The technology behind Bitcoin is transforming the future of business and property dealings. Photo: Dan Kitwood/Getty ImagesACCORDING to a recent survey of experts, the technology behind Bitcoin will soon be widely adopted, transforming the way we trade real estate.The survey, conducted by comparison website Finder.com.au, sought comment from a selection of economists and analysts.93 per cent of respondents did not expect digital currencies like Bitcoin to be adopted for widespread use.However, 94 per cent of respondents believed blockchain technology, the instantaneous ledger system used by digital currencies, will soon have widespread adoption in the financial sector and economy.Finder.com.au insights manager Graham Cooke, said their study showed experts believe blockchain is the future of business.“While you may never pay for your daily coffee using Bitcoin, the blockchain system that backs the currency is here to stay,” said Mr Cooke.More from newsParks and wildlife the new lust-haves post coronavirus23 hours agoNoosa’s best beachfront penthouse is about to hit the market23 hours agoBlockchain is a ‘distributed ledger’ which is a ledger stored and replicated across thousands of databases.Under the blockchain, when a transaction is logged and verified, the ledger is updates across all databases.“The blockchain allows transactions to be recorded instantly and simultaneously across the globe, which proves who owns what at any point in time,” Mr Cooke said. BEGINNERS GUIDE TO BLOCKCHAIN “Once you send an asset to someone by blockchain, you no longer have that asset yourself, and this is recorded simultaneously across thousands of computers, making the transaction record undisputed and unhackable,” Mr Cooke said.Mr Cooke said the system is set to redefine business and finance transactions, including those of real estate.“Both businesses and consumers can benefit from faster transaction processing and fewer transfer fees that would normally be charged by an intermediary — it’s a massive game-changer,” he said.Follow Kieran Clair on Twitter at @kieranclair
“The dominant buyers were insurers, so there is room for pension funds to scale up,” he told delegates at the PensionsEurope conference in Frankfurt.He hinted that the next project bond might be for a project in the UK but did not give any further details.Pierre Bollon, vice chair at PensionsEurope in charge of long-term investments, noted the association was currently working on the proposed regulation on long-term financing and suggested it should be made “less rigid and hence more attractive, especially for small and medium-sized occupational pension schemes”.This week the European parliament issued a draft legislative proposal on the European long-term investment funds (ELTIF) proposals, backing the Commission’s suggestion to create such funds under the AIFM directive.According to figures collected by the EIB around 1% of assets held by sovereign wealth funds, pension funds and insurers globally was currently invested in infrastructure.At the conference, the UK’s Pensions Infrastructure Platform (PIP) received a positive reception, with a representative of the Belgian pension fund association in the audience asking Judith Donnelly, working at the UK infrastructure project, whether it was also open to foreign investors.Donnelly noted the PIP currently had ten of the largest UK pension schemes as committed investors, with an initial target capital raise of £1bn.The fund’s founding investors include the British Airways and the Railways pension funds, the Pension Protection Fund (PPF), the London Pension Fund Authority (LPFA), BAE Systems, The West Midlands Pension Fund and the pension fund of BT.“PIP would have no objection in principle to include further investors if the existing investors cannot meet the target size but we do not want to expand the investment target,” she explained.Matti Leppälä, director general of PensionsEurope, pointed out while the association generally “welcomed the initiative on investments in growth and employment” they should any commitments should only be made “for the right reasons”.“Overall, the total costs may be too high and increased capital requirements may altogether prevent these envisaged investments,” he said, referencing the impact of future changes to solvency requirements for pension funds. The European Union’s next project bond issuance could offer funding to an undisclosed project in the UK, according to the director general of the European Investment Bank (EIB).In 2010, the president of the European Commission Jose Manuel Barroso announced plans to issue project bonds to attract institutional investors to long-term investment projects.The first project bond was launched in October, offering funding for a Castor gas storage project in Spain.According to Bertrand de Mazières, director general of the EIB, the bond issue, with a volume of €1.4bn and a 2034 maturity, was oversubscribed and attracted a “very strong” response from investors.
