Hedge fund manager Scott Bessent is a credible, safe choice for US Treasury secretary -- and one that is likely positive for markets -- observers said Saturday following President-elect Donald Trump's highly anticipated nomination. His selection came after competition for the top economic job spilled into the open last weekend, with the world's richest man Elon Musk throwing his support instead behind Trump's transition team co-chair Howard Lutnick. Lutnick has since been named commerce secretary to lead Trump's tariff and trade agenda, and Bessent's nomination days later appears to be uncontroversial for now. "Scott Bessent is a credible, mainstream pick for Treasury Secretary," said Jason Furman, a professor at Harvard University and former top White House economic adviser. "I could see previous administrations as having chosen him," Furman, a former chair of the Council of Economic Advisers, told AFP. But a key difference is that Bessent, 62, has had to adopt and defend views on topics like tariffs, in a way "he never would have in pursuit of the job for a previous Republican administration." Tariffs are a key part of Trump's economic agenda, with the Republican president-elect vowing sweeping duties on allies and adversaries alike. In an opinion piece published earlier this month on Fox News, Bessent defended the potential use of tariffs as a means to raise revenue for the government, protect strategic US industries and negotiate with trading partners. He would be one of the first openly gay Cabinet officials if confirmed by the Senate, and the first at the helm of the Treasury Department. Jens Nordvig, chief executive of data and analytics firm Exante Data who has worked with Bessent, drew a contrast between his demeanor and that of other Trump supporters. While some Trump allies have a tendency towards "general sweeping statements," Bessent is an "analytical thinker, and he communicates accordingly," Nordvig told AFP. He counts Bessent among his early clients. More from this section "I would expect his messaging to be very focused, to get his key points across, without any unnecessary flamboyance or gusto," Nordvig added of the Wall Street veteran. Calling Bessent a "safe choice," Brookings senior fellow in economic studies David Wessel told AFP: "He will be an adult in the room for the Trump administration." Besides Bessent, others seen as top contenders for Treasury chief in recent days included former Federal Reserve governor Kevin Warsh, Apollo Global Management chief executive Marc Rowan, and Tennessee Senator Bill Hagerty. It remains to be seen if Bessent will be a big influence "moderating some of the administration's more aggressive trade policy" or simply be a spokesman, Wessel said. He does not have much experience in dealing with Congress either, and this would be important next year as the Trump administration works to raise the debt ceiling and effort a tax bill to deliver on his economic promises. Bessent would also have to grapple with the country's debt burden, with debt borrowed at much lower interest rates previously and Trump's plans estimated to add trillions over time. In an open letter published Saturday, Nordvig called for "thoughtful leadership" at the Treasury, saying a realistic approach to tax cuts and bond issuance was needed. He also sounded a hopeful note, saying Bessent would work to reduce extreme risks for markets. Krishna Guha, vice chairman of Evercore ISI, believes Bessent's nomination "will be well received by financial markets," given his deep understanding of markets and macro conditions. Guha also warned of the risk of bond yields spiking and "pushing up mortgage rates and tanking the housing market, while also causing stocks to sell off." In his past administration, Trump has viewed the stock market as a gauge of his success. bys/md
A Greens policy intended to boost electric car sales has been tipped to backfire. Sales of electric and plug-in hybrid (PHEV) vehicles have been boosted by a Labor Government EV discount that makes efficient cars cheaper to lease than petrol or diesel equivalents. The discount has turbocharged sales of plug-in hybrid cars that blur the lines between “self-charging” hybrid cars such as the Toyota Corolla and dedicated battery electric vehicles such as the Tesla Model 3. Electric car sales have dropped this year. Mitsubishi’s Outlander PHEV is one of Australia’s most popular plug-in hybrids. But sales of PHEVs have more than doubled as Aussies warm to cars that can be plugged in and driven as an electric car on short trips, or run on petrol for longer journeys. The EV discount allows people to lease cars without paying fringe benefits tax. It puts PHEVs on par with cheaper cars. Mazda’s plain old petrol-powered CX-5 costs about $40,000 to buy, or $235 per week to lease through popular firm Maxxia. For the same weekly fee, customers can pick up a more efficient Mitsubishi Outlander PHEV worth $57,000, or a flash Cupra Formentor VZe plug-in hybrid that ordinarily costs $64,990 to buy. Minister for Climate Change and Energy Chris Bowen and BYD chief executive David Smitherman with the BYD Shark. Photo: Supplied But