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Trump picks Scott Bessent, the ‘investor favorite,’ for Treasury secretary

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President-elect Donald Trump announced Friday evening that investor Scott Bessent will be his nominee for Treasury secretary, picking a campaign trail partner and early frontrunner for the job after a long and contentious process.

Trump called him “one of the World’s foremost International Investors” in his announcement, adding that he is “a strong advocate of the America First agenda.”

Bessent beat out a series of other candidates from former Federal Reserve governor Kevin Warsh to Apollo Global Management (APO) CEO Marc Rowan to cap a drawn-out process that saw candidates’ chances seem to rise and fall by the day. (Disclosure: Yahoo Finance is owned by Apollo Global Management).

Assuming he is indeed nominated and then confirmed, Bessent will face the difficult challenge in the months ahead of simultaneously working to calm US and global markets while also being tasked with selling many of the president-elect’s economic plans.

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The issue is that many of those ideas remain unpopular in business world corners — specifically renewed tariffs and, perhaps, increased deficit spending.

In a live Yahoo Finance video appearance earlier on Friday, Hoover Institution fellow Lanhee Chen offered that Trump’s nominee would need to be well-qualified, aligned with his economic agenda, and also serve as “a calming force to markets.”

Then Republican candidate Donald Trump listens as investor Scott Bessent speaks on the economy during a stop in Asheville, N.C. in August. (AP Photo/Matt Kelley)
A well-known nominee from the investing world

From the beginning of the process, Bessent was often viewed as the front-runner for the post, but saw his fortunes rise and fall. The former Soros Fund Management investing chief met with Trump multiple times in the weeks following the election after being a regular campaign trail partner of the president-elect.

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The race was anything but drama-free, with betting markets have yo-yoing in recent days and Polymarket odds putting three different candidates as the favorite at various points.

Trump ended up settling on the figure who often appeared with him on the campaign trail, citing Bessent’s expertise before rally crowds, specifically the notion that stocks were on the rise because of the prospects of a Trump victory.

Trump described Bessent’s mission Friday as one to help “usher in a new Golden Era for the United States,” including the stopping of trade imbalances.

Bessent is currently the CEO of Key Square Capital Management and made a notably public case for the job since Trump’s victory.

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At various points in recent weeks, Bessent was live on the set of Fox and Friends offering “any way I can help,” and appearing with Trump ally Steve Bannon to discuss his vision for the US economy.

He also published op-eds in the Wall Street Journal and on FoxNews.com to discuss issues close to the president-elect.

Bessent has also donated more than $3.1 million to Trump and other Republicans during the recent election season, according to government records.

Evercore ISI in a note to clients this week called Bessent “the investor favorite given his knowledge of macro and markets and his credibility with the bond market.”

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A perch of relative stability in Trump’s orbit

During Trump’s first term, the Treasury secretary role was a rare area of relative stability and persistent influence throughout the term, with Steven Mnuchin holding the post for Trump’s entire term even as turnover at the White House and other Cabinet agencies was rampant.

Mnuchin, who was succeeded by current Treasury Secretary Janet Yellen, also found himself at the center of an array of issues, notably the negotiations that led to the 2017 Tax Cuts and Jobs Act.

Many provisions of that law expire at the end of 2025, leaving Bessent to likely assume a central role on the same issue.

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Foreign

UK government begins freeing 5,000 prisoners due to extreme prison overcrowding

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Hundreds of inmates across England and Wales are expected to walk free from prison on Thursday under an expanded early release programme, amid concerns that many could be left homeless and the probation system may struggle to supervise them.

About 2,000 offenders, including domestic abusers and violent criminals, are scheduled for release over the next month, while another 3,000 will be freed in phases over the following year to ease prison overcrowding. The initial target of 6,000 was reduced following Prime Minister Keir Starmer’s intervention.

However, probation officers have warned that accommodation shortages could force some former inmates onto the streets, despite evidence that securing housing after prison helps reduce reoffending.

A probation source told The Guardian: “We have a handful of places for ex-offenders and they are full. We are now looking at releasing some people straight on to the street.”

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Enver Solomon, chief executive of charity Nacro, warned that homelessness after incarceration could increase the likelihood of offenders returning to prison.

Meanwhile, probation officers’ union Napo accused prison authorities of ignoring the challenges facing the service, including staff shortages, excessive workloads and problems with electronic monitoring.

Its national chair, Ben Cockburn, described the situation as absolute denial.

The expanded scheme, introduced under the 2026 Sentencing Act, allows eligible prisoners serving fixed-term sentences to qualify for release after serving one-third instead of 40%.

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However, certain offenders, including those convicted in child grooming gang cases, indecent a§§ault and mansla¥ghter, are excluded.

The Ministry of Justice also announced plans to expand electronic tagging, but a recent watchdog report revealed that some offenders waited up to five months for monitoring devices, with only 55% of GPS and radio frequency tags installed on schedule.

