September 23, 2020 06:00 ET | Source: Fortis

ST. JOHN'S, Newfoundland and Labrador, Sept. 23, 2020 (GLOBE NEWSWIRE) -- Doug Haughey, Chair of the Board of Directors (the "Board") of Fortis Inc. ("Fortis" or the "Corporation") (TSX/NYSE: FTS) today announced the retirement of Barry Perry, President and CEO, from Fortis and the Board, effective December 31, 2020. David Hutchens, currently Chief Operating Officer of Fortis and CEO of UNS Energy, will succeed Perry and join the Board, effective January 1, 2021.

Perry made a personal decision to retire after a nearly 35-year career, over 20 of which were with Fortis. He has led the Corporation since 2015. Prior to his current position, he served as President from June 30, 2014 to December 31, 2014 and as Vice President, Finance and Chief Financial Officer of Fortis for 10 years. The Board's long-term CEO succession plan positioned the Corporation well for this transition and following a comprehensive process the Board confirmed Hutchens as Perry's successor.

"I'm humbled to have spent the past two decades of my career with Fortis. It's been an incredible journey to lead the company during a time of such transformational growth. Thank you to our employees, both past and present, for contributing to the success of Fortis," said Barry Perry. "Fortis has become a North American utility leader focused on a cleaner energy future. I have absolute confidence that David and the team will continue to serve our customers well, advance our strategy and grow Fortis for years to come."

In expressing his support for Hutchens, Perry said: "David has decades of utility experience, including as CEO of our subsidiary UNS Energy in Arizona. He has a deep understanding of our business, strategy and culture, is forward-focused, an innovative thinker and most importantly, shares the values of Fortis."

Hutchens was appointed Chief Operating Officer of Fortis in January 2020 while concurrently serving as the CEO of UNS Energy. In this position, Hutchens was integral in the development of the Corporation's strategic business plan and led initiatives on safety and operational excellence. In his prior role, he served as Executive Vice President, Western Utility Operations with Fortis beginning in January 2018. In this role, Hutchens maintained his responsibility as President and CEO of UNS Energy and provided oversight of the operations of FortisBC and FortisAlberta.

"I would like to sincerely thank Barry Perry for his outstanding leadership and immense contributions over the past 20 years," said Doug Haughey. "Barry led the Corporation's acquisition of our largest business, ITC Holdings, the listing of Fortis on the New York Stock Exchange and, following our strategic expansion into the United States, he successfully pivoted the Corporation toward organic growth. Total shareholder return during Barry's leadership of Fortis was 105%, or approximately 12% per year. Furthermore, Barry advanced many priorities at the Corporation, including safety, diversity and inclusion, sustainability, investor relations and cybersecurity."

"We are pleased to announce David Hutchens as the next President and CEO of Fortis," said Haughey. "David has been a key leader in the Fortis organization and offers a unique combination of operational and regulatory expertise in both the electric and gas sectors. David is the right choice to advance the Corporations growth strategy and support a cleaner energy future."

Hutchens has been with UNS Energy for 25 years, advancing through various management positions, overseeing wholesale energy trading and marketing, and energy efficiency and resource planning. He assumed the position of President and CEO, UNS Energy in May 2014. He earned a Bachelor of Aerospace Engineering and a Master of Business Administration from the University of Arizona and is a former nuclear submarine officer in the U.S. Navy. David is a member of the Edison Electric Institute's Board of Directors, the Western Energy Institute Board of Directors and numerous other charity and civic organizations.

"I'm excited about leading Fortis into a new chapter of growth driven by our transition to a cleaner energy future," said David Hutchens. "Our continued focus on energy delivery, our effective business model supporting our growth strategy, proven dividend track record and outlook, and our strong ESG profile make Fortis a premium North American utility. With my colleagues, I look forward to leading this incredible company, inspiring excellence in customer service and strengthening our partnerships with community and industry."

"Fortis will remain a Canadian-headquartered company and our success in this evolving industry will continue to be built on our strong foundation of safety, culture, responsibility, and commitment to our customers, employees and communities," said Hutchens.

"Id like to thank Barry for his tremendous contributions to Fortis," said Hutchens. "His insights, passion and leadership are widely recognized in our industry and have been greatly appreciated by those of us fortunate enough to work closely with him."

About Fortis Fortis is a well-diversified leader in the North American regulated electric and gas utility industry, with 2019 revenue of $8.8 billion and total assets of $56billion as at June 30, 2020. The Corporation's 9,000 employees serve utility customers in five Canadian provinces, nine U.S. states and three Caribbean countries.

Fortis shares are listed on the TSX and NYSE and trade under the symbol FTS. Additional information can be accessed at http://www.fortisinc.com, http://www.sedar.com, or http://www.sec.gov.

A .pdf version of this press release is available at:http://ml.globenewswire.com/Resource/Download/bceba61e-4eff-4c3f-ad1b-eb930ef36aaf

For further information contact Investor Enquiries: Ms. Stephanie Amaimo Vice President, Investor Relations Fortis Inc. 248.946.3572 investorrelations@fortisinc.com

Media Enquiries: Ms. Karen McCarthy Vice President, Communications and Corporate Affairs Fortis Inc. 709.737.5323 media@fortisinc.com

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Fortis Inc. Announces Retirement of President and CEO Barry Perry and Appointment of David Hutchens as Successor Effective January 1, 2021 -...

