| PM mulls whether to fire minister
Prime Minister Costas Karamanlis is under increasing pressure from some Cabinet members to sack Labor Minister Savvas Tsitouridis in order to relieve the pressure on the government over the sale of allegedly overpriced bonds to pension funds, sources said yesterday. Karamanlis has backed his minister since the scandal became public last month and has supported the changes Tsitouridis is making to the law so that pension funds are protected from making questionable investments in the future. However, sources indicated that the prime minister was reconsidering his stance as the pressure from the opposition and some of the media has been relentless. Tsitouridis was in Parliament yesterday to see the government vote through the house his amendment on the election of pension fund presidents.
Price of being Joneses going up
He's making Mack Brown money now, but of course you already expected that. The Longhorns are the Joneses, after all. The annual salary bump raised the Texas hoops coach to $2 million a year, making him the highest-paid coach in the Big 12 although it may not include all money from shoe companies and summer camp revenue and might not actually surpass Kansas' Bill Self's total package. The two annuities totalling another $2 million are likely to keep Barnes here for a long, long time especially since he rebuffed Kentucky's constant efforts to lure him away for more than a year (after first choice Billy Donovan of Florida). Kentucky eventually hired A&M's Billy Gillispie, as we know, but sources say Gillispie was the Big Blue's sixth choice after Donovan, Barnes, Jay Wright, Tom Izzo and Thad Matta.
Study sets guidelines for saving for your retirement
From a quintet with credentials comes the answer to a question that baffles working Americans: How much do I need to save now to maintain my lifestyle in retirement?
The answer, in a study, amounts to: "It depends."
I am not trying to be cute. "It depends" must be the answer because how much you need to save depends on how much you want to spend later, how much you have already saved and how long you have before retirement, among many factors.
But the study, involving considerable analysis and number crunching, goes beyond generalities to set specific savings guidelines.
"The study creates savings guidelines for typical individuals with different ages, income levels, and initial accumulated wealth so the public can more easily determine how much to save for retirement," the authors wrote.
Retirement home to rise
The province will finally have its first high-end subdivision which will house the retirement homes of Boholanos, mostly balikbayans. The Paraiso Retirement Village held its ground breaking rites last Wednesday to signal the kick-off of the multi-million housing development program of UBEC Philippines Development Corp. situated in barangay Cambanac, Baclayon town, overlooking the scenic Baclayon bay. Jojo Ofamen, top executive of the home developers group said that the site is ideal for retirement homes which project has already been received with interested stake holders abroad, most especially from the United States. Ofamen together with William Rogers and Richard Lucas led company officials during the ground breaking ceremony which was attended by top government and private sector leaders.
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