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President-elect Donald Trump namedhedge fund mogul Scott Bessentas the next Treasury secretary on Friday, ending a rough-and-tumble race that saw fierce jockeying among power players across Wall Street.

I am most pleased to nominate Scott Bessent to serve as the 79th Secretary of the Treasury of the United States, Trump wrote in his announcement, posted on Truth Social.

Scott is widely respected as one of the World’s foremost International Investors and Geopolitical and Economic Strategists, the president-elect said of this Treasury pick.

Bessent “got the thumbs up” late Thursday during a meeting with Trump, 78, at his Mar-a-Lago resort in Palm Beach, Fla., one source close to the situation told The Post.

A flurry of last-minute media reports had floated several candidates for the job. Late Thursday, the Wall Street Journal reported that financier Kevin Warsh had met with Trump on Wednesday about the Treasury post — and possibly replacing Jerome Powell as Fed chairman when his term expires in 2026.

Trump also met about the Treasury role with Marc Rowan, the billionaire boss of buyout firm Apollo Global Management, at Mar-a-Lago earlier this week.

Bessent, the 62-year-old founder of Key Square Group, has repeatedly backed the president-elects pro-tariff stance in a series of op-eds and media appearances over the past year.

Scott’s story is that of the American Dream, Trump said Friday, noting that Bessent has long been a strong advocate of the America First Agenda.

On the eve of our Great Country’s 250th Anniversary, he will help me usher in a new Golden Age for the United States, as we fortify our position as the World’s leading Economy, Center of Innovation and Entrepreneurialism, Destination for Capital, while always, and without question, maintaining the U.S. Dollar as the Reserve Currency of the World, he added.

Unlike in past Administrations, we will ensure that no Americans will be left behind in the next and Greatest Economic Boom, and Scott will lead that effort for me, and the Great People of the United States of America.

A source close to the Trump transition team told the Post earlier on Friday that the hedge fund executive was “being vetted” for the role ahead of a formal announcement.

“If you want to bring a genius into that job who is loyal to the president, Scott is the right guy,” one source close to the situation said.

One faction of Trump World had been pushing for Bessent for weeks, trying to outmaneuver Howard Lutnick — the CEO of Cantor Fitzgerald and co-chair of Trump’s transition team — in what had reportedly escalated into a bitter “knife fight” for the coveted role.

One insider, speaking on condition of anonymity, said Lutnick, a fundraiser for Hillary Clinton during the 2016 election, was eventually handed the post of Commerce Secretary “to calm things down.”

After Lutnick exited the Treasury race, sources said Trump continued to do interviews to hash out his options. Bessent and Rowan were both spotted at Mar-a-Lago on Wednesday.

“All the top investors and hedge funds said Scott Bessent is their number one pick because of his understanding of macroeconomics,” said one veteran Wall Street insider.

A source briefed on Rowan’s interview, meanwhile, said the 62-year-old was “an anti-tariff guy and that was a non-starter for the president.”

Another staunch Trump loyalist and major donor, billionaire hedge fund boss John Paulson, ruled himself out of an administration post just one week after the Nov. 5 election.

A native of South Carolina, Bessent previously served as chief investment officer for George Soros and was instrumental in the Hungarian-born money man’s “Black Wednesday” trade in 1992.

The bet against the British pound “broke the Bank of England”, raking in an eye-watering $1 billion payday for Soros that cemented his reputation as a titan of global finance.

Writing in the Wall Street Journal earlier this month, Bessent said Trump’s second presidential term would usher in “a revitalized economy for all Americans.”

Bessent also lashed out at the Biden-Harris administration for presiding over four years of “reckless spending” that has seen Uncle Sam’s debt pile hit an eye-watering $35 trillion this year.

“The Biden administrations mismanagement has created serious challenges that Mr. Trump will need to overcome,” Bessent stated in the Nov. 10 op-ed, adding that Trump “has a mandate to re-privatize the US economy through deregulation and tax reform to spur the supply-side growth that he delivered in his first term.”

Large parts of Trump’s 2017 tax cuts expire next year, giving Bessent the chance to help shape fiscal policy under the incoming commander-in-chief.

My Administration will restore Freedom, Strength, Resilience, and Efficiency to our Capital Markets, Trumps announcement continued. We will reinvigorate the Private Sector, and help curb the unsustainable path of Federal Debt.