Dr. Fauci responds to comments from members of President Trump's cabinet that are critical of his handling of the COVID-19 pandemic. Associated Press

WASHINGTON The National Institutes of Health said on Monday that apublic relations staffer who had been using apseudonym on a conservative website to attackDr. Anthony Fauci, who runs the agency, and discount the seriousness of the coronavirus, will retire.

The Daily Beast first identified and reportedthatWilliam B. Crews was also the managing editor of right-leaningwebsite RedState where, under the fake name streiff,derided the governments workagainst thecoronavirusoutbreak, calling it"massive fraud."

The articles directly contradict and demeanthe agency's recommendations about COVID-19. They also trashFauci,the nation's leading infectious disease expert,calling him a "mask nazi," among other insults.

Other media outletslaterreportedthat the NIAID said it "first learned of this matter this morning" and that "Mr. Crews has informed us of his intention to retire. We have no further comments on this as it is a personnel matter."

Many of his posts alluded to coordinated schemes by public health officials to damage Trump politically."Streiff" wrote that the "Trump administration were failed at every turn by" Fauci.

Bob Woodward book takeaways: Trump admits 'playing' down COVID-19 threat

TheDaily Beast reported that the postsbecame increasingly conspiratorial as the pandemic continued.One posted to RedStatein March was titled: When Covid-19 Kills 18,000 People Call Me, But Until Then Stop the Scaremongering.

In June, he wrote, "I think were at the point where it is safe to say that the entire Wuhan virus scare was nothing more or less than a massive fraud perpetrated upon the American people by 'experts' who were determined to fundamentally change the way the country lives and is organized and governed."

Another of his postsimplied that government officials responsible for the pandemic response should be executed.

Anthony Fauci, director of the National Institute for Allergy and Infectious Diseases, testifies during a House Subcommittee on the coronavirus on Capitol Hill in Washington, D.C., on July 31, 2020. (Photo by KEVIN DIETSCH / various sources / AFP)(Photo: KEVIN DIETSCH, AFP via Getty Images)

'He loves his rallies:' Biden says Trump puts supporters at risk with big events while keeping himself safe

Fauci has repeatedly stressed the importance of social distancing and wearing masks, while alsorecently saying the fight against the coronavirus pandemic will only become more strenuous as the year reaches its close.

According to The Daily Beast, Crews has contributed to RedState since 2004, the year it was founded. He haspenned more than 400 posts this year alone, sometimes publishing as many as five a day.

Election 2020: Sen. Kelly Loeffler says she is 'more conservative than Attila the Hun' in new campaign ad

In his role at the NIAIDs office of communications and government relations, Crews did not deal directly with reporters or the public,according to The Washington Post,but ratherinternal communication. According to his LinkedIn profile, Crews has been at the agency since 2007.

Posts on RedState this year have oftenbeen published during the workweek and duringnormal business hours, raising possible questions about the ethical use of taxpayer resources,according the The Daily Beast.

This news follows anothergovernment health agency employee's coronavirus PR controversy.

Michael Caputo, who was the top spokesman at the Health and Human Services,the NIH's parent agency,was accused of trying to manipulate COVID-19 data for political purposes, and ended up apologizingfor espousingconspiracy theories.

Without offering evidence, Caputo, who was the assistant secretary of public affairsat HHS, accused scientists at the Centers for Disease Control and Prevention of "sedition," and falsely claimed they had formed a "resistance unit" against Trump.

After he apologized, Caputo announced last week that he would be taking a medical leave.

Contributing: William Cummings, USA TODAY

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National Institutes of Health staffer to 'retire' after being outed as author of online attacks against Dr. Anthony Fauci - USA TODAY

The S&P 500 has averaged around 10% in annualized returns over the last 90 years.

But you can't plan your retirement based on best-case scenarios.

You should aim to spend around 4% of your nest egg per year in retirement, according to financial advisor Winnie Sun. That percentage can drop, however, based on several factors such as if your home isn't paid off or if you have high health-care costs, Sun said.

This strategy also assumes that you have a balanced portfolio, focusing more on bonds and cash-type investments for your short-term needs. This allows the stocks in your portfolio to grow for the future, according to Sun.

Check out this video to see a few different case studies of how much spending money you'll have if you retire on $1 million.

More from Invest in You: 'Predictably Irrational' author says this is what investors should do during pandemic Coronavirus forced this couple into a 27-day quarantine on their honeymoon cruise How to prepare for a family member with COVID-19

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CHECK OUT:Why January is a particularly great time to invest your moneyvia Grow with Acorns+CNBC.

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Here's what your monthly budget will look like if you retire with $1 million - CNBC

Westend61 | Westend61 | Getty Images

Retirement often seems like a far-off destination.

But once you hit your 40s, it's no longer the distant country you once thought it was.

On the plus side, you still have time to make some smart money moves with retirement savings.

On the minus side, saving what you'll need may be a bit more challenging than it was when you were younger.

