US - New York retirement funds lost 14% of their value during the fourth quarter of 2008, according to figures released by the state.

Pension buy-outs slip back volumes; Tesco workers check out £126m richer from sharesave; ITN could be up for sale as search widens for investors; Darling promises help for elderly savers

Chuo Mitsui Trust International, the global arm of Chuo Mitsui Trust and Banking, has launched a London office in a move to expand its investment management business outside Japan.

GLOBAL - No economic model or financial forecast will accurately predict what happens in the next six to 12 months - except by pure chance, European Public Real Estate Association (EPRA) economic commentator Anatole Kalesky has claimed.

EUROPE - The European exchange traded fund (ETF) market grew by over 6% in 2008 to reach a total assets under management (AuM) in excess of €91bn (US$118bn), according to Lyxor Asset Management.

ITALY - The International Monetary Fund (IMF) has urged the Italian government to implement further pension reforms in order to shore up the country's fiscal framework.

SWEDEN - The Second Swedish National Pension Fund, known as AP2, announced an end of year net loss of SEK55.1bn (US$6.8bn).

UK - Chuo Mitsui Trust International, the global arm of Chuo Mitsui Trust and Banking, has launched a London office in a move to expand its investment management business outside Japan.

US - A bill before the Maryland state legislature could see counties forced to absorb higher costs for state teacher retirement schemes.

SOUTH Wales-based car dealership Mon Motors has hired Alexander Forbes Financial Services to provide it with pension and employee benefits services.