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Washington: In the heat of the 2000 presidential campaign, Democratic candidate vice president Al Gore took a break from barnstorming battleground states to attend a fundraiser for the Democratic National Committee in East Hampton, New York. Standing behind Gore onstage was Scott Bessent, a hedge fund manager and — at the time — a major donor to Democrats who cohosted the event at his home. On Saturday AEDT, Bessent was tapped by President-elect Donald Trump to be his Treasury secretary. Having won the trust of Trump and his inner circle, Bessent would lead a Republican economic agenda of cutting taxes, culling federal regulations and enacting sweeping tariffs. As Treasury secretary, Scott Bessent would help Donald Trump as he attempts to remake the US economy. Credit: AP The selection caps an extraordinary career arc for an investor who was once a protege of liberal billionaire philanthropist George Soros and gave money to top Democrats, including Hillary Clinton, John Kerry and Barack Obama. “He was very supportive of the causes and the people that we supported,” said Will Trinkle, a Democrat who cohosted the event with Gore. He noted that Bessent, who would be the first openly gay Treasury secretary, was a strong advocate for gay rights and marriage equality. If confirmed by the Senate, Bessent would help Trump as he attempts to remake the US economy. As Treasury secretary, Bessent would work to steer tax cuts through Congress, lead trade negotiations with China and help cull federal regulations that Trump believes are stifling the economy. Bessent, 62, declined to be interviewed. But friends and former colleagues described him as driven by data and as intellectually curious, with an ability to work with people from across the ideological and political spectrum. Raised in a fishing village in South Carolina, Bessent is the son of a real estate developer who experienced several of his own financial booms and busts. He went on to Yale University, where he was class treasurer, wrote for The Yale Daily News and wanted to become a journalist. In college, Bessent reflected on the challenges of being a Southerner in New England, writing in the paper in 1981: “I was the only one in the dorm who was heartbroken when George Wallace decided not to run for president.” Bessent studied political science but ended up working in finance after getting an internship with Jim Rogers, an investor and business partner of Soros’. In the 1990s, he worked as a partner at Soros Fund Management, gaining notoriety by betting against the British pound and earning the firm $US1 billion. After leaving to start his own fund, Bessent returned in 2011 to become Soros’ chief investment officer. By then, Bessent had become a major donor to Republican candidates. According to a summary of his donations provided by his office, Bessent has given about $US15 million ($23 million) to political causes over the years, and all but $US300,000 has gone to Republicans. He gave $US1 million to Trump’s inauguration in 2016. Scott Bessent has described tariffs as a useful tool for achieving foreign policy objectives. Credit: Bloomberg Bessent was not part of Trump’s political orbit during his first campaign or term as president but has known the Trump family for decades and was close friends with the president-elect’s late brother, Robert. This past spring, when many business leaders were hesitant to back Trump publicly as his legal troubles mounted, Bessent took a different view. He saw Trump as a “stock that goes up on bad news”, as he explained it to political analyst Mark Halperin last month, because every apparent setback appeared to strengthen his candidacy. Concerned about the exploding national debt and the need to change the international trading system, Bessent set up a meeting with Trump and started exchanging economic policy ideas. In recent months, Bessent has pitched a “3-3-3” plan that would aim for 3 per cent economic growth, reduce the budget deficit to 3 per cent of gross domestic product and increase domestic oil production by 3 million barrels per day. He also came up with an idea that would allow the president to essentially sideline the chair of the Federal Reserve, although he has backed down from that proposal in the face of opposition. In some policy areas, Bessent has demonstrated an inclination to temper Trump’s economic impulses. He suggested that Trump’s idea of assigning a 15 per cent tax rate to companies that produce their products in the US could run afoul of international trade laws. And he has described Trump’s plan for blanket tariffs as a “maximalist” negotiating strategy, suggesting that tariffs should be phased in to give markets time to adjust. Bessent was chosen after an internal tussle among Trump’s aides over the job. Howard Lutnick, Trump’s transition team co-chair and chief executive of Cantor Fitzgerald, made a late pitch to secure the Treasury secretary role for himself. As Trump was deciding, sceptics of Bessent raised concerns about his ties to Soros and suggested he was not a true believer in tariffs. However, he won the public support of key advisers to Trump such as Larry Kudlow and Steve Bannon, who viewed him as the best choice. For Bessent, the challenge now will be remaining in Trump’s good graces as the president-elect once again looks to upend the international trading system and rewrite the tax code. Trump’s first Treasury secretary, Steven Mnuchin, often tried to dissuade Trump from imposing new tariffs and would attempt to calm markets as trade tensions flared. Still, he managed to maintain Trump’s trust. Stanley Druckenmiller, a hedge fund investor who worked with Bessent at Soros Fund Management, said that although Bessent is soft-spoken, he can also be “tough and persuasive” and that he has the right temperament to work for a demanding boss such as Trump. “If anybody can handle it, it’s Scott,” Druckenmiller said. This article originally appeared in The New York Times .