As a lifelong Champion of Main Street America and American Industry, Scott will support my Policies that will drive U.S. Competitiveness, and stop unfair Trade imbalances, work to create an Economy that places Growth at the forefront, especially through our coming World Energy Dominance, he added. Together, we will Make America Rich Again, Prosperous Again, Affordable Again, and, most importantly, Great Again!

The president-elect has already tapped Tesla titan Elon Musk and biotech entrepreneur Vivek Ramaswamy to lead a new Department of Government Efficiency and tighten up the federal government’s purse strings.

Diana Glebova contributed reporting.

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Hungary bans Irish rap group Kneecap from entering country over ‘antisemitic hate speech’

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Hungary bans Irish rap group Kneecap from entering country over 'antisemitic hate speech'

Hungarian authorities have banned the Irish rap group Kneecap from entering the country, accusing them of engaging in “antisemitic hate speech” and “supporting terrorism”. 

Kneecap were set to perform at the Sziget Festival, taking place from 6 to 11 August in Budapest.

The Belfast-based band, which often shares pro-Palestinian messages during its shows, has attracted controversy in recent months after accusing the Israeli government of committing “genocide” in Gaza.

Hungarian government spokesman Zoltan Kovacs said on Thursday that the band’s members “repeatedly engage in antisemitic hate speech supporting terrorism and terrorist groups”.

“Hungary has zero tolerance for antisemitism in any form,” Kovacs said on X, adding that the band’s planned performance “posed a national security threat,” and the band has therefore been formally banned from entering Hungary for three years.

“If they enter, expulsion will follow under international norms,” Kovacs added.

Kneecap performing on the West Holts Stage during the Glastonbury Festival. Pic: Reuters
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Kneecap performing during the Glastonbury Festival in June. Pic: Reuters

Responding to the spokesman’s comments, Kneecap said “there is no legal basis” for Hungary’s decision and that “no member of Kneecap has ever been convicted of any crime in any country”.

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“It is clear that this is a political distraction and a further attempt to silence those who call out genocide against the Palestinian people,” the band said in a statement on X.

During Kneecap’s gig at Britain’s Glastonbury Festival in June, frontman Liam Óg Ó hAnnaidh, performing under the stage name Mo Chara, accused Israel of war crimes in Gaza.

Ahead of the gig, Prime Minister Keir Starmer said he doesn’t think Kneecap’s planned performance was “appropriate”.

Moglai Bap and Mo Chara of Kneecap perform at Glastonbury. Pic: Reuters
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Moglai Bap and Mo Chara of Kneecap perform at Glastonbury. Pic: Reuters

Following Kneecap’s performance at Glastonbury, a criminal investigation was launched into comments made on stage by the trio. However, police ultimately decided not to pursue further action, citing “insufficient evidence to provide a realistic prospect of conviction for any offence”.

Kneecap called the investigation “political policing intimidation”.

Mo Chara has been formally charged with a terrorism offence after allegedly displaying a flag in support of the militant group Hezbollah during a gig in November. He denies the offence.

Hezbollah is designated as a terrorist organisation by the UK and the US.

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Lloyds Bank’s Charlie Nunn expects two more interest rate cuts in 2025

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Lloyds Bank's Charlie Nunn expects two more interest rate cuts in 2025

The head of the UK’s biggest mortgage lender has said he expects two more interest rate cuts this year, making borrowing cheaper.

Chief executive of Lloyds Banking Group Charlie Nunn told Sky News he expected the Bank of England to make the cuts two more times before 2026, likely bringing the base interest rate to 3.75%.

Two cuts are currently anticipated by investors, the first of which is due to be a 0.25 percentage point reduction next month.

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The banking group owns Halifax and Bank of Scotland, making it the biggest provider of mortgages.

Mr Nunn also forecast house price growth of between 2 and 3%.

“We helped 34,000 first-time buyers in the first half [of the year] alone, 64,000 last year. And of course, it was driven by the stamp duty changes in Q1 [the first three months of the year]. So Q2 [the second three months] was a bit slower, but we continue to see real strength in customers wanting to buy homes and take mortgages. So we think that will continue,” he said.

