FIRST ON FOX: Senate Banking Committee Chairman Tim Scott, R-SC, said he expects Federal Reserve Chairman candidate Kevin Warsh to successfully move through the Senate confirmation process, despite opposition from Democrats in the higher chamber. 

Warsh was nominated by President Donald Trump in January to chair the Federal Reserve Board of Governors to replace outgoing Chairman Jerome Powell. 

“I think Kevin is a fantastic person and a very strong pick,” Scott told Fox News Digital during a phone call. “I’ve known Kevin for a number of years now. He’s one of my favorites in the world of economics. I think he’s going to do a great job tomorrow. Frankly, every Democrat and every Republican on the committee should support him.”

Warsh will sit before Scott’s committee on Tuesday for a hearing where Scott says Democrats will likely target Warsh’s financial disclosures, which has delayed the hearing.

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“With the Democrats, I would imagine you’ll see a lot of hand-wringing around disclosures as opposed to hand-wringing around economic knowledge and the wisdom or understanding of the nimble nature of our economy,” Scott told Fox News Digital. 

“On our side, I think you’ll see a near unanimous support of a candidate. We obviously are all aware of at least one person who wants to wait until the DOJ investigation is done before we have a vote, but the truth is that even Tom Tillis supports Kevin Warsh,” Scott added.

Judge Jeanine Pirro, who was appointed by Trump to lead the U.S. Attorney’s Office for the District of Columbia, authorized an investigation into sitting Fed Chairman Jerome Powell last November.

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The investigation was based on a roughly $2.5 billion renovation project to restore the Fed headquarters, with some investigators accusing Powell of lying under oath before Scott’s committee in June 2025.

Powell responded to the Trump administration’s legal pursuits, saying the move was political and in response to Powell’s reluctance to lower interest rates. 

“This new threat is not about my testimony last June or about the renovation of the Federal Reserve buildings,” Powell said in a statement. “It is not about Congress’s oversight role; the Fed, through testimony and other public disclosures, made every effort to keep Congress informed about the renovation project.”

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When asked about the differences between Powell and Warsh in terms of Fed independence, Scott said Powell did not remove politics from his agenda during his tenure of leading America’s central bank. 

“I think Powell did not know the definition of transitory, and I think Kevin Warsh will,” Scott explained. “I would say that the fact of the matter is that Kevin understands the importance of the independence of the Fed, and Powell did not.”

“As an example, we saw Powell weighing in under the Biden years on things that were very political and [it] should have been left to Congress to include the climate agenda,” Scott continued.

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“I do not think you’ll see that under Kevin Warsh,” Scott added. “I think he’ll keep his eye on the most important thing, which is money and not the climate.”

Warsh, 56, joined the Federal Reserve Board in 2006 at just 35 years old, one of the youngest governors in the history of America’s central bank. 

The Albany, New York native graduated from Stanford in 1992, and graduated cum laude with a Juris Doctor from Harvard Law School in 1995.

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He worked in mergers and acquisitions at Morgan Stanley, and subsequently served in the White House as Special Assistant to the President for Economic Policy and Executive Secretary of the National Economic Council under President George W. Bush.

Following his hearing Tuesday morning, the Senate will vote on his advancement to the full Senate, where he only needs a simple majority vote to be confirmed for the role.

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Powell’s term ends on May 15, so it is likely Warsh will assume the Fed Chair position at or around that date. 

“Every Democrat and every Republican on the committee should support him, [but I] don’t think that’ll happen,” Scott added. “Democrats are now afraid of supporting President Trump, even if it’s in the best interest of the country, which is quite unfortunate.”

In a conversation with ET Now, Independent Market Expert, Daljeet Kohli shared a cautiously optimistic outlook on the markets, suggesting that the worst of recent geopolitical tensions may already be behind us. While uncertainty persists, he believes this phase presents a strategic opportunity for investors to begin putting money to work in a disciplined manner.

“Worst of the War Impact Likely Behind Us,” he said.

Speaking on current market conditions, Kohli said, “We are constructive on the markets at this point. What we believe is that probably the worst of the war-related issues are behind us. Now, of course, how fast it will recover and how soon the war will end, I do not know. I think nobody knows that. But one thing is very clear from the market movement as well as from the news flow—that probably the worst-case scenario which could have played out has already been understood by both parties, and now they are all sitting at the table to discuss the future course.”

He cautioned that resolutions in such situations are rarely quick.

“Normally, these things do not get solved in one or two meetings. They take a long time. There are ego hassles and various issues that need to be sorted out. So, for that period of uncertainty, we will have to bear the volatility.”

