• Left warns Democrats in tax reform fight

    Liberal activists who hounded the GOP throughout its failed Obamacare repeal bid are gearing up to hit any Democrat who strays from the fold on tax cuts for the wealthy — including some of the party’s most politically vulnerable incumbents. Democrats were spared the sight of their progressive base battling centrists on Obamacare, which proved a uniquely unifying issue for both wings of the party. But there’s no guarantee that taxes will be another kumbaya moment for Democratic leaders, who have long struggled to contain tensions between red-state lawmakers facing tough reelections and a grass roots emboldened by resistance to President Donald Trump’s agenda. Read more...

  • Trump dumps CEOs before more could abandon him

    Some of America’s top CEOs were preparing to issue a statement criticizing the president — so he effectively fired them from a White House council first. President Donald Trump on Wednesday announced he was ending two business advisory councils amid a stampede of defections and after one of the groups had decided to disband over the president's much-criticized response to the weekend's violence in Charlottesville, Va. A person close to Trump's Strategic and Policy Forum said the group had already told the White House it had resolved to disband and condemn the president's Tuesday claims that "both sides" were responsible for violence at a white supremacist and neo-Nazi gathering and that some "very fine people" were among the marchers defending a Confederate statue. Read more...

  • Investors cool on Canadian banks, turn to insurers, amid housing fears

    Investors are losing enthusiasm for Canada’s banking stocks as a slowdown in the country’s housing market dents banks’ growth prospects, and they see insurance companies as a better bet to benefit from higher interest rates. Home sales in Toronto, Canada’s largest city, plummeted more than 40 per cent in July from a year earlier and prices were down nearly 19 per cent from April following the introduction of a range of measures designed to cool a housing market amid fears of a bubble, including a 15 per cent tax on foreign buyers. The slowdown in home sales has investors concerned about the impact on Canadian banks, which derive a big chunk of their earnings from residential mortgages. Read more...

  • Turkey Sees Foes at Work in Gold Mines, Cafes and ‘Smurf Village’

    LONDON — Akin Ipek, one of Turkey’s richest men, was staying in the Park Tower Hotel in London when the police raided his television network in Istanbul. The raid was national news, so Mr. Ipek opened his laptop and watched an unnerving spectacle: an attack on his multibillion-dollar empire, in real time.

    It was an oddly cinematic showdown. Through a combination of shouting and persuasion, the network’s news editor convinced the officers that they should leave, then locked himself in the basement control room with a film crew. For the next seven and a half hours, until the police returned, the news editor spoke into a camera and took calls on his iPhone. One was from Mr. Ipek, who denounced the government’s action as illegal.

    “I was shocked and angry,” Mr. Ipek said in a recent interview in London. “But I thought they would leave after a couple days. There was no reason to stay.”

    Actually, the government never left, and the events were the start of a personal cataclysm for Mr. Ipek. His station, Bugun TV, was taken off the air a few hours after that phone call, on Oct. 28, 2015. His entire conglomerate of 22 companies, Koza Ipek, is now owned and operated by the state.

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  • ‘Canada is Hot Right Now’: Port Cities Expect Spike in Cruise Visitors this Summer

    MONTREAL—Canadian port cities expect to get an economic boost this summer from an influx of cruise visitors attracted by a low loonie and the country’s 150th birthday celebrations. Ports across Atlantic Canada, Quebec and British Columbia are anticipating a surge in cruise traffic. “Canada is hot right now,” Pierre Bellerose of Montreal’s tourism board said in an interview. With the opening in May of a $78-million refurbished passenger terminal, the Port of Montreal anticipates the number of cruise passengers and crew members will be up 28 per cent from last year to 110,000 as the city is celebrates its 375th birthday and Canada’s sesquicentennial. “The Port of Montreal is at the heart of those celebrations,” said port CEO Sylvie Vachon. “We know that maritime trade has played an important role in the development of the city and the entire country.”
    The extra passengers are expected to generate an additional $5.5 million in local spending, raising the total this year to about $30 million, says Tourisme Montreal. Ports in Atlantic Canada are also anticipating double-digit increases in 2017 above the nearly 600,000 passengers that landed last year, said Brian Webb, executive director of Cruise Atlantic Canada. “It’s looking great across the board, so every single port looks to be seeing increases,” he said from Nova Scotia.
    Newfoundland and Labrador is expecting a record cruise season with an expected 99,266 passenger and crew visits, up from 50,448 passenger and crew visits in 2016. “We’re definitely excited about the increases because it will mean increased economic activity,” Webb added. While in Canadian ports, cruise ship passengers spent almost $262 million or nearly $150 per person in 2012, according to the latest study conducted by the industry. Average spending was highest in B.C. ports, which accounted for 54 per cent of the more than two million passenger visits and 77 per cent of spending. A new study is slated to be released this spring. Webb attributed most of the growth in visitors to the low value of the Canadian dollar which encouraged cruise lines a couple of years ago to add routes this summer. Canada’s birthday celebrations, the Tall Ships gathering in Halifax from July 29 to Aug. 1 and increased tourism efforts across the region are also contributing factors, said Lane Farguson, spokesman for the Port of Halifax. The Port of Halifax, largest in Atlantic Canada, welcomed 238,000 cruise passengers in 2016, up seven per cent from the prior year. “And things are looking very, very strong for the year ahead,” he said, noting that the favourable currency makes cruising in Canada a cost-effective option for America visitors. Although the number of vessels calling at Halifax decreased last year, the port is seeing larger ships, with the Royal Caribbean’s 4,100-passenger Anthem-of-the-Seas setting a record for most passengers last fall. In Vancouver, Canada’s largest port anticipates a strong cruise season after seeing volumes grow three per cent in 2016 to 830,000 passengers, mainly on Alaskan cruise itineraries. Prince Rupert, B.C., foresees a doubling of the smaller cruise ships that will come ashore at the port on the cruising route near the Alaskan border. “For Prince Rupert, a community of 14,000 people, it’s a significant driver to the economy when a cruise ship sails into Prince Rupert it increases the population by about 13 per cent so it has a huge impact on the local economy,” said port CEO Don Krusel.
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  • Canadian Firms Upbeat About post-election U.S. Growth: Survey

