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Almost all venture capitalists expect to see an increase in UK activity this year, in both volume and value of deals, with particular consolidation in the retail and financial services sectors.

Pfizer, the New York-based medical company, has promoted Alan Levin to CFO, replacing David Shedlarz who becomes vice chairman of the company's new executive committee. Levin, who has been with Pfizer since 1987, will report to his predecessor whose responsibilities now include finance, global sourcing and information systems, and human resources. Glenn Richter, CFO of US retail company Sears, is to move to RR Donnelly, the commercial printing company based in Chicago. Richter will start his new job on April 1.

According to UK defence manufacturer BAE Systems' annual results yesterday, its pension deficit doubled last year to £3 billion, half its stated assets of £6.14 billion. But this figure is misleading for both shareholders and employees.

Sistema, the largest private sector telecoms and consumer services company in Russia and the CIS, has launched an IPO to the tune of $1.56 billion. It is the largest Russian IPO to date and the largest IPO by an international company since the IPO of Orange SA in 2001.

The UK's Financial Services Authority (FSA) has told the chief executives of major participants in the UK OTC credit derivatives market that it is their responsibility to ensure that their firm has back office systems and controls capable of keeping pace with the growth in their OTC credit derivatives business.

Scottish & Newcastle, the UK-based brewers, used its free cash flow to cut its pension deficit by £157 million ($300 million), according to its preliminary results for the year ending December 31. The company made a one-off special contribution of £200 million at the end of April 2004 after an actuarial valuation showed the pension scheme was in deficit. This reduced the net interest charge on the pension liability for the full year from £17 million to £7 million and the net pension liability in the balance sheet from £419 million to £262 million.

Royal & SunAlliance, the insurance company, has said a move to IFRS will reduce the value of its assets by £400 million ($764 million). The primary cause is the company's £525 million pension deficit which, under IAS 19 – the reporting standard that deals with employee benefits - will have to be recognised on the balance sheet. The pension fund deficit at year end 2004 has not materially changed since the same time the previous year.

Pharmaceutical distributor Alliance Unichem has detailed the extent to which IAS39 will hamper its ability to hedge its foreign currency exposure.

An automated Sarbanes-Oxley controls assessment service that quickly and easily evaluates how effectively companies are using controls capabilities within Oracle, PeopleSoft, and other leading ERP systems has been launched by Answerthink, a strategic business advisory and technology consulting firm. The service is designed to help companies lower the cost of financial controls related to Sarbanes-Oxley compliance, and provides detailed recommendations for how companies can further automate, strengthen, and standardize controls.

Bank of America announced today that Jonathan Moulds is to assume the role of International head of Global Markets, comprising debt and equities for Europe and Asia. Arrington Mixon, who previously ran International Debt, will be returning the USto assume the role of global head of Credit Syndicate. Moulds will return to London from Chicago in April 2005 and will report jointly to William Fall, President, International and to Mark Werner, head of Global Markets, who is based in New York. He will sit on the bank's Global Corporate and Investment Banking Executive Committee.

David FitzPatrick is retiring as CFO of Tyco at year-end to pursue other interests, after three years in the job. He will be replaced on March 7 by Christopher Coughlin, who was previously chief operating officer and CFO at advertising company The Interpublic Group. He has also served as the finance chief of Pharmacia, Nabisco Holdings and Sterling Winthrop.

Ericsson was the first telecom equipment company to regain its investment grade status yesterday in what promises to be a rebound year for the sector.