News

NEW ZEALAND - CPPIB has put a partial takeover offer for Auckland International Airport (AIA) directly to investors, after its initial proposal was rejected by the airport's board.

US - A full audit into the financial dealings of the State of Florida and the Florida Retirement System (FRS) has been launched after panic over sub-prime backed assets caused a US$13bn run on the State's money market fund.

AUSTRALIA - The baby boomer effect may hurt superannuation assets over the next decade, so funds should put combative systems in place today, according to KMPG.

DUBAI PORTS World - the owner of the P&O shipping group -has appointed Paternoster to provide the future pensions for 11,000 retired members of the P&O scheme.

Peter Murray has been elected as the chairman of the Occupational Pensions Defence Union's advisory council.

HM Revenue and Customs has told pension funds to file their 2006/07 scheme returns and event reports by January 31 2008 or risk a penalty.

EUROPE - The European Portability Directive which lost its commitment to cross-border transfer rights in October has hit another obstacle, with member states unable to agree on a common vesting period.

PEARL GROUP intends to use Resolution Asset Management as a platform to "create a major asset management business".

US - Northwest Airlines, (NWA) supported by the Air Line Pilots Association, (ALPA) has filed a lawsuit to confirm that a restructured pension plan for its pilots is legal.

PM hopes to give FAS payments 10pc boost; Rank scraps dividend and slashed budget as bingo group's numbers suffer; Markets confused by banks' aid