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Foreign

Terror in the Sky: Pilot Stabs Co-Pilot, Attempts to Crash Dubai-Israel Flight

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Passengers aboard a Flydubai flight from Dubai to Israel were thrown into panic on Wednesday after one of the pilots allegedly stabbed his co-pilot and attempted to take control of the aircraft.

The incident occurred aboard Flydubai Flight FZ1073, carrying about 150 Israeli passengers, as the Boeing 737 was travelling from Dubai to Israel.

According to flight-tracking data cited in reports, the aircraft dramatically lost approximately 13,000 feet in about 30 seconds and veered off its course, triggering fears that the plane could crash.

The situation reportedly escalated when passengers heard screams coming from the cockpit. Some passengers subsequently rushed toward the cockpit after it was opened and found one of the pilots bleeding.

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A passenger who spoke to Israel’s Channel 12 described the terrifying moments aboard the aircraft.

“We heard screams on the plane. Then they opened the cockpit and we saw blood, and someone had stabbed the pilot with a pocketknife.”

The passenger added: “We prayed. There were also moments when we thought we weren’t going to make it out alive.”

According to the reports, two other pilots who were aboard the flight intervened and took control of the aircraft, preventing a potentially catastrophic outcome.

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The aircraft was subsequently diverted and made an emergency landing at Tabuk Airport in northwestern Saudi Arabia, where security personnel took charge of the situation.

The passengers were later safely evacuated from the aircraft.

Israeli officials described the incident as one in which a “major disaster was narrowly avoided.”

Israeli security agencies, including the Israel Defense Forces (IDF), Mossad and Shin Bet, are reportedly examining the incident as a possible act of terrorism.

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The circumstances surrounding the alleged stabbing, including the identity and motive of the attacker and how the cockpit was accessed, remain subject to investigation.

NewsMediaNG will continue to monitor developments as authorities provide further details.

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“Don’t mess with us, We’ll reach you anywhere” – Netanyahu boasts at Tel Nof Air Base

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Israeli Prime Minister, Benjamin Netanyahu on Tuesday issued a stern warning to Israel’s enemies, declaring that the country’s military will continue to operate on all fronts and will reach any threat anywhere, at any time.

The Prime Minister spoke during a visit to the IDF Air Force Tel Nof base, where he met with pilots and ground crews. Flanked by members of the Israeli Air Force, Netanyahu said Israel’s operations have achieved significant results in recent weeks, particularly in Gaza and Lebanon.

“I am here at the Air Force base with our heroic pilots and our outstanding ground crews. We are operating constantly on all fronts,” Netanyahu said.

He disclosed that Israeli forces have eliminated key terrorist figures in Gaza in recent days. According to the Prime Minister, two days ago, forces killed the terrorist responsible for kidnapping Noa Argamani and Avinatan Or.

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Argamani, who became one of the most recognized faces of the October 7th hostage crisis after video of her abduction went viral, was rescued in a special operation in June 2024 alongside three other hostages. Or was also rescued.

“We brought them home, and we eliminated him. Last night, we eliminated the commander of Hamas’s Northern Gaza Brigade. He joined his predecessors, whom we also eliminated,” Netanyahu stated.

He said the latest operations are part of a broader offensive that has seen more than 100 terrorists eliminated in Gaza in recent weeks alone.

“All told, in recent weeks we have eliminated more than 100 terrorists — and that is just in Gaza. Of course, we are also operating in Lebanon. You remember what we did to the Ali Taher Ridge,” he asked, referring to recent Israeli strikes in southern Lebanon targeting Hezbollah infrastructure.

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The Prime Minister acknowledged that despite military achievements, Israel is facing mounting international and domestic pressure to scale back operations and agree to withdrawals.

“There have been tremendous achievements, but there are also tremendous pressures — pressure to withdraw, to give up the great achievements secured through the heroism of our fighters. I am not allowing that to happen, and I will not allow it to happen,” he vowed.

Netanyahu also issued a direct warning to hostile actors he said may attempt to attack Israel ahead of the country’s upcoming elections. He said intelligence indicates that Israel’s enemies may seek to exploit the election period.

“We have indications that, ahead of the elections, our enemies will try to attack us. So from here, from this Air Force base, from the long arm of the State of Israel, I have a message for them: Don’t mess with us — not now, and not ever. Our long arm will reach you anywhere, at any time,” the Prime Minister boastfully declared.

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The visit to Tel Nof, one of the Israel Defense Forces’ principal air bases and home to several fighter squadrons and transport units, comes as the IDF continues to maintain high alert across multiple fronts, including Gaza, the northern border with Lebanon and Syria, and the West Bank.

Tel Nof has played a central role in Israel’s recent long-range operations, which Netanyahu described as proof of Israel’s ability to project power far beyond its borders.

The Prime Minister also praised the airmen and ground crews, calling them “heroic” and “outstanding” and credited them with securing the achievements on the battlefield.

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