    After downgrading its forecast in October, the Bank of Canada offered a rosier outlook Monday for the Canadian economy in the wake of the election of Donald Trump, as businesses in this country anticipate gains from stronger growth stateside. In its winter 2016-17 business sentiment survey, Canada’s central bank says the new U.S. administration is expected to underpin commodity price gains, although concerns over rising consumer costs and trade protectionism in the U.S. cloud the horizon. Companies are generally more optimistic about future sales than at this time last year, and plan to boost investment and hiring as domestic and U.S. demand picks up, the bank said. In its survey last January —when West Texas crude traded below $32 (U.S.) per barrel — the bank forecast a downturn in business spending along with sluggish GDP growth. The bank in its summer 2015 survey of business sentiment found low oil prices undermining confidence and presaged another rate cut that occurred later that year.
    Last October, the central bank held its benchmark interest rate at 0.5 per cent, but cut its economic forecasts through 2018, citing a rebound in the export sector that had not materialized as anticipated. But the bank in its business outlook released Monday said “forward-looking measures of business activity have improved as domestic sales growth gains momentum.” The outlook is based on interviews conducted late last year with about 100 executives from representative firms across the economy. “The drag from the oil price shock and related spillovers is gradually dissipating, and demand growth remains steady in less-affected regions. Foreign demand continues to support export prospects.”
    Overall, the survey said companies expected faster sales growth over the next 12 months, with support anticipated from services, housing and tourism. Exporters cited the weaker Canadian dollar and stronger U.S. demand as the most important supporting factors for improving sales expectations. The survey also found stronger investment intentions among firms for the coming year, especially in Central and Eastern Canada, as well as more-widespread hiring expectations in most sectors and regions. Some respondents to the bank’s survey said suppliers are moving to stabilize or increase prices following cuts over the past two years, or to pass on anticipated increases in commodity costs. The bank said inflation expectations edged up in the survey period from a low level and remain concentrated in the lower half of the bank’s inflation-control range of 1 to 3 per cent. Most respondents pointed to hiring plans over the next 12 months, although the bank said “material excess slack remains” in staffing at resource-related businesses. And the bank said some companies were optimistic about potential moves by the incoming Trump administration. “Firms’ views . . . are divided: some are optimistic about the prospect of increased infrastructure and military spending as well as changes in energy policies, while others are more pessimistic, often because of the risk of increased protectionism,” the central bank said.
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  • Trump Reverses: Transition is Going ‘Very, Very Smoothly’

    President-elect Donald Trump’s transition into the White House is going “very, very smoothly,” he said Wednesday afternoon, hours after complaining on Twitter that President Barack Obama’s “roadblocks” had made for a rough changeover of power. When asked by pool reporters whether he thought the transition was going smoothly, Trump replied: “Oh, I think very, very smoothly. Very good. You don't think so?” The reversal apparently comes after Trump and Obama spoke privately. “He phoned me,” Trump told reporters. “We had a very nice conversation.” Trump, however, would not say whether he broached his roadblock allegations in his conversation with the president. “We had a very general conversation,” he said. “Very, very nice. Appreciated that he called.” Later, he told reporters outside his Mar-a-Lago residence that he and Obama "had a good talk about things. He was in Hawaii. It was a very nice call and I actually thought we covered a lot of territory. "Our staffs are getting along very well. And I'm getting along very well with him, other than a couple of statements that I responded to and we talked about it and smiled about it. And nobody is ever going to know because we're never going to be going against each other in that way. It was a great conversation." After weeks of warm words and promises of a smooth transition in the wake of perhaps the most contentious presidential election in modern history, Trump accused Obama in a Wednesday morning tweet of throwing up “roadblocks.” “Doing my best to disregard the many inflammatory President O statements and roadblocks,” he wrote, referring to the president by his initial. “Thought it was going to be a smooth transition - NOT!” The two men, who had little positive to say about each other on the campaign trail, seemingly buried the hatchet during an Oval Office meeting that took place just days after Trump’s surprising victory in last month’s election. Obama and Trump have spoken multiple times since then and both expressed interest in a seamless transition between administrations. Incoming White House press secretary Sean Spicer said Wednesday during the transition team's daily conference call for reporters that "as the inauguration gets closer, both the current president and his team have been very helpful and generous with their time as far as the actual transition, the mechanics of the transition have gone, and I expect them to continue to speak fairly regularly.” But Spicer also refused to tone down his boss' Twitter rhetoric, telling reporters that the president-elect's social media posts "speak for themselves, I think very clearly." The budding relationship between the president and president-elect has frayed in recent weeks, first over the assessment of the FBI and CIA that the Russian government launched cyberattacks targeting the U.S. electoral process with the intention of aiding Trump's candidacy. Trump has been unwilling to concede the validity of that assessment, or even that Russia was behind the cyberattacks at all, a stance that prompted critical remarks from White House press secretary Josh Earnest. The president-elect also lashed out this week at the Obama administration over its unwillingness to defend Israel at the United Nations against a resolution condemning it for new settlement activity. He told reporters that Secretary of State John Kerry’s speech Wednesday defending the U.S. abstention “really spoke for itself” and suggested the United Nations has failed to live up to its potential. “When do you see the United Nations solving problems? They don’t,” he said. “They cause problems. So if it lives up to the potential, it’s a great thing. And if it doesn't, it’s a waste of time and money.” In an earlier tweet Wednesday, he said that “we cannot continue to let Israel be treated with such total disdain and disrespect” and urged Israel to “stay strong” because his inauguration on “January 20th is fast approaching!” Obama also has made veiled criticisms of Trump in various public remarks, indirectly attacking the president-elect multiple times during his end-of-year news conference and in his remarks Tuesday at Pearl Harbor, where he warned that “even when hatred burns hottest, even when the tug of tribalism is at its most primal, we must resist the urge to turn inward. We must resist the urge to demonize those who are different.” And in an interview with CNN’s David Axelrod, his former senior adviser, Obama said he was confident that he could have won a third term in a race against Trump running on his “hope and change” message. The president-elect disagreed. “President Obama said that he thinks he would have won against me,” Trump wrote on Twitter Monday afternoon. “He should say that but I say NO WAY! - jobs leaving, ISIS, OCare, etc.” Read More..

  • Economists Say Trump Delivered Hope

    Economists say Donald Trump is right to credit himself for sending consumer confidence to a 15-year high this month as Americans reported a rosy outlook for job creation, business growth and the stock market. The news broke Tuesday, when the Conference Board said its Consumer Confidence Index soared to 113.7 in December, the highest level since 2001. The jump surprised economists, who say the economy has been slowing down. But it didn’t surprise Trump. "Thanks Donald!” the president-elect said Wednesday morning on Twitter. Trump’s election put the country in a good mood, economists say. “There’s a lot of hope that things are going to change and get better,” said Mark Vitner, a senior economist at Wells Fargo. “Let’s see what happens.” American’s weren’t particularly overjoyed about the economy. What made them cheerful was the hope for a new, better economy. The Conference Board’s measure of expectations, a measure of how consumers feel about the future, leapt to a 13-year high as Trump’s promise of more jobs, lower taxes and a better business climate made people upbeat. “Optimism did surge after the election. The question is can we maintain it,” said Lynn Franco, the Conference Board’s director of economic indicators. “That depends on what happens in terms of the economy and job growth.” It’s not unusual for consumers to feel better after an election, especially when a new party takes office. Ronald Reagan, Bill Clinton and even Barack Obama, who won his first presidential campaign in the midst of the Great Recession, enjoyed a boost in consumer optimism the month they were elected. By contrast, optimism sank as the nation waited on hanging chads and Bush v. Gore at the end of 2000. “Elections always give confidence a boost. There’s a sense of relief that it’s behind us,” Vitner said. “There does seem to be something to the Trump bump.” This election year, the economy has been on a long road to recovery since the Great Recession ended in 2009. Consumer confidence has been on the upswing all year. Still, confidence doesn’t boost wages or create jobs, and nine of the past 10 recessions began under Republican presidents. “Trump will be breaking with tradition if we don’t see a recession in the next four years,” PIMCO’s Joachim Fels wrote in a recent blog post. Read More..

