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The corporate logo for BMO (Bank of Montreal) is shown. THE CANADIAN PRESS/HO
TORONTO - About four-in-10 respondents to a new BMO study say they aren't confident in their ability to save for retirement and the same amount are relying on the value of their home to help fund their retirement.
The BMO Retirement Institute survey conducted by Harris Decima also finds that one-third believe living comfortably in retirement is the most important financial goal.
However, the findings of the poll of 1,002 Canadian respondents suggests that many don't think they're doing enough to reach that dream.
About 40 per cent say they're not confident they can save enough to fund their ideal retirement plans, while 29 per cent expect to have to delay retirement or work part-time due to a shortfall in savings.
And 41 per cent consider the equity they are building in their homes as an alternative source of funding their post-work plans.
BMO warns that using a home as a nest egg is a risky idea and that personal savings must play a role in retirement planning.
"The reliance on home equity to fund retirement is no surprise, given that almost half of Canadians say that their home is their biggest financial asset and, on average, accounts for half of their total net worth," said Marlena Pospiech, retirement strategist at BMO Retirement Institute.
"While it is true that, in the past, Canadians have enjoyed a stable housing market and increasing real estate values, there is no guarantee that this trend will continue. As a result, individuals shouldn't count exclusively on their homes to fund their retirement and should be focused on building up their personal retirement savings."
According to the report, one-third of Boomers who intend to sell or have sold their home do so to supplement their retirement income.
But BMO says while homeowners have seen values rise in recent years, an influx of Boomers selling their homes as the population ages in the next few years could drive prices down.
Meanwhile, recent studies suggest many Boomers are carrying debt into their retirement.
Canadians are taking on debt like never before. The latest figures from Statistics Canada show the household debt to income ratio has risen to a record high of 163 per cent, about the level reached in the United States before the housing crash of 2007-08.
Some experts have suggested older Canadians are being lured by low interest rates into piling on debt, something that could hurt their future living standards.
ScienceDaily (Oct. 31, 2012) ? As a human fetus develops, its heart has to keep pace with the new body's ever-growing demands. Much of this is controlled by following genetic blueprints, but the embryonic heart also matures in response to the intense stresses of pumping blood. For the first time, researchers have been able to visualize in 3-D the stresses induced by flowing blood in an embryonic heart.
The technique, which promises to provide new insight into how and why heart defects develop, is described in a paper published today in the Optical Society's (OSA) open-access journal Biomedical Optics Express.
The researchers, led by Andrew M. Rollins, an associate professor of biomedical engineering at Case Western Reserve University in Cleveland, looked at a particular type of stress in the heart known as shear stress, which is simply the parallel force of one material sliding along another. In the developing heart, shear stress is induced in the heart's own endocardial cells as blood cells rush past them. Normally, such shear stress helps to control and regulate cellular processes involved in heart development. Even tiny aberrations in the heart beat, however, can alter blood flow patterns and change these developmental forces, leading to congenital heart defects such as abnormal valve formation.
"All previous attempts at shear-stress mapping have been two dimensional, but the 3-D geometry of the embryonic heart is changing hour by hour at these early stages, and the shape of the heart twists and turns as it develops," says Rollins, "so a 2-D projection doesn't really provide a good approximation."
Rollins and his colleagues at Case Western Reserve developed their new imaging method by modifying a technique called Doppler optical coherence tomography, or OCT. In OCT, a beam of infrared light is shined on a tissue and the "echoes" (or reflections) of that light produced at varying depths are used to make an image. "It is just like RADAR or ultrasound," Rollins explains, "except we use infrared light and we image tiny things at really high resolution." The technique has been used to image the interior of blood vessels and is routinely used by ophthalmologists to examine the retina.
"We can use this technique to figure out just how function or dysfunction fits into normal heart development and the development of heart defects," Rollins adds. "An understanding of normal and abnormal development is critical for preventing and treating these defects."
In laboratory experiments, Rollins and colleagues directly measured the heart structure and blood flow within the developing hearts of quail embryos. The data was then used to create 4-D images (basically, 3-D movies), which showed that "locations of high shear correspond with locations of future valve formation," he says. "Now we are investigating the effects of abnormal shear caused by alcohol exposure on valve development."