The reason is the power of compound interest, says Elijah Kovar, co-founder of Great Waters Financial in Minneapolis.

"You don't need to invest a ton of money if you start in your 20s but if you wait till your 40s, you have to invest so much more to make up for what you didn't invest in your 20s," Kovar said.

More from Invest in You: How to get more years for your retirement buck Gen Z needs to know some hard facts about saving for retirement Here's how to keep the well from running dry in retirement

Here's the difference that 10 years makes: A 25-year-old and a 35-year-old both invest $6,000 a year. Each gets an 8% return. At age 65, the 25-year-old has $1,678,686. The 35-year-old has $734,075. Try this compound interest calculator to see what your own savings rate looks like.

Since retirement is still 20 years off or more for 40-somethings, certified financial planner Mark Brown, president of Brown and Co. in Denver, tells investors in that age bracket not to be too conservative.

"You want to over-favor equities over bonds," he said. "You have the time to ride out the ups and downs."

Here's a look at some different strategies to nail down a secure retirement.

The amount you save, no matter where you save it, is the most important factor in whether you'll have enough for retirement, says Jean Chatzky, CEO and co-founder of HerMoneyMedia in New York.

Under-saving is the top issue for people who hope to retire someday.

The answer seems simple enough. "Figure out a way to get the savings rate up, and do it quickly," Chatzy said.

Make sure your money is working for you by investing wisely. If you're not a pro when it comes to managing your money, use a one-and-done target-date fund, Chatzky advises.

These funds automatically rebalance to an investment allocation that grows more conservative as you get closer to retirement or the target date. Otherwise you can put together your own portfolio and diversify it on your own.

But the most important thing is to save an adequate amount. "People should be saving 15% of whatever they earn," Chatzky said. "If you do that consistently through your working life, you will generally have enough to get through."

Keep in mind, though, that if you missed out on saving in your 20s and 30s, you may have to ramp that up to 20% or at least try.

Here's how to turn up the heat on your savings.

"The way to get there is not to go from 20% to 30%," Chatzky said.

That could feel like too shocking a difference in what you've got in your wallet. Instead, nudge yourself upwards in smaller increments.

Michelle Jackson's retirement savings journey started when she paid down more than $60,000 in debt.

Source: Michelle Jackson

Michelle Jackson, a Denver podcaster and entrepreneur, shows how you can break some rules and still feel confident about retirement prospects.

She left a university job of 10 years. She was deeply in debt more than $60,000 when she went into business for herself. Jackson, who is in her 40s, also hopes to help support her mother.

"Culturally, it's a conversation a lot of African-American families have," Jackson said. "It's not unusual to have to help your parents with retirement.

"I want to make sure my mom has the best retirement ever."

Studies suggest you need 70% to 80% of your annual salary to have a comfortable retirement.

Dan Herron

principal of Elemental Wealth Advisors

Jackson calls her goals aggressive: She aims to save about half her income for retirement. "It's ironic, given where I started," she said.

But leaving a job when she was ready for a change helped give her the energy to mow down debt and lower expenses she'd taken for granted. While working, she paid $1,200 a year for her cellphone. She now spends $400 a year.

While working, saving 50% wasn't even a glimmer, she says. "Once you start working for yourself, you get it," she said, all the ways you can optimize your time and get the most bang for your buck.

Jackson wants people to know it's not too late to start saving in their 30s or 40s even their 50s. "OK, you haven't started," she said. "You made the decisions with the information you had." Ditch the regret and start saving.

You'll want to know how much you need to save for retirement, says CFP and CPA Dan Herron, principal of Elemental Wealth Advisors in San Luis Obispo, California.

"Studies suggest you need 70% to 80% of your annual salary to have a comfortable retirement," Herron said.

Next, figure out how much you'll need to save to provide that annual cash flow. Herron recommends using 90% to provide a cushion.

Start by calculating yourtotal income and total expenses.

If you are in the black, Herron recommends trying to allocate a portion to increase your retirement savings rate. If you truly want to play catch-up, you are looking at at least 20% more of your salary toward savings.

Another possibility: Readjust your expectations for retirement. You may need to consider a lower amount of money for retirement so you don't have to save as aggressively, Herron said.

"Look at working longer," Herron said. "The longer you work, the more time you allow your savings to compound."

Alyson Duffey, 42, doesn't think she'll be able to retire.

"I set everything up when I started in my 20s and haven't touched anything since," said Alyson Duffey, 42, who works for a Boulder, Colorado, nonprofit.

An advisor came to the organization and helped employees enroll in a 403(b) plan. Duffey isn't sure of the funds or how the money is invested. "I don't know what's normal," she said.

One thing she does know: She doesn't have much saved. "I might have $28,000 in retirement funds," she said.

"I think the retirement system is set up for a specific segment," Duffey said, meaning people in "the wealthier income brackets, people who are able to land certain jobs and aren't living paycheck to paycheck."

"It's taken me a long time to get to this point, but I make $60,000 a year, and that is high for a nonprofit," Duffey said. The cost of living in Boulder is lower than San Francisco, she says, but it is still quite high.

Duffey made one move she sees as a possible boon in retirement: She purchased a condo in Boulder through an affordable home ownership program and thinks it will be suitable for her later years.