  • What Effects Will Donald Trump Have on the Online Gaming Market

    It is no longer news that Donald Trump is the latest United States’ president. From the perspective of those in the igaming world, his existence in the Oval Office may actually be something worth celebrating. The common perception goes like this: Trump operates casinos with his name on them. He likes gambling and might attempt to legalise it nationwide. At least one poker pro considers this to be right and the emotion echoed through the poker world. However, the only thing we have from Donald Trump on the record is that about five years ago, he tacitly supported online betting. For anyone who is familiar with Donald Trump and his presidential campaign, his statement in the past at times has little bearing on what he says or believes now. The Adelson-Trump connection To put more limitation on the idea that a Trump-led administration would never legalise US online betting or poker, consider the following: Sheldon Adelson, the Chief Executive Officer of the Las Vegas Sands Corp funded the efforts to stop online betting at the federal level. He also donated a huge sum of money towards the Trump campaign. This is a relationship that for some time now has been percolating with the possibility of having an effect on online betting legalisation. Perhaps you think Sheldon Adelson will not have Trump’s ear despite the money he donated, then you do not know much about politics. If Congress forwards a bill to Trump’s desk prohibiting online betting, the possibility of him approving it is hard to guess given his relationship with Adelson. Being a billionaire himself, Trump is perhaps the least likely president to succumb to monetary bribes. Going on record saying how he won’t accept a dollar during his presidency, it throws it up in the air whether Trump will help online casinos, such as royalvegas.com, or hinder them. RAWA efforts have failed to date In spite of having the majority in both chambers, the Republicans have failed to secure RAWA or any iteration of language criticising online betting, anywhere near passage. Hearings held by Chaffetz late last year were nothing but a disaster. However, that does not imply that the powers leading RAWA will surrender. They might be encouraged by the fact that Republicans have the majorities in the Senate and the House, plus having control of the presidency. Even with that, the Republicans have not been totally on board with RAWA and its implications. That is, it will reverse the online betting laws passed in Delaware, Nevada and New Jersey and would ignore legalisation efforts in states like New York and Pennsylvania. RAWA takes over the Tenth Amendment, several lawmakers concur, by taking the ability to manage a form of betting from states’ hands. And that is not an awfully popular position to take for several Republicans. The impact of Trump presidency on online betting is definitely unknown, other than it is not expected to be a positive one. The most probable and most positive circumstances would be the status quo. That implies online betting can be legalised by the states as they wish, without any change at the federal level. But in the range of outcomes, is the not too unrealistic chance that online betting is banned in the US.

  • Achieve Financial Success And A Fulfilling Life – Unlock Your Repressed Destiny

    A desire to achieve financial success and a fulfilling life is a fairly ubiquitous goal that we share as humans, but achieving these two goals at the same time seems to elude most of us.  Fortunately for us, Iain Balmain has found his calling in life as both an esoteric healer and career consultant who seeks to impart his spiritual insights about the human soul to unlock a life path that often eludes our conscious state of mind. He has been practicing as an intuitive consultant in Britain and now seeks to bring his energy, experience and wisdom to America, in an effort to help spread more happiness and fulfillment. In the U.S. in particular, our struggles to achieve financial success and fulfilling lives at the same time seem to be often rooted in the confusion we feel, when we are trying to figure out which degree to pursue, in our efforts to obtain a university or college education.  If we do graduate, we often end up pursuing careers that seem to only existentially drag us down.  This feeling often occurs regardless of how much we earn. In our experiences, which have been documented in countless case studies, the efforts to elevate oneself from economic insecurity up the employment ladder to greater levels of financial security, does not lead us to a greater sense of fulfillment. Research on this issue has been the source of many studies by organizational psychologists who have sought to help businesses yield a more productive workforce, for corporate shareholders. While corporations have sought to shape the minds of their workforce, individual workers and managers have been without a champion who could help them individually achieve the happy, fulfilling and “productive” lives they have always wanted but felt they could never attain. Indeed, we may finally access relatively high paying jobs and finally get to enjoy the material comforts of life that we always thought we had wanted, but still not feel fulfilled as human beings.  We may have simply gone from stressful lives without economic security to the correspondingly negative stresses of higher paying jobs, that we dread going to everyday, in our surrender to the “matrix” of a global capitalist economy. In such a context, we may simply seek to pursue moments of “escapism” through vacations or, worse case scenarios, taking our frustrations out on others, in an effort to dump our negative energies, or through taking drugs and narcotics in an effort to “treat” and contain negative energy. However, we often get inspired when we do occasionally hear about some people, who left a job that they didn't care for, to find a career path in which they were able to feel both financially secure and fulfilled as human beings. Luckily, these people, men and women, were able to unlock their own hidden destiny and live their lives in ways that they were meant to live, by tapping into their souls mission.  It is our soul as human beings –the essence of who we really are - that gets hidden from us in the confusion and chaos of modern life. In this confusion, it is often impossible for most of us to pursue the fulfilling lives that we desire to have while also seeking financial security in order to have that which is imposed upon us as part of living up to this competitive environment, which America stands for: the land of tremendous opportunities. In the new era of Donald Trump as President, whether we voted for him or not, we might feel a renewed need to “find ourselves” onto a path of security and fulfillment in these uncertain but exhilarating times. Thankfully, Iain Balmain is now seeking to further share his spiritual insights in helping America unlock much of its untapped potential, one human being at a time; Americans who have not been luckily enough to stumble across and embrace their soul's destiny. By connecting with a person's soul, through his professional consultations, Iain wishes to awaken and clarify who we really are, that “who” repressed by artificial personae molded by society's chaos, which so often stunts the fruition of our identities. These artificial personas are essentially counterfeit or “fakes” that, if adopted, often mislead us into directions that create frustrations and negative stresses, eventually resulting in unfulfilled lives, the cause of bad health and many other problems. If you're feeling frustrated, lost, confused or uncertain about your career path and also seek a more fulfilled life, you may very well owe it to yourself to find a consultant like Iain Balmain who will inspire your divine potential.  A service like Iain's will save, not only precious time and money, but also promise to rejuvenate the course of personal health from the stresses that impact our daily lives. You contact Iain here - http://innerconsult.co.uk/

