Foreign
Trump picks Scott Bessent, the ‘investor favorite,’ for Treasury secretary
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.
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.
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.
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.”
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.
Foreign
US Senate Votes To End Govt Shutdown, Bill Heads To House
The longest-ever US government shutdown moved forward Monday toward an eventual resolution, after several Democratic senators broke ranks to join Republicans in a 60-40 vote passing a compromise deal — sparking intra-party backlash.
Since October 1, the first day of the shutdown, more than a million federal workers have been unpaid, while government benefits and services have been increasingly disrupted.
Severe impacts on air traffic have begun to mount in recent days, with more than 1,000 flights canceled daily, raising the political pressure to end the stalemate.
“We’ll be opening up our country very quickly,” Trump told reporters in the Oval Office, adding: “the deal is very good.”
After the vote, Senate Republican Leader John Thune wrote on X that he was glad to support the “clear path to ending this unnecessary shutdown in a responsible way that quickly pays federal workers and reopens the federal government.”
Democratic Senator John Fetterman, who voted to support the Republican measure, posted to X Monday night about his decision.
“Feed everyone. Pay our military, government workers, and Capitol Police. End the chaos in airports. Country over party,” Fetterman said.
With the stopgap funding bill passed through the Senate, the legislation moves to the House of Representatives for a vote, which like the Senate is controlled by Republicans.
The chamber is expected to reconvene as early as Wednesday, as Tuesday is a national holiday.
“It appears to us this morning that our long national nightmare is finally coming to an end, and we’re grateful for that,” House Speaker Mike Johnson told reporters Monday.
“At least some Democrats now finally appear ready to do what Republicans and President Trump and millions of hardworking American people have been asking them to do for weeks.”
The House — which Johnson has kept out of session throughout the standoff — would be called back this week, he said.
Obamacare
At the heart of the Senate standoff was Democrats’ demand to extend health insurance subsidies expiring at the end of the year. Republicans insisted any negotiation occur after the government is re-opened.
Millions of Americans who have purchased health insurance through the “Obamacare” program would see their costs double if the subsidies are not extended.
Sunday’s breakthrough agreement would re-open the government through January, with some programs funded for the full fiscal year, and reverse some of the Trump administration’s firings of federal workers.
The bill notably would restore funding for the SNAP food aid program, which helps more than 42 million lower-income Americans pay for groceries.
While the Senate’s Republican leadership has agreed to hold an eventual vote on health care, it does not ensure the insurance subsidies will be extended.
“After 40 days of uncertainty, I’m profoundly glad to be able to announce that nutrition programs, our veterans, and other critical priorities will have their full-year funding,” Senate Majority Leader John Thune said late Sunday.
Divided Democrats
Senator Jeanne Shaheen, one of eight Democratic caucus members who backed the measure, said the Senate “took a big step forward towards protecting the health care of tens of millions of Americans.”
She said the agreement would grant Democrats, despite being in the minority, the power to call a vote on health care legislation.
However, with the extension of the subsidies not guaranteed, the move has angered party members who preferred to keep holding out.
“Pathetic,” California Governor Gavin Newsom posted on X in reaction to the announced agreement.
Top Senate Democrat Chuck Schumer voted no, saying he could “not in good faith” support a measure “that fails to address the health care crisis.”
“This fight will and must continue,” he vowed.
Some lawmakers criticized Schumer himself for failing to keep the Democrats united.
“Tonight is another example of why we need new leadership,” Massachusetts Representative Seth Moulton said Sunday.
AFP
Foreign
US lawmakers slam Trump over threats to Nigeria, call military action “reckless, irresponsible”
Two senior members of the United States Congress, Gregory W. Meeks and Sara Jacobs, have strongly criticized President Donald Trump for threatening to cut off aid and launch military action against Nigeria over alleged persecution of Christians.
In a joint statement on Monday, Meeks, a ranking member of the House Foreign Affairs Committee and Jacobs, a ranking member of the Africa Subcommittee, described Trump’s comments as “irresponsible and reckless.”
