Word: pension
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...mergers are creating a single global-business culture in which national interests no longer determine corporate behavior. Shareholder value is the new mantra in Europe, where corporate control has long been clubby, and the shareholders of an Aventis or a DaimlerChrysler are now as likely to be a California pension fund as a bank in Austria. This new business culture cares little whether its products are manufactured in Stuttgart or Shanghai; and it is as likely to find an executive or a new idea in Buenos Aires as in Brussels. "The economic imperatives behind such consolidation bring about a mixing...
TIME's economists were unanimous, however, in arguing that the pressures of the present should not divert attention from the big challenge of the future: aging populations that can't expect adequate support in retirement from moribund social-security systems. If anything, businesses, tax regimes and pension schemes need to change faster to meet those burdens...
Courtis was concerned that overall Japanese corporate investment in high tech is falling sharply behind that in the U.S. The country's consumer spending is still trending sharply down, and demographic forces are already starting to bite. In 1998, Courtis pointed out, more Japanese retirees withdrew funds from the pension system than there were workers contributing to it. "It would be really unwise to underestimate the level of political turmoil possible as Japan reforms," he warned...
...rubric under which people can toss all their small residual grievances, their nagging unsatisfied wants, whatever they are. Medicare? Gun control? Your failing school? Reform must be the answer. A revolutionary who promises to keep everything essential in place (the tax code, the military budget, the federal pension system) while promising to change everything--take our country back!--is the kind of revolutionary that Americans can get behind. Conservatives, liberals, moderates, across the board...
...perhaps for the last time for Boris Nikolayevich Yeltsin, as his convoy sped to his country residence. And a couple of hours later, Putin issued one of his first presidential decrees: "On Guarantees for the President of the Russian Federation...and Members of his Family." The decree provided bodyguards, pension--and total immunity from prosecution--for Yeltsin. Putin, a veteran of the KGB and its successor, the Federal Security Service (FSB), will be Acting President until new elections are held, on March 26. By then, the people who organized Putin's lightning thrust into the Kremlin expect to ensure that...