ANTIQUES SHOPS

* Pensioenfonds Vervoer seeks up to 240 mln euros damages

* Files two claims

* Alleges negligence leading to losses

By Anjuli Davies and Chris Vellacott

LONDON, July 9 (Reuters) - Dutch pension fund Pensioenfonds Vervoer has filed two claims totalling up to 240 million euros ($300 million) against a unit of Goldman Sachs Group, alleging negligence leading to losses, lawyers for the fund told Reuters.

The transport workers' pension fund alleged that Goldman Sachs Asset Management International, in its capacity as fiduciary manager, made inappropriate investments at the height of the financial crisis, lawyers Brown Rudnick said.

The claims, filed at the High Court in London on Monday, relate to the period 2006-2010.

One of the claims, of up to 81 million euros, relates to investments in subprime debt made in 2007. The other claim, of up to 159 million euros, alleges the asset manager took too long to implement a mandate to invest in global high yield bonds during 2009, which resulted in substantial losses, Brown Rudnick said.

A spokeswoman for the Goldman Sachs unit said: "We acted prudently and complied with our mandate, fulfilling our obligations to our client. We believe the claim is without merit based on the facts of the situation, and we will certainly contest it."

Vervoer, which according to its website manages nearly 11 billion euros in assets for employers and employees in the transport sector, replaced Goldman Sachs as asset manager in 2010 following poor performance, albeit at a particularly turbulent time in markets globally.

At the time it said the change followed a "comprehensive evaluation" of its four-year relationship with Goldman Sachs.

The 2008 financial crisis wiped 112 billion euros off Dutch pension funds' portfolios, putting many funds below the 100 percent solvency level and the minimum funding requirement of 105 percent set by the central bank to ensure that funds are in good health and capable of meeting liabilities.

That led to calls for an overhaul of the 800 billion euro industry and to talks between employers and unions -- who are both involved in the management of pension funds in the Netherlands -- about who should bear investment risks and to what extent pensions should be guaranteed. ($1 = 0.8130 euros) (Reporting By Anjuli Davies; Editing by Steve Orlofsky)

* German constitutional court hearing in focus

* Aussie dollar sags on Chinese import data

By Anirban Nag

LONDON, July 10 (Reuters) - The euro was weak near a two-year trough against the dollar and hit a five-week low versus the yen on Tuesday after a meeting of euro zone finance ministers offered no positive surprises, with sentiment edgy as the focus shifted to a German court hearing.

Euro zone ministers agreed to grant Spain an extra year, until 2014, to reach its deficit reduction targets in exchange for further budget savings and set the parameters of an aid package for the country's ailing banks.

But they made no apparent progress on activating the bloc's rescue funds to intervene in bond markets to bring down spiralling borrowing costs for Spain and Italy.

Meanwhile, Germany's constitutional court is scheduled to hear on Tuesday a complaint about the ratification of the euro zone rescue fund and implementation of tough new budget rules.

Markets are hoping for a quick verdict but some analysts said a decision could potentially take a few weeks, keeping Europe on tenterhooks and possibly adding to bearish sentiment towards the euro. The court is not known to be pro-Europe and an adverse verdict could hurt integration plans.

The euro fell 0.3 percent to $1.2280, edging back in the direction of a two-year low of $1.2225 hit the previous day on trading platform EBS. It also fell to a five-week low of 97.32 yen on the EBS platform.

"We have a German court hearing today and while we do not expect them to overturn the legislation, they could give more oversight to the parliament, which will increase the red tape around the euro zone bailout fund," said Melinda Burgess, currency strategist, at RBS.

"That will mean more uncertainty and more weakness for the euro. We are comfortable with our short euro position."

The euro has taken a hit after the European Central Bank cut interest rates last week, while a renewed rise in Spanish bond yields suggests there has been little let-up in investor concern over Spain's fiscal health or the wider euro zone debt crisis.

Spanish 10-year bond yields have risen back above the critical 7 percent level seen as unsustainable in the long-term.

With Spanish and Italian bond yields at elevated levels, the euro is expected to remain under pressure despite developments at the Ecofin meeting. Analysts said the political hurdles on how to use the euro zone's rescue fund and prevent further contagion remained very high.

"I think we have a long way to go before we reach the stage at which policymakers will be ready to act, particularly as it relates to potential bond purchases in the secondary market," said Todd Elmer, currency strategist for Citi in Singapore.

Market expectations for the euro zone finance ministers' meeting had not been high to begin with, but the outcome highlights a seeming lack of urgency on the part of policymakers, Elmer said.

CHINESE TRADE DATA

The euro's struggles saw the dollar index climb. The index, which measures the dollar's performance against major currencies was up 0.1 percent at 83.219. The dollar was up 0.25 percent against the Swiss franc at 0.9770 francs, not far from a 19-month high of 0.9825 francs.

The U.S. currency fell against the yen, to 79.23 yen, but held within a roughly 79.08 yen to 80.10 yen range seen since late June.

The Australian dollar slipped versus the greenback after China's trade data disappointed some in the market who had been expecting stronger import numbers.

China's imports in June grew at half the expected pace, underscoring concerns that China's economy and domestic demand are cooling quickly, although export growth was slightly better than expected.