Antitrust enforcers with the Federal Trade Commission have opened a wide-ranging investigation into Microsoft’s business practices, starting a big legal project that an incoming Trump administration must take up or abandon. The FTC is investigating Microsoft’s cloud computing business and related product lines such as artificial intelligence and cybersecurity, according to a person who was not authorized to discuss details of the investigation publicly and spoke to The Associated Press on condition of anonymity. It’s the latest action of more than three years of aggressive antitrust enforcement shepherded by FTC Chair Lina Khan, who was elevated to lead the agency by President Joe Biden after he came into office pledging tougher scrutiny of monopolistic behavior by Big Tech companies. Khan’s FTC already lost one antitrust fight with Microsoft last year when a federal judge declined to block its $69 billion takeover of video game company Activision Blizzard. This case would go deeper into the core of Microsoft’s business in a way the company hasn’t experienced in the U.S. since its antitrust showdown with the Justice Department in the 1990s. Bloomberg News first reported about the investigation last week. The case will only move forward if President-elect Donald Trump’s choice to lead the FTC decides to continue the investigation and take it to court. Some analysts are expecting a lighter approach to the tech industry under Trump, though incoming Vice President JD Vance has praised Khan’s work.

House price growth slows to weakest pace since January 2023, CoreLogic reportsMILAN: Edoardo Bove is stable in hospital after his harrowing and sudden collapse which caused Fiorentina’s Serie A clash with champions Inter Milan to be suspended on Sunday, as Scott McTominay kept Napoli top in a 1-0 win at Torino. Fiorentina said that midfielder Bove, who suddenly fell to the turf with 16 minutes on the clock and the game still goalless, was under sedation in the intensive care unit at Florence’s Careggi hospital. “Initial cardiological and neurological tests have ruled out severe damage to his central nervous and the cardio-respiratory systems,” said Fiorentina in a joint statement with the hospital. Fiorentina added that the 22-year-old’s condition will be re-assessed “in the next 24 hours” while family and teammates, who had rushed to his aid and then sobbed as he was stretchered from the Stadio Artemio Franchi field, went to be by his side. The match will be rescheduled for “an as-yet undetermined date”, as happened when Evan Ndicka fell in a similar manner during Roma’s match at Udinese in April. Bove’s fall reminded fans of tragic former captain Davide Astori, who in March 2018 died suddenly in his sleep aged 31 in a hotel before a league match at Udinese. Goalkeeper David de Gea said “God please” on social media where a number of clubs, including Roma from where he was loaned to Fiorentina in August, showed support. “One of us, we’re all with you. Forza Edo!” Roma said. Napoli stay top Napoli are four points ahead of the chasing pack thanks to McTominay’s neat finish in the 31st minute, following a trademark dribble into the area from Khvicha Kvaratskhelia. McTominay’s winner was his third Serie A goal since signing for Napoli in the summer and the Scotland midfielder is playing a key role in his new team’s bid for a fourth Italian league title. Napoli would have left Turin with a heftier goal haul had Torino goalkeeper Vanja Milinkovic-Savic not pulled off a series of top class saves. The Serbia ‘keeper kept out a Romelu Lukaku backheel and Kvaratskhelia’s looping header before McTominay broke the deadlock, and he got down brilliantly to stop both Mathias Olivera’s close-range header in the 65th