Oliver Rossi | Stone | Getty Images

For people balancing the needs of their own kids while they help their parents, it's an issue of how to do it all.

"It's a balancing act," Brown said. "If you can't increase your income, it means you're going to work longer or live on less or say no, either to parents or to children."

Before adding your funds, make sure you can utilize all financial resources, Herron says, whether pensions or government assistance or savings.

Look to other generations in the family to help out, Herron suggests. If your kids are older, perhaps they can assist, whether taking your parents to medical appointments or helping with care.

If your kids are younger and your parents are capable, perhaps they can help with school pickups and drop-offs. It could mean a great savings on childcare costs.

If you have siblings to pitch in and help care for parents, that can help ease the financial, as well as the time, burden, Herron says.

"A team effort on both ends can have tremendous positive impact not only on financial items, but family well-being as well," he said.

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If you're in your 40s, it's time to put together a strategy to rescue your retirement - CNBC

If you earn a decent income but have trouble saving, the culprits could be the roof over your head and the car in your driveway.

Retirement savers who contribute more to their 401(k)s often spend less on housing and transportation than their peers, according to a study by the Employee Benefit Research Institute and J.P. Morgan Asset Management.

Better savers also spend less on food and drink, but housing and transportation are bigger expenses that tend to be less flexible. Once you commit to a place to live and a car payment, youre typically stuck with those expenses for a while.

It may be decisions that youre making as you are building your life that will ultimately crowd outsaving for retirement, says Katherine Roy, chief retirement strategist for J.P. Morgan Asset Management.

The researchers divided 10,000 households into three groups: the 25% who contributed the least to their retirement plans, the 25% who contributed the most, and the middle savers whose contributions landed them in the middle 50%. High savers, not surprisingly, had higher incomes than the other two groups. Middle and low savers had similar incomes, but middle savers contributed about 5% at the start of their careers while the low savers contributed about 2%.

See: What if Im in my 40s and dont have a retirement fund?

That 3 percentage-point difference in contributions is largely attributable to the lower savers spending more on housing, transportation, and food and beverage, the researchers found. By retirement age, middle savers had accumulated savings equal to twice their salaries. Low savers had accumulated about half as much.

Drivingolder vehiclesand owning amodest homeare the top two sacrifices cited in a study of Principal Financial Group customers ages 20 to 54 who contribute big chunks of their income to retirement accounts.

One of those savers is Erryn Ross, 30, of Tigard, Oregon. For several years after college, the accounts receivable coordinator lived at home and drove a beater truck, a hand-me-down from his dad. By the time he was ready to replace the truck, he had saved enough to pay cash for a new one while also maxing out his 401(k) contribution.

Ross credits his mother who drives a 2002 Honda Accord, previously owned by her father with getting him started.

She said, OK, you can either pay me $1,000 for rent, or you can put $1,000 in index funds every month, Ross says. He put the money into his retirement account.

Ross recently bought a house with his fiance, and they chose a home that cost about half of what their lender said they could afford. They figured out how much they felt comfortable spending each month and based their purchase on that amount.

I dont really need a million-dollar home here, Ross says. I just need something thats going to house the family.

Both studies have their limitations. Perhaps the biggest one is that the researchers studied only people who had access to workplace retirement plans. Before the pandemic, 55 million working Americans lacked such access, according to Georgetown University Center for Retirement Initiatives. Access makes a huge difference: AARP found that people are 15 times more likely to save for retirement if they have access to a payroll deduction plan at work.

Also see: Has COVID-19 stopped Americans from chasing early retirement? Not exactly

The researchers also didnt factor in the cost of living, which varies widely across the country. Living expenses are 46% higher in San Francisco and 86% higher in Manhattan than in Portland, Oregon, for example.

Peoples personal costs of living matter hugely as well. Someone with health problems and lousy insurance likely will have more of their income eaten up by medical bills than someone in excellent health who has good coverage. The number of people you have to support children, elderly parents, for example affects how much you can save. People with student loan debt have less discretionary income than those whose parents paid for college. And so on.

Income matters, of course. Some people save on small incomes, while others dont on large ones. But the more money you make, the easier it is to save.

Also read: The pros and cons of buying a certified used car

In other words, any number of factors such as, say, losing a job during a pandemic can affect someones ability to save.

When you do have choice, though, choose wisely. The decisions you make about the big expenses now can have a huge effect on what you can spend in retirement.

Often in our financial wellness programs, we lead with, You need to have a budget or Dont have that Starbucks SBUX, +0.07% cup of coffee, Roy says. I think its more fundamental than that.

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The two things that are most likely wrecking your retirement savings - MarketWatch

Heartfelt goodbye for retiring Sarasota officer

Kimberly Kuizon reports

SARASOTA, Fla. - Retired Sarasota Police Department Sgt. Eric Bolden received a heartfelt 'thank you' from officers, co-workers and friends Tuesday upon his retirement.

Bolden served 30 years with the department. He became a role model and dedicated his life to kids and the community.

"You've been a role model and a mentor to so many," said Chief Bernadette DiPino. "You'll never know all the lives you impacted, but you impacted a lot, keep doing what youre doing and I wish you all the best."

