Pescod Talks Stock

Yamana Gold provides notice of first quarter financial results

Yamana Gold provides notice of first quarter financial results and Annual Meeting of Shareholders
16:30 EDT Monday, April 05, 2010

TORONTO, April 5 /CNW/ - YAMANA GOLD INC. (TSX: YRI; NYSE: AUY; LSE: YAU) today announced that its first quarter results will be released after market close on May 4, 2010 followed by a conference call on May 5, 2010 at 8:30 a.m. ET. Additionally, the Company will host its annual meeting of shareholders on May 5, 2010 at 11:00 am ET.


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Q1 Conference Call Information:

Toll Free (North America): 888-231-8191
International: 647-427-7450
Participant Audio Webcast: www.yamana.com

Q1 Conference Call REPLAY:
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Toll Free Replay Call (North America): 800-642-1687,
Passcode 63821038
followed by the number sign
Replay Call: 416-849-0833,
Passcode 63821038
followed by the number sign
>>


The conference call replay will be available from 12:15 p.m. ET on May 5, 2010 until 11:59 p.m. ET on May 19, 2010.


Annual Meeting of Shareholders


The Annual Meeting of Shareholders will take place on Wednesday, May 5, 2009 at 11:00 a.m. ET, and will be held at the Four Seasons Centre for the Performing Arts, located at 145 Queen Street West, Toronto, Ontario, Canada. The main entrance is located at the southeast corner of Queen Street West and University Avenue.

For those unable to attend the meeting in person, there are several listen-only alternatives listed below.


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Via Telephone:
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Toll Free (North America): 888-231-8191
International: 647-427-7450

Via Webcast:
------------

Live Audio Webcast: www.yamana.com

Conference Call REPLAY:
-----------------------

Toll Free Replay Call (North America): 800-642-1687,
Passcode 63829307
followed by the number sign

Replay Call: 416-849-0833,
Passcode, 63829307
followed by the number sign
>>


The conference call replay will be available from 3:15 p.m. EST on May 5, 2010 until 11:59 p.m. EST on May 19, 2010. For further information on the conference call or audio webcast, please contact the Investor Relations Department or visit our website, www.yamana.com.


About Yamana


Yamana is a Canadian-based gold producer with significant gold production, gold development stage properties, exploration properties, and land positions in Brazil, Argentina, Chile, Mexico and Colombia. The Company plans to continue to build on this base through existing operating mine expansions and throughput increases, development of new mines, the advancement of its exploration properties and by targeting other gold consolidation opportunities in the Americas.

For further information: Letitia Wong, Director, Investor Relations, (416) 815-0220, Email: investor@yamana.com

Canadian dollar briefly hits parity

The Canadian and American dollars are dancing around parity.

The two currencies were momentarily worth exactly the same early Tuesday before the dollar slipped back just below the greenback.

The Canadian dollar was worth more than 99.9 cents US just before the official open.

The dollar hasn’t been above the U.S. dollar since July 2008.

The U.S. dollar has been driven downward in recent weeks by rising oil prices and continued economic instability.

The loonie, on the other hand, has been supported by the relative strength of the Canadian economy.

Economists don’t expect the dollar to rise quickly to the heights it reached around US$1.10 back in November 2007, but rather feel it will waver around parity for awhile.

C.D. Howe study sets high retirement savings bar

April 06, 2010

James Daw

There's no "gold standard" retirement before age 60 when David Dodge estimates how much people without civil service pensions need to save.

The former Bank of Canada governor estimates few young workers earning more than $60,000 a year can expect to collect 70 per cent of pre-retirement earnings by 63.

Not under current rules.

Federal civil servants can collect that much after 35 years of work, regardless of how many job promotions they've received. But most high-wage earners outside the inner circle of government are simply shut out by registered retirement savings plan rules.

Dodge and two policy analysts conclude in a paper for the C.D. Howe Institute that Canadians earning more than about $60,000 would need to save more than the 18 per cent of pay per year allowed for RRSPs. That's if they start at age 30 and remain in the same income range through their career.

Yes, they could receive pay hikes slightly higher than the cost of living. But, if they enjoyed big job promotions, their savings rate would have to rise even more outside the 18 per cent RRSP limit.

Dodge, Alexandre Laurin and Colin Busby base their calculations on conservative investment return assumptions: An average of 5 per cent a year, or 3 percentage points more than they expect consumer prices will rise.

They chose a somewhat lower average return than the 4.2 per cent in excess of price inflation over the past 50 years for a portfolio holding 60 per cent stocks, 20 per cent longbonds and 20 per cent short-term treasury bills.

The 3 per cent real return was chosen to compensate for other assumptions that might be overly optimistic. The lower return also allows for the reality that the public pay fees on investments.

The authors also assume that the future retiree would buy a life annuity that would increase his or her annual income by 2 per cent a year.

"Our calculated indicative savings rates rise sharply with income level and (far) exceed what most individuals actually save or what employers contribute to defined-contribution plans," they write.

Actuary Malcolm Hamilton has long argued that a 70 per cent retirement income is an overly ambitious target for most Canadians.

Most will live on much less while they work to raise children, buy a house, contribute to the Canada Pension Plan and to Employment Insurance and save for retirement.

Hamilton argues that 50 per cent is a more realistic income target for retirement. Many Canadians with above-average earnings may not be saving enough to achieve that level of income by age 65.

For example, someone with an income of about $96,000 a year would have to save 11 per cent, age 30 to 65, to enjoy half that income in retirement

"Different Canadians will legitimately make different choices (about how much to save and when to retire)," the commentators write. "But to make smart choices, Canadians – employers, employees and the self-employed – need both adequate information and, most importantly, appropriate vehicles to provide efficient risk-adjusted management of their savings both during working years and retirement."

The analysis of savings rates should serve as a wake-up call for working Canadians. They should not be lulled into saving less, or retiring early, by unrealistic expectations about investment returns.

You may need more to pay future medical and energy expenses.

Policy-makers should consider the data in debating whether Canada needs new options for those with no pensions. They should not assume everything's fine as it is.