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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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Strikes on Iran to continue until ‘I say it’s enough’ – President Trump declares

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US President Donald Trump has vowed that American military strikes on Iran will continue until he personally decides they have achieved their objectives, declaring that the campaign will not stop “until I say it’s enough.”

Speaking with Fox  News on Tuesday, July 24, Trump said the US forces would ‘hit them very hard tonight, very hard tomorrow night’ in a brutal campaign that won’t stop until he says ‘enough.’

‘I’ll save the energy targets for last, but ultimately we’ll hit energy targets,’ Trump warned.

‘We’re going to hit them very hard the night after, and then next week it gets really bad for them because next week comes the power plants.’

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Trump also said the US would target bridges next week unless Iran was willing to negotiate a peace deal that included giving up their nuclear ambitions.

He vowed the attacks will continue ‘until I say it’s enough.’

In an update late on Tuesday night, CENTCOM advised another round of strikes had been completed, hitting dozens of military targets near the Strait of Hormuz and Iranian coastal areas.

‘US fighter aircraft, drones, and naval vessels launched precision munitions against Iranian missile and drone sites, naval capabilities, and coastal defense systems during the seven-hour wave to further degrade Iran’s ability to threaten commercial shipping and civilian crews,’ the update said.

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US forces resumed the naval blockade against vessels transiting to or from Iranian ports and coastal areas.

The latest US bombing comes after Trump notified Congress that the war would resume after Iran breached the memorandum of understanding by targeting commercial ships in the Strait of Hormuz.

Trump did not rule out using US ground forces to ensure that his key objectives are met, especially when it comes to removing Iran’s enriched uranium.

US forces had been careful not to harm Iran’s civilian population with strikes, but Trump warned Iran that everything was on the table.

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‘You better make a deal, or you’re not going to have anything left,’ he said.

The President also likened Iran to ‘a great boxer’ that needed to be put to the mat.

‘You think you have them beat, then they’ll come back and give you a shot,’ Trump said.

Trump suggested later in the interview with Fox News that he wasn’t interested in continuing negotiations  with Iran because ‘they lie.’

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He also said the last contact he had with negotiators was an hour ago.

The President praised his Cabinet for its work on the Iran issue, including Pete Hegseth, as he said ‘oil is flowing like never before.’

He also announced he was replacing the 20 percent fee the US was charging on the Strait of Hormuz to various Gulf States.

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UK announces social media curfew for 16, 17-year-olds

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Children aged 16 and 17-year-olds in the UK will face a voluntary overnight social media curfew, alongside a shutdown of infinite scrolling and mandatory breaks in AI chatbot use, under new plans announced by Technology Secretary Liz Kendall.

According to a report by The Independent UK on Tuesday, the measures form part of the government’s wider restrictions on children’s social media use, and will see default settings block access for older teenagers between midnight and 6 am.

Kendall, in a statement, said, “These measures will be crucial in helping young people get the sleep they need, focus on school and college, and spend more quality time with family and friends, all of which are fundamental to building a happy, healthy and fulfilling adult life.

“We want young people to enjoy the benefits of technology while having the tools to make the online world a place where they can thrive.”

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The Independent said features designed to keep users engaged, such as never-ending video reels and algorithmic feeds, will also be automatically switched off under the new defaults.

However, the report noted that critics have questioned how effective the measures will be, given that 16 and 17-year-olds will be able to turn off these default settings themselves.

The curfew plan follows last month’s announcement of a broader social media ban for under-16s by Prime Minister Sir Keir Starmer’s government, expected to cover platforms including Snapchat, TikTok, YouTube, Instagram, Facebook and X, but not messaging services such as WhatsApp and Signal, from next spring, according to the newspaper.

The report added that responsibility for working out key details of the policy will fall to Andy Burnham, who is set to become prime minister after winning the Makerfield by-election.

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Kendall is also reportedly pushing new safeguards for children using artificial intelligence, including requiring under-18s to take regular breaks while using chatbots, and a crackdown on AI services that give dangerous, misleading or unverified mental health advice.

Ministers are said to be considering banning chatbots deemed a serious threat to children.

Conservative shadow education secretary Laura Trott reportedly criticised the plan, describing it as “another dog’s dinner from Labour” and arguing that curfews teenagers can simply switch off “won’t achieve anything.”

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South Africa Confirms Visa-Free Entry for 22 African Countries, Excludes Nigeria

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The South African government has reaffirmed its visa exemption policy, allowing citizens of 22 African countries to enter the country without obtaining a visa in advance, subject to the permitted duration of stay and applicable entry conditions.

According to the country’s official visa exemption policy, eligible travellers may enter South Africa for periods ranging from 30 to 90 days, depending on their nationality.

The African countries currently eligible for visa-free entry include:

Algeria – up to 30 days
Benin – 30 days or less
Botswana – up to 90 days
Cabo Verde (Cape Verde) – 30 days or less
Comoros – up to 90 days
Côte d’Ivoire (Ivory Coast) – up to 30 days
Gabon – 30 days or less
Guinea – up to 90 days
Kenya – up to 30 days
Lesotho – 30 days or less
Madagascar – up to 30 days
Malawi – 30 days or less
Mauritius – 30 days or less
Mozambique – up to 90 days
Namibia – 30 days or less
Rwanda – up to 30 days
Seychelles – 30 days or less
Eswatini – 30 days or less
Tanzania – up to 90 days for ordinary passport holders
Tunisia – up to 90 days
Zambia – 30 days or less
Zimbabwe – up to 90 days

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South Africa also grants visa-free entry to holders of the African Union Laissez-Passer and the Southern African Development Community (SADC) Laissez-Passer under its exemption policy.

Authorities, however, noted that visa-free access for some countries, including Kenya, Benin and Gabon, is subject to specific conditions. Travellers are therefore advised to confirm the latest entry requirements with South African authorities before making travel arrangements.

Notably, Nigeria is not among the countries currently eligible for visa-free entry into South Africa, meaning Nigerian passport holders are still required to obtain a visa before travelling.

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