The researchers hope to take what they have learned from these preliminary animal tests and develop a way to apply this technique to humans. The ultimate goal is to develop a tool that doctors can use to decide if early intervention could put a developing heart back on the right track, preventing a defect.
The other co-authors on the Biomedical Optics Express paper are Lindsy Peterson, graduate research assistant, Michael W. Jenkins research assistant professor of biomedical engineering, and Michiko Watanabe, a professor of pediatrics, anatomy, and genetics, all at Case Western Reserve.
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The above story is reprinted from materials provided by Optical Society of America.
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Journal Reference:
Lindsy M. Peterson, Michael W. Jenkins, Shi Gu, Lee Barwick, Michiko Watanabe, Andrew M. Rollins. 4D shear stress maps of the developing heart using Doppler optical coherence tomography. Biomedical Optics Express, 2012; 3 (11): 3022 DOI: 10.1364/BOE.3.003022
Note: If no author is given, the source is cited instead.
Disclaimer: This article is not intended to provide medical advice, diagnosis or treatment. Views expressed here do not necessarily reflect those of ScienceDaily or its staff.
Great differences between EU Member States in how well transport systems cope with weather phenomenaPublic release date: 1-Nov-2012 [ | E-mail | Share ]
Contact: Pekka Levikangas pekka.leviakangas@vtt.fi 358-405-616-529 VTT Technical Research Centre of Finland
This is the first study in the world to evaluate the risks posed to transport by weather phenomena on a country-specific and mode-specific basis. Among the EU Member States, Poland has the highest risk level indicator. The highest-risk regions are in the countries of Eastern Europe and in mountainous areas. Low-risk countries include Ireland, Austria, Luxembourg and the Nordic countries.
The risk-level evaluation was conducted using a risk indicator designed by VTT scientists. The calculations were performed on substantial datasets and involved estimating the probability of phenomena such as heavy rain, floods, landslides, storms and heat waves based on long-term weather statistics. The weather data for the study were supplied by the Finnish Meteorological Institute. The risk indicator also incorporated country-specific data on traffic density, population density, the quality level of transport systems and the economic resources available.
"This is an internationally unique study, because risk levels have never before been determined on a country-specific basis. We found considerable differences in risk levels between countries and regions. In the Nordic countries, Ireland, Austria and Luxembourg, transport systems cope with extreme weather phenomena considerably better than in the EU Member States on average. A number of factors contribute to these low risk levels: a strong economy, low traffic densities and a transport infrastructure that is in good condition and runs smoothly", explains Principal Scientist Pekka Levikangas from VTT. "Transport systems face significant risks from extreme weather phenomena in all EU Member States, and it is vital to be able to manage these risks in order to ensure the smooth and safe flow of traffic and thereby the continued functioning of society at large." Cyprus and Malta are also low-risk countries.
Significant differences between countries
The study involved evaluating the risk levels associated with extreme weather phenomena in transport as regards accidents, delays and infrastructure. The cost to transport caused by extreme weather phenomena in the EU Member States is estimated at EUR 15 billion per year at the very least. The majority of this is due to road accidents and delays to transport of goods. Heavy rain and floods cause the most disruption. Heat waves are a significant adverse phenomenon in southern Europe. In the
Nordic countries and in mountainous areas, traffic flow may be compromised by snow, ice and frost. Mountainous areas are also prone to landslides
Poland emerged as the country with the highest individual risk indicator. The risk level is also quite high in Italy, Romania and Hungary. Considered by region, the highest risk levels are found in Eastern European countries and in mountainous areas. "Poland has high volumes of traffic and large harbours, and the country's transport systems are in poorer shape than for most parts of the EU. Also, the country experiences a comparatively high incidence of extreme weather phenomena. A problem at a transport hub, such as a port, has extensive knock-on effects on road and rail transport. Poland also has a fairly high population density, and its economy is at the lower end of the scale within the EU," says Levikangas. "That is why the risk level there is high."
"Bad weather increases the probability of road accidents. One should always take account of the weather when planning travel, where possible," says Levikangas.
