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We have seen just about everything we’ve needed to see to confirm this powerful secular bull market advance since the beginning of 2023. There was really only one thing missing and it’s not missing any longer. I’ll get to that in a minute.

But let’s look at the most aggressive sector in the stock market and let’s evaluate the growth vs. value trade that has characterized and driven a tremendous move higher in U.S. equities.

Technology (XLK):

Semiconductors ($DJUSSC) have been the lifeblood of technology’s leadership and technology represents nearly 30% of the S&P 500 now – thanks in large part to the huge advance in technology shares. After a remarkable 200% advance in semiconductors over 15 months, we’ve seen the DJUSSC cool off a bit, which began with the bearish engulfing candle I pointed out one week ago:

From the high on Friday, March 8th to the low on Friday, March 15th, the DJUSSC lost approximately 10%. That had an obvious impact on technology stocks in general, which lagged most sectors last week.

The very ugly bearish engulfing candle, together with the HUGE volume, is not to be ignored. It “could” represent a major top in this group for awhile, which isn’t a bad thing. We shouldn’t expect the DJUSSC to triple every 15 months, that’s not sustainable. But if it pauses in the near-term, it’s likely to have a significant effect as many of its component stocks are represented in both the S&P 500 ($SPX) and the NASDAQ 100 ($NDX). The group is much more heavily represented in the $NDX. Semiconductors represents nearly 22.86% and 9.76% of the $NDX and $SPX, respectively. While there’s plenty of growth stocks in the S&P 500, the NASDAQ 100 is much more heavily impacted by growth stocks. That’s why I like to follow the $NDX:$SPX ratio. It’s a “growth vs. value” ratio that provides us one look at the risk environment that we’re in. When the ratio goes up, we can typically conclude that the market environment is “risk on”, which usually leads to higher stock prices. A falling ratio, however, can signal “risk off”, which would mean more caution. Here’s where we currently stand:

During the summer of 2023, the $NDX:$SPX ratio declined and this “risk off” signal resulted in a 10% correction as the benchmark S&P 500 followed suit to the downside. But look at the last 3 “risk off” readings in the $NDX:$SPX ratio. The S&P 500, for the most part, has kept gaining ground, especially over the past two months. What’s changed?

Well, thanks for asking, because this was the missing ingredient in the secular bull market in 2024. Let me show you what’s changed. It’s called BULLISH ROTATION:

XLI:$SPX

XLF:$SPX

XLE:$SPX

XLB:$SPX

Over the summer months, when we turned “risk off”, the proceeds from selling those aggressive sectors simply left the market, it didn’t rotate to and create bullishness in other sectors in the market. You can see that by simply following all of those red directional lines for each of the 4 sectors shown above. This time is different and the above relative sector charts help us visualize the difference.

I believe technology will be fine in time, but a period of underperformance wouldn’t be a bad thing at all. In fact, the rotation is creating tremendous opportunities in other areas of the market. You need to recognize this shift now, because it’s increasing the likelihood that our current bull market run may only just be beginning.

In Monday morning’s FREE EB Digest newsletter article, I’ll be featuring a company (outside the technology sector) that recently broke out and looks poised for significantly higher price down the road as money has been pouring into its sector. You can CLICK HERE to sign up for this FREE newsletter with your name and email address. There’s no credit card required and you may unsubscribe at any time.

Take advantage of this rotation!

Happy trading!

Tom

After inching higher for six weeks with intermittent corrective bouts, Indian equities finally took a breather and succumbed to a corrective move as it ended the week on a negative note. In the previous weekly technical outlook, it was categorically mentioned that the markets remain prone to corrective retracement. In line with this analysis, the headline index Nifty 50 saw a meaningful technical retracement from higher levels. The trading range expanded on the expected lines with the index oscillating in a 620.-5 points range. While ending the week near its low point, the benchmark index closed with a net weekly loss of 470.20 points (-2.09%).

The technical setup does not paint a buoyant picture; given the previous week’s price action, we can now consider the high of 22525 as an intermediate top for the markets unless taken out convincingly. Furthermore, there is also an emergence of a bearish divergence of the RSI on the weekly charts that may hint at the corrective mood of the markets persisting for some more time. The most important pattern support comes in the upper edge of the rising channel that the Nifty broke above, which also converges with the 20-week MA placed well below at 21264. The markets have a wider range to oscillate over the coming weeks.

The coming week may see a tepid start; the markets may show mild technical rebounds but may largely stay tentative. The levels of 22300 and 22410 may act as potential resistance points; the supports come in at 21900 and 21680 levels.

