
As Waltz faces UN post hearings, an update on the Signal situation that led to his initial ousting
The former Florida Republican congressman served mere weeks in Trump's administration before revelations that he mistakenly added journalist Jeffrey Goldberg of The Atlantic to a private Signal chat that was used to discuss sensitive military plans , including planning for strikes on Houthi militants in Yemen.
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Yahoo
16 minutes ago
- Yahoo
'There's never been a president that high!' the speaker of the House said.
House Speaker Mike Johnson dropped some jaws to the floor by suggesting Donald Trump is currently netting ratings that'd make a North Korean despot blush. 'The president is the most maligned and attacked political figure in the history of American politics,' he told CNBC. 'But he's also the most resilient. You see at the same time, his approval ratings are skyrocketing.' 'CNN had a story, I think a day or two ago, he was at 90 percent approval rating,' Johnson added. 'There's never been a president that high!'

Business Insider
18 minutes ago
- Business Insider
Navigating headwinds: Nigeria's economic outlook for H2 2025
As the second half of 2025 begins, Nigeria finds itself at a critical economic crossroads. With mixed signals emerging from both global and local environments, policymakers, business leaders, and financial institutions must prepare for a delicate balancing act. From shifting geopolitical dynamics to domestic fiscal pressures, the outlook for H2 2025 is characterized by uncertainty but also opportunity. FSDH's latest macroeconomic update, titled 'Balancing on the Edge in a Fragile World,' provides timely insights into what lies ahead and how stakeholders can navigate this complex terrain. Globally, two major developments have reshaped the economic outlook: the return of Donald Trump to the U.S. presidency and the escalation of the Israel-Iran conflict. Trump's reintroduction of import tariffs—10% across the board, with additional levies on selected countries—has renewed global trade tensions, undermined multilateralism, and triggered capital flow reversals to emerging markets. Meanwhile, the Middle East conflict has disrupted oil supply routes, increased freight costs, and spurred volatility in global commodity prices. These external shocks have led the International Monetary Fund (IMF) to revise its global GDP growth forecast downward to 2.8% in 2025, from an earlier 3.3%. Although Sub-Saharan Africa is expected to grow by 3.8%, driven by structural reforms and improved export performance; however the region remains vulnerable to external shocks, especially in energy markets and financial flows. Domestic Realities: Falling Short of Oil Expectations Nigeria, still heavily reliant on oil, has felt the weight of these developments. Despite commendable efforts to diversify her export base, oil remains the lifeblood of government revenue. The Federal Government's ₦54.99 trillion 2025 budget was benchmarked at US$75 per barrel and 2.06 million barrels per day in production. However, actual performance in H1 2025 has fallen short, with oil prices averaging US$72 per barrel and production consistently below target. This has created a growing fiscal gap and raised questions about Nigeria's ability to meet her ₦35 trillion revenue projection. Positive Signs: PMI Growth and Inflation Tapering Despite these challenges, there are positive signals in the local economy. The Purchasing Managers' Index (PMI), a reliable indicator of economic activity, remained above 50 points between January and May 2025, indicating expansion in key sectors such as agriculture, industry, and services. Inflation, while still high, has begun to decline—from 24.5% in January 2025 to 23% by May 2025—thanks to the combination of improved food supply, relative exchange rate stability, and methodological adjustments by the National Bureau of Statistics. Exchange Rate Stability: Progress or Pause? Exchange rate dynamics have also shown signs of stabilisation. The Naira stood at ₦1,539/US$ as of June 2025, reflecting only a marginal 0.2% depreciation year-to-date. The 'willing buyer, willing seller' FX policy has improved transparency and market confidence, although