  • Samsung Electronics to invest more than $1 billion in US chip production

    Samsung Electronics said on Tuesday it planned to invest more than $1 billion by the end of June 2017 to boost production of system chips at its Austin, Texas, facilities in the United States to meet growing demand. The South Korean firm, the world's second-largest chipmaker behind Intel, said in a statement its investment would boost output of chips for mobile and other electronics devices from its existing facilities in the city. The investment comes after Samsung said last week its capital expenditure for 2016 would rise to a record 27 trillion won ($24 billion), with 13.2 trillion won earmarked for its semiconductor business. While most of Samsung's semiconductor profits come from memory chip sales, it has been trying to boost earnings from other products including its own Exynos mobile processors and contract manufacturing deals with clients such as Qualcomm and Nvidia Samsung did not give further details for its investment plans in Austin, such as how much production capacity would be added.
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  • GM sales drop 1.7 pct; U.S. auto sales seen off Despite Discounts

     General Motors' sales in October fell a less-than-forecast 1.7 percent as hefty gains for pickups and SUVs offset declines for its sedans but the industry was expected to report a larger drop.
    U.S. auto sales in October were seen declining between 6 percent and 8 percent, according to industry analysts, as higher consumer discounts failed to prevent a fall-off from last year's record high. GM said on Tuesday U.S. industry auto sales will be 17.4 million on a seasonally adjusted annualized rate, slightly weaker than most industry analysts expected. GM's two full-size pickup truck models, Chevrolet Silverado and GMC Sierra, collectively fell 7.6 percent. GM's Chevrolet Tahoe, Chevrolet Suburban and GMC Yukon large SUVs collectively gained 69 percent versus a year ago. The vehicles are hugely profitable for GM. The rate of decline in October from a year ago will not be known until later this week because Ford is delaying its sales report due to a fire at its Dearborn, Michigan headquarters on Monday. Fiat Chrysler's sales slid 10 percent, hampered by outsized drop-offs of two sedans it will soon stop making, and a rare decrease of 7 percent for its Jeep SUV brand. Cherokee sales were down 23 percent. Ford, the second-biggest automaker in the U.S. market with a 15 percent share of sales through September, has not said when it will issue its sales report. Analysts expect Ford to show a decline of between 9 percent and 11 percent from a year ago, which some analysts said was due to better discipline on the use of discounts. Others pointed out that the company stemmed production at North American F-150 pickup truck plants and sedan plants to counteract weak demand. Comparisons to last October are pressured because of two fewer selling days. But even with that factored in, sales would likely have been weaker if not for the big consumer discounts, known as incentives, analysts said. TrueCar said October incentives industrywide rose nearly 16 percent from a year earlier, or about $3,600 per new vehicle sold. Nissan's sales fell 2.2 percent, though sales of its SUVs and pickup trucks rose 13 percent.
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  • Asian shares lower; ASX, Nikkei, Kospi, HSI drop more than 1%

    Most Asian markets dropped more than 1 percent after Wall Street's "fear index" spiked on jitters over the U.S. presidential elections. "Markets have been rankled by some polls putting Trump ahead of Clinton for the first time, given Trump's controversial policy platform of re-looking at trade deals and clamping down on immigration," Chang Wei Liang, FX strategist at Mizuho Bank, said in a Wednesday note. Australia's ASX 200 closed down 1.16 percent, or 61.47 points, at 5,229 dragged by its energy subindex, which was down 1.81 percent, and its financials subindex, which fell 1.43 percent. Japan's Nikkei 225 ended down 1.76 percent, or 308.07 points, at 17,134.68, likely due to the stronger yen which is seen as a safe haven currency. The yen strengthened against the greenback, fetching 103.86 a dollar as of 1:57 pm HK/SIN, compared to 104 levels seen on Tuesday. In South Korea, the Kospi closed down 1.42 percent, or 28.45 points, at 1,978.94. Hong Kong's Hang Seng shed 1.44 percent as of 3:09 pm local time. Mainland China's Shanghai composite was down 0.62 percent, or 19.48 points, at 3,102.97, while the Shenzhen composite slipped 0.63 percent, or 13.06 points, at 2,060.05.
    The Dow Jones industrial average closed down 0.58 percent at 18,037.1, the S&P 500 ended 0.68 percent lower at 2,111.72, and the Nasdaq composite closed down 0.69 percent at 5,153.58, after a choppy day in which better-than-expected earnings failed to cancel out worries about the U.S. election. The CBOE Volatility Index (.VIX), called the "fear index" because it shows the market's expectations on volatility over a 30-day period, went above the key 20 point during U.S. trading, taking its rise to more than 40 percent over the past six days. It is the first time the VIX has risen for six straight days since the period just before the U.K.'s shock vote to leave the EU, and traders told CNBC the latest climb was due to the increased possibility of a Donald Trump presidency. The VIX last traded at 18.56 as of 4:14 am HK/SIN time.
    Symbol
    Name
    Price
    Change
    %Change
    NIKKEI NIKKEI 17134.68 -307.72 -1.76%
    HSI HSI 22810.50 -336.57 -1.45%
    ASX 200 S&P/ASX 200 5228.99 -61.48 -1.16%
    SHANGHAI Shanghai 3102.96 -19.48 -0.62%
    KOSPI KOSPI Index 1978.94 -28.45 -1.42%
    CNBC 100 CNBC 100 ASIA IDX 6837.65 -75.88 -1.10%
    The Federal Reserve will finish its two-day meeting on Wednesday in the U.S. The central bank is considered very unlikely to hike at the meeting, according to the CNBC Fed Survey, which found that 100 percent of respondents did not expect a move, but 86 percent did forecast a quarter-point hike at the December 13-14 meeting. Meanwhile, it's been a bruising few days for Trump rival Hillary Clinton, after the FBI said it was investigating new emails related to her controversial use of a private server while she served as secretary of state. "Even if the Fed does signal an inclination to lift rates in December, markets will take the view that this is unlikely if a Trump victory leads to uncertainty and a surge in financial market volatility. This view was played out in markets last night with the U.S. dollar falling sharply and gold rallying," said Ric Spooner, chief market analyst at CMC Markets, in a Wednesday note. Spot gold traded at $1,293.02 per ounce, compared to last week's levels as low as $1,266. In currency markets, the dollar index, which tracks the greenback against a basket of currencies, stood at 97.696 as of 3:12 pm HK/SIN, down from 98 levels on Tuesday. The Mexican peso extended its fall against the dollar, fetching 19.308 per dollar as of 3:12 pm HK/SIN. The peso had sold off as much as 1.3 percent against the greenback to 19.1102 pesos on Tuesday. The Korean won weakened against the greenback to 1,148.45, a three-and-a-half month low. In October, the KRW/USD had depreciated as much as 3.5 percent. "The woes surrounding labor strikes in Hyundai and Samsung's battery flame-outs were part of the domestic reasons that led to the underperformance versus the USD. Arguably, these issues may be partially reflected in the price, but we think that the room for more KRW weakness ahead has increased meaningfully." analysts at National Australia Bank said in a Tuesday note. Singapore's major banks were mixed, OCBC stock was down 0.47 percent at S$8.46 per share, United Overseas Bank slipped 1.12percent to S$18.50, while DBS traded up 0.07 percent at S$15.00 A Moody's Investors Service report on Wednesday warned that the three banks could see their profitability come under further pressure, as seen in their latest financial results. The ratings agency assigned a negative outlook to the banks' ratings in March. "The Q3 results for DBS, OCBC and UOB show a further weakening in the banks' asset quality and profitability, because of the persistent challenges that they face in relation to their oil and gas exposures," said Eugene Tarzimanov, vice president and senior credit officer at Moody's Investor Service, in the note.
    Australia's CSR sees a lift in H1 profits
    Australia's CSR sees a lift in H1 profits  
    Australia's CSR jumped 8.61 percent to A$3.89 after it reported half-year revenue was up 8 percent to A$1.24 billion, and half-year net profit after tax rose 12 percent to A$103.1 million. The building materials company has risen more than 31 percent year-to-date. Shares in Virgin Australia were down 4.17 percent at A$0.23per share, after the airline operator reported an underlying loss before tax of A$3.6 million. Hong Kong-listed Standard Chartered dipped 6.45 percent to HK$63.05 a share, after it reported a 6 percent decline in income from the previous year on Tuesday. The bank also warned that it might have compliance and regulatory struggles ahead, confirming that Hong Kong's financial regulator planned to take action against it because of its role as a joint sponsor in an initial public offering in 2009. Oil majors in the region were all lower, Australia's Santos was down 4.27 percent, Oil Search fell 1.35 percent and Woodside Petroleum dropped 1.07 percent, Japan's Inpex slipped 1.63 percent, while South Korea's S-Oil was up 1.23 percent, China's Shanghai Pechem was down 1.52 percent and Petrochina was down 0.82 percent. U.S. crude futures were down 0.77 percent, at $46.31 a barrel, after it had settled to $46.67 on Tuesday. Global benchmark Brent was down 0.60 percent at $47.85 after it settled at $48.14. The American Petroleum Institute (API) said crude inventory rose by 9.3 million barrels in the week to October 28. A Reuters poll had forecast stockpiles to rise by 1 million barrels. Traders will likely look to the Energy Information Administration's official inventory data, due for release later Wednesday, for further direction.
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  • Homeowners Twice as House rich as Five Years Ago