The Aussie dollar was last down 0.2 percent on the day at $1.0183.

China is Australia's single largest export market and the health of the world's second-biggest economy is always a key mover of the commodity currency.

* Defence division would not be sold to the Chinese company

* Any finalised deal still subject to auction process

* China competitive threat in private aviation rising-report (Adds details, comments from Superior)

By Alison Leung and Fang Yan

HONG KONG/BEIJING, July 10 (Reuters) - Bankrupt aircraft maker Hawker Beechcraft Inc, owned by Goldman Sachs and Onex Corp, said it is in exclusive talks with a little-known Chinese aerospace firm over the sale of the company for $1.79 billion, an offer that may flush out higher bids from other parties.

A successful deal would fill a gap in China's aviation capabilities as the company seeks to secure business jet technology and help develop China's small but growing private aviation market.

Superior Aviation Beijing Co is a 60-40 joint venture between privately owned Beijing Superior Aviation Technology Co and government-backed Beijing E-Tong International Investment & Development Co.

"There could be lot of opportunities for us if the government opens up the private jet sector," said Superior's spokesman, Qian Chunyuan, adding the deal would be funded with bank loans and the company's own money.

If the deal does get through, the priority for Superior is to keep Beechcraft afloat rather than moving its plants to China, he said. The Chinese maker of plane engines and parts has offered to fund Hawker Beechcraft's jet operations over the next six weeks.

"It's not as simple as a car plant. It's much more complicated...We wouldn't move the plants to China and start making jets in China right away. Our priority will be to keep Hawker Beechcraft afloat and resume its normal operations in the U.S. rather than moving everything to China."

When asked if other parties are interested in the company and willing to raise the price, he said money was not the main problem.

"The approval could be a bigger issue for us," he said.

A deal with Superior would be subject to approvals from the Chinese government, the U.S. bankruptcy court and the Committee on Foreign Investment in the United States, known as CFIUS.

CFIUS, which includes top officials from the U.S. Treasury, Commerce, Justice, State and Defense departments, has authority to review potential national security risks in deals that could result in foreign control of a U.S. business.

Hawker Beechcraft, whose exclusivity period with Superior runs for 45 days, said in a statement on its website the defence business would remain a separate entity. The defence unit manufactures military training, surveillance and light-attack aircraft.

Including the defence unit in a sale to a Chinese company, especially one that is partly state-owned, would be problematic politically, so a U.S.-based buyer for that unit is more likely.

Bankers said U.S. defence industry players or private equity firms could be interested in the defence business and British defence contractor BAE Systems has also been touted as a potential buyer.

If the defence business is sold to another company, up to $400 million of the $1.79 billion purchase price would be refunded to Superior.

If finalised, Superior Aviation's offer for the U.S. business jet maker will be subject to an auction process overseen by the bankruptcy court.

Other aircraft makers such as Brazil's Embraer or Textron could bid for Hawker Beechcraft when the auction process starts, industry bankers said.

Hawker Beechcraft filed for Chapter 11 bankruptcy in May, unable to support a $2.5 billion debt load amid a weak market. The Wichita, Kansas-based maker of business jets, general aviation turboprops and military aircraft has filed a reorganisation plan that will give secured lenders at least 81 percent of the company's equity when it emerges from bankruptcy.

The Superior offer "is very good news for existing customers, which means the company will stay alive and continue to invest in parts and support," said Chris Buchholz, chief executive of Hongkong Jet, which is owned by China's HNA Group.

STATE SUPPORT

Industry players said the offer was confirmation of China's aim to grow the private aviation industry in line with the 12th five-year plan mapped out by Beijing, which has a track record of using deep government pockets to push state-backed companies up the ladder.

"If China wants to build a new industry or grow the aviation industry, you have to have the knowledge. Where is the knowledge? It's not in China, so you buy it in," said Bjorn Naf, chief executive of Hong Kong-based business jet operator, Metrojet.

China's private jet sector is in its infancy compared with the United States and Europe. It faces challenges such as restricted air space, a lack of infrastructure and pilots as well as high tax rates for imported jets.

Brazil's Embraer, which secured approval in June to make jets on the mainland, has forecast China will need 635 business jets with a total market value of $21 billion over the next decade.

Credit Suisse said in a July 9 report that China has made "substantial inroads" into various transportation industries and private aviation was not impervious.

"We have therefore raised our view of the global competitive threat from Chinese business jet manufacturers to 'medium' from 'low'," the bank said.

The Beechcraft deal underscores the steady pace of outbound acquisition offers that China has pursued in the last five years to support its rapid economic growth and signals a shift from traditional areas of interest such as resources.

Excluding Tuesday's activity, China's outbound acquisition offers so far this year total $18.1 billion from 148 deals, according to Thomson Reuters data, slightly ahead of last year's pace. China's 2011 outbound M&A total was $58 billion, the data show, its highest level since 2008, and well above the few billion in deals it did a decade earlier.

(Reporting by A. Ananthalakshmi in BANGALORE, Soyoung Kim in NEW YORK, Tian Chen and Denny Thomas in HONG KONG; Editing by Anne Marie Roantree and Matt Driskill)