The weekly RSI stands at 64.86; it has formed a fresh 14-period low which is bearish. It shows a bearish divergence of the RSI against the price. The weekly MACD stays positive but it sits on the verge of a negative crossover as evidenced by a sharply narrowing Histogram.

An occurrence of a large candle at the high point following a significant upmove also increases the possibility of the uptrend getting temporarily disrupted.

The pattern analysis of the weekly charts shows that the Nifty which had broken out from a rising channel when it crossed above 20800 levels is showing signs of fatigue. The levels of 22525 can now be regarded as a temporary top unless taken out convincingly; the big black candle at the top also hints at a temporary disruption of an upmove. The nearest pattern supports staying significantly below current levels.

All in all the coming week will see the markets wearing a defensive look; there are greater chances that it continues facing corrective pressure with each technical rebound that it may get. Defensive pockets like IT, Pharma, and FMCG may see some notable improvements in their relative strength, resulting in these groups either showing resilience or relative outperformance against the broader markets. It is recommended to approach the markets cautiously and curtail leveraged exposure. A cautious outlook is advised for the coming week.

Sector Analysis for the coming week

In our look at Relative Rotation Graphs®, we compared various sectors against CNX500 (NIFTY 500 Index), which represents over 95% of the free float market cap of all the stocks listed.

Relative Rotation Graphs (RRG) show Nifty Commodities, Energy, and PSE sectors are inside the leading quadrant but they are slowing down in their momentum. Besides this, Nifty Pharma, PSU Bank, Infrastructure, IT, and Auto Indices are inside the leading quadrant as well. These groups are likely to relatively outperform the broader markets.

The Nifty Metal Index has rolled inside the weakening quadrant. The broader Nifty MidCap 100 index is also inside the weakening quadrant.

The Nifty Media Sector Index is seen languishing inside the lagging quadrant along with FMCG Index. However, besides being inside the lagging quadrant, the Financial Services, Banknifty, and Services Sector Index are seen improving their relative momentum against the broader markets.

The Nifty Consumption Index has rolled inside the improving quadrant.

Important Note: RRG™ charts show the relative strength and momentum of a group of stocks. In the above Chart, they show relative performance against NIFTY500 Index (Broader Markets) and should not be used directly as buy or sell signals.  

Milan Vaishnav, CMT, MSTA

Consulting Technical Analyst

www.EquityResearch.asia | www.ChartWizard.ae

The National Association of Realtors has agreed to a landmark settlement that would eliminate real estate brokers’ long-standing commissions, commonly of up to 6% of the purchase price.

Instead, home buyers and sellers would be able to negotiate fees with their agents upfront. If the $418 million legal agreement is approved by a federal court, consumer advocates predict the ranks of real estate agents will thin, further driving down commission prices.

‘For years, anti-competitive rules in the real estate industry have financially harmed millions,’ said Benjamin Brown, managing partner at the Cohen Milstein law firm and one of the settlement’s negotiators. ‘This settlement bring sweeping reforms that will help countless American families.’

A sale sign stands outside a home in Wyndmoor, Pa., in June 22, 2022.Matt Rourke / AP file

The NAR acknowledged the pending settlement in a statement Friday and denied any wrongdoing.

‘NAR has worked hard for years to resolve this litigation in a manner that benefits our members and American consumers,’ said Nykia Wright, interim CEO of NAR, whose previous chief stepped down late last year amid fallout from a federal lawsuit.

‘It has always been our goal to preserve consumer choice and protect our members to the greatest extent possible. This settlement achieves both of those goals,’ Wright said in the statement.

Currently, a home seller is essentially locked into paying a brokerage fee for listing their property on a multiple listing service, or MLS — usually 5% or 6% depending on their geographic area. Upon selling, half of the fee goes to a listing agent representing the seller, while the buyer’s agent gets the other half.

The practice — which has become standard in the real estate industry in recent decades — led to accusations that some buyers’ agents were steering prospects toward more expensive homes. In October, a federal jury found the NAR and some major brokerages liable for colluding to inflate commission fees, ordering the trade group to pay a historic $1.78 billion in damages.

‘It’s a bribe,’ Doug Miller, an attorney and longtime consumer advocate in the real estate industry, said of the commission-splitting arrangements. ‘You’re paying someone to negotiate against you. There’s no good reason for sellers to pay buyer-brokers.’

If the settlement is approved, brokerage commissions would be stripped from MLS sites and opened up to negotiation with sellers, among a series of other changes. Homebuyers, too, would be able to negotiate fees more easily if they choose to sign up with a broker — though experts say the new arrangement may incentivize more buyers to forgo brokers entirely.

