO’S UP NEXT? West Brom v Peterborough (FA Cup, Saturday, January 30) Aston Villa v Man City (FA Cup, Saturday, January 30) Aston Villa’s mini revival continued at West Brom but they were denied a first-half penalty in a goalless draw that stretched their unbeaten run to five games in all competitions. Press Associationlast_img read more

Sakshi Malik hopeful of Tokyo berth ahead of Asian Championships

first_imgNew Delhi: Olympic bronze medallist Sakshi Malik remains hopeful of getting another opportunity to contest for a Tokyo Olympics berth, as she continues her preparation for the Asian Wrestling Championships (AWC), to be held from February 18-23.Sakshi was defeated by two-time world cadet champion Sonam Malik in the 62-kg weight category in the trials for the Asian World Olympics qualifiers.“I am hopeful for another round of trials. If I qualify in that I will have two more chances, the Asian World Olympics qualifiers and the World Olympics qualifiers. I want to qualify in the two key tournaments,” Sakshi said.“Preparations for the AWC have been good. My motto is to give my best, be it any competition, and win medals. I am working hard on myself and my techniques. I need to make sure that I don’t repeat the same mistakes that I have made in the previous tournaments,” she added.In the trial match for the Asian Olympic Games Qualifier, Sonam Malik was trailing 4-6 to Sakshi towards the end of the match, but levelled the scores 10-10 in the dying seconds with a move which earned her four points, resulting in the seasoned pro’s elimination.Sakshi elaborated on her plans for the upcoming AWC, touching on the difference in weight class that she will be facing and said, “This time at the Asian Wrestling Championships, I will be wrestling in the 65 kg weight category, which is a heavy weight category. Hence, I am watching opponents in the same weight category and trying to improvise with my strategies and techniques.”She also emphasised that presence of mind at every stage of a bout is crucial by saying, “In wrestling, weaknesses are aplenty, be it in technique, defence or attack. Most importantly our mind should be working for each and every second in a match.”“Not being aware for even a second can result in your defence being exposed or you might get attacked in the last few seconds,” Sakshi concluded. IANSAlso Read: Ravi Dahiya Included in TOPS, Whereas Sakshi Malik DroppedAlso Watch: International Day of Women and Girls in Science observed at Assam Startup the Nest in Guwahatilast_img read more