Gradual Investment Strategy Advised
Rather than waiting for complete clarity, Kohli emphasized a phased investment approach.
“What we believe is that this is probably the right time to start using your money—putting it to use, maybe 15–20% now, and then on bad days or negative news, you can find opportunities and start adding in small tranches. Slowly and steadily, you can build your portfolio.”
He also highlighted that the real economic impact of the conflict will unfold over time.

“As of now, we are only analysing the near-term impact of the war. The actual impact will come over the next two to three quarters, when we will understand how each specific company is getting affected—whether due to input costs, demand destruction, or delays in procurement of raw materials. These will reflect in quarter two and quarter three numbers, and that is when sector-specific and stock-specific reactions will emerge.”

Sectoral Bets: Power, AI, and Metals
On sectoral preferences, Kohli identified power as a clear long-term beneficiary.

“One sector which is a very clear beneficiary of this entire episode is power. Within power, you have a very long value chain—you can play it through renewables, generation, transmission, equipment players, and financers. There are companies available at reasonable valuations.”

He stressed that the push for energy security will sustain the sector’s growth.

“This theme is going to play out for a very long time. Everyone is now clear that we need to create in-house dependency for energy security, and now nuclear power is also being added. Equipment and spare parts producers supplying to this ecosystem will benefit. This is not a one- or two-quarter theme—it is a long-term opportunity.”

Kohli also pointed to emerging opportunities in AI-linked sectors.

“The second theme is AI-related—semiconductors and data centres, along with the accessories that support them. There could be cable manufacturers or EPC players who benefit. We may not have direct plays in the market, but there are indirect ways to participate in these themes.”

Metals, too, could see sustained momentum due to supply disruptions.

“Metals is another segment where there is a lot of disturbance on the supply side, so that may not be a short-term trend.”

Power Lenders Back in Focus
Within the broader power ecosystem, Kohli also spoke about financing companies like Power Finance Corporation and REC Limited.

“These lenders have disappointed in terms of stock performance for quite some time. PFC and REC are the two key names. Now there is some activity around a potential merger of these two.”

While uncertainties remain around the merger structure, he believes valuations are attractive.

“Both of them are available at very reasonable valuations, especially considering that technically there are no NPAs, as they are largely backed by state and central government guarantees.”

He explained the reason behind their subdued performance:

“The problem was that the market was building in a lot of growth in the last year, but their asset books did not reflect that kind of growth. That is why they were trading at subdued valuations.”

However, the outlook could improve with sector momentum.

“Now, with this theme picking up, more project announcements, and increased activity around the merger, these factors should help over time. Ultimately, this segment should also perform. Within the BFSI space, this is one sub-segment where there is still valuation comfort.”

Bottom Line
Kohli’s message is clear, while uncertainties remain, panic may have peaked. Instead of trying to time the market perfectly, investors should adopt a staggered approach—focusing on long-term structural themes like power and AI while staying mindful of evolving sector-specific risks.

This article was written by

Analyst’s Disclosure: I/we have a beneficial long position in the shares of NINE, ENERGY TRANSFER (ET), HARVEST OIL & GAS (HRST), SANDRIDGE ENERGY (SD), UBS ETRACS CRUDE OIL SHARES COVERED CALL ETN (USOI), PETROBRAS (PBR) AND (PBR.A) either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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Analyst’s Disclosure: I/we have a beneficial long position in the shares of NINTENDO (ON TSE) either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Mumbai: The potential listing of National Stock Exchange of India is expected to significantly strengthen the solvency position of at least three state-run general insurers that together own about 75 million shares in the country’s biggest bourse.

The stakes of National Insurance Company, Oriental Insurance Company and United India Insurance Company, at NSE’s conservative listing price of ₹1,500 a share, would translate into ₹11,500 crore-12,000 crore for the insurers – or about ₹4,500 crore each.

The money could improve solvency ratios by nearly one percentage point. “This could improve solvency ratios by nearly 100 basis points, effectively equivalent to a capital infusion of similar scale,” said a person familiar with the matter.

These insurers are currently operating below the regulatory solvency mandate of 1.5 times the required solvency margin. As of March 2025, National Insurance reported a solvency ratio of -0.67, Oriental Insurance stood at -1.03 and United India Insurance at -0.65, which showed sustained stress on their balance sheets.

The ratios have weakened over time, with National Insurance at -0.46 and United India at -0.73 as recently as June 2024.

In contrast, listed peer New India Assurance has maintained a solvency ratio of about 1.9, comfortably above regulatory norms.
However, a listing of NSE could partly offset these capital needs. The insurers hold sizeable stakes in the exchange, which are currently carried at conservative valuations due to its unlisted status. A public listing would allow these holdings to be marked closer to market value, unlocking significant capital. The pressure on solvency stems largely from weak underwriting performance and persistent losses, particularly when excluding fair value gains. According to ICRA Ratings’ previous report, the three insurers may require ₹15,200-17,000 crore of capital to meet the 1.5 solvency threshold.