The lawmakers also rejected the Trump administration’s designation of Nigeria as a “Country of Particular Concern,” saying it oversimplifies the complex nature of violence in the country.
“The designation ignores the reality that clashes between farmers and herders are often driven by resource scarcity and land competition, not religion,” the statement read. “Terrorist groups have targeted both Christians and Muslims, especially in northern Nigeria, where communities continue to face attacks by criminal gangs known as bandits.”
They commended President Bola Tinubu’s efforts to promote interfaith harmony and improve security, noting that “all Nigerians deserve protection.”
Meeks and Jacobs further condemned Trump’s threat to “defend Christians” through possible military intervention, calling it a “reckless response to distorted facts.”
“It is incredibly irresponsible for President Trump to threaten military action. Providing security assistance is one thing; threatening intervention is something else entirely. Such rhetoric risks dragging the United States into another unnecessary conflict,” the lawmakers said.
On Trump’s call to cut off U.S. aid to Nigeria, the lawmakers warned that such a move would hurt vital humanitarian and development efforts.
“Trump’s aid cuts have blocked essential programs that provide emergency nutrition and livelihood support initiatives that are key to preventing the spread of insurgency,” they added.
Foreign
Mali drone strikes kills dozens of civilians at wedding ceremony
A drone strike reportedly launched by the Malian Armed Forces (FAMA) has killed more than twenty civilians, including women and children, during a wedding ceremony in the locality of Beydi, between Gossi and Inabaw, in the Timbuktu region.
Counter-insurgrncy analyst, Zagazola Makama, quoted sources to have said that the incident occurred on Thursday when a drone targeted the site of the ceremony, turning what was supposed to be a moment of joy into a tragedy.
Residents described the aftermath as horrific, with mutilated bodies, burned children, and grieving relatives crying in distress amidst the rubble.
The drone came without warning and dropped explosives directly on the wedding gathering. We lost many people men, women, and children.
Sources confirmed that at least 20 civilians were confirmed dead, while several others sustained serious injuries and were rushed to nearby medical facilities.
The Malian authorities are yet to issue an official statement on the incident. However, independent civil society organizations have condemned the strike, describing it as one of the deadliest targeting errors since the junta took power in 2021.
The attack reignited growing concerns about the military’s increasing reliance on aerial strikes in civilian-populated areas amid its ongoing campaign against armed jihadist groups in the north.
The incident comes amid widespread criticism of the junta for alleged human rights abuses and clandestine dealings with jihadist factions linked to Jama’at Nusrat al-Islam wal-Muslimin (JNIM).
Northern Mali has remained a flashpoint of violence since 2012 when insurgent and separatist groups seized large swathes of territory. Despite successive military operations, instability persists, with both jihadist and government forces accused of atrocities against civilians.
In recent months, the junta, supported by Russian Wagner Group mercenaries, has intensified drone operations in the Timbuktu and Gao regions, leading to growing fears among locals of indiscriminate attacks.
The Beydi strike risks deepening mistrust between communities and the armed forces, potentially fuelling recruitment for extremist groups.
[Credit: Zagazola Makama]
-
News20 hours agoBreaking: Chairman PDP convention, Fintri dissociates self from expulsion of Wike
-
News20 hours agoConvention: They went to Ibadan to start dirty December in November-Wike’s aide mocks delegates
-
News22 hours agoBREAKING: Absence of INEC throws PDP convention into disarray
-
News24 hours agoPASAN ready for nationwide strike as 21-day notice expires
-
News13 hours agoBandits Kill Top APC Chieftain In Zamfara
-
News24 hours agoJust in: Three PDP governors missing at ongoing convention in Oyo
-
News13 hours agoPolice arrest 21 secondary school students for alleged cultism
-
News13 hours agoWike, Saraki, Shettima meet at Fayose’s birthday in Lagos

You must be logged in to post a comment Login