the tax perk making PHEV cars more affordable ends on April 1. Chris Bowen, Minister for Climate Change and Energy said the Albanese Government cannot extend the PHEV deadline. “That was the arrangement we entered to in the Senate to get it through,” he said. “Unless the crossbench changes their mind about that, I won’t be revisiting it. “That’s what we had to do to get it through.” Leader of the Australian Greens Adam Bandt during Question Time at Parliament House in Canberra. Picture: NewsWire / Martin Ollman Adam Bandt, leader of the Australian Greens party, said in 2022 that a “sunset” on support for hybrid cars was a win for the environment. “By limiting handouts to petrol cars and accelerating support for electric vehicles, the Greens in balance of power have pushed the government to go further and faster on climate,” he said. “This shows the power of the Greens in pushing Labor to go further and faster on fossil fuels.” Tony Weber, chief executive of the Federal Chamber of Automotive Industries, said the car industry had been lobbying to have the deadline pushed back. “We’ve been talking to the government about the need to provide greater incentives to move motorists into low emission vehicles,” he said. “I think it’s unlikely that the FBT exemption for plug-in hybrids will be extended beyond its current close off date.” Automotive industry experts claim the end of tax breaks for PHEVs will push people to hold onto existing vehicles or choose a cheaper, less efficient car. Ross Booth, general manager of vehicle valuations service Redbook, said “there is a global trend towards PHEVs and not straight BEV due to the flexibility and packaging they afford”. “It is a shame that the change in the Federal Government incentive will see more inefficient vehicles being sold in the market, than they would be if the incentive was extended.” Geoff Gwilym, chief executive of the Victorian Automobile Chamber of Commerce said PHEVs are “emerging as a crucial stepping stone for drivers transitioning from conventional petrol vehicles to fully electric cars, offering a practical compromise between traditional motoring and the electric future”. “The timing of this policy change seems particularly counter-productive given the growing consumer acceptance of plug-in technology,” he said. “The success of our transition to electric mobility may well hinge on maintaining support for these interim technologies, rather than prematurely forcing an all-or-nothing approach.” Originally published as Hybrid deadline looms for tax perk Motoring News Don't miss out on the headlines from Motoring News. Followed categories will be added to My News. More related stories Motoring News Launching Australia’s quickest car This staggeringly powerful electric car pushes performance into a new dimension. Read more Motoring News Would you pay $150k for a Hyundai? This massive electric family SUV is set to pose a difficult question for one of Australia’s favourite manufacturers. Read moreLimited again, 49ers QB Brock Purdy still fighting sore shoulder
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NoneNEW YORK (AP) — President-elect Donald Trump’s lawyers formally asked a judge Monday to throw out his hush money criminal conviction, arguing continuing the case would present unconstitutional “disruptions to the institution of the Presidency.“ In a filing made public Tuesday, Trump’s lawyers told Manhattan Judge Juan M. Merchan that dismissal is warranted because of the extraordinary circumstances of his impending return to the White House. “Wrongly continuing proceedings in this failed lawfare case disrupts President Trump’s transition efforts,” the attorneys continued, before citing the “overwhelming national mandate granted to him by the American people on November 5, 2024.” Related Articles Prosecutors will have until Dec. 9 to respond. They have said they will fight any efforts to dismiss the case but have indicated openness to delaying sentencing until after Trump’s second term ends in 2029. Following Trump’s election victory last month, Merchan halted proceedings and indefinitely postponed his sentencing, previously scheduled for late November, to allow the defense and prosecution to weigh in on the future of the case. He also delayed a decision on Trump’s prior bid to dismiss the case on immunity grounds. Trump has been fighting for months to reverse the conviction, which involved efforts to conceal a $130,000 payment to porn actor Stormy Daniels, whose affair allegations threatened to disrupt his 2016 campaign. He has denied any wrongdoing. Trump takes office Jan. 20. Merchan hasn’t set a timetable for a decision. A dismissal would erase Trump’s historic conviction, sparing him the cloud of a criminal record and possible prison sentence. Trump is the first former president to be convicted of a crime and the first convicted criminal to be elected to the office. Merchan could also decide to uphold the verdict and proceed to sentencing, delay the case until Trump leaves office, wait until a federal appeals court rules on Trump’s parallel effort to get the case moved out of state court or choose some other option.
