Europe

UK - Corporate governance report author Derek Higgs has bowed to pressure from firms to amend his code.

UK - Pension schemes are bracing themselves for increased administration costs in the wake of proposed tax reforms.

UK - Engineering firm Smiths Group has ended its contribution holiday after an FRS17 valuation of its £2.5bn pension fund revealed a £150m deficit.

UK - Threadneedle Investments has added a fixed income hedge fund to its Crescendo product line-up.

UK - Engineering group Invensys has become the first company to go public over its decision to delay quotations for pension transfers.

UK - Bob Blizzard has resigned in protest at a war against Iraq.

UK - The government has thrown out draft amendments to the Pensions and Social Securities Act that would have given the ombudsman power to process group claims.

UK/US - British oil giant BP is to pay up to $700m into its US pension funds in a bid to offset spiralling pensions deficits.

UK - The department for work and pensions has reappointed Mercer Human Resource Consulting European partner Wendy Beaver to the Occupational Pensions Regulatory Authority's board.

UK - London based Morley Fund Management has promoted Ceris Williams to head of fixed income, reporting to chief investment officer, Gerry Holtham.