Nigeria's external reserves declined by 8.5% in H1—from US$40.9 billion to US$37.3 billion—due to rising import bills and debt repayments. FSDH projects that exchange rate stability will depend on continued FX inflows, investor confidence, and fiscal discipline. With oil prices expected to hover around US$75-US$78 per barrel, maintaining production and boosting non-oil exports will be critical. Analysts caution that a renewed slump in oil output or a further deterioration in global trade conditions could reignite currency volatility. Fiscal Reform in Focus: Tax Administration Shake-Up A major turning point in H1 2025 came in June, when President Tinubu signed four transformational tax reform bills into law. These include the Nigeria Tax Act, Nigeria Tax Administration Act, Joint Revenue Board Act, and Nigeria Revenue Service Act. Collectively, these reforms aim to harmonise tax administration, improve compliance, and empower a new, independent national revenue service. Highlights of the reforms include raising the Capital Gains Tax for corporates from 10% to 30%, introducing a Development Levy on large firms, zero-rating VAT for essential goods, and exempting small businesses with under ₦100 million turnover from filing taxes. The reforms are expected to grow Nigeria's tax-to-GDP ratio from 10% to 18% within three years. While implementation remains a hurdle—especially at state and local levels—this marks a significant shift in Nigeria's revenue strategy. In the capital markets, optimism is quietly building. The Nigerian Exchange (NGX) posted a 16.6% year-to-date return as of June 2025, outperforming many global indices. Banking and consumer goods stocks led gains, buoyed by strong corporate earnings and macro reforms. Treasury Bill yields and long-term bond rates have declined, signaling renewed investor appetite for Nigerian assets. Foreign Portfolio Investments (FPIs) flows have increased significantly, hitting US$5.46 billion in Q1—a 67% jump from the previous quarter. This resurgence has been fueled by FX reform, positive real interest rates, and improved clarity on policy direction. However, the risk of 'hot money' outflows remains, underscoring the need for deeper, longer-term capital investments. Strategic Priorities for H2 2025 Looking ahead, FSDH outlined several strategic imperatives for economic stakeholders in H2 2025. First, there is an urgent need to boost oil production, not just to meet budget benchmarks, but to enhance export earnings. Second, the country must deepen its non-oil export capabilities, especially in agriculture and manufacturing, to diversify FX sources. Third, unlocking private-sector credit by reducing the high Cash Reserve Ratio (CRR) remains key to real sector growth. Fourth, leveraging ongoing tax reforms to enhance state-level revenue and improve the business climate is vital. Importantly, Nigeria's digital economy and financial technology space also hold promise. The integration of AI, open banking frameworks, and digital payment systems are transforming how financial services are delivered. FSDH notes that institutions that embed digital transformation into their service models will lead in agility, customer retention, and market expansion. Cautious Optimism: Nigeria's Path Forward While global risks remain—from U.S. monetary policy to geopolitical tensions and potential oil shocks—Nigeria has the tools to stay on a path of gradual stabilisation. The success of H2 2025 will depend on disciplined execution of reforms, coordinated fiscal and monetary policy, and institutional accountability. Nigeria's economic outlook for the rest of 2025 is cautiously optimistic. Inflation is expected to decline further which may allow for monetary easing later in the year. The Naira is likely to remain within the current range, while GDP growth will be modest, driven by agriculture, services, and rising investor interest. Structural reforms are beginning to take root, but the second half of the year will require political will, macroprudential discipline, and bold leadership. And as FSDH aptly notes in its report, 'Resilience is not just about surviving the storm; it's about building structures that thrive within it.' Nigeria has the opportunity to prove that in H2 2025.