The new brokerage-fee changes would begin to take effect within months of the settlement’s approval. A preliminary hearing to approve the deal is slated to take place in the coming weeks.

CORRECTION (March 15, 2023, 2:27 p.m. ET): A previous version of this article misstated when a federal jury found the NAR and some major brokerages liable for colluding to inflate commission fees. It was in October, not November.

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More than 50 members of the United Nations have joined the U.S. in pursuing a draft resolution to establish artificial intelligence (AI) safety guidelines. 

U.S. Ambassador Linda Thomas-Greenfield on Thursday read a statement that discussed the draft resolution titled ‘Seizing the Opportunities of Safe, Secure, and Trustworthy Artificial Intelligence Systems for Sustainable Development,’ which would aim to ‘articulate a shared approach to AI systems.’ 

‘The resolution calls on Member States to promote safe, secure, and trustworthy AI systems to address the world’s greatest challenges, including those related to poverty elimination, global health, food security, climate, energy, and education,’ Thomas-Greenfield said in a prepared statement. 

‘We are resolved to bridge the artificial intelligence and other digital divides between and within countries through capacity building, increasing digital literacy, and other actions,’ she added. 

International consensus on AI policy has remained a central focus for major nations as public attention on the technology rose sharply in 2023. The U.K. hosted an international safety summit in Bletchley Park, where world leaders discussed their concerns and signed a declaration. 

Signatories to the Bletchley Declaration — which included the U.S., the U.K., China, Saudi Arabia and members of the European Union, among others — needed to establish their own safety commissions as well as commit to pursuing a shared policy for nations to follow. 

The European Commission last week opened its AI office, which the bloc believed would serve as a ‘global reference point’ for AI safety policy, along with the E.U. AI Act, which the commission touts as the world’s first comprehensive law on artificial intelligence. 

The U.S., for its part, established the U.S. Artificial Intelligence Safety Institute under the National Institute of Standards of Technology following the safety summit, looking to ‘facilitate the development of standards for safety, security, and testing of AI models,’ among other tasks.

In pursuit of international policy, U.S. national security adviser Jake Sullivan told The Associated Press that the U.S. turned to the General Assembly ‘to have a truly global conversation on how to manage the implications of the fast-advancing technology of AI.’

To that end, the U.S. negotiated with the full 193-member body of the United Nations about three months ago, receiving input from about 120 nations and working through several drafts. The resolution will receive formal consideration later this month.  

‘As AI technologies rapidly develop, there is urgent need and unique opportunities for Member States to meet this critical moment with collective action,’ Thomas-Greenfield argued. 

The U.S. has proposed that creating a shared policy would also align with the mission of the 2030 Agenda for Sustainable Development, which is a U.N. plan of action that seeks to ‘strengthen universal peace in larger freedom.’ 

Chiefly, the agenda mandates that the member states do what they can ‘between now and 2030, to end poverty and hunger everywhere’ and combat inequalities between and within countries. The U.S. and the fellow members who have supported the new AI resolution therefore have argued that AI can help achieve that ambitious goal. 

The resolution would seek to establish AI systems as ‘human-centric, reliable, explainable, ethical, inclusive, privacy-preserving and responsible, with a sustainable development orientation, and in full respect, promotion and protection of human rights and international laws.’

Other nations supporting the U.S. resolution include Morocco, Peru, the United Arab Emirates, Dominican Republic, Australia, Romania, Israel, Canada, Finland, Greece and other members of the European Union. 

‘Today the EU joined @USUN and ~70 UN Member States to call for a UN General Assembly resolution on seizing the opportunities of safe, secure and trustworthy Artificial Intelligence systems for sustainable development,’ the European Mission to the United Nations wrote in a statement. ‘We urge all U.N. Member States to co-sponsor & support adoption.’

‘Safe, secure and trustworthy AI systems are essential to harnessing the full potential of this emerging technology,’ Australian Ambassador James Larsen wrote on the social media platform X. ‘Australia [is] proud to co-sponsor the first ever #UNGA resolution on Artificial Intelligence alongside 50 other U.N. member states.’

‘AI has tremendous potential to help humanity, but it must also be used responsibly,’ the United Arab Emirates Mission to the United Nations said, lauding the cooperation of member states to pursue the resolution. 

The Associated Press contributed to this report. 

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Donald Trump is aiming for a repeat performance.

Two years ago, the former president backed JD Vance in Ohio’s crowded and combative Republican Senate nomination race, boosting Vance to victory in the GOP primary a couple of weeks later. 

