EUROPE - The investment industry has cautiously welcomed the long-awaited agreement on the Alternative Investment Fund Managers (AIFM) directive.

US - California faces liabilities that may exceed five times its annual tax revenue within two years unless lawmakers rein in benefits, according to a study.

AUSTRALIA - Industry fund members are more likely to be satisfied with their superannuation than members of retail master trusts, research shows.

NORWAY - Norway's Government Pension Fund Global has grown to NOK3trn ($512bn) for the first time in its 14-year history.

IRELAND - The Pensions Board has prosecuted a trustee board for failing to submit an actuarial funding certificate.

FRANCE - Le Fonds de Reserve pour les Retraites (FRR) has signed up to the Emerging Markets Disclosure Project (EMDP) to help promote transparency in developing markets.

JAPAN - Mizuho Global Alternative Investments aims to raise ¥100bn ($1.2bn) in three years after starting this month to help Japanese pensions invest in hedge funds.

IRELAND - Demand for Irish government bonds could be boosted by between €7bn ($9.8bn) and €10bn if sovereign annuity proposals are accepted, an economist has predicted.

IRELAND - The Pensions Board has prosecuted a company director for failing to pay his employee's pension contributions into an industry pension scheme.

HONG KONG - Hong Kong should limit fees for the city's mandatory pension fund and encourage workers and companies to increase contributions, Mercer says.