"Transport infrastructure can be improved through careful planning that takes better account of weather phenomena. The climate is warming up, and there are weak signals indicating that extreme weather phenomena are on the increase," adds Levikangas. "Much greater attention should be paid to the maintenance and upkeep of the transport infrastructure, particularly in urban areas. Drainage systems, for instance, should be functioning as designed, and they should be regularly serviced - sometimes even small things can matter. The appropriate preparation can save a lot in costs in the long term."
###
The principal provider of funds for the project 'Extreme weather impacts on European networks of transport' (EWENT) was the Seventh Framework Programme of the European Commission. In addition to VTT, the research consortium included the Finnish Meteorological Institute, Foreca Consulting Ltd, the Norwegian Institute of Transport Economics, the German Aerospace Centre DLR, the Austrian inland-waterway transport development company Via Donau, the Meteorological Institute of Cyprus, the European Severe Storms Laboratory (ESSL) and the World Meteorological Organisation (WMO).
Project website: http://ewent.vtt.fi/ VTT publication of the report: http://www.vtt.fi/inf/pdf/technology/2012/T43.pdf
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AAAS and EurekAlert! are not responsible for the accuracy of news releases posted to EurekAlert! by contributing institutions or for the use of any information through the EurekAlert! system.
Great differences between EU Member States in how well transport systems cope with weather phenomenaPublic release date: 1-Nov-2012 [ | E-mail | Share ]
Contact: Pekka Levikangas pekka.leviakangas@vtt.fi 358-405-616-529 VTT Technical Research Centre of Finland
This is the first study in the world to evaluate the risks posed to transport by weather phenomena on a country-specific and mode-specific basis. Among the EU Member States, Poland has the highest risk level indicator. The highest-risk regions are in the countries of Eastern Europe and in mountainous areas. Low-risk countries include Ireland, Austria, Luxembourg and the Nordic countries.
The risk-level evaluation was conducted using a risk indicator designed by VTT scientists. The calculations were performed on substantial datasets and involved estimating the probability of phenomena such as heavy rain, floods, landslides, storms and heat waves based on long-term weather statistics. The weather data for the study were supplied by the Finnish Meteorological Institute. The risk indicator also incorporated country-specific data on traffic density, population density, the quality level of transport systems and the economic resources available.
"This is an internationally unique study, because risk levels have never before been determined on a country-specific basis. We found considerable differences in risk levels between countries and regions. In the Nordic countries, Ireland, Austria and Luxembourg, transport systems cope with extreme weather phenomena considerably better than in the EU Member States on average. A number of factors contribute to these low risk levels: a strong economy, low traffic densities and a transport infrastructure that is in good condition and runs smoothly", explains Principal Scientist Pekka Levikangas from VTT. "Transport systems face significant risks from extreme weather phenomena in all EU Member States, and it is vital to be able to manage these risks in order to ensure the smooth and safe flow of traffic and thereby the continued functioning of society at large." Cyprus and Malta are also low-risk countries.
Significant differences between countries
The study involved evaluating the risk levels associated with extreme weather phenomena in transport as regards accidents, delays and infrastructure. The cost to transport caused by extreme weather phenomena in the EU Member States is estimated at EUR 15 billion per year at the very least. The majority of this is due to road accidents and delays to transport of goods. Heavy rain and floods cause the most disruption. Heat waves are a significant adverse phenomenon in southern Europe. In the
Nordic countries and in mountainous areas, traffic flow may be compromised by snow, ice and frost. Mountainous areas are also prone to landslides
Poland emerged as the country with the highest individual risk indicator. The risk level is also quite high in Italy, Romania and Hungary. Considered by region, the highest risk levels are found in Eastern European countries and in mountainous areas. "Poland has high volumes of traffic and large harbours, and the country's transport systems are in poorer shape than for most parts of the EU. Also, the country experiences a comparatively high incidence of extreme weather phenomena. A problem at a transport hub, such as a port, has extensive knock-on effects on road and rail transport. Poland also has a fairly high population density, and its economy is at the lower end of the scale within the EU," says Levikangas. "That is why the risk level there is high."
"Bad weather increases the probability of road accidents. One should always take account of the weather when planning travel, where possible," says Levikangas.
