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EIPS and ATA concerned by province's charter school investment – Sherwood Park News

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An announcement by the UCP government this week that earmarks millions of dollars over the next three years to expand existing charter schools and encourage the creation of new ones did not sit well with Elk Island Public Schools.

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Trina Boymook, board chair of Elk Island Public Schools (EIPS), is concerned about educational funding being diverted from public schools. 

“It’s critical the strong foundations of Alberta’s public schools are respected and maintained, and taxpayer dollars are used to support the system that best serves the interests of the majority of students,” Boymook underlined. “Diluting resources to alternative educational institutions, without a mandate for inclusivity and public accountability, weakens Alberta’s overall capacity to grow, thrive and prosper for years to come.”

Premier Jason Kenney and Education Minister Adriana LaGrange said $25-million in additional operation funds and $47-million in new capital spending over three years will help schools grow.  

Kenney said charter schools provide more choice for parents.

“EIPS, and public school divisions throughout the province, consistently deliver a broad range of programming options for students of varied backgrounds and interests,” Boymook said in response to the premier. “From specialized languages and faith-based programs to advanced academic opportunities and competitive sports to specialized supports and continuing education, students within the division have the opportunity to push past their limits and find meaningful ways to contribute to and enhance their communities.” 

There are currently 16 publicly funded charter schools in Alberta and the school generally focus on a specific aspect of education, like music or outdoor learning. The schools use public funding, receiving about five per cent of the province’s total education funding, but they are run by their own boards. 

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“EIPS schools are diverse, inclusive and welcoming to all students,” Boymook said. “Our programs are based on sound current pedagogy and are delivered by expert, certified teachers who embrace and nurture a culture of lifelong learning. Additionally, oversight and guidance are provided by locally elected trustees, who, in turn, are accountable to the constituents in the communities they serve.”

Trina Boymook, chair of the EIPS board of trustees. Photo Supplied
Trina Boymook, chair of the EIPS board of trustees. Photo Supplied

The premier said charter schools are not allowed to charge tuition and are required to accept all students who apply, assuming there is space. 

NDP education critic Sarah Hoffman accuses the UCP government of “sabotaging” public education by funding charters. 

“Edmonton and Calgary students desperately need schools and modernizations and the UCP’s no-help budget also does not invest a dollar in Francophone construction either,” Hoffman said. 

Kenney said about one-third of the schools in Alberta being replaced or refurbished are in the Edmonton area. The 2022-23 Alberta Budget included $25-million for 15 school infrastructure projects, including planning and design funding for a replacement for Sherwood Heights Junior High.

The Alberta Teachers’ Association (ATA) is also concerned about the injection of funding for charter schools. ATA president Jason Schilling said public education has been chronically underfunded for years and new funding should be going to public, separate or francophone schools — not charters. 

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“The government is dedicating $72-million in new funding to just 16 schools,” Schilling said. “This is an inequitable, unjustified, ideological investment that epitomizes how privatization comes at the expense of public education.”

The ATA president added that some charter schools use admission criteria, IQ tests or performance assessments to restrict access, and many do not accept students with specialized learning needs. 

“Public funds should go to public education. Since 2013, real per-pupil funding for public education in Alberta has declined by 15 per cent,” Schilling stated. “Government funding to expand charter schools is simply an effort at privatization at the expense of our public education system, which is the first choice for 93 per cent of Alberta’s students.”

The ATA said charter schools should be incorporated as alternative programs within publicly governed and administered school boards and all teachers should be full and active members of a unified profession. 

— With files from Ashley Joannou

tdosser@postmedia.com

twitter.com/travisdosser

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Economy

S&P/TSX composite down more than 200 points, U.S. stock markets also fall

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TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.

The S&P/TSX composite index was down 239.24 points at 22,749.04.

In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.

The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.

The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.

The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.

This report by The Canadian Press was first published Sept. 6, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Economy

S&P/TSX composite up more than 150 points, U.S. stock markets also higher

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TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.

The S&P/TSX composite index was up 171.41 points at 23,298.39.

In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.

The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.

The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.

The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.

This report by The Canadian Press was first published Aug. 29, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Investment

Crypto Market Bloodbath Amid Broader Economic Concerns

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Breaking Business News Canada

The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.

The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.

Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.

The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.

Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.

Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.

Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.

Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.

The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.

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