From a young age, Bolden had his sights set on the uniform.

"I was that kid that always wanted to be a cop. I was the kid that always went up to cops and asked them what does this do, what does that do," he said.

Bolden has seen the good and bad along the way. Watching the country divide over law enforcement has been the hardest.

"I feel sad about it, but I know there can be changes. There does need to be changes, all the stuff with defunding the police departments, thats a little crazy and a little radical," he said.

Bolden has seen it from both sides.

"All of the rioting and the looting, I dont agree with it at all, but I understand the frustrations of some. I understand the pain over the course of my career as an African American and a law enforcement officer, Ive experienced it myself. So I understand," said Bolden.

Bolden knows there's a lot that needs to be done to bring communities together. He believes it starts with the moment the badge is pinned on.

"I always have believed in the quote from Martin Luther King, Jr. that, 'every man can be great because every man can serve.' I did this job for 30 years because thats what I wanted to do, I wanted to serve the public," said Bolden.

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After 30 years of service, retiring Sarasota officer offers perspective on police relations - FOX 13 Tampa Bay

Chess and creating economic policies both involve strategy. As Russia continues to rebound from the Covid-19 pandemic, it will be interesting to see what moves the countrys leaders have in store and whether this can benefit Russia-focused exchange-traded funds (ETFs).

Experienced chess players can calculate positions on the board seven, ten, and even more moves ahead. It certainly takes time and practice to develop such a skill, a National Interest article surmised. Yet even the most talented player still faces a problem: you do not know how the opponent would respond. Assessing various probabilities of the opponents moves and then picking the best options for answers is a daunting task.

The article also noted that while foreign policy isnt a game, the chess analogy works here well: despite the uncertainty of unknown factors and sudden changes, most foreign governments tend to act rather predictably based on a certain policy climatethat is, most accepted views embraced by decisionmakers and their advisers. Can we predict Russias behavior judging the current policy climate in Moscow?

^MSRU data by YCharts

Per a recent Bloomberg report, Russia only recently became only the fourth country to report more than 1 million cases of Covid-19, its economy is coming through the pandemic better than most other big emerging markets. Analysts say the outlook could yet improve.

When the pandemic broke out, Russia was in pretty good shape: low inflation, low unemployment, stable banking sector, and huge reserves, Renaissance Capital Chief Economist Sofya Donets said by phone from Moscow. If there are no additional shocks, there will be a wave of forecast upgrades for Russias economy this year.

Renaissance is among the most upbeat on the outlook, forecasting a contraction of 3.3% this year and a 3.8% rebound next, the article added. Even the current Bloomberg survey, which shows a 4.8% shrinkage this year, is less than half what the government feared when the virus first hit.

For investors sensing an opportunity on Russia improving its economic standing in a post-Covid-19 environment, here are a pair of other funds to consider to get Russia exposure:

For more market trends, visit ETF Trends.

Continue reading here:

Russias Post-Covid Economic Policies Will Be a Game of Chess - ETF Trends

Even people who are not interested in baseball remember Yogi Berra as the author of so called "Yogi-isms." Indeed, his catchy phrases which mix humor and wisdom will make you smile and think. Pretty frequently they contradict to themselves. Who can forget his famous, "If the world were perfect, it wouldn't be," or "Nobody goes there anymore. It's too crowded." You cannot help but think of Yogi Berra when you read the following quote by GM Grischuk:

I don't see any drawbacks in Fischer Random chess. The only slight shortcoming is the start position, otherwise there are just advantages.

Considering that the initial position IS the only difference between Fischer Random (also known as Chess960) and classical chess, here we obviously see a chess version of a Yogi-ism.

As I admitted in my article written two years ago, the only reason I watch Fischer Random tournaments is Kasparov's participation there, so I couldn't possibly miss the recent Champions Showdown. However, I made one major change in the way I looked at the games. In the above mentioned article I wrote: "I want to share a trick that I used in order to follow the event. If you just skip the first 15 moves, then the games start resembling the regular chess." This year I watched the games from the very beginning. I know, it needs some explanation. My favorite writer, Sergey Dovlatov wrote in one of his best novels "A Foreign Woman."

"New York was an event for Marusya, a concert, a spectacle. It became a city only after a month or two. Gradually the chaos revealed figures, colours, sounds. The noisy marketing intersection suddenly fell apart into its constituent units: a grocery store, a cafeteria, an insurance agency, and a delicatessen."

Just as for the protagonist, an ugly initial position of Fischer Random suddenly started showing some grocery stores and delicatessen. Let me show you what I am talking about. Here is an old, little-known game by GM Bent Larsen:

The game is nice on its own, but what I like the most is the trap on move four. Can you find the reason why Black shouldn't take the g2-pawn here?

Now, when you know this trick, it will be easier to find the strong tactical idea that Kasparov missed as early as move two! It wasn't winning the game, but nevertheless it was very cute:

Here is what happened in the actual game:

Nevertheless, I was very happy when in the most anticipated game of the tournament the initial position was as close to regular chess as possible. Just the king and queen's bishop swapped places. Not surprisingly, pretty soon the game looked like a regular Queen's Gambit Accepted where Kasparov played a well-known g2-g4 thrust. Carlsen in return offered a trade of bishops.