Fast-forward to the present and Trump is returning to Ohio this weekend to once again support the Republican Senate candidate he endorsed in the state’s increasingly contentious GOP primary.

Trump, who earlier this week clinched the Republican presidential nomination and is now his party’s presumptive 2024 nominee, will headline a rally in Dayton, Ohio, Saturday for businessman Bernie Moreno. 

 

Trump’s trip will come three days before the state’s March 19 primary. The rally was announced Monday night by Buckeye Values PAC, a pro-Moreno group.

The move came hours after state Sen. Matt Dolan, one of the two other major GOP Senate primary contenders, along with Ohio Secretary of State Frank LaRose, was endorsed by two-term Ohio Gov. Mike DeWine, a former longtime U.S. senator and state attorney general.

Late last week, Dolan, a former top county prosecutor and Ohio assistant attorney general whose family owns Major League Baseball’s Cleveland Guardians, also landed the backing of former Sen. Rob Portman. DeWine and Portman are considered top members of Ohio’s Republican old guard or establishment.

‘Matt Dolan has a vision for the future. He listens. He fights. And he knows how to get results for Ohio,’ DeWine said in endorsing Dolan.

And DeWine has said Dolan’s the strongest Republican candidate to defeat longtime Democrat Sherrod Brown in November.

Dolan, who along with Moreno is making his second straight bid for the Senate in Ohio, has highlighted that he’s a supporter of Trump’s policies but not the former president’s personality. Dolan is the only one of the three major candidates not to seek Trump’s support.

Moreno, an immigrant who arrived in the U.S. legally from Colombia and later became a successful Cleveland-based businessman and luxury auto dealership giant, was endorsed by Trump in December.

Vance, who will campaign with Moreno across Ohio on Monday, last year backed him, which was seen as a prelude to the eventual Trump endorsement. Moreno also enjoys the support of two other Trump allies — Rep. Jim Jordan of Ohio and former Republican presidential candidate Vivek Ramaswamy, a Buckeye State native. Vance, Jordan, and two other Trump allies – Gov. Kristi Noem of South Dakota and 2024 Arizona Senate candidate and 2022 Republican gubernatorial nominee Kari Lake – will attend Saturday’s rally. 

After DeWine endorsed Dolan, Moreno framed the race as a battle between ‘the America-First Republican Party’ and the ‘RINO establishment.’

And Andy Surabian, a senior Moreno campaign adviser who’s close to Trump’s political orbit, emphasized in a social media post that ‘the Ohio Senate race is officially Team America First vs Team RINO.’

RINO is a term used to insult some in the GOP as ‘Republicans in name only.’

There’s been a dearth of public polling in the Republican Senate primary, and the three major campaigns are treating the race as a dead heat ahead of next week’s primary. Millions have been spent by the campaigns and aligned super PACs to flood the airwaves with negative attack ads.

And now Democrats are meddling in the primary.

Duty and Country PAC, which is funded by Senate Majority PAC, the top super PAC supporting Senate Democrats, is dishing out nearly $3 million in the final days ahead of the primary to run ads boosting Moreno, whom they view as the weakest general election nominee.

There was another major development in the primary race this week, as the Associated Press published a report Thursday claiming that an adult hookup website account was created in 2008 using an email linked to Moreno.

Pushing back against the report, Moreno called it ‘a sick, last-minute attack by desperate people.’

The winner of the GOP primary will face off in November against Brown, who is the only Democrat to win statewide in Ohio over the past decade. Brown is being heavily targeted by Republicans in a state that was once a premiere battleground before shifting red.

Democrats control the U.S. Senate with a 51-49 majority, but Republicans are looking at a favorable Senate map in 2024, with Democrats defending 23 of the 34 seats up for grabs. Three of those seats are in red states that Trump carried in 2020 — Ohio, Montana and West Virginia, where Democrat Sen. Joe Manchin is not running for re-election.

Five others seats are in key swing states narrowly carried by President Biden in 2020 — Arizona, Michigan, Nevada, Pennsylvania and Wisconsin.

As Trump locks up the GOP presidential nomination, he’s once again exerting increasing control over the Republican Party. 

A week ago, a top Trump ally and the former president’s daughter-in-law were installed as chair and co-chair of the Republican National Committee. On Monday, the new regime at the RNC pushed roughly 60 current staffers out the door.

But Trump’s clout with congressional Republicans suffered a setback this week, as the GOP-controlled House went against Trump’s wishes. A few weeks after downing a bipartisan border deal in Congress, partially due to the former president’s wishes, most House Republicans supported the passage — over Trump’s objections — of a bill that could eventually ban TikTok in the U.S.

