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Australian regulator says crypto investors ‘on their own’ for now

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Australia’s corporate watchdog said on Monday it was working with lawmakers to develop rules for digital currencies but warned many crypto assets remained unregulated for now, leaving investors in such products “on their own”.

In his first public comments since the country’s largest bank unveiled plans to offer cryptocurrency trading, Australian Securities and Investments Commission (ASIC) chair Joe Longo told investors to be cautious buying products that had no protection.

“Consumers should approach investing in crypto with great caution,” Longo told an Australian Financial Review Conference.

“At present many crypto-assets are probably not ‘financial products’ …. for the most part, for now at least, investors are on their own.”

Earlier this month, Commonwealth Bank of Australia broke industry ranks by becoming the first main-street bank in the developed world to offer a platform for retail customers to trade cryptocurrencies.

“Crypto is on our doorstep, here and now, and being driven by extraordinary consumer and investor demand. The implications for consumers are potentially huge,” Longo said.

The regulator said it was working with lawmakers who have proposed changing laws to allow decentralised autonomous organisations (DAOs), which are governed by artificial intelligence rather than a board of directors, and a licensing regime for crypto exchanges.

“ASIC does not strive to eliminate risk. But, nor should we ignore it,” Longo added.

 

(Reporting by Paulina Duran in Sydney; Editing by Sam Holmes)

Investment

New Brunswick announces $84.7 million investment to support public schools – CTV News Atlantic

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The New Brunswick provincial government has announced they will invest $84.7 million to support public schools in the province.

The government says the investment will be made during the 2022-23 fiscal year and will include $3.7 million for two new projects and $8.8 million to support the provincewide ventilation program.

A large portion of the investment, $72.2 million, has been earmarked to support ongoing construction projects, capital equipment, improvement work, and the dust collector program.

Dominic Cardy, education and early childhood development minister, tabled the department’s capital budget estimates today in the legislative assembly.

“Students need safe learning environments that meet their educational needs in order for them to learn and be successful long after graduation,” said Cardy.

“The investments we make today will not only support learning and address space deficiencies, but they support long-term community growth and strategic infrastructure planning across the education system.”

According to the province, the projects include a new kindergarten-to-Grade 5 school in Fredericton, which will replace Nashwaaksis Memorial School and McAdam Avenue School, and a new kindergarten-to-Grade 8 school for Saint John’s central peninsula.

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Oil Investments Must Rise to Offset Energy Prices, Soaring Inflation – Bloomberg

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The Riyadh-based International Energy Forum has called on companies to raise investment in oil and natural-gas production to $523 billion a year by the end of this decade to prevent a surge in energy prices and economic unrest.

The think tank’s comments echo those of Saudi Aramco, whose chief executive officer on Monday said there could be “chaos” unless governments stopped discouraging investment in fossil fuels.

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Personal Finance: Investing in Fund Managers in 2021 Was a Bad Investment Idea – Bloomberg

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As Leo Tolstoy taught us at the beginning of Anna Karenina, “Happy families are all alike; each unhappy family is unhappy in its own way.” It’s a lesson being relearned by investors in European asset managers, whose shareholdings have woefully missed out on the gains enjoyed across the broader equity market this year.

The environment for the fund-management industry continues to be challenging, to say the least, with downward pressure on fees, investor preference for cheap index-tracking products and an expensive arms race to keep up with the latest technology. But the biggest laggards among Europe’s standalone money managers have underperformed for idiosyncratic reasons.

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