    America's housing market is heating up again, fortifying the finances of current homeowners and frustrating potential first-time buyers. After hitting bottom in 2012, home prices took off dramatically before leveling off a bit in mid-2014. In the last two months, though, they turned higher again. The amount of equity homeowners now have — the value outside their mortgage debt — has doubled in the last five years, according to CoreLogic. The latest read on September home prices showed a 6.3 percent annual gain, a touch bigger than August and a clear sign that prices are heating up again after cooling through much of spring and summer. "Home-equity wealth has doubled during the last five years to $13 trillion, largely because of the recovery in home prices," said Frank Nothaft, chief economist for CoreLogic. "Nationwide during the past year, the average gain in housing wealth was about $11,000 per homeowner, but with wide geographic variation."
    Housing by the numbers
    Housing by the numbers  
    All real estate is local, and while most states show gains in home values, the variance is wide. Connecticut and Alaska are the only states seeing annual price declines. For Connecticut, it is jobs plain and simple. The loss of major employers there, like General Electric's decision to move its headquarters to Boston, have hit the housing market hard. Other states, like Arkansas, New Jersey, North Dakota, Oklahoma, Wyoming, Maine and Maryland, are barely in the black. On the flip side, as tech companies flee California, nearby states like Washington and Oregon are seeing double-digit home price gains, with Colorado and Utah not far behind. Homeowners today show more wealth on paper, but they are not extracting it at nearly the rate they did during the last housing boom. Near-record-low mortgage rates have certainly prompted thousands of borrowers to refinance and lower their monthly payments, but a very small share have extracted cash in these refinances and home equity lines of credit (HELOC). "That weakness of active home equity withdrawal looks in large part to reflect tight credit conditions. Although lenders have reported loosening lending standards for HELOCs in each of the past 15 quarters, that easing has been modest compared to the conventional mortgage market," wrote Matthew Pointon, property economist with Capital Economics. "Indeed, median credit scores for new HELOC originations have not declined at all over the past couple of years, despite the serious delinquency rate on those loans dropping to its lowest since records began in 2008." So homeowners get richer, and those trying to become homeowners have to face not just higher prices, but a severe lack of homes for sale, especially at the entry level. There is clearly demand, just not enough supply. "After all, measures of home purchase sentiment are elevated, and there is evidence that first-time buyers are making a welcome return to the market," added Pointon. They are returning, but still not hitting their historically normal share of homebuyers. While the National Association of Realtors reported a jump in first-time buyers in September sales, other measures show they have been dropping pretty steadily from a high of 40 percent in May to 34.8 percent in September, according to Campbell/Inside Mortgage Finance. That was the lowest level recorded since April 2014.
    The slowdown in first-time buyers is likely due to higher home prices. First-time buyers are much more price-sensitive than the rest of the market, and they are also more limited in credit availability. Housing affordability is now below average in half of the nation's top 20 metropolitan markets, according to John Burns Real Estate Consulting. These include Denver, Houston, Austin, Texas, and Nashville, Tennessee. "This means that they are at high risk of a sharp price correction whenever the next recession hits," the Burns researchers said.
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  • The Garbage Indicator: What trash is Telling us About the Economy Now

    It is said that one man's trash is another man's treasure. It also happens that all of our trash could collectively make for a great economic indicator.

    In addition to other, more conventional indicators, Deutsche Bank's chief international economist, Torsten Slok, consults freight rail waste data put out by the Association of American Railroads for a check on how the economy is doing. Given the drop in oil prices and rise in the dollar, "a lot of economic statistics were distorted and you did see a slowdown in a lot of places. ... This indicator is an attempt to get a more pure view of where the business cycle is at the moment," Slok said Monday on CNBC's "Trading Nation." At this point, the garbage transport gauge "is indeed suggesting that the recovery continues, or that the economic expansion is moving forward from here." Slok isn't the first to notice the connection between waste carloads and the GDP growth. Michael McDonough, an economist at Bloomberg, has followed growth in the waste carloads indicator for years. Indeed, the data series has been shown to have a high correlation to changes in GDP. This makes some intuitive sense, given that consumption, construction and other such activities generally create waste. While peering deeply into trash may sound strange, "all joking aside, this is really an attempt to capture what is the economic activity when we measure it from a whole different angle than we normally do," Slok said. He added that it generally confirms what economic data have shown, but "if anything, this also points to that there are some upside risks to the outlook from where we are at the moment." In more conventional data, Tuesday's ISM reading showed that the manufacturing sector expanded in October. The October employment report is set to be released Friday. Read More..

