World's share dealers take fright over US loans crisis; Gore urges pension funds to act on the environment; Sainsbury's pension trustees take counsel; Oppositions to private equity approach for Alliance Boots gathers strength

AUSTRALIA - The Labor party must rule out re-introducing a 15% tax on superannuation payouts in order to maintain Australia's economic growth, assistant treasurer Peter Dutton has claimed.

CHINA - Following China's pension embezzlement scandal last year, a new firm to manage around US$1.3bn in pension and social security funds will be set up in Shanghai.

PRUDENTIAL is set to buy Equitable Life's £1.8bn portfolio of in-force with-profits annuities.

US - The pension fund-backed proposal that would give large investors in Hewlett Packard more say over who sat on the board was voted down by shareholders.

THE GOVERNMENT has launched an appeal against last month's Pensions Action Group judicial review victory.

Mongolia - Pension fund money in the country will dry up in 25-30 years, according to research by the National University of Mongolia.

THE TRANSPORT and General Workers' Union has released its response to the Financial Services Authority discussion paper on private equity.

UK - Former US vice president Al Gore has urged the UK pensions industry to abandon short term investment horizons and review the way it incentives managers of firms it hold investments in.

CYPRUS - Pension funds must modernise management practices to provide healthy returns in the future, KPMG and Hewitt have warned.