The showdown in Ohio is one of the few major down-ballot GOP primaries where the Trump-backed candidate is at risk of losing.

‘Trump’s got a lot invested in Bernie Moreno,’ veteran Republican strategist Matt Gorman said.

Longtime Ohio-based GOP consultant Mike Hartley, who remains neutral in this year’s primary, told Fox News ‘it’s important to Trump, evidenced by the fact that he’s coming into the state, just like he did for JD Vance.’

‘President Trump wants to have allies in Congress to help him get his agenda passed. I think it’s as simple as that,’ Hartley added.

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As Haiti continues to struggle with rampant gang violence and with the sudden resignation of its interim Prime Minister, Ariel Henry, this week, experts are warning about the serious consequences a failed Haitian state could have on U.S. national security.

Haiti has been in a near constant state of chaos since the 2021 assassination of President Jovenel Moïse, which not only brought with it unchecked corruption and poverty but also an increase in violence.

Some 70,000 Haitians flocked to the U.S. border in 2023 as gang violence surged, and American leaders like Florida Gov. Ron DeSantis remain concerned there could be another influx of migrants, though experts are warning the threat to U.S. security could reach beyond migration woes. 

‘A failed state controlled by criminals, drug traffickers, mass murderers and gangs so close to U.S. soil is not in the foreign policy interests of the U.S.,’ Eddy Acevedo, chief of staff and senior adviser at the Wilson Center think tank told Fox News Digital. 

‘[The] greatest threat facing the U.S. regarding Haiti is further instability in the country, which could endanger the lives of millions of Haitians and risk a mass migration.’

While migration remains a top concern for many in the U.S., Juan Cruz, a former National Security Council senior director for Western Hemisphere affairs, told Fox News Digital the consequences of the complete collapse of Haiti cannot be overlooked. 

‘It’s not in anyone’s interest to have Haiti upside down,’ Cruz said. ‘Do we want a lawless Haiti that makes it a friendly place for drug traffickers to be that much closer to the U.S. or use it as a steppingstone to what we usually call our third border? Or do we want them to create a crisis in the Dominican Republic next door, where we have a friendly government to the U.S.?’

Haitian gangs have not only killed over 3,700 people. They have taken over 80% of the capital city of Port-au-Prince, shut down the airport and released thousands of inmates from two of the nation’s biggest prisons, prompting an international response.  

‘The utmost priority now must be to address the security situation in Haiti. Without stabilizing Haiti’s security environment, elections and a viable political solution cannot move forward,’ Acevedo explained. ‘Haiti’s National Police are trying to confront and push back the gangs, but the cavalry must arrive soon or else Haiti will fall.’ 

Secretary of State Antony Blinken on Thursday spoke with Kenyan President William Ruto in a move to encourage the African nation to send in the 1,000-strong police force it pledged last year under a Multinational Security Support Mission.

The U.S., the Caribbean Community (CARICOM), Canada, France, Brazil and Mexico have also pushed for the establishment of a transitional government to thwart the gang takeover.

Cruz noted it is not only in the interest of Haitians to establish a stable government to quash the violence because it could mean a lengthy stay for any nation that becomes directly involved.

‘The problem is those countries, they’ve all been bit,’ Cruz said, referring to the U.S., France, Brazil and Canada, 

‘Everybody’s been in, and everybody’s paid the price. We’ve all been there. We’ve all seen this movie play out, and it doesn’t end well. I fear that, at some point, we’re going to see boots on the ground that are not Kenyan.’

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Some Russian voters have done more than vote to express their displeasure with sitting President Vladimir Putin, going so far as to commit acts of vandalism caught on camera that include setting fire to ballot boxes. 

Russian authorities arrested at least nine people on the first day of voting in an election that analysts and observers around the world have no doubt will hand Putin another term as leader, making him the longest-serving leader since Soviet dictator Joseph Stalin. 

Several people, caught on camera, set polling stations and voting booths on fire in protest. In other locations, one woman poured green dye into a ballot box, a man set off fireworks in a polling station and in Russian-occupied Ukraine someone set off an explosive device, French outlet Le Monde reported. 

A woman who poured disinfectant into a ballot box at a Moscow polling station faces between three and five years for her act, during which she shouted pro-Ukrainian slogans, Russian outlet BAZA reported. 

Authorities have not said whether they believe the incidents may be part of a larger, coordinated effort and protest or simply random incidents, despite the repeated use of green liquid to spoil ballots. The use of green liquid may serve as a reference to late opposition leader Alexei Navalny, who in 2017 was attacked by an assailant splashing green disinfectant in his face. 

