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Finance Minister Burridge tables Capital Budget

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Finance Minister Burridge tables Capital Budget

Finance Minister Jill Burridge presented the province’s capital budget on Tuesday, outlining $1.3 billion in infrastructure investments.  The King government outlined a five year plan and estimates it will spend $368.8 million in 2024-2025 with what it says is a focus on healthcare, addressing the housing crisis, modernizing schools, and revitalizing and strengthening communities.

Highlights include:

  • $167M over 5 years for the ongoing design and construction of the Mental Health Campus project.  Government says that within this five-year Capital plan, the campus will be complete
  • $125.5M over 5 years to improve healthcare facilities across PEI including a new Kings County Memorial Hospital in Three Rivers and QEH redevelopment, ventilation upgrades at QEH and long-term care facilities.
  • $57M over 5 years to continue implementing Patient Medical Homes across PEI.  Construction is underway at sites in Summerside and Charlottetown. Planning is underway for a second site in Charlottetown and another in Three Rivers.
  • $12M over 5 years to create a 25-bed emergency shelter in Summerside; support the relocation of the Community Outreach Centre in Charlottetown and start work at Smith Lodge to add 13 more supportive housing beds.
  • $176M over 5 years to purchase or build an additional 95 social and affordable housing units to increase the total to 560 units within the next five years. That includes support for the Malpeque Road and Hillsborough Park developments.

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Finance

State lawmaker hopes to close campaign finance loophole in 2025 legislative session

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State lawmaker hopes to close campaign finance loophole in 2025 legislative session

SIOUX FALLS, S.D. (Dakota News Now) – A South Dakota lawmaker has filed multiple pieces of legislation he says could help address government accountability.

Senate Bill 12 would limit the amount of money that may be loaned to a candidate or a political action committee (PAC).

Sen. Michael Rohl (R) of Aberdeen hopes that the bill will close a loophole in the South Dakota campaign finance world.

“PACs shouldn’t be personal checking accounts for the ultra-wealthy to be able to buy politicians,” Rohl said.

Currently, South Dakota law limits contributions to a candidate and a PAC at $1,000 and $10,000 respectively.

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However, the state allows unlimited loans, which can be forgiven as bad debt.

“We don’t have campaign finance laws in South Dakota. We just have them for people that are everyday citizens that are trying to follow the spirit of the law, but the bad actors don’t have to follow them,” Rohl said.

Rohl wants to limit the loans to the $1,000 and $10,000 figures that are used for contributions.

In the midst of several fraud investigations amongst state employees, Senator Rohl says accountability in all parts of government is desperately needed.

“I think politicians for a long time have been saying we want to have more transparency in government, but nothing seems to happen so I’m drafting legislation and trying to be true to what I told people I represent I would do.”

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But Rohl is very prepared for a lot of pushback.

“There’s going to be some opposition to it and there’s going to be opposition for the very reason that it needs to go away, and that’s because people are going to be afraid to make their donors mad,” said Rohl.

The Aberdeen senator also filed Senate Bill 11, which limits the amount of money that a political committee may accept from an inactive candidate campaign committee.

The 100th legislative session starts on January 14th.

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Finance

Mayer Brown Hires Structured-Finance Pro From White & Case – Law360

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Mayer Brown Hires Structured-Finance Pro From White & Case – Law360

By Ashish Sareen ( January 2, 2025, 6:10 PM GMT) — Mayer Brown LLP announced on Thursday that it had hired a senior structured-finance lawyer from White & Case LLP in London to add to its strengths representing clients in the private capital market….

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Finance

Would an artificial-intelligence bubble be so bad?

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Would an artificial-intelligence bubble be so bad?

A little over a decade ago Seth Klarman, a hedge-fund titan, worried that an asset-price bubble was emerging. He identified Tesla as one of the firms best exemplifying exuberance in the market. At the time, Elon Musk’s electric-vehicle company was worth around $30bn. Today its stockmarket value is $1.3trn.

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