"Transport infrastructure can be improved through careful planning that takes better account of weather phenomena. The climate is warming up, and there are weak signals indicating that extreme weather phenomena are on the increase," adds Levikangas. "Much greater attention should be paid to the maintenance and upkeep of the transport infrastructure, particularly in urban areas. Drainage systems, for instance, should be functioning as designed, and they should be regularly serviced - sometimes even small things can matter. The appropriate preparation can save a lot in costs in the long term."
###
The principal provider of funds for the project 'Extreme weather impacts on European networks of transport' (EWENT) was the Seventh Framework Programme of the European Commission. In addition to VTT, the research consortium included the Finnish Meteorological Institute, Foreca Consulting Ltd, the Norwegian Institute of Transport Economics, the German Aerospace Centre DLR, the Austrian inland-waterway transport development company Via Donau, the Meteorological Institute of Cyprus, the European Severe Storms Laboratory (ESSL) and the World Meteorological Organisation (WMO).
Project website: http://ewent.vtt.fi/ VTT publication of the report: http://www.vtt.fi/inf/pdf/technology/2012/T43.pdf
[ | E-mail | Share ]
?
AAAS and EurekAlert! are not responsible for the accuracy of news releases posted to EurekAlert! by contributing institutions or for the use of any information through the EurekAlert! system.
Julius Genachowski has revealed that Hurricane Sandy has knocked out a full quarter of cellphone towers and cable services in the 10 most affected states. The FCC chief believes that, as more towers expend their battery back-ups and the storm's continued presence, the situation's going to get worse before it gets better. He's also reiterated that users should avoid making non-essential calls and use e-mail or social media to avoid overloading the straining networks. One point of interest in the call, was that land line phone outages were much less widespread -- which might be something to remember if you've ever considered cutting the cord.
Cell phone tower (file/credit: Darren McCollester/Getty Images)
NEW YORK (CBSNewYork) ? Superstorm Sandy knocked out power to millions of customers across the Tri-State Area.
As of 3 p.m. Wednesday, Con Edison reported more than 637,000 customers in the five boroughs are still in the dark.
One company is coming to the rescue in Manhattan, offering free cell phone charging stations at bars north of 39th Street in the borough.
goCharge kiosks house up to 16 built-in chargers that can accommodate most cell phones, smart phones, tablets and mp3 players, according to the company.
Here is a full list of the bars with the charging kiosks:
Irish Exit (978 2nd Ave.) McCanns (3 W. 46th St.) Pronto (135 W. 41st St.) Carriage House (219 E. 59th St.) O?Flanagans (66th Street and 1st Avenue) Phoenix Park (206 E. 67th St.) Saloon (84th Street and York Avenue) Bar East (1733 1st Ave.) Brady?s Bar (1581 2nd Ave.) Genesis (88th Street and 2nd Avenue) Jack Russells (1591 2nd Ave.) On The Rocks (696 10th Ave.) Overlook (225 E. 44th St.) Vintage (51st Street and 9th Avenue) American Trash (76th St and 1st Ave) Bounce (1403 2nd Ave.) East End Tavern (1589 1st Ave.)
?We are proud to be powering up more New Yorkers? mobile devices than ever before during this storm recovery,? goCharge CEO David Walke said in a news release. ?With plenty of locations in New York City, we encourage all New Yorkers without power to travel to the closest goCharge location to keep their mobile devices charged so they can stay safe and connected.?
The company did not say on its Web site whether cell phone users under the age of 21 would be admitted to the bars to use the chargers, or what their options would be if not.
The goCharge app also now allows customers to locate the closest operating kiosk.
Even with a fully charged phone, many customers in New York have experienced spotty service, with frequent lost calls.
In a conference call with reporters on Wednesday, Federal Communications Commission Chairman Julius Genachowski said they are anticipating communication outages could get worse before they get better.
Verizon said six percent of its cell sites remained down in areas hard hit by Sandy, but said all switching and data centers are fully operational.
T-Mobile issued a statement detailing greater outage issues, saying about 20 percent of its network in New York City is out of service.