Last year, Juliette Sartori decided she wanted to expand her social circle, so she went on a coffee date with three people she had never met before. “It went really well,” she said. "We ended up speaking for two hours and I still speak to them today. We all keep in touch." Her friendship blind date was part of Dinner with a Stranger, the society Juliette and her flatmates started "on a whim" for fellow Glasgow University students who want to meet new people. Juliette, 21, had moved to Scotland from the US to study business and management and said it was harder to instantly connect with others as she found people "had a wall up" and were closed off. With students so plugged in and digital that they spend less time interacting with each other face-to-face, she didn't have many opportunities to increase her circle of friends. And so Dinner with a Stranger was born. “We thought originally only 30 people would join,” Juliette says. “We just didn’t know what to expect. “It’s an out-there idea and the name throws people off from the start.” But 200 people - a mixture of undergraduate and postgraduate male, female and non-binary students - signed up in the first month and the society has continued to grow ever since. Juliette's friendship lottery is very different to the swipe right culture of the dating apps which dominate the lives of many young people. Firstly, it is about friendship and not romantic hook-ups. But it is also avoids complicated computer algorithms and relies instead on more traditional personality quizzes shared with members online at the start of every month. Prospective mate-dates are asked questions on a theme, ranging from their favourite music genre or most-loved Disney movie to their dream holiday destination. Then Juliette and five others spend hours manually pairing people up and sharing contact details before taking a step back to let the magic happen. Playing platonic Cupid alongside Juliette, Mary Yiorkadji quickly realised she wasn’t alone in struggling to find friends at university. Originally from Cyprus, she says: “There are lots of people from different backgrounds and it can be really intimidating feeling like you’re different and people won’t understand you.” The 22-year-old believes social media has had a negative impact on friendships. It comes as more and more people nowadays compare their lives to others online. “It is really easy to get caught up in fake ideas from social media, which can cause loneliness and expectations that are never met,” Mary says. “People are lonelier now. Our generation is lonelier.” But Mary says Dinner with a Stranger has introduced her to the beauty of the blind friendship date. "I think one of the most important parts of university is to meet new people," says the fourth-year economics and philosophy student. "In this way you don't give power to the differences between people, you give power to things that matter in a friendship, which are the similarities you have." She describes it as a "unique" way to meet and connect with others from all over the world. Second-year students Vanya and Hannah, who were paired up by Dinner with a Stranger in December last year, believe they would not have met each other if it wasn’t for the group. Hannah, 20, from Manchester, says: “Society puts so much emphasis on romance that we forget how important friendships are.” She says before meeting Vanya she was “miserable” and would spend a lot of time by herself, but now her mental health has improved and she is more confident. The pair are now best friends and flatmates. Vanya, 19, says she enjoyed getting to know Hannah without “pre-conceived ideas and expectations”. “People are talking to so many people online that they're not properly talking to anyone,” says the economics student, originally from India. “In this way, you’re going in with a completely open mind and you’re getting to know someone as the conversation moves along. "You have to show that you're making a genuine effort." For Juliette, going on friendship dates with strangers has helped her to find her “people”. Confused as to why people think it is not normal to go on friendship dates to meet new people, she believes soon there will be more opportunities to take part in this “fun experiment”. She said: “It’s more of a modern way of making friends. “It’s taking the idea of meeting someone online from a dating website and turning it into friendships by seeing how well you mesh with that person.” Dating apps, such as Bumble, have already started to create similar versions for friendship-making, which Juliette thinks will become more mainstream as the idea expands. She said: “Now people are working from home and doing uni remotely, it is more common for people to stay at home all the time and you are less likely to go out and meet new people like you would have done five years ago. “It’s modern but I think it will become more popular in the future.”