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Expect two more rate cuts this year, says Lloyds boss

It comes as the bank reported higher profits than City of London analysts had expected.

Half-yearly profit at the lender reached £3.5bn as people borrowed and deposited more.

The bank has benefited from high interest rates, set at 4.25% by the Bank of England to control inflation, which have made borrowing more expensive for households and businesses.

Over the last six months, the difference between what Lloyds earns on loans and what it pays out rose.

Mr Nunn told Sky News the profits were due to increased market share in mortgages and small business lending, as well as productivity improvements.

Despite this, Mr Nunn warned the chancellor against raising taxes on financial services, saying it was one of the highest taxed in the world.

Chancellor Rachel Reeves is expected to announce tax rises in the autumn as her vow to bring down debt has come under pressure due to the rising cost of borrowing and government spending U-turns.

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World

Inside Gaza’s Nasser Hospital – where there’s virtually no food for malnourished children

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Inside Gaza's Nasser Hospital - where there's virtually no food for malnourished children

In Nasser Hospital in southern Gaza, they have virtually nothing left to eat.

Warning: This article contains images that some readers may find distressing.

Huda has lost half her body weight since March, when Israel shut the crossings into Gaza, and imposed a blockade.

The 12-year-old girl knows she doesn’t look well.

“Before, I used to look like this,” Huda says, pointing to a picture on her tablet.

“The war changed me. Malnutrition has turned my hair yellow because I lack protein. You see here, this is how I was before the war.”

Her mother says her needs are simple: fresh fruit and vegetables, fish, maybe a little meat – but she won’t find it here.

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Huda can only wish for a brighter future now.

“Can you help me travel abroad for treatment? I want to be like you. I’m a child. I want to play and be like you,” she says.

Huda on her hospital bed
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Huda wishes for a brighter future

A children's ward in Nasser Hospital

Amir’s story

Three-year-old Amir was sitting in a tent together with his mother, father and his grandparents when it was hit by projectiles.

Medical staff carried out surgery on his intestines and were able to stop the bleeding – but they can’t feed him properly.

Instead, he’s given dextrose, a mixture of sugar and water which has no nutritional value.

Amir in hospital in Gaza
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Amir’s mother and siblings were killed in an attack that also left his father ‘in a terrible state’

Medical staff reassembled Amir's intestines
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Medical staff performed surgery on three-year-old Amir – but can’t feed him properly


Amir’s mother and his siblings were all killed in the attack and his father is no longer able to speak.

“His father is in a terrible state and won’t accept the reality. What did these children do? Tell me, what was their crime?” Amir’s aunt says.

The desperate scenes of hungry children in Gaza have not been caused by scarcity.

There’s plenty of food waiting at the crossings or held in warehouses within the territory. Israel claims the United Nations is failing to distribute it.

Pictures of Amir before
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Amir’s relative holds pictures of the toddler and his family before the war

Both Israel and the US have taken charge of the food distribution, with the UN’s hundreds of aid centres shut.

Instead, the UN tries to organise convoys but says it can’t obtain the necessary permits – and faces draconian restrictions on aid.

Sometimes food is made available at communal kitchens called ‘tikiya’.

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Malnourished girl: ‘The war changed me’

‘I want life to be how it was’

Everyone is desperate for whatever they can get – and many leave with nothing.

“It’s been two months since we’ve eaten bread,” one young girl says. “There’s no food, there’s no nutrition. I want life to go back to how it was, I want meat and flour to come in. I want the end of the tikiya.”

Read more:
Gazan doctor held in ‘inhumane’ conditions
Starvation ‘knocking on every door’ in Gaza

People wait at a soup kitchen

Dr Adil Husain, an American doctor who spent two weeks at Nasser Hospital, treated a three-year-old called Hasan while he was there.

Weighing just 6kg, Hasan should be 15kg at his age.

“He needs special feeds, and these feeds are literally miles away. They’re literally right there at the border, but it’s being blockaded by the forces, they’re not letting them in, so it’s intentional and deliberate starvation,” Dr Husain tells me.

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Hasan died two days after Dr Husain examined him.

“It’s just so distressing that this is something man-made, this is a man-made starvation, this is a man-made crisis,” he says.

Israel says it has not identified starvation, but this feels like a situation that is entirely preventable.

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