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A first: US Senate confirms transgender doctor for key post

Voting mostly along party lines, the U.S. Senate on Wednesday confirmed former Pennsylvania Health Secretary Rachel Levine to be the nation’s assistant secretary of health. She is the first openly transgender federal official to win Senate confirmation. The final vote was 52-48. Republican Sens. Lisa Murkowski of Alaska and Susan Collins of Maine joined all Democrats in supporting Levine. Levine had been serving as Pennsylvania’s top health official since 2017, and emerged as the public face of the state’s response to the coronavirus pandemic. She is expected to oversee Health and Human Services offices and programs across the U.S. President Joe Biden cited Levine’s experience when he nominated her in January. Levine “will bring the steady leadership and essential expertise we need to get people through this pandemic — no matter their zip code, race, religion, sexual orientation, gender identity or disability,” Biden said. Transgender-rights activists have hailed Levine’s appointment as a historic breakthrough. Few trans people have ever held high-level offices at the federal or state level. Transgender-rights activists have hailed Levine’s appointment as a historic breakthrough. Few trans people have ever held high-level offices at the federal or state level. However, the confirmation vote came at a challenging moment for the transgender-rights movement as legislatures across the U.S. — primarily those under Republican control — are considering an unprecedented wave of bills targeting trans young people. One type of bill, introduced in at least 25 states, seeks to ban trans girls and young women from participating in female scholastic sports. One such measure already has been signed into law by Mississippi Gov. Tate Reeves, and similar measures have been sent to the governors in Tennessee, Arkansas and South Dakota. Another variety of bill, introduced in at least 17 states, seeks to outlaw or restrict certain types of medical care for transgender youths. None of these measures has yet won final approval. Issues related to transgender rights also are a major factor in Republican opposition to the proposed Equality Act, which would extend federal civil rights protections to LGBTQ people across the U.S. The measure has passed the Democratic-led House but likely needs some GOP votes to prevail in the Senate. Former Houston Mayor Annise Parker, president of the LGBTQ Victory Institute, alluded to those developments as she welcomed the Senate’s vote on Levine. “At a time when hateful politicians are weaponizing trans lives for their own perceived political gain, Dr. Levine’s confirmation lends focus to the contributions trans people make to our nation,” said Parker, whose organization recruits and supports LGBTQ political candidates. Sen. Rand Paul, R-Ky., who voted no, had confronted Levine about medical treatments for transgender young people — include hormone treatment and puberty blockers — during her confirmation hearing Feb. 25. “Do you believe that minors are capable of making such a life-changing decision as changing one’s sex?” Paul asked. Levine replied that transgender medicine “is a very complex and nuanced field with robust research and standards of care” and said she would welcome discussing the issues with him. In the past, Levine has asserted that hormone therapy and puberty-blocking drugs can be valuable medical tools in sparing some transgender youth from mental distress and possible suicide risk. The confirmation vote was assailed by the conservative Family Research Council, which contended that Levine, in addition to her stance on transgender medical care, had supported “a variety of pro-abortion and anti-religious freedom proposals” while serving as Pennsylvania’s health secretary. “Levine may be the most extreme radical ever confirmed by the Senate,” said Travis Weber, the council’s vice-president for policy and government affairs. A pediatrician and former Pennsylvania physician general, Levine was appointed as Pennsylvania’s health secretary by Democratic Gov. Tom Wolf in 2017. She won confirmation by the Republican-majority Pennsylvania Senate. However, Sen. Pat Toomey, a Pennsylvania Republican, voted against Levine’s confirmation Wednesday. “In Pennsylvania, the pandemic struck seniors in nursing homes disproportionately hard compared to other states,” Toomey said. “This was due in part to poor decisions and oversight by Dr. Levine and the Wolf administration.” He also said an extended lockdown advocated by Levine “was excessive, arbitrary in nature, and has led to a slower recovery.” A graduate of Harvard and of Tulane Medical School, Levine is president of the Association of State and Territorial Health Officials. She’s written in the past on the opioid crisis, medical marijuana, adolescent medicine, eating disorders and LGBTQ medicine. Praise for her accomplishments and her handling of the pandemic have coincided with a steady stream of vitriol directed at at her on social media. As reported Tuesday by the Associated Press, Levine was among the targets of a private Facebook group called the Pittsburgh Area Police Breakroom whose participants included many current and retired police officers. Dozens of group members fueled days of transphobic posts about Levine for her role in statewide social-distancing mandates to stop the spread of COVID-19. “Someone needs to shoot this thing!!” one retired officer wrote. In January, a Pennsylvania legislator shared on Facebook an image mocking Levine’s appearance, then offered a general apology. State Rep. Jeff Pyle, a Republican, said on Facebook that he “had no idea” the post mocking Levine “would be … received as poorly as it was” but that “tens of thousands of heated emails assured me it was.” David Crary, The Associated Press

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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)

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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)

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Crypto Market Bloodbath Amid Broader Economic Concerns

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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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