America’s Hidden H.I.V. Epidemic

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arly on a balmy morning last October, Cedric Sturdevant began his rounds along the bumpy streets and back roads of Jackson, Miss. Sturdevant, 52, has racked up nearly 300,000 miles driving in loops and widening circles around Jackson in his improvised role of visiting nurse, motivational coach and father figure to a growing number of young gay men and transgender women suffering from H.I.V. and AIDS. Sturdevant is a project coordinator at My Brother’s Keeper, a local social-services nonprofit. If he doesn’t make these rounds, he has learned, many of these patients will not get to the doctor’s appointments, pharmacies, food banks and counseling sessions that can make the difference between life and death.

Negotiating a maze of unpaved roads in Jackson in the company car, a 13-year-old Ford Expedition with cracked seats and chipped paint, he stopped to drop off H.I.V. medication at a couple’s home. One of the men was H.I.V.-positive, the other negative; they lived in the neighborhood locals call the Bottom, where every fifth or sixth home is abandoned, with broken windows, doors hanging off hinges, downed limbs and dry leaves blanketing front yards. Sturdevant banged on the door of a small house, its yard overgrown with weeds; he knew not to leave the package on the doorstep, where it could be stolen. After a while a young man emerged, shirtless, shrugging off sleep. He had just gotten out of jail. Sturdevant handed him the package, shook his hand and told him to “stay out of trouble.”

Sturdevant drove on another 15 minutes to pick up Marq (a shortened version of his name to protect his privacy), a teenager who was still reeling from the H.I.V. diagnosis he received the previous spring. As they headed to and from a doctor’s appointment and a meeting with a counselor, Sturdevant, slow-talking and patient, with eyes that disappear into his cheekbones when he smiles and a snowy beard, gently grilled him, reminding him to stay on his meds. The teenager slumped in the back seat, half listening, half checking his texts. He looked up briefly when Sturdevant told him, “You’ve come a long way. I’m proud of you.” But Marq barely said goodbye as he jumped out of the car in front of a convenience store on an avenue scattered with a pawnshop, a liquor store and several Baptist churches, and he all but admitted he was planning to spend the afternoon smoking weed and looking at Instagram. “Knucklehead,” Sturdevant whispered, as the teenager slammed the door. Pulling off his favorite Dallas Cowboys baseball cap and running a hand over his bald head, Sturdevant added softly, “Breaks my heart.”

These patients of Sturdevant’s are the faces of one of America’s most troubling public-health crises. Thanks to the success of lifesaving antiretroviral medication pioneered 20 years ago and years of research and education, most H.I.V.-positive people today can lead long, healthy lives. In cities like New York and San Francisco, once ground zero for the AIDS epidemic, the virus is no longer a death sentence, and rates of infection have plummeted. In fact, over the past several years, public-health officials have championed the idea that an AIDS-free generation could be within reach — even without a vaccine. But in certain pockets of the country, unknown to most Americans, H.I.V. is still ravaging communities at staggering rates.

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Last year, the Centers for Disease Control and Prevention, using the first comprehensive national estimates of lifetime risk of H.I.V. for several key populations, predicted that if current rates continue, one in two African-American gay and bisexual men will be infected with the virus. That compares with a lifetime risk of one in 99 for all Americans and one in 11 for white gay and bisexual men. To offer more perspective: Swaziland, a tiny African nation, has the world’s highest rate of H.I.V., at 28.8 percent of the population. If gay and bisexual African-American men made up a country, its rate would surpass that of this impoverished African nation — and all other nations.

The crisis is most acute in Southern states, which hold 37 percent of the country’s population and as of 2014 accounted for 54 percent of all new H.I.V. diagnoses. The South is also home to 21 of the 25 metropolitan areas with the highest H.I.V. prevalence among gay and bisexual men. Jackson, the capital of Mississippi, the country’s poorest state, is best known for blues, barbecue and “The Help.” It also has the nation’s highest rate — 40 percent — of gay and bisexual men living with H.I.V., followed by Columbia, S.C.; El Paso; Augusta, Ga.; and Baton Rouge, La. In Jackson, a small city of just over 170,000, half a dozen black gay or bisexual men receive the shock of a diagnosis every month, and more than 3,600 people, the majority of them black men, live with the virus.

The South also has the highest numbers of people living with H.I.V. who don’t know they have been infected, which means they are not engaged in lifesaving treatment and care — and are at risk of infecting others. An unconscionable number of them are dying: In 2014, according to a new analysis from Duke University, 2,952 people in the Deep South (Alabama, Florida, Georgia, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee and Texas) died with H.I.V. as an underlying cause, with the highest death rates in Mississippi and Louisiana. Among black men in this region, the H.I.V.-related death rate was seven times as high as that of the United States population at large.

Sturdevant, born and raised in Metcalfe, a tiny Mississippi Delta town of about 1,000, understands all too well the fear, stigma and isolation that can come with being a black gay man in the South. “Growing up, I was taught that God was not fixing to forgive a person who was homosexual,” Sturdevant said. “The Bible supposedly said you’re going straight to hell, automatically, there’s no forgiveness. There were several times I thought about suicide. There were several times I wanted to get sick and die. Finally, my thought was, I just want to get out of here.” He moved to Dallas, and then to Memphis.

When he learned he had H.I.V. in 2005, Sturdevant knew little about the virus and was too depressed and ashamed to tell anyone at first. When his partner died the following year, he let the disease consume him. “I was weak, had a fever of 103, couldn’t even keep down water,” he recalled. Sturdevant has shared his story too many times to count, to let young men know that he has been there, too, and to help them understand that they can survive this plague. He also knows that many black gay and bisexual men have been rejected and discarded, and has wrapped his arms around as many as he can grab hold of, treating them like family. Sturdevant has two daughters from an early marriage and three grandchildren, but he says he feels just as strongly about his 16 or so unrelated “children,” most of them living with H.I.V. He feeds them, sometimes houses them, but mostly listens to them. “Young black men feel abandoned and need someone they can believe in and who believes in them,” Sturdevant said as he drove past fields of fluffy cotton, his hands resting lightly on the steering wheel. “I told God I want to be able to help guys like me, that didn’t grow up with their father, and they started coming to me, wanting to talk. After a while, they would bring other people to me and say, ‘Dad, can you help him, too?’ ”

Sturdevant moved his seat back, preparing for a long drive, and adjusted the radio to 107.5, the local R.&B. oldies station. Toni Braxton’s wail — “I wish you’d hold me in your arms like that Spanish guitar” — filled the car. He was headed to a small town 90 miles east of the city to visit Jordon, an H.I.V.-positive 24-year-old. When Sturdevant himself was at his lowest point, he said, “I looked something like this boy we’re going to see.”

He took a call from De’Bronski, one of the “sons” he has cared for and bonded with. Sturdevant met the young man in 2009 and took him in; he later helped him deal with his H.I.V. diagnosis. “I love you, too,” Sturdevant told him. Then he turned down a dead-end street and pulled up in front of the one-story brick home where Jordon lived. “I’m real worried about him,” Sturdevant said, lowering his voice as he walked up the driveway’s cracked pavement toward the front door. Jordon had recently posted a photo of his skeletal frame on Facebook, asking friends to “pray for me.”

