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By Reuters Staff. It has been heavily criticised by some officials and analysts, who say it will hurt the pensions industry and financial markets. The decision was taken after government ministers discussed the budget, Topilin said, adding that all obligatory pension contributions would be directed to finance the redistributive state pension system in , including funds originally earmarked for private management. The extension into would provide around billion roubles for the budget next year. Any further reduction in the sums allocated to private pension funds would hurt the nascent asset management industry and the development of capital markets. Russia has been steadily rolling back a pension reform launched in under which Russians were supposed to save towards their own retirement.
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UPDATE 2-Russia diverts pension savings to plug budget hole for second year

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In 1943, the 8th Air Force was launching raids on Germany with its B17 and B24 from England. The aim was to destroy German main production factories. Unfortunately, losses during theses missions were very heavy and it became urgent to develop a fighter able to escort the bombers over enemy soil. The limited ranges of the Spitfire and P-38 Lightning did not make these fighters able to go further than Paris, leaving the bombers alone to fend for themselves for the rest of the flight. With the development of the P-47, this problem was overcome.
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