Wednesday Papers: PPF to unveil long-term pension funding plans - other news

Financial Times

* The Pension Protection Fund will on Wednesday unveil plans to generate enough cash to pay all future benefits.

* Purchases of previously owned homes in the US tumbled 27.2% in July to a 15-year low, intensifying fears that the US was heading for a double dip recession; the news sent the S&P 500 down as much as 1.9%, while benchmark UK and German 10-year yields fell to record lows of 2.85% and 2.15% respectively; the FTSE 100 closed 78.89 points lower at 5,156; Japan's Nikkei fell 1.3% and the Dow ended the day 1.3% lower at 10,040.

* Large activist pension funds are to launch a campaign to shake up underperforming US companies, using new rules due to be agreed on Wednesday that allow shareholders to directly nominate board directors.

* A group of Spaniards from the finance sector on Tuesday announced plans to launch the country’s first alternative trading platform for securities - Pave.

* The British Bankers’ Association said that lending to private non-financial companies fell by £2.4bn in July.

* Hungary said on Tuesday it was likely to return to talks with the International Monetary Fund in the autumn.

* Facebook is now worth as much as $33.7bn based on secondary market transactions.

* The Obama administration will ask Congress for another $700-800m next year so it can continue its Race to the Top education reform scheme, says Arne Duncan, the US education secretary.

* The Japanese government is under intense pressure to tackle the economy after the yen surged to a 15-year high against the US dollar.

* The Reserve Bank of India warned on Tuesday that volatile capital flows threatened to increase pressure on the country’s balance of payments.

The Daily Telegraph