From Deal Journal:
Australia needs to create a new sovereign wealth fund, or SWF, to manage the proceeds of what’s been described as a “once-in-a-century” mining boom for future generations, according to a senior executive at the world’s biggest bond managers, Pacific Investment Management Co.
“Quarantining the additional revenues raised from the resources boom should be fed into a long-term fund structure,” said Robert Mead, managing director and head of portfolio management, Pimco Australia, in an interview with Dow Jones Newswires on Tuesday.
Options for the government include changing the mandate of the existing 71.8 billion Australian dollar (US$75.1 billion) Future Fund, which was set up to manage the civil service pension liabilities, or looking abroad where Norway’s oil fund, Norges Bank Investment Management could be the model solution. That fund, set up in 1990 to invest proceeds from Norway’s petroleum reserves, has grown to be the world’s second-largest sovereign wealth fund, valued at around US$548 billion at the end of 2010....MORE
Yes. The Norwegian model.
That's Lene Egeli doing her girl-next-door bit. She was Miss Norway a couple years ago.
Also at Deal Journal:
Pricetag for Jinmmy Choo...
...At the upper end, the price tag would be equivalent to 1.03 million pairs of Jimmy Choo’s “Nova” peep toe platform sandals. Perfect for spring.