As he stepped into Jordon’s stuffy bedroom, Sturdevant’s eyes scanned from a wheelchair leaning against the wall to a can of Ensure on the bedside table before settling on the young man. He was rubbing his feet, wincing from H.I.V.-related neuropathy that caused what he described as “ungodly pain.” Jordon’s round, hooded eyes were sunk deep into his face. Gray sweatpants pooled around his stick-thin legs, so fragile they looked as if you could snap them in two. His arms were marked with scars from hospital visits and IVs. Over six feet tall, he weighed barely 100 pounds. He smiled slightly when he saw Sturdevant, dimples folding into his hollow cheeks. “Hey, Mr. Ced,” he said, his voice raspy.

In February 2016, Jordon suddenly found himself too weak and tired to attend the community-college classes he had enrolled in; he could hardly lift his head from his mother’s couch. He wasn’t accustomed to being sick and had tested negative for H.I.V. just five months before, so thinking he had a bad cold, he waited weeks before his family forced him to go to the emergency room at a hospital in his small town, where he was tested again. “The doctor said to me, ‘Your H.I.V. is so bad — how could you not know?’ ” Jordon recounted through tears. He ended up in intensive care for three weeks. “I honestly didn’t believe it.” He paused and then added quietly, “It was the worst day of my life.”

With effort, Jordon sat up slightly, untangling himself from a jumble of sheets. Sturdevant asked how he was doing, and he cataloged a laundry list of what he called his “old man” ailments. “I’ve had everything — diarrhea, hemorrhoids, now this neuropathy,” he said. “My body hates me.” Once a month, his mother or grandmother drove him to medical appointments in Jackson, to receive care from providers experienced in treating people living with H.I.V. and to avoid the small-town gaze at the local facilities; there is no Gay Men’s Health Crisis for him to visit in his small town, as there would be if he lived in New York. “Everybody knows everybody here,” Jordon said. “At the hospital, they know my mom and my brother and my grandmother. I would rather be around people who don’t know me.” Too ashamed to admit that he had the virus, Jordon had told few friends about his diagnosis.

“Are you taking your medicine?” Sturdevant asked. For many young men, the H.I.V. diagnosis and the illness are so overwhelming that maintaining a new and unfamiliar regimen of medication can be difficult. Jordon looked down. “Not as often as I should.” When he saw Sturdevant’s glare, he continued, sounding like a little boy. “I hate taking medicine; I hate it. I have to take six pills, now seven, eight, plus a shot —”

Sturdevant cut him off. “We all have to do this, Jordon. Don’t you want to get better?”

Jordon let his head fall back on the pillow. “I know I can get better, Mr. Ced,” he said, massaging his feet. “I just don’t know how everything got so bad.”

Given the advances in research, information and treatment, it seems inconceivable that someone living with the virus today, like Jordon, could look as if he had stepped out of the early years of the epidemic. And yet a series of fateful decisions and omissions, dating back to the discovery of the disease, have led to a present that looks like the past — but only for some.

History marks the beginning of the American AIDS epidemic as June 5, 1981, when an issue of the C.D.C.’s Morbidity and Mortality Weekly Report — the authoritative voice of the agency — highlighted five cases of pneumocystis pneumonia (PCP) in previously healthy men in Los Angeles. Healthy people do not contract a disease like PCP, which had been largely confined until then to patients on medication to suppress their immune systems for an organ transplant or cancer patients on chemotherapy. Though not stated explicitly, the language of the report, by omitting race, implied that its “five young men, all active homosexuals,” were white, which they were. But there were two more documented cases, not mentioned in the notice, and these sixth and seventh cases were black — one of them a gay African-American, the other a heterosexual Haitian.

Dr. Michael Gottlieb, the lead author of the report and a renowned physician specializing in H.I.V./AIDS, treated Rock Hudson before he died of AIDS complications in 1985 and still practices in Los Angeles. Gottlieb said he is often asked why he didn’t include in that first report the documented case of the gay African-American man, who had both PCP and cytomegalovirus, a virus that attacks the organs of patients with compromised immune systems. He explains that he discovered the case after the report was finalized. “Until recently, I wouldn’t have thought it mattered,” said Gottlieb, who said that he and others on the front line were grappling with an unprecedented and frightening medical mystery and largely working in the dark. “But in retrospect, I think it might’ve made a difference among gay black men.”

Including gay black men in the literature and understanding of the origins of the disease and its treatment could have meant earlier outreach, more of a voice and a standing in H.I.V./AIDS advocacy organizations, and access to the cultural and financial power of the L.G.B.T. community that would rise up to demand government action. But 35 years of neglect, compounded by poverty and inadequate local health care infrastructure, have left too many black gay and bisexual men falling through a series of safety nets.

This has been true of even the most recent advances. In 2010, the Obama administration unveiled the first National H.I.V./AIDS Strategy, an ambitious plan that prioritized government research and resources to so-called key populations, including black men and women, gay and bisexual men, transgender women and people living in the South. With a mandate to “follow the epidemic,” several pharmaceutical companies and philanthropic organizations also started projects to help gay black men, particularly in the Southern states. That same year, the Affordable Care Act and later the expansion of Medicaid in more than half of the country’s states linked significantly more H.I.V.-positive Americans to lifesaving treatment and care.

In 2011, HPTN 052, a study of 1,763 couples in 13 cities on four continents funded by the National Institute of Allergy and Infectious Diseases, found that people infected with H.I.V. are far less likely to infect their sexual partners when put on treatment immediately instead of waiting until their immune systems begin to fall apart. This “test and treat” strategy also significantly reduces the risk of illness and death. The data was so persuasive that the federal government began pushing new H.I.V./AIDS treatment guidelines to health care providers the following year. And in 2012, the Food and Drug Administration approved the preventive use of Truvada, in the form of a daily pill to be taken as pre-exposure prophylaxis (commonly called PrEP). It has been found to be up to 99 percent effective in preventing people who have not been infected with H.I.V. from contracting the virus, based on the results of two large clinical trials; an estimated 80,000 patients have filled prescriptions over the past four years.

But these measures have not extended to most black gay and bisexual men. A C.D.C. report in February noted that only 48 percent of black gay and bisexual men effectively suppress the virus with consistent medication, and the numbers are even lower for these men in their late teens and 20s. In 2014, nearly one in five black gay men who had received a diagnosis of H.I.V. had progressed to AIDS by the time they learned of their infection — which meant that they were generally very ill by the time they began treatment. Only a small percentage of black people use PrEP to prevent contracting the virus, accounting for only 10 percent of prescriptions; the vast majority of users are white. Many black gay and bisexual men either can’t afford PrEP or don’t know about it — they may not see a doctor regularly at all, and many medical providers haven’t even heard of PrEP.