These strategic elements happened in the following well-known game:

Just like Spassky, after the bishops' trade, Carlsen grabbed the initiative and eventually got a winning position. But then something went wrong.

In order to understand the key ideas of the resulting endgame, let's look at the iconic game Botvinnik vs. Fischer. The final trick of this game where Botvinnik had to deal with Fischer's connected passed a-and b-pawns is well known. Instead of capturing the defenseless g6-pawn, Botvinnik played h4-h5! which was an idea found by GM Geller during the analysis of the adjourned position.

But the most instructive moment of the game happened earlier. Here is Botvinnik's comment after Fischer's move 40... Kg5:

An endgame expert like Capablanca or Smyslov would immediately move his king toward d6 to protect the Nc5. After that, the pawn advance on the queen's side would quickly decide the game. - Mikhail Botvinnik

Indeed, Black has a passed pawn on the queen's side, so the king should go there to support the promotion of the pawn. Now look at the game Kasparov vs. Carlsen. The World Champion could use Botvinnik's old advice and move his king towards the queen's side pawns by 42...Kd7! Instead he allowed Kasparov to save the game by the same "magic" Botvinnikovian move h4-h5! Also notice the very precise move 45.Re5! when Kasparov cut off the black king and didn't allow him back to the queen's side.

As I wrote in my old article: Garry is the real King Midas of chess since whatever chess subject he touches, he turns into gold. He managed to accomplish the impossible task: I really enjoyed a FRC game! Do I like Chess 960 now? Well, let me put it this way. Last summer an electric car manufacturer Tesla was in a difficult financial situation. The hashtag @TSLAQ was trending on Twitter implying an unavoidable bankruptcy. But one financial analyst made a stand and upgraded his rating on Tesla from "strong sell" to just "sell." Taking his cue, I have upgraded my personal opinion on Fischer Random from "strong dislike" to just "dislike."

It would be interesting to know your opinion on Fischer Random. The main and only idea of this chess variant is to avoid opening theory. While it makes sense in super-tournaments, where top players have analyzed many opening lines to a draw, that is hardly a concern for the more than 90% of other people who enjoy chess. So, please tell us in the comments if you like or dislike Fischer Random.

Link:

The Only Problem In Fischer Random Chess - Chess.com

Six new variants, including four from the recent AlphaZero paper,are now available for all Chess.com members to try. They can be found at Chess.com/variants.

The recent scientific paper from Google's DeepMind, co-written by 14th world chess champion Vladimir Kramnik, caused quite a stir. The nine variants that were tested bythe self-learning chess engine AlphaZero were discussed widely in the chess world.

Now, four of them can be played on Chess.com. Three other variants are now available on our site as well. Here's an overview, starting with the AlphaZero ones:

This is a variant that's easy to understand and possibly closest to regular chess: castling is not allowed, and that's it. As GM Magnus Carlsen remarked this weekend, he would have answered GM Hikaru Nakamura's Bongcloud 1.e4 e5 2.Ke2(which Naka played against GM Jeffery Xiong) with 2...Ke7 and after 3.Ke1 Ke8 you have No Castling chess.

But it's safer to play the variant itself, now available on our site so that you don't run the risk of playing that Bongcloud and getting an opponent that doesn't play along and smashes you instead.

Play No Castling chess here.

This variant was called Self-capture in the DeepMind paper. It basically allows you to take your own pieces as well, in addition to your opponent's pieces. You can imagine positions where it makes sense for a rook to take the pawn in front of it because opening a line could be (much) more valuable than that pawn.

Kramnik was very enthusiastic about this variant. He wrote:"I like this variation a lot, I would even go as far as to say that to me this is simply an improved version of regular chess.... Regardless of its relatively minor effect on the openings, self-captures add aesthetically beautiful motifs in the middlegames and provides additional options and winning motifs in endgames."

Play Capture Anything here.

On Friday, September 18, Chess.com hosted a round-table discussion with GM Vladimir Kramnik, IM Danny Rensch, and researchers of DeepMind discussing their latest paper in which AlphaZero explores chess variants. Here it is for replay:

This is possibly the most complicated variant of all: pawns are not only allowed to run forward but also sideways.As Kramnik wrote, "Even after having looked at how AlphaZero plays Pawnside chess, the principles of play remain somewhat mysteriousit is not entirely clear what each side should aim for. The patterns are very different, and this makes many moves visually appear very strange, as they would be mistakes in classical chess."

Play Sideways Pawns here.

Torpedo speeds up the game as here pawns can move by one or twosquares anywhere on the board. (In standard chess, only in the starting position are they allowed to move two squares.) Interestingly, en passant canconsequently happen anywhereon the board. But the biggest difference is that games become more tacticalcompared to standard chess. Watch those pawns.

Play Torpedo here.

Besides the four variants tested by AlphaZero, three other variants have been made available this week as well. Fog of War, also known as Dark Chess, has been the most popular so far. It is a variant where the main novelty is lack of information:you can only see the squares where your pieces or pawns can move and attack.

Play Fog of War here.