Prosecutors warned that the government would punish anybody involved in mass rallies and protests. The Associated Press reported that as many as a dozen incidents had occurred on the first day, though it remains unclear if all incidents led to arrests. 

Voting will take place through Sunday, but more than a third of voters had cast their ballots by the time polls closed on Friday night. Voting has occurred both in-person and online, with online voting remaining open around the clock until 8 p.m. local time on Sunday. 

The U.N. Security Council met to protest the election being held in Russian-occupied parts of Ukraine. ‘As Russia holds sham elections in the territories of Ukraine temporarily under Russia’s control, the U.K. condemns the elections as fraudulent,’ the U.K. said in a statement, with British Deputy Permanent Representative to the U.N. Ambassador James Kariuki claiming, ‘These elections are a sham because of a simple truth: you cannot hold legitimate elections in someone else’s country,’

Navalny, the strongest opponent of Putin’s government, died last month while in an arctic colony after collapsing in what prison officials claimed was a case of ‘sudden death syndrome,’ but an anonymous paramedic claiming to work for a morgue told independent news outlet Novaya Gazeta Europe that he saw bruising on the body consistent with a person being held down while having a seizure.

The Associated Press labeled the remaining opposition candidates as ‘low-level politicians from token opposition parties that support the Kremlin’s line.’ 

European Council President Charles Michel on Friday half-heartedly congratulated Putin for winning the election before polls even closed, saying Putin would have a ‘landslide victory’ with, ‘No opposition. No freedom. No choice.’ 

The Associated Press contributed to this report. 

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The U.S. has committed hundreds of millions of dollars to renewed initiatives to help Haiti during its crime crisis in the country, but concerns remain about whether the country will properly utilize the money, according to an expert. 

Haiti received around $13.5 billion in the years following a devastating 2010 earthquake, thanks to an international effort led by the U.S. and the United Nations, around 120% of the country’s GDP at the time.

‘They never rebuilt Port-au-Prince. You’re talking about a city that doesn’t have a sanitation system, doesn’t have basic plumbing and electricity, no basic infrastructure … people can’t get anywhere, they’re walking up and down the dirt,’ said Jack Brewer, a former NFL player and philanthropist who has pursued initiatives to help rebuild Haiti.

Brewer told Fox News Digital that he felt the funding provided after the 2010 earthquake ‘wasn’t properly spent.’ 

‘I got a chance to watch a lot of the things that happened on the ground,’ Brewer said. ‘After the earthquake in 2010, I worked with the NFL Players Association, and we partnered with the Clinton-Bush Haiti Fund … it was called the Clinton Haiti Fund … and we raised a lot of money through that, and it started to be allocated.’

‘Then other countries came in and started to allocate a lot of money,’ he added. ‘You would think that the long-term goal was to rebuild the city of Port-au-Prince and the surrounding areas that were impacted by the earthquake, but I was there, and a few years went on, and we’re still working.’

The U.S. has committed to contribute the bulk of funds for a multinational security mission from East Africa to Haiti, led by Kenya and comprised of police from various countries. The Biden administration will pledge another $33 million in general humanitarian aid to the country, bringing the total committed for the effort to $333 million – as America’s national debt tops $34.5 trillion.

U.S. Secretary of State Antony Blinken on Wednesday said the crisis ‘has been a long unfolding story’ and will require the international community to help stabilize the country as gangs continue to run rampant.

‘Having done all this work, we should be in a place where that mission goes forward,’ Blinken said. ‘It will, we believe, help reestablish security and take back control of the country from gangs.’

Jimmy Cherizier, known by the nickname ‘Barbecue,’ runs a gang coalition called the G9 Family and Allies, rising to a level of influence that allows him to block sitting Haitian Prime Minister Ariel Henry from returning to the country until he agrees to resign. 

Brewer said he feels that many Haitians ‘believe that America is one of the roots of the problem,’ going back to the Clintons and their rebuilding efforts following the earthquake.

‘They think Washington, D.C., is controlling these leaders that are coming into the country, and, as you can see, most of the leaders are corrupt,’ Brewer claimed. ‘They’re in, and it’s kind of the culture in Haiti: As a politician, once you get there, you get that power so you can enrich yourself.’

When asked about their role in the Haiti recovery, spokespersons for the former president and the secretary told Fox News Digital: ‘The Clintons worked tirelessly to address the needs of the Haitian people in the aftermath of the devastating earthquake. Even as their detractors have distorted and obfuscated the facts, they have never shied away from doing all they could to lift people up. It’s easy to point fingers from afar for political gain, but it impedes progress, and that’s tragic.’

