Rome, May 08: The semifinals at the Italia Masters have a distinctly Latin flavor. A pair of Argentines and two Spaniards reached the final four at the $2.9 million claycourt tournament Friday, with fifth seed David Nalbandian and No. 6 Carlos Moya leading the way. Lufthansa will move its obligations for domestic pensions over the next 10 to 15 years off the balance sheet, The Cologne, Germany-based airline said. The carrier had 4.3 billion Euros of pension provisions at the end of last year. The transfer into a new fund will provide more ``additional funded cover for their company pension entitlements'' to Lufthansa employees as well as more ``transparency'' for the company, chief financial officer Karl-Ludwig Kley said.
The first allocation to the fund will happen in the third quarter and will be completed by 2020. HSBC Trinkaus & Burkhardt and state street corp. will arrange the pension outsourcing, the company added.
Bureau Report