The UK’s financial markets regulator is seeking feedback on market structure and regulation to assess whether they reinforce short-termism.The Financial Conduct Authority (FCA) published a discussion paper on primary capital markets in the UK and how they can most effectively meet the needs of issuers and investors.One focus of the paper is potential barriers to the provision of capital for growth, especially for early-stage science and technology companies. The FCA said it “would be useful” to explore the extent to which current market structures and regulation reinforce a short-term focus in issuers and investors, thereby hindering the provision of “patient capital”.The FCA said that discussions with “pre-IPO” companies indicated a need for technical changes to be made to listing rules, but also “raised the question of whether a more fundamental reassessment might be valuable, focusing particularly on ways in which different forms of primary market structure and regulation might better support scale-up and patient capital, which are particularly crucial for early-stage science and technology companies”. It cited concerns that the UK’s primary equity markets were proving less effective at providing a means for companies to raise capital for further growth and development. The regulator said there have been significant changes in secondary capital markets, such as a shift towards algorithmic trading strategies and the separation of primary from secondary markets. These changes were seen by some as having eroded the effectiveness of the primary markets and having led to a focus on short-term trading rather than long-term investment considerations, the FCA said.Market regulation is seen by some as contributing to such a short-term focus, with “trends in market structure and market regulation […] seen by some to be mutually reinforcing”, it added.However, it also said that these views were not shared by all, and that “some stakeholders point to the Financial Reporting Council’s Stewardship Code and the establishment of the Investor Forum as recent improvements to the effectiveness of primary markets in supporting a more patient approach”.“Nonetheless, we are keen in this DP [Discussion Paper] to explore some of the themes that have emerged in this area,” it added.The FCA also asked for feedback as to whether alternative market structures could support “a more patient, long-term approach”, such as a transitional market to sit between fully private and fully public markets.The regulator asked long-term investors to indicate how they value different aspects of the current public equity market model, such as corporate transparency, investor stewardship, corporate governance requirements, or the ability to trade.The FCA also asked for views on whether there is a role for a UK primary debt multilateral trading facility, to encourage more overseas companies to raise debt finance in the UK.The FCA’s discussion paper can be found here.
Tanzanians are awaiting the results of their election.Sunday’s vote was considered one of the tightest contests in Tanzania in decades.The electoral commission had previously warned candidates not to announce unofficial results.Full results are expected only on Thursday.The ruling party’s John Magufuli is battling former Prime Minster Edward Lowassa for the top job.CCTV’s Robert Nagila gives an update on vote counting in Tanzania.
What’s the difference between volunteering and being denied boarding?First thing – whether you volunteer or have no choice, the airline must let you choose a different flight or give you the option of a refund.If you volunteer to give up your seat (also known as ‘being bumped’), it’s up to you and the airline to decide on compensation. They might also throw in a few extras, such as vouchers or cash, to make the wait at the airport a little easier but this depends very much on the airline.How much compensation would I get if I’m denied boarding?If it’s not your choice, you are entitled to compensation depending on the length of the flight you’ve been bumped from and the new flight you’ve been offered.For flights that cover less then 1,500kmFor delays less than two hours, you’ll get €125If it’s longer than two hours, you’ll get €250For flights that cover 1,500km to 3,500kmFor delays less than three hours, you’ll get €200If it’s longer than three hours, you’ll get €400For flights than cover 3,500kmFor delays less than four hours, you’ll get €300If it’s longer than four hours, you’ll get €600 Why do airlines overbook flights?It can be for a number of reasons ranging from airlines booking more people than seats because not everyone shows up right to them using a smaller plane than anticipated. Oh, so the plane is overbooked. What happens now?If this happens, then the Denied Boarding Regulation asks that said airline must ask for people to volunteer to give up their seat in exchange for benefits. If no one volunteers, then they can deny boarding to passengers against their will. This is when things get a little tricky.How do they decided who gets to stay on the plane?Priority will always be given to persons with reduced mobility and anyone flying with them. And if I want to avoid being bumped…?Check-in earlySome airlines tend to go with the people who paid the least for their flight, but sometimes they pick on the folk who arrived a little late at the gate or checked-in last.Board when your row is calledIf you hear your row being called, don’t wait for the queue to go down. If they don’t know you’re there by the time they move onto the next, they might think you’re a no-show.Become a frequent-flyerYeah, so this one is easier said than done, but if you’re known to fly a lot with an airline, they’re less likely to bump you from a flight.Pick an off-peak flightAgain this isn’t something that everyone has the luxury of doing, but if you can avoid flying when it’s busier then the flight probably won’t be overbooked.Read those pesky T&CsThey’re not fun, they’re usually in stupidly small fonts and most seem to be written in gobbledegook, but it’s full of important info which will let you know that airlines policy before the bumping happens. As the Boy Scouts would say – always be prepared.Book with an airline that doesn’t over sellJetBlue are very much against overbooking of flights. So much so that they even have a policy in place to make sure they don’t do it.Fly business or first classThis one is a little out there but if you can afford it then it drastically lowers your odds of being bumped. Need to find an alternative flight? Search here:ReturnOne wayMulti-cityFromAdd nearby airports ToAdd nearby airportsDepart14/08/2019Return21/08/2019Cabin Class & Travellers1 adult, EconomyDirect flights onlySearch flights Map