The Latest: Sacramento’s Hield wins 3-Point Contest

first_img Associated Press Commissioner Adam Silver announced the move on Saturday. Bryant and his 13-year-old daughter Gianna were among nine people killed when their helicopter crashed into the side of a mountain near Los Angeles on Jan. 26.Bryant became the youngest player to ever play in an All-Star Game when he made his debut in 1998 at age 19. He made the All-Star team 18 times during his stellar career with the Los Angeles Lakers, winning the MVP award a record-tying four times.Silver says Bryant “is synonymous with NBA All-Star and embodies the spirit of this global celebration of our game.”___4:00 p.m. Small wonder. Those two became the biggest beneficiaries of Leonard’s departure. Siakam is averaging 7.3 more shots and 6.6 more points per game at the break; Van Vleet, 5.3 and 7, respectively. The remainder of Leonard’s shots were scooped up by Kyle Lowry and OG Anunoby.___3:55 p.m.Portland Trail Blazers star Damian Lillard is grateful for the All-Star break.He had to pull out of the All-Star Game and Saturday night’s 3-point competition after he strained his groin during Wednesday night’s 111-104 loss to Memphis. He was replaced by Phoenix Suns guard Devin Booker. Lillard is averaging 29.5 points and 7.9 assists. “Tough injury,” he said during Saturday’s All-Star media session. “Came at a tough time. Fortunate for me, that game was on the 12th, we don’t play again until the 21st. So that’s at least nine days of being able to see where I am, get some treatment, do some rehab and go from there.”___More AP NBA: https://apnews.com/NBA and https://twitter.com/AP_Sports Share This StoryFacebookTwitteremailPrintLinkedinRedditCHICAGO (AP) — The Latest on Saturday night at NBA All-Star weekend. (all times local):8:44 p.m.Sacramento Kings guard Buddy Hield made a late surge to win the NBA 3-Point Contest. There were also two green balls worth three points set up six feet behind the 3-point line.___7:38 p.m.Miami’s Bam Adebayo has won the All-Star skills challenge.Adebayo narrowly defeated Indiana’s Domantas Sabonis in the final in a matchup of All-Star big men. He shared a hug with former Heat star Dwyane Wade after accepting the trophy. February 15, 2020 Hield nailed a two-point money ball from the corner to finish with 27 points, edging Phoenix Suns All-Star Devin Booker by one in the final round.Hield is one of the few bright spots for struggling Sacramento, averaging 20.4 points while shooting about 39 percent from 3-point range.Washington’s Davis Bertans opened the second and final round with a 22, before Booker eliminated him.Defending champion Joe Harris of the Brooklyn Nets and Chicago’s Zach LaVine were eliminated after they failed to crack the top three in the first round.Five racks with five balls each were set up around the perimeter — two in the corner, two on the wings and one up top. Four of those racks had four balls worth one point each plus a multi-colored two-point ball. The other had nothing but moneyballs. Toronto Raptors and All-Star coach Nick Nurse was in Las Vegas last summer when he got the news that Kawhi Leonard was leaving the defending champions after just one season to join the Los Angeles Clippers.Soon after, Nurse headed down to the hotel lobby and ran into two of his players, Pascal Siakam and Fred Van Vleet.“I thought the guys might need some cheering up, so I said, ‘Hey, look at it this way: Kawhi leaving means we just freed up something like 20 shots per game,” Nurse said.It was 18.8 per game to be precise, but who’s counting? Well, plenty of Leonard’s former teammates, apparently.“Siakam immediately starts doing this,” Nurse laughed, swinging his right arm in widening circles, like a baseball pitcher loosening up before entering a game. “And Van Vleet just breaks into a crazy grin.” The Latest: Sacramento’s Hield wins 3-Point Contest Adebayo eliminated 2018 champion Spencer Dinwiddie and Raptors star Pascal Siakam in the first two rounds on the obstacle course. Sabonis advanced with victories over defending champion Jayson Tatum and Milwaukee’s Khris Middleton.The 22-year-old Adebayo is in the middle of a breakout season, averaging 15.8 points, 10.4 rebounds and 4.9 assists in 54 games for the Heat.___6:43 p.m.The NBA has renamed its All-Star Game MVP award in honor of Kobe Bryant.last_img read more

Final two stages of Forbes Burnham Memorial cycle road race today

first_imgTHE last two stages of the Annual Forbes Burnham Three-Stage Cycle Road Race is slated for today,with the first expected to commence at 07:30hrs from the `Five Corners’ in Linden and concluding on Homestretch Avenue in Georgetown.The race leader is Trojan cyclist Andrew Hicks of Berbice,who won last Sunday’s first stage which was held in Berbice. Hicks returned a winning time of one hour three minutes and 34 seconds for the 36-mile stage and will go into today’s second stage with a three-second lead ahead of Team Coco’s Stephano Husbands who finished second in the Berbice leg.Husbands’ club mates Hamzah Eastman and Jamal John placed third and fourth respectively last Sunday, while national road race champion Geron Williams placed fifth.The event which is being organized by the Flying Stars Cycle Club is expected to bring out the best of the local wheelsmen and today’s second stage can well see the `boys’ being separated from the `men’ as the saying goes, since it entails journeying up hill on the Linden/Soesdyke Highway.The final stage will wheel off from Homestretch Avenue at 14:00hrs(today) and proceed to Belfield on the East Coast Demerara,before returning to the place of origin for the finish.last_img