Europe

UK - Barclays saw its pre-tax profits fall by a third during the first half of the year, with PPI claims and reduced bond trading activity hitting earnings.

UK - The Government should cap defined contribution scheme charges to match the existing limits on stakeholder pensions to avoid complaints about ‘mis-selling', the Workplace Retirement Income Commission says.

UK/US - Plans to close General Electric aviation's defined benefit scheme could halt production at the world's largest aeroplane engine producer after angry workers threatened strike action.

UK - Cash-strapped employers intent on closing their defined benefit schemes entirely should rethink their plans as alternative strategies could save them money, Aon Hewitt says.

CANADA/UK - The Ontario Municipal Employees Retirement System (OMERS) has signed a deal to acquire Scotland-based shipping services company V.Group for $520m.

UK - Britain's financial regulator says the low footprint hedge funds have in most capital markets means overall they pose a low systemic risk, but it has warned of a greater influence by the industry in areas such as convertible bonds and commodity and...

CYPRUS - Cyprus is the latest nation to be slapped with a downgrade by Moody's, with its rating cut two notches over concerns the country is heading towards a bailout.

UK - The number of pension funds retendering their investment consultant services fell sharply in 2010 from a high of 5.2% of funds in 2009 to 3.5% last year, research suggests.

UK - PZ Cussons has conducted a £2.4m ($4m) enhanced transfer value exercise after its UK defined benefit schemes moved into surplus.

UK - European default on sovereign debt could cause a 45% spike in defined benefit pension scheme deficits, costing sponsors an extra £190bn ($310bn), pension risk experts warn.