AT&T did not release specific outage numbers, but all three cell phone companies said they were working to assess and repair all damage, the New York Times reported.
DETROIT (AP) -- Shares of General Motors surged Wednesday after the company announced big job cuts in Europe and reported third-quarter earnings that were far better than Wall Street expected.
The Detroit company said it has cut 2,300 jobs in Europe this year and wants to trim 300 more, part of a larger plan to reduce costs and raise revenue in the struggling region with new vehicles that are more appealing to buyers.
Despite the moves, General Motors Co.'s net profit fell 14 percent as European losses widened and North American earnings dropped due to falling pension income and higher warranty costs.
But investors looked past the decline because GM's earnings far exceeded expectations. GM's stock rose $2.12, or 9.1 percent, to $25.40 in afternoon trading.
The company rode North American profits, big improvements in South America and strong earnings in international areas outside of China to make $1.48 billion, or 89 cents per share for the quarter. That's down from $1.73 billion, or $1.03 per share, a year earlier. Excluding one-time items, the company made 93 cents per share, beating analysts' estimates by 33 cents.
Still, there are signs of trouble. Profit in North America, GM's most lucrative market, fell 17 percent from July through September. The company's U.S. market share dropped more than two percentage points to 17.6 percent, and its U.S. sales increase of 3.4 percent for the year lags overall market growth of 14.5 percent. In Europe, where GM hasn't made money in a dozen years, it lost $478 million before taxes. That's $186 million worse than a year earlier.
Yet GM said its third-quarter performance shows that steps it has taken to fix troubled business units are working. Four of the company's five units were profitable, with Europe the only exception. "It stems from our geographic diversity, strong brands and the financial rigor we are instilling in the business," Chairman and CEO Dan Akerson said.
Fourth-quarter pretax earnings should be about the same as last year's $1.1 billion, the company said.
In Europe, GM made rosier predictions than other automakers. The company expects to break even before taxes by the middle of the decade. Losses this year are expected to run from $1.5 billion to $1.8 billion, about double the figure from 2011. Next year, losses should be slightly less.
The job cuts, which have come mainly through voluntary departures and early retirements, are part of a plan to cut $300 million in costs this year and an additional $500 million from 2013 to 2015, said Vice Chairman Steve Girsky, who is leading the restructuring. More job cuts could be made in the future depending on sales.
GM also is cutting inventory and low-profit rental car sales in Europe, and it plans to eliminate a third shift now working at its Eisenach plant in Germany next year. It's also reviewing whether its transmission plant in Strasbourg, France, will stay open. It's negotiating the closure of its Bochum plant in Germany, and it plans to cut Opel Astra production from three plants to two.
But cost reductions, Girsky said, aren't the only way the company plans to fix Europe. It has changed leadership, bringing in outside executives and several from North America. The company plans 23 new models and 13 new engines by 2016 in an effort to raise sales, including the Opel Mokka small SUV and the Opel Adam small car due out later this year. GM has 45,000 orders for the Mokka, far more than it can fill this year, Girsky said.
Girsky said all of this is being done with no expectation for improvement in Europe's economy, which has been hit hard by government debt problems.
"We're developing a plan that is not highly dependent on (the) external environment dramatically improving over the next several years," he said.
In North America, GM's pretax profit fell 17 percent to $1.8 billion. But in South America, the company swung from a $44 million loss last year to a $114 million profit on the strength of new models. And GM's international operations, fueled mainly by areas outside of China, nearly doubled its pretax profits to $689 million.
GM also acknowledged that its third-quarter North American pretax profit margin of 7.8 percent was far below rival Ford Motor Co.'s 12 percent. GM plans to close the gap in part with higher revenues when new products, including pickup trucks, roll out. GM now has the oldest North American model lineup in the industry, but it plans to revamp 70 percent of its models in the next two years.
The company also said 12,600 ? about 30 percent ? of its U.S. salaried retirees took lump-sum payments instead of monthly pension checks. It also expects to close a deal next month to shift liability for its salaried pension plan to an annuity managed by The Prudential Insurance Co. The actions will cut GM's pension liability by $29 billion, $3 billion more than the original estimate of $26 billion, the company said.
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Public release date: 1-Nov-2012
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