An expert on Haiti told The Associated Press that after President René Préval left office in 2011, he found subsequent Haitian leaders were at best easy on the gangs and at worst tied to them. 

The gangs have gained influence throughout the previous decades, but their increasing influence and ties with the country’s political leadership allowed them to gain money through a mix of extortion, kidnappings, and drugs and weapons smuggling.

Brewer worries that even without the fear of diverting the funds, he does not have confidence that the new money will prove effective, citing the post-earthquake humanitarian aid and lack of long-lasting improvements.

In a 2016 review of some of the initiatives applied to Haiti following the natural disaster, ABC News found that a $400 million garment factory that promised to create plenty of jobs for the area had ultimately ‘underdelivered.’

‘They’re building infrastructure with no coding,’ he said. ‘They don’t have coding, so if they get hit with another earthquake, the same thing is going to happen.’

The country struggled to cope with a cholera outbreak that started after U.N. peacekeepers accidentally introduced the disease to the island. Around 10,000 people died as a result of the disease.

Part of the issue was that money given to Haiti had already been earmarked for a number of necessary services, such as paying the Red Cross for their on-the-ground assistance, as well as other rescue services.

‘The actual funds left on the ground, a lot of them got into the hands of the wrong people or the folks in power,’ Brewer added, calling the recovery effort ‘the worst handling of a natural disaster in the history of the planet.’ 

‘It’s been very disappointing to see the level of corruption, particularly around things that involve children and youth, and trying to get medical supplies in and out of the country … it has been very difficult,’ he said. 

Regarding the $333 million headed for Haiti in the coming months, the United States Agency for International Development (USAID) told Fox News Digital that ‘any interference in, or diversion of, humanitarian aid is unacceptable.’

‘USAID takes its duty as a steward of U.S. taxpayer funding seriously and holds implementing partners to the highest standards to ensure that taxpayer funds are used wisely, effectively, and for their intended purposes,’ a USAID spokesperson said. ‘We require our partners to have robust safeguards and risk-mitigation systems in place to ensure that principled humanitarian aid reaches those who need it most.’

The agency noted that it works with humanitarian partners with ‘extensive experience working in challenging environments’ and who have ‘demonstrated their commitment to stay and deliver life-saving assistance with impartiality, neutrality and independence while ensuring the safety of their staff and facilities.’

The United Nations did not respond to a Fox News Digital request for comment by the time of publication.

The Associated Press and Fox News Digital’s Michael Lee and Bradford Betz contributed to this report.

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In his State of the Union address, President Joe Biden made the case why the United States must continue to take steps to contain Iranian aggression. His words come at a pivotal time for our national security: In late January, Iranian-backed militants killed three American service members and injured dozens more in an attack in Jordan.  

As Iran and its partners continue to test American strength and resolve, we must stand up to their aggression in a way that protects our interests, combats terrorism and prevents further escalation in the Middle East. To face this rising danger, it is absolutely essential that we strengthen our sanctions on Iran and continue to be willing to use military force. 

Iran’s dangerous reach extends throughout the Middle East. Its proxy, Hezbollah, looms large on Israel’s northern border, while Iranian-supported militias in Syria and Iraq have launched more than 170 attacks on U.S. military forces and our allies during the past few months.  

Iran supplies and directly assists the Houthi rebels in Yemen, who have used Iranian missiles to strike American military personnel and international ships in the Red Sea region. Backed to the hilt by Iran, the Houthi regime governs regions of Yemen with oppressive barbarism, including recently sentencing more than a dozen people to death on account of their sexual orientation.  

Iran also has strong ties to Hamas, whose horrific terrorist attack on October 7 killed more than 1,200 Israelis. All the while, Iran has continued to develop its nuclear program, and has sent hundreds of ballistic missiles for Russia to use against Ukraine. While we should be strategic and targeted in our response, there should be no moral equivocation about what is the Iranian regime’s unbridled support of the most violent, brutal and oppressive actors on the world stage. 

The Biden administration has rightfully hit back against Iranian-backed militias and Houthi rebels, using military force in a measured and targeted manner when Americans are attacked. These retaliatory strikes, deployed strategically, are an important means of defending our interests and protecting American ships and personnel. 

So is the work that we continue to do with our allies to intercept strikes from the Houthis and others. By refusing to let these attacks go unanswered, we demonstrate that our country will stand strong against terror and aggression – and deter Iran from actions that could lead to a wider war. 