Yahoo
an hour ago
- Yahoo
Democrat Jena Nelson is challenging Stephanie Bice for Oklahoma City-area seat in Congress
In the wake of a loss to Republican Ryan Walters in the 2022 election for state superintendent, Democrat Jena Nelson has remained active in political circles, speaking at events and commenting on issues on social media. The self-described 'duck and chicken person' — who cares for those animals at her home in rural Logan County — announced on Saturday, July 19, that she's running again for office in 2026. But this time she'll campaign for Congress, seeking to succeed incumbent GOP Rep. Stephanie Bice. Nelson made her declaration during an event held at the fieldhouse at Millwood High School in northeast Oklahoma City, which she noted was the site of her final campaign stop in the 2022 state superintendent race. 'For me, it feels like unfinished business,' Nelson told The Oklahoman. 'Let's pick right back up where we left off. I ran last time to help people. I'm running again to help people, as well.' Nelson, who grew up in Broken Bow in far southeastern Oklahoma, first gained wide public notice in 2020 when she was named as the state's teacher of the year for her work at Deer Creek Middle School in northwest Oklahoma County. She has said she decided to enter politics in 2022 after writing what she said was her 30th job recommendation letter for yet another teacher leaving the profession. Like every other Democratic candidate for statewide office in 2022, she lost to her Republican opponent. But in Oklahoma County, the state's most populous, Nelson noted that she'd received more votes than any other candidate for any other office on the ballot, no matter the party. She secured 124,500 votes — more than Walters (96,282), Gov. Kevin Stitt (93,466) or Attorney General Gentner Drummond (123,851), among others. Oklahoma's Fifth Congressional District covers most of Oklahoma County, all of Lincoln County, Pottawatomie County and Seminole County, and parts of Logan and Canadian counties. In 2018, Democrat Kendra Horn knocked off then-GOP incumbent Rep. Steve Russell to earn a seat in Congress. Two years later, Bice downed Kendra Horn and has held the seat ever since, rolling past Democrat Madison Horn in the 2024 election by winning nearly 61% of the vote that November. Bice said then: 'You can never take this seat for granted. We saw what happens when you do in 2018. Republicans really didn't realize that there was a race, and we ended up losing the seat. I am proud to have fought hard to win this seat back, and my goal is to keep this seat Republican.' Nelson is encouraged by the district's recent electoral history as an increasingly purple pocket in a deeply red state and by the fact she fared so well there in a statewide race just three years ago. 'The Fifth District is very, very diverse. It is the most interesting district, because it is urban, it is rural and it is suburban,' Nelson said. 'I think that my experience in my life can speak to all three of those demographics, as well.' Social Security, federal jobs issues important to Jena Nelson Nelson listed her top issues as including the preservation of Social Security, along with health care programs such as Medicare, Medicaid and SoonerCare. Nelson also said she's passionate about keeping open rural hospitals in the district — she specifically mentioned facilities in Prague, Stroud and Guthrie. With Tinker Air Force Base located in the district, she said military and veterans' concerns also should be top of mind for any representative. 'When people talk about cutting federal jobs, these aren't just some bureaucrats, these are our neighbors,' Nelson said. 'These are people that are providing services important services for folks, even if they're answering the phone, you're answering the phone because maybe a veteran is in crisis or a young person is in a crisis. What we're doing is we're closing down lifelines to Oklahomans, and we can't do that. 'In addition to that, of course, I'm always going to be a proponent of education,' Nelson said. 'Right now, we know that there are millions of dollars being withheld at the federal level that need to get into our school systems, and we have a (U.S.) secretary of education that can't tell the difference between A1 and AI. I have a lot of background in education and I'm willing to go up there and fight to make sure that our schools get what they deserve.' Nelson acknowledged politics is an uphill battle for Democrats in a state in which they're outnumbered by Republicans by nearly two-to-one. All seven of Oklahoma's seats in Congress are held by Republicans, as are all 11 statewide elected offices in Oklahoma. The GOP also has supermajorities in both chambers of the Oklahoma Legislature. But, she said, if voters look beyond a candidate's party affiliation, they might like what they see. 'I would even say to people — get a chance to know me, not what you think that the letter beside my name represents, not what you think that about me through some kind of mailer or email or whatever they're going to put out,' Nelson said. 'But come to an event or come to a meet-and-greet and ask me the questions that you want to know (the answers to). I have always said that I will tell the truth.' This article originally appeared on Oklahoman: Democrat Jena Nelson will try to unseat U.S. Rep. Stephanie Bice Solve the daily Crossword