Turning things around would mean expanding testing and providing affordable treatment for those who are positive — to stop sickness and dying and also to block transmission of the virus. It would also require getting information and medication, including PrEP, to those most at risk. Even more challenging would be reducing the stigma, discrimination and shame that drive gay and bisexual men to hide their sexuality and avoid the health care system — and making sure providers have adequate resources and understand how to care for H.I.V. patients.

“It’s deeply troubling when 50 percent of African-American gay men are expected to get H.I.V. during their lifetime, but it’s also been a clarion call for all of us to improve on what we’re doing,” said Dr. Jonathan Mermin, the director of the C.D.C.’s National Center for H.I.V./AIDS, Viral Hepatitis, S.T.D. and TB Prevention. “What we have been trying to do is ensure that we’re having the greatest effect with the resources we’re provided.”

Few believe there is the kind of energy, leadership, money and political will in the current political climate to fix the situation in the community that has fallen through the cracks for so long. And experts in the field have grown increasingly worried about the new administration’s commitment to fighting the disease. Soon after President Trump’s inauguration, the web page of the Office of National AIDS Policy, the architect of the National H.I.V./AIDS Strategy, was disabled on the White House website. The president’s proposed budget includes a $186 million cut in the C.D.C.’s funding for H.I.V./AIDS prevention, testing and support services. The congressional fight over the repeal of the Affordable Care Act, and the president’s declarations that “Obamacare is dead,” have conjured a disastrous return to even more alarming conditions, like waiting lists for medication. As recently as 2011, the AIDS Drug Assistance Program state-by-state list of people waiting for H.I.V. medication ballooned to over 9,000 people, mostly poor black and brown men in Southern states.

“The key to ending the AIDS epidemic requires people to have either therapeutic or preventive treatments, so repealing the A.C.A. means that any momentum we have is dead on arrival,” said Phill Wilson, chief executive and president of the Black AIDS Institute, a Los Angeles-based nonprofit. “For the most vulnerable, do we end up back in a time when people had only emergency care or no care and were literally dying on the streets? We don’t know yet, but we have to think about it.”

June Gipson, president and chief executive of My Brother’s Keeper, the Jackson nonprofit Cedric Sturdevant works for, believes that the repeal of the Affordable Care Act wouldn’t have an immediate catastrophic effect in her state — but only because things are already so dire. Like most of the South, Mississippi refused Medicaid expansion, and nearly half of its citizens who are living with H.I.V. rely on the Ryan White H.I.V./AIDS Program to stay alive. Named for an Indiana teenager who contracted H.I.V. through a blood transfusion in the ’80s, this federal program provides funding for H.I.V. treatment and care for those who have no other way to finance their medication. If the A.C.A. is repealed, Gipson said, “it just means that the entire country becomes Mississippi.”

For nearly two decades, the United States has focused money and attention on the H.I.V./AIDS epidemic elsewhere. Barbara Lee, the longtime United States representative from Northern California, has signed her name as a sponsor to every piece of major federal H.I.V./AIDS legislation since she was first elected in 1998. In 2003, she was a co-author of legislation that led to the President’s Emergency Plan for AIDS Relief (Pepfar). The five-year, $15 billion global strategy provided prevention, treatment and care services to the countries most affected by the disease, almost exclusively in Africa. The largest international health initiative in history to fight a single disease, Pepfar is considered a success story by any measure and a crowning achievement of George W. Bush’s presidency.

Black America, however, never got a Pepfar. Though the raw numbers were much lower than in Africa, parts of our country looked like the continent the program was created to save. Yet while buckets of money went overseas, domestic funding for H.I.V./AIDS remained flat, and efforts to fight the disease here were reduced to a poorly coordinated patchwork affair. “When we saw that the epidemic was out of proportion in the black community, we started calling for a domestic Pepfar that would bring new resources to the effort, create clear and ambitious objectives and rebuild health care infrastructure around the country,” Lee said. “But we just couldn’t get the administration to focus on a domestic plan.”

Greg Millett, a senior scientist for the C.D.C. for 14 years and a senior policy adviser for the Obama administration’s White House Office of National AIDS Policy, put it more candidly. “During the Bush years, the administration dropped all pretense that they cared about AIDS in this country,” said Millett, who is now the vice president and director of public policy at amfAR, the Foundation for AIDS Research. “The White House said H.I.V. is only a problem in sub-Saharan Africa, and that message filtered down to the public. Though the Bush administration did wonderful work in combating H.I.V. globally, the havoc that it wreaked on the domestic epidemic has been long-lasting.”

Beginning in the late ’90s, the United States government funneled billions of federal dollars into abstinence-until-marriage programs here and abroad. In place of effective sex education, these programs often discouraged condom use while teaching abstinence as the only way to prevent the spread of AIDS — even as well-regarded research established that this kind of sex education does not lower the risk of contracting H.I.V. and other sexually transmitted diseases.

During this time, many scientists, researchers and government administrators were afraid to speak openly about condoms, needle exchange and L.G.B.T. issues for fear of reprisal and loss of funding. Community organizations became targets of anti-gay crusades, subjected to intense scrutiny, including exhaustive audits, by federal agencies. “It is no coincidence that new rates of H.I.V. infection among gay men, especially gay black men, began to spike sharply from 2000 on, because of an anti-science campaign that allowed for little or nothing to be done for a maligned community simply due to ideology and bigotry,” Millett said. “The hostile environment made funding effective H.I.V.-prevention programs, messages or research impossible for U.S. communities most impacted by H.I.V.”

The election of Barack Obama brought renewed attention to the domestic epidemic and loosened the conservative grip on the federal government’s prevention and research agenda. At the first post-Bush national H.I.V.-prevention conference in 2009, Christopher Bates, then the director of H.I.V./AIDS policy for Health and Human Services and interim executive director of the Presidential Advisory Council on H.I.V./AIDS, kicked off the event in Atlanta by jumping onstage with duct tape on his mouth, ripping it off and shouting, “Finally, I can speak!” On World AIDS Day in 2011, Obama directly addressed the H.I.V. crisis among gay black men in a speech at George Washington University: “When new infections among young black gay men increase by nearly 50 percent in three years, we need to do more to show them that their lives matter.”

But good intentions have not translated into enough funding and resources — from either the government or philanthropic organizations. Good intentions also have not counteracted the crippled medical infrastructure in states like Mississippi, which the Commonwealth Fund, an independent health-policy research foundation, ranks dead last in more than 40 measures of health-system performance. A 2014 study conducted by Dr. David Holtgrave of the Johns Hopkins Bloomberg School of Public Health found that to make any real progress in the H.I.V./AIDS crisis among black gay and bisexual men in the United States, the government would need to invest an additional $2.5 billion to address unmet testing, care, treatment and prevention needs. Despite the higher H.I.V. diagnosis and death rates in the Deep South, the region received $100 less in federal funding per person living with H.I.V. than the United States over all in 2015.

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