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The frequency of US asset-backed security (ABS) downgrades fell to 7.8% in 2004 from 10.2% in 2003, but remained higher than the 5.4% historical average. The upgrade rate improved slightly to 2.1% in 2004 from 1.3% in 2003.

The Pension Benefit Guaranty Corporation has announced it will assume responsibility for the pensions of more than 51,000 flight employees of US Airways, the bankrupt air carrier based in Virginia, US. The estimated cost to the pension insurance program is $2.3 billion, in addition to the $726 million claim from the US Airways' pilots plan in 2003. The total claim of $3 billion is the second largest in the history of the pension insurance program, after Bethlehem Steel at $3.7 billion.

Anglo-Dutch oil company Shell has reported annual net income of $18.5 billion for 2004 ? the largest ever annual profit of a UK company and a 38% increase on 2003. The company also achieved record cash generation of $33 billion and says that as a result shareholders will receive at least $10 billion cash in dividends during 2005.

Computer Associates, the US management software company that was embroiled in an accounting fraud scandal in 2003, has appointed Robert Davis as its new CFO. He joins after 18 years at rival software company Dell where he was most recently chief accounting officer. Davis replaces Jeff Clarke, who was promoted to chief operating officer soon after his appointment as CFO in April 2004. Clarke said of his successor: ?Bob's in-depth understanding of the financial discipline, rigour and planning necessary to generate success in the technology industry is unique.?

It wasn't an opportunistic bond issue, but it easily could have been. IBM came to the market on Tuesday to refinance its only euro-denominated bond, and happened to catch investors at a peak in demand.

Yet more companies have announced plans to launch share buy-back plans in a bid to return value to shareholders.

The UK has seen the highest number of M&A deals conducted by UK companies

Corporate Finance is pleased to announce the winners for its 2004 Deals of the Year, with Calpine Generating Company's $2.4 billion issuance taking top spot in the best overall/US debt category.

UK tobacco company Imperial Tobacco has announced a £200 million ($377 million) share buyback programme ? its first for nine years. The programme, which will begin in the next few weeks, will utilize most of the company's $450 million per annum free cash flow. CEO Gareth Davis said the programme did not mean the company was ruling out acquisitions as a source of revenue. ?As I have said before, we are still interested in further acquisitions and we will continue to seek value creating deals,? he said.

O2 UK today announces that Ronan Dunne has been appointed to the position of CFO. Effective from this week, Ronan will report to the newly appointed CEO Matthew Key, who formerly held the CFO role. Previously he was head of finance at parent company mmO2. Prior to joining mmO2, he has held senior financial positions in banking and the corporate sector, most recently as head of strategic finance and integration at Exel plc.

Computer Associates International has named Robert Davis as its new CFO after a nine-month search.

As it looks to keep pace with rival Banco Santander, Spanish bank BBVA is setting its growth sights on the Hispanic market in the US - at the outset Mexicans in California and Texas - rather than Europe.