The South Yorkshire Pensions Authority was "negligent" over the investment of £10m of deposits in a failed Icelandic bank after it had been downgraded by credit ratings agencies, the Audit Commission says.

ROMANIA - The International Monetary Fund has reached a €12.95bn (£12.1bn) support deal with Romania in a bid to help the country through the economic crisis.

A £1.1bn government auction of 13-year 1.875% index-linked treasury gilts has been oversubscribed by 2.72 times.

Falls in global equity values have caused Smiths Group's pension deficit to soar by £453m.

Shortfall for Smiths Group highlights fear over pensions; Councils 'negligent' on Icelandic deposits; Legal & General slashes dividend; Crombie to stand down at Standard Life

GLOBAL - The way the financial system is currently set up raises questions on how ownership is structured, Hermes Fund Managers senior advisor David Pitt-Watson said today.

NORWAY - The Government Pension Fund-Global is re-evaluating its risk processes to include credit and liquidity risk after losses in the fund's fixed income portfolio.

UK - A £1.1bn government auction of 13-year 1.875% index-linked treasury gilts has been oversubscribed by 2.72 times.

NETHERLANDS - Compendeon Pension and Investment Management chief executive Erik Van Dijk is setting up a new advisory and consultancy business called Lodewijk Meijer.

NETHERLANDS- The Dutch government is mulling increasing the retirement age by two years to 67.