If you want to remove any information (instead of the board itself, which you'll need to play), you can try Blindfold chess. In addition to being a fun challenge, this could be a good way to train your visualization skills.

Playing blindfold chess has such a rich history that there's a separate Wikipedia page on it as well as a page in our Terms section. In the 1990s and early 2000s, the Melody Amber tournament had top grandmasters play blindfold chess behind a laptop for which special software was created. If the tournament were to be re-instated, they could just log into Chess.com.

Play Blindfold chess here.

Last but not least, Chess.com has added the variant Chaturanga. Speaking of history, this ancient Indian board game is in fact considered to be a common ancestor to chess.

So what are the rules? Well, for starters, the pieces have different names. The king is Raja, the queenFerz, the rook Ratha, the bishop Alfil, the knight Ashva, and the pawnBhata.The Ferz is much weaker is it can only move one square diagonally.The Alfil jumps two squares diagonally. Other than that, the pawns can only move one square and castling does not exist.

Play Chaturanga chess here.

This is not all. As some of Chess.com's programmers go pretty wild about variants, they are now working on a project called Custom variants, where members can mix and match rules to make their own variant.

That would be perfect for GM Levon Aronian, who already came up with something. He recently stated that he would like to try Capture Anything but limit captures to the heavy pieces. Soon, he might be able to create Aronian Chess on Chess.com.

Interested in trying out the new variants? Find them at Chess.com/variants.

See also:

View post:

AlphaZero (And Other!) Chess Variants Now Available For Everyone - Chess.com

1: Introduction | 2: India| 3: China| 4: Egypt| 5:Myths, legends| 6: Cultural syncretism

At this point of the investigations on the origin of chess there are things we know, things wesuppose we know and thingsthat we ignore. Lets list them one by one:

We know that the game arose in the Orient.

We know that there are only three theories that present valid sources to support their stance onthe original source of the game: the one that locates the origin in India; the one that focuses onChina, and that of cultural syncretism.

We know that a variant of proto-chess entered Persia in the sixth century AD coming from a region of India.

We suppose thatthis game was chaturanga, in its two-player modality, which was taken to Ctesiphon, the capital of the Persian Empire.

We know that the first precise mentions to a variant of proto-chess, coming from diverse literary sources, appear inthe fourthcentury AD, the first of which refers tothe Chinese xiang-qi and the second one to chaturanga.

We know that bothxiang-qi andchaturanga had their respective transformation processes.

We know that there are two previous games that were born in these cultures, which had been recorded in literary works since ancient times: the Chinese liubo and the Indian ashtpada.

We suppose thatxiang-qi if it came exclusively from theChinese culture could have been conceived fromliubo.

We suppose that chaturanga if it came exclusively from the Indian culture could have been conceived from ashtpada or chaturaji.

We ignore the sequence in which chaturaji and chaturangacame to be(although the predominant theory is that the latter came first), or even if chaturaji is a mere position of chaturanga.

We know that a version ofxiang-qi has survived to the present day (it is currently played in China and, at least, also in Vietnam) while chaturanga disappeared as a practice at some distant moment in time.

We ignore under whichprecise circumstanceschaturangaabandoned the use of dice.

We ignore whether the evolutionary process ofchaturanga went from the four-player version to the two-player one or the other way around.

We suppose thata synthesis of several previous games was generated on the Silk Route, appearing a new prototype thatlater turned into chess.

We ignore if, at the end of that process, only one game arose or, if on the contrary, both chaturanga andxiang-qiappeared simultaneously.

We suppose that the games that were part of the process of cultural syncretism wereliubo, ashtpada and the Greek petteia, andpossiblythe process took place underthe influence of an old astrolabe of Babylonian origin.

We suppose that this symbiosis occurred in a period of time between the second century BC andthe third century AD.

We suppose that the process took place ina vast region occupied successively by the Kingdom of Bactria and the Kushn Empire

We know that the oldest archaeological findings of pieces that were used insome variant of proto-chess which correlate perfectly with the geographical zones linked to the Silk Route existed approximately in the sixth century AD.

We suppose that in the future other important archaeological elements will be discovered that, depending on theirlocation, characteristics and antiquity, will strengthen our knowledge regarding thismatter.

We know that it is necessary to deepen the analysis with regard to the theory of games, establishing greater precision and causal relationships between the various variants of proto-chess and linked practices namelyashtpada,chaturanga,chaturaji,liubo,xiang-qi, petteiaand others.

We know that there is much yet to be investigatedon the origin of chess.

We suppose thatwe will eventually find an answerthat, without becoming an absolute certainty, at least will allowus to find a majorconsensus, thus establishing a uniform explanatory paradigm on the origin of chess.

Master Class Vol.9: Paul Morphy

Learn about one of the greatest geniuses in the history of chess! Paul Morphy's career (1837-1884) lasted only a few years and yet he managed to defeat the best chess players of his time.

Statuettes probably from the first to the second century of the Christian era representing two players disputing a game of liubo. | Photo: Wikimedia Commons

Chess might be the product of a cooperative process and we would prefer it to be this way, to show that Humanity has the capacity to bevirtuous at times (although it is known that it usually favours quarrels, often bloody, between people who seem to forget that they come from a common origin). The game could also have been an invention/creation/discovery of a single culture. Anyway, there is only one thing that is entirely certain: as Borges correctly pointed out, chess comes from the East.