minute and Giovanni Simeone in stoppage time. “We attacked them with aggression, much more than usual and it was only Milinkovic-Savic’s performance that stopped us from scoring more,” Napoli coach Antonio Conte told DAZN. Atalanta can move back to within a point of Napoli with a win at Roma on Monday night. Lazio lost ground after a frustrating 3-1 defeat at Parma which was inflicted by an early Dennis Man finish, Anas Haj Mohamed’s first Serie A goal and a stoppage-time strike from Enrico Del Prato after Valentin Castellanos had halved the deficit for the away side. Juve pegged back Defeat at the Stadio Ennio Tardini snapped a five-match league winning streak and left Marco Baroni’s Lazio fifth, level on 28 points with Inter, Fiorentina and Atalanta, two points ahead of Juventus who were stunned late to draw 1-1 at lowly Lecce. Ante Rebic poked home Lecce’s leveler in the third minute of stoppage time to snatch a deserved draw from a frantic, largely low-quality clash in southern Italy and move his team two points above the relegation zone in 16th. Andrea Cambiaso looked to have won the points for unbeaten Juve with his speculative shot in the 68th minute, which was wildly deflected off Kialonda Gaspar and past Lecce goalkeeper Wladimiro Falcone. Missing nine players through injury, Juve again failed to impress after recent goalless draws at AC Milan and Aston Villa, although Khephren Thuram and Francisco Conceicao both hit the post early on, with Thuram somehow striking the woodwork from the middle of an open goal in the fifth minute. “You could see in the second half that we were running out of steam... we just need to keep going and learn from our mistakes,” said Juve coach Thiago Motta. Patrick Vieira won his first match as Genoa coach with a 2-0 success at 10-man Udinese, which moved his new team three points away from the bottom three. — AFPEthereum Foundation Announces ‘Deep Funding Christmas’ Mini-Contest, Offering $20,000 In Rewards

PV Sindhu shares photos from her private wedding; Check out dreamy pictures [PHOTOS]After a recent string of burglaries at professional athletes' houses, the NBA has issued a memo to its players about home security. According to the Associated Press , which obtained a copy of the memo, the league urged players to take additional precautions when away from home. Those precautions ranged from updating alarm systems and keeping valuables in safes to using "protective guard services" during road trips and even having dogs around for security purposes. In September, while Minnesota Timberwolves guard Mike Conley was attending a Minnesota Vikings game, burglars broke into his house and stole jewelry, Medina Police Chief Jason Nelson told the Minneapolis Star Tribune . In November, Milwaukee Bucks center Bobby Portis said "most of my prized possessions" had been stolen from his house while he was at a game and offered a $40,000 reward for any information that led to the return of the stolen items. According to the memo, the FBI has connected recent burglaries to "transnational South American Theft Groups." These "reportedly well-organized, sophisticated" crime rings "incorporate advanced techniques and technologies, including pre-surveillance, drones, and signal jamming devices." The FBI believes that the rings are "primarily focused on cash and items that can be resold on the black market, such as jewelry, watches, and luxury bags." The NFL sent its players a similar security alert this week. The homes of Patrick Mahomes and Travis Kelce of the Kansas City Chiefs were both broken into in October , just days apart. Looking for more NBA insight from CBS Sports? Bill Reiter, John Gonzalez and more experts break down the league daily on the Beyond the Arc podcast.