Cool change slows Grampians bushfire but Victorian authorities warn of ongoing dangerLahore: Punjab Information Minister Azma Bokhari said on Wednesday that no revolution in history has vanished as fast as yesterday. While holding a press conference in Lahore, she stated that whether it was May 9 or November 24, their protest failed. Pakistan Tehreek-e-Insaf (PTI) had called for protest five times and failed every time. Azma Bokhari added that people did not come out of Punjab during PTI’s protest. Bushra Bibi escaped from the protest last night and Chief Minister Khyber Pakhtunkhwa Ali Amin Gandapur faced criticism from workers. She further said that Ali Amin’s car was set on fire yesterday by workers. “It was said that Bushra Bibi has nothing to do with politics, but yesterday she was adamant about her husband’s release”. The provincial Minister also stated that 22 Punjab Police vehicles were damaged during the protest. The record of Afghan citizens caught in the protest will come out soon. Pakistan Muslim League-Nawaz (PML-N) leader continued to say that their children were outside Pakistan and that people's children were not getting food during the protest.
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Ruben Amorim warned “the storm will come” eventually as Manchester United’s head coach tried to temper expectations ahead of the trip to Arsenal. The 39-year-old has been a breath of fresh air since succeeding Erik ten Hag, with his personality and approach, coupled with promising early performances, bringing hope back to Old Trafford. Amorim has been touched by his warm welcome but repeatedly urged fans to avoid jumping the gun, having followed a draw at Ipswich with home wins against Bodo/Glimt and Everton. Wednesday’s trip to Arsenal is comfortably his biggest challenge yet and victory would see United move within three points of the Premier League title contenders. Put to Amorim it will be hard to manage expectations if they won in the capital, the head coach said: “I would like to say different things, but I have to say it again: the storm will come. “I don’t know if you use that expression, but we are going to have difficult moments and we will be found out in some games. “And I know that because I’m knowing my players and I know football and I follow football, so I understand the difference between the teams. “We are in the point in that we are putting simple things in the team, without training, and you feel it in this game against Everton, they change a little bit the way they were building up. “They are very good team, and we were with a lot of problems because we cannot change it by calling one thing to the captain. A midweek trip to the capital awaits 🚆 #MUFC || #PL pic.twitter.com/1e6VrILJW3 — Manchester United (@ManUtd) December 3, 2024 “So, we don’t have this training, so let’s focus on each game, on the performance, what we have to improve, trying to win games. And that is the focus. “I know it’s really hard to be a Manchester United coach and say these things in press conferences. We want to win all the time. No matter what. “We are going to try to win, but we know that we are in a different point if you compare to Arsenal. “So, it is what it is and we will try to win it and we go with confidence to win, but we know that we need to play very well to win the next football match.” The trip to Arsenal is the second of nine December matches for United, who are looking to avoid suffering four straight league defeats to the Gunners for the first time. The Red Devils have not won a Premier League match at the Emirates Stadium since 2017, but Amorim knows a thing or two about frustrating Mikel Arteta’s men. Arsenal thrashed Sporting Lisbon 5-1 in the Champions League last week, but in 2022-23 he led the Portuguese side to a Europa League last-16 penalty triumph after a 1-1 draw in London made it 3-3 on aggregate. “Arsenal this year, they play a little bit different,” Amorim said. “They are more fluid. “For example, two years ago when we faced them with Sporting, you knew how to press because you can understand better the structure. “Now it’s more fluid with (Riccardo) Calafiori and (Jurrien) Timber in different sides. One coming inside, the other going outside. Also (Martin) Odegaard changed the team, and you can feel it during this season. “So, you can take something from that game, especially because I know so well the opponent so you can understand the weakness of that team. “But every game is different, so you take something, but you already know that you are going to face a very good team.” This hectic winter schedule means Amorim sidestepped talk of January transfer business ahead of facing Arsenal, although he was more forthcoming on Amad Diallo’s future. The 22-year-old, who put in a man of the match display in Sunday’s 4-0 win against Everton, is out of contract at the end of the season, although the club holds an option to extend by a year. Diallo has repeatedly spoken of his desire to stay at United and it has been reported an agreement is close. Amorim said: “I think he wants to stay, and we want him to stay. So that is clear and we will find a solution.”
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