In addition to the use of force, we can also target and restrain the Iranian regime through robust sanctions enforcement. This requires that we do more to enforce sanctions that deprive Iran of the billions of dollars in oil revenue, revenue that they use to fund their terrorist network.  

In particular, we need to use more and better tools to track ships that evade sanctions by carrying Iranian oil and to ensure that our partners in the region have quick access to this critical information. Bipartisan legislation that I introduced would help us address this challenge by making it easier to track ships carrying Iranian oil, as well as to share more information with our regional partners so that they can swiftly seize and impound Iranian oil held on ships in their ports.  

I have also introduced a bipartisan bill that would impose sanctions on the bad actors who try to subvert our enforcement efforts by illicitly purchasing oil from Iran, helping generate revenues for the regime which then uses them to fund its terrorist proxies. 

If members of both parties in Congress are serious about standing up to Iran, then they should take up and pass both bills to strengthen our sanctions against Iran and send the legislation to the president’s desk as soon as possible.  

In addition to the use of force, we can also target and restrain the Iranian regime through robust sanctions enforcement. This requires that we do more to enforce sanctions that deprive Iran of the billions of dollars in oil revenue, revenue that they use to fund their terrorist network.  

And in addition to congressional action, the Biden administration and private companies need to dedicate more investigative resources to catch sanctions evaders. There is no reason for delay: Every dollar of revenue we can withhold from Iran is a dollar less that they can use to develop their nuclear program and support terrorists who attack American soldiers. 

America must continue to be clear eyed about the danger Iran represents and demonstrate that the United States will not waver in the face of Iranian aggression. Through targeted use of military force and strong sanctions enforcement, we can limit Iran’s ability to target our service members and demonstrate that Americans will always stand strong in our fight against terrorism. 

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More than two dozen Palestinian, Muslim and Arab groups across Chicago boycotted the White House’s invitation to several community groups this week, citing the Biden administration’s stance on the Israel-Hamas conflict. 

In a joint letter to the White House on Thursday, leaders of the groups said there was ‘no point in more meetings’ since the administration ‘already knows the position of the aforementioned groups and our allies across the nation’ to have an ‘immediate and permanent’ cease-fire.

The groups said ‘the White House has not only refused to call for a ceasefire, but also enabled this blatant campaign of ethnic cleansing to take place by providing financial and military means, as well as diplomatic support at the United Nations.’

‘A meeting of the minds is nowhere in sight,’ they wrote. ‘We are interested in serious action.’

Some of the groups include the American Muslims for Palestine, American Muslim Health Professionals, CAIR Chicago Champaign-Urbana Muslim Action Committee, Coalition for Justice in Palestine, Doctors Against Genocide, Islamic Center of McLean County Muslim Bar Association of Chicago and the Muslim Civic Coalition.

According to a source familiar, ‘several of the letter signees who agreed to boycott meetings with the White House were not invited — including CAIR — the organizer of the boycott.’ 

‘The meetings were well attended by members of Arab American, Palestinian American and Muslim communities,’ the source said.

The Coalition for Justice in Palestine — the group that led the letter just days before the Illinois primary — includes several of Chicago’s main Arab and Palestinian groups. The group is urging voters to write in ‘Gaza’ under the option for the president on the ballot next week. 

In a statement to Fox News Digital, a White House official said the meetings with community leaders is ‘part of an ongoing process to engage with communities impacted by the Mideast conflict.’

President Biden has been under growing pressure from the left to ramp up his criticism of Israel as the conflict continues to drive a wedge between the progressive and moderate wings of the Democratic Party. Hundreds of thousands of Democratic voters in Michigan, Minnesota and elsewhere have protested Biden’s nomination by voting ‘uncommitted’ in presidential primaries.

Republicans, for the most part, have stood firmly behind Israel, citing its critical role as the U.S.’s firmest ally in the Middle East. They have also backed Israel’s mission to eradicate Hamas, arguing a cease-fire is untenable as long as the terror group exists.

Israel’s bombardment and ground invasion in Gaza was spurred by an Oct. 7 surprise attack launched by Hamas militants who invaded the southern part of the country and killed more than 1,200 people — mainly civilians. Hundreds more were taken hostage into Gaza.

The Hamas-run Gaza Health Ministry, which does not distinguish between civilians and fighters, has said that more than 30,000 Palestinians have been killed so far in Israel’s responding military campaign. Palestinian officials have warned that the number of children who are dying due to being unable to access food or medical care is also expected to increase.

Fox News’ Elizabeth Elkind contributed to this report.

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