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Daily Archives: August 20, 2009

Wynns sell shares ahead of divorce

Steve and Elaine Wynn sold two million shares of Wynn Resorts Ltd. to raise cash ahead of their second divorce.
The couple married for the first time in 1963. They divorced in 1986 but never separated and remarried in 1991, the Wall Street Journal said yesterday.
Though triggered by less than happy circumstance, the sales come at a time when Wynn shares are on the rebound. The Wynns sold the shares Friday at an average of 57 dollars each, quadruple the March low – although that price is still down almost 50 percent from a year ago.
Last month, Wynn Resorts posted a surprise second-quarter profit as cost cutting mitigated a challenging environment for casino operators.
The shares represent less than 10 percent of the Wynns' total holdings and under 2 percent of the gaming company's shares outstanding, the report added.

‘Viagra effect’ undermining Brazil

The widespread tendency in Brazil for men to remarry women several decades younger – called the "Viagra effect" – is undermining the country's pension system, researchers in Rio de Janeiro warned Tuesday.
The report, by Brazil's National Social Security Institute (INSS), showed that a trend of men in their 60s marrying women half their age was leaving a big pool of young widows collecting benefits for much longer than anticipated.
"The social security system was planned so that the wife receives her husband's pension for only 15 years or so. With growing life expectancy and remarriages with much younger women, benefits today stretch out over 35 years," the author of the study, Paulo Tafner, explained to AFP.
He said the younger-wife phenomenon was commonly called the "Viagra effect."
But he noted that in fact the trend started in the 1970s – well before the advent of the little blue pill that has since the mid-1990s helped men carry their sex lives well into old age.
According to the INSS report, two out of three men who are separated remarry, while only one out of three separated women find a new husband.
Of the separated men, 64 percent of those aged over 50 remarry women younger than them. In the 60-64 age range, the proportion is 69 percent.
And the marked preference is for women aged 30 years younger.
Brazil has a mixed public-private pensions system.
Those in the public system receive the equivalent of their salary after retirement, while those with private funds receive a maximum of 1,800 dollars a month.
Under current laws, when a retired man dies, his wife continues to receive his full pension until her own death.
According to the INSS, 94 percent of pensions go to women.
"This is a grave and serious challenge for the future of the country, and it's going to require a reform of the pension system," Tafner said.