In that sense, we have presented the different protohistoric versions regarding the origins of thegame, focusing onthat geographical space (India, China, Persia and other undetermined spots within the Silk Road), with physical or literary records that refer to a few centuries before and after the arrival of Christ.

There are quite exact records of many specific episodes, such as the time when one of the versions of the game entered Ctesiphon from India, which happened exactly in the sixth century AD. From that moment on, everything is quite clear, in terms of the diffusionof chess; before this event, however, everything is much less clear.

In this context of uncertainty, there are conflicting theses on the origin of chess, some of which have empirical support while others can only be recognized as myths or legends. All of them, with the inevitable omissions born out ofthe vastness of the analytical field, were compiled in this work.

After all, there are mainly three possibilities with a high degree of truthfulness and verisimilitude: two of them correspond to particular cultures those that consider that chess comes from the Indian chaturanga or the Chinese xiang-qi; the third possibility, on the other hand, recognizes the existence of a syncretic civilizing effort, postulating a confluence of practices from different civilizations.

Beyond the validity of this trio of hypotheses, which are often each seen as independent efforts, we believe that an effort can be made to integrate theperspectives.

All the theories present elements that can be interconnected, in their complementarity, leaving aside, or perhaps reinterpreting, the divergences between them. The fact that the different variants of proto-chess have emerged in a wide but interconnected geographical space, and that this has happened in temporal synchrony, gives strong clues to a fact that we believe is incontrovertible: we are in the presence of a single family of games, with interconnected processes of evolution, which have yet to be fully discerned.

By extending the analysis, it would be possible to trace not only the interrelationship of the various proto-chess variants but also their origins in even older games. We could even go back to the Egyptian senet and, reconstructing the sequence from there on, arrive at chess as it was redefined in medieval Europe.

Under these conditions, it would be possible to work no longer from univocal, fragmented perspectives, but rather by proposing a holistic theory, integrating the evidence of each singular hypothesis, in such a way as to construct a unique, all-encompassingexplanation.

Thus, instead of giving pre-eminence tochaturanga or xiang-qi aninitial prototypes, it could be believed that at least one game appeared on the Silk Road from which these were derived, either concomitantly or sequentially. Therefore, in that case, the formerwould not derive from ashtpada and the latter from liubo rather,these earliergames, probably together with the Greek petteiaandwith the contribution of an ancient Babylonian astrolabe, produced a variant ofproto-chess via cultural syncretism. This game, from then on, would expand through different routes, to the East and to the West.

So there are very interesting lines of exploration still to be developed. Although the possibility of testimonials appearing from ancient manuscripts on the subject is increasingly remote (although not entirely impossible), therecould appear new archaeological findings that provide newclues, particularly inregard to the dating of games vestiges, which couldbetter establishinterrelationships and sequential information about thesepractices.

It is also possible, and indeed necessary, to continue to deepen structural analyses, based on the intrinsic characteristics and aetiology of the various games, in order to determine more precisely their correlation according to historical, geographical and cultural variables. This question is central to the design of the common evolutionary tree discussed above.

In any case, it is necessary to deepen the understanding of the practices that would have served as inputs of the proto-chess petteia, liubo, ashtpada so that it will be possible to evaluate with more certainty, from the study of their particularities, the degree in which they could have had an effect in the subsequent modalities:xiang-qi andchaturanga.

Master Class Vol.4: Jos Ral Capablanca

He was a child prodigy and he is surrounded by legends. In his best times he was considered to be unbeatable and by many he was reckoned to be the greatest chess talent of all time: Jose Raul Capablanca, born 1888 in Havana.

A senet board that may correspond to the 14th century B.C.

In short, where did chess originate and under what circumstances?

We could simply reproducesome well-knownlegendary stories, such as the ones thatattribute the invention of the game toSissa the Wiseor the queen of Lanka or even to the battle in which asovereign lost one of her sons in confrontation with his brother.

We could focusondivinities, on the esoteric worldor onfictional literature.

We could, without analysing the whole, but observing only the parts, attribute the creation of the game to Indians, Chinese or other culture.

We could say, so as not to be mistaken, although falling into an obvious imprecision which we can only admit in poetry that chess appeared at a distant moment in time somewhere in the East.

What I said at the beginning. The restless Humanitywants to know everything. We will never be satisfied with simple and insufficient explanations; and less so with inaccurate ones.

A holistic theory about the origin of chess can perhaps help explain the steps that were taken for the emergence of the most influential and metaphorical game ever conceived.

In any case, we believe we are closer to discovering the key that will allow us to determine the initiating moment when the game appeared. And, from that, determine with much greater certainty how the whole sequence of subsequent diffusion took place.

For now, it might be better not to knoweverything yet.

Thus, there is a powerful incentive to further research this topic.

In this way, a suggestive and primordial mystery continues to haunt us: when did the magical and millenary game of chess appeared on Earth.

Excerpt from:

On the origins of chess (7/7) - Chessbase News