There were reports that the government was considering a fresh capital infusion of up to ₹5,000 crore into the three loss-making insurers.

The proposed IPO, estimated to raise over ₹20,000 crore, is expected to be entirely an offer-for-sale, with existing shareholders diluting stakes rather than the exchange issuing fresh equity.

Apple’s senior vice president of Hardware Engineering, John Ternus, is set to take over as the tech manufacturer’s CEO later this year after current chief executive Tim Cook announced on Monday that he would be stepping down.

Cook will transition to executive chairman of the company’s board of directors. The company said the transition followed a “thoughtful, long-term succession planning process” and was unanimously approved by the board of directors.

“It has been the greatest privilege of my life to be the CEO of Apple and to have been trusted to lead such an extraordinary company,” Cook said in a statement. 

“I love Apple with all of my being, and I am so grateful to have had the opportunity to work with a team of such ingenious, innovative, creative, and deeply caring people who have been unwavering in their dedication to enriching the lives of our customers and creating the best products and services in the world,” he added.

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The leadership shakeup marks the first change in the company’s chief executive in 15 years, when Cook replaced Apple co-founder Steve Jobs.

Ternus will take over as CEO on Sept. 1, leading the company into its next phase of innovation. He will also join the board of directors upon assuming the role.

“I am profoundly grateful for this opportunity to carry Apple’s mission forward,” Ternus said in a statement. “Having spent almost my entire career at Apple, I have been lucky to have worked under Steve Jobs and to have had Tim Cook as my mentor. It has been a privilege to help shape the products and experiences that have changed so much of how we interact with the world and with one another.”

He joined Apple’s product design team in 2001 and became vice president of Hardware Engineering in 2013. Eight years later, he joined the executive team as senior vice president of Hardware Engineering, where he has overseen work on many of the company’s flagship products across iPhone, Mac, iPad, AirPods and Apple Watch.

Ternus also recently led the team behind the new MacBook Neo and the redesigned iPhone 17 lineup. Apple credits his leadership with driving advancements in AirPods, including active noise cancellation and capabilities that enable them to function as an all-in-one hearing health system, including over-the-counter hearing aid features.

Additionally, he has led efforts focused on durability, materials innovation, and sustainability, including the use of recycled aluminum and new manufacturing techniques. Ternus has also played a key role in Apple’s transition to in-house silicon.

“I am filled with optimism about what we can achieve in the years to come, and I am so happy to know that the most talented people on earth are here at Apple, determined to be part of something bigger than any one of us,” he said. “I am humbled to step into this role, and I promise to lead with the values and vision that have come to define this special place for half a century.”

Before joining Apple, Ternus worked as a mechanical engineer at Virtual Research Systems. He graduated with a bachelor’s degree in Mechanical Engineering from the University of Pennsylvania.

Cook praised Ternus as having “the mind of an engineer, the soul of an innovator, and the heart to lead with integrity and with honor.”

“He is a visionary whose contributions to Apple over 25 years are already too numerous to count, and he is without question the right person to lead Apple into the future,” Cook said. “I could not be more confident in his abilities and his character, and I look forward to working closely with him on this transition and in my new role as executive chairman.”

Apple shares dipped slightly—less than 1%— in after-hours trading following the news of the leadership shakeup, which some analysts said was not surprising.

“This transition shouldn’t come as a shock, as Cook is at retirement age and Ternus has long been rumored as the successor,” Jacob Bourne, a technology analyst at EMARKETER, told Reuters. “Cook staying on as CEO through September before continuing as executive chairman should provide some degree of reassurance to investors even as markets react ⁠negatively to ​the near-term uncertainty.”

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Rick Meckler, a partner at Cherry Lane Investments, told the outlet he is “not surprised that the initial reaction is for the stock to be a little bit lower.”

B. Riley Wealth chief market strategist Art Hogan also said Cook “would never leave if the numbers were ‌going to ⁠be bad, so I think that that’s the important thing.”

“They’re about to report numbers, and you know they’re going to be good,” he added. “You know the guidance is going to be positive. And you know we’re going to start hearing more about how they are going to use artificial intelligence to improve their products.”

Ternus will take over Apple at a time when it faces antitrust scrutiny around the world. This includes a landmark case brought by the U.S. Department of Justice and more than a dozen states, alleging that Apple has maintained an illegal monopoly by using its control over the iPhone to stifle competition. European and Asian governments have also sought to penalize Apple for allegedly exploiting its dominant position in the industry.