INCLUDING: Bell Canada takeover blocked; French transport workers strike; Florida pension funds suing AIG
The Los Angeles Times reported that the sale of BCE Inc., parent of telecommunications company Bell Canada, has hit a snag. The Quebec Court of Appeal reversed a lower court decision to allow the US$35.1bn takeover by the Ontario Teachers Pension Plan in what would be the largest leveraged buyout in Canadian history.
French transport workers strike
Travellers face long delays in France today when transport workers stage a one-day stoppage after striking fishermen blocked Channel ports and disrupted petrol supplies for a day, according to The Times in the UK. Railway, Paris Métro and air controllers' unions are the protest by civil service and private sector unions against a move by the government to raise the retirement age by a year.
Florida pension funds suing AIG
A Florida pension fund has accused insurance giant American International Group (AIG) and a number of its top executives of understating the company's exposure to the sub-prime mortgage crisis in order to inflate its stock price artificially, according to the New York Times. It said the Jacksonville Police and Fire Pension Fund filed a lawsuit in the federal district court in Lower Manhattan, the first class action suit against AIG since the company disclosed a first-quarter loss of $7.8bn.
NZ super payments to rise
Budget tax cuts in New Zealand will see superannuation payments rise, the New Zealand Herald reports. From 1 October, net superannuation will increase, with a married couple getting $45.88 a fortnight more, with $23.84 for a single person living alone, Senior Citizens Minister Ruth Dyson said. The increase is additional to annual adjustments.
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.