Finance
Trump says he wants Pulte to further slash staffing at national intelligence office
ABOARD AIR FORCE ONE (AP) — President Donald Trump said Friday that he wants his new acting director of national intelligence, Bill Pulte, to cut the office, which has already been significantly scaled back during his second term.
WATCH: Trump says Pulte isn’t ‘permanent’ pick for national intelligence chief after GOP pushback
Trump noted that the size of the office has been “way too high for way too long” and that “if he cut, I wouldn’t mind that.”
“He’ll do a very good job,” Trump told reporters on Air Force One as he traveled to Wisconsin for an event on agriculture. “He’ll watch it closely, but Bill Pulte is very good, he’s very talented.”
The Republican president said in an earlier interview with The Wall Street Journal that he has asked Pulte to start the process of firing employees. In the interview, Trump said he has already conveyed his view to Pulte, who has served as head of the Federal Housing Finance Agency but has no apparent national security expertise.
“I’d like to see it smaller. I think there are a lot of people in there that shouldn’t be there,” Trump said, which the Journal said was in reference to intelligence community officials who had served in the Democratic administrations of Presidents Joe Biden and Barack Obama.
Trump told the Journal that he wants Pulte to “start the process” of firing personnel and that the eventual permanent director of national intelligence should continue it. The president has indicated that he would not formally nominate Pulte for the position.
“Frankly, it might be good for him to shake it up before people come,” Trump said. “Because, if he (Pulte) reduced the size, in conjunction with me … and in conjunction with possibly the person coming in … he can do a lot of the hard work and we wouldn’t have to saddle somebody that goes in.”
Pulte was tapped by the president earlier this week in a surprising move that has been met with bipartisan resistance in the Senate, which confirms presidential nominations. The temporary appointment has now snarled the renewal of a critical national security surveillance program on Capitol Hill, with Democrats key to the vote pointing out that they did not trust Pulte — whose office oversees 18 intelligence agencies — to help administer the surveillance program.
Trump told reporters on Air Force One that Pulte will stay in the position depending on how long it takes to get his successor confirmed. The president also said he was considering five people who were “all very good, all people that you know very well, all people that do that kind of thing.”
“They’re very respected people,” Trump said of his intelligence candidates, without naming them.
Under Pulte’s predecessor, Tulsi Gabbard, the DNI office had already taken steps to scale back its size. In August, the Trump administration said that the office’s budget would be cut by more than $700 million per year, while slashing the size of its workforce.
At the time, Gabbard said the office had become “bloated and inefficient” while she announced the roughly 40% workforce reduction.
Gabbard resigned last month after revealing her husband’s cancer diagnosis.
Kim reported from Washington.
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“We will continue to work tirelessly and proactively to make Hong Kong even better and stronger as a leading international financial centre,” Wong said.
The consultation period closed last month, and HKEX was now reviewing feedback before finalising the measures, he added.
He said Hong Kong was building a commodities ecosystem, using gold as a strategic entry point, with plans for expanded storage and refinery capacity and the reactivation of a US dollar gold futures contract.
Dominic Anthony Walsh / Houston Public Media
One of the “Big Three” credit ratings agencies improved its outlook on the city of Houston’s financial position on Thursday, two weeks after city officials approved major reforms to the city’s revenue flow.
In a news release announcing the “stable” outlook, the agency said the city “made substantial progress in materially reducing its budget gap … through various structural changes.”
S&P Global lowered the city’s outlook in 2024 amid rising public safety costs tied to the more than $1 billion blockbuster settlement with the firefighters’ union, which included immediate backpay and hiked salaries by more than 30% over the five-year agreement. The “negative” outlook signaled the possibility of a credit downgrade, which would raise the city’s borrowing costs.
This year, Houston Mayor John Whitmire’s administration redirected about $100 million in revenue from the city’s water and wastewater utility to the $3 billion general fund, which supports most departments including police and fire. At the same time, the administration moved the more than $100 million solid waste department out of the general fund and into the utility while adopting a $5 monthly fee for garbage customers.
Altogether, the changes essentially erased the projected deficit for this fiscal year, which runs through June 2027.
Steven David, Whitmire’s chief operations officer, said the improved outlook is “just a validation of the work that Mayor Whitmire has been doing for the past two-and-a-half years.”
“If fiscal stability is a house, we’ve laid the foundation with this fiscal year, and it’s good to see that S&P is recognizing that,” he said.
S&P’s statement included a note of caution. The city’s budget deficit has routinely ballooned beyond what was planned.
In 2026, the administration expected a gap between revenue and spending of about $70 million. The actual deficit exceeded $170 million, although the city’s critical fund balance remained on target.
“If these deviations from the city’s budget continue, it could weaken our view of the city’s budgetary practices and overall reserves, aligning them more closely with those of lower-rated peers,” the agency said.
City Controller Chris Hollins — Houston’s elected financial official and a vocal critic of Whitmire’s financial policies — said the warnings “show we’re not out of the woods.”
The other “Big Three” credit ratings agencies have not yet announced changes. Fitch maintained a negative outlook, first assigned in 2024, while Moody’s outlook remained stable.
Digital payments are becoming an increasingly common part of everyday life in Uzbekistan, helping bring more consumers into the formal financial system and increasing demand for services beyond basic transactions.
According to a financial inclusion survey conducted by the Central Bank of Uzbekistan with support from the Asian Development Bank, 71.17% of respondents reported making or receiving at least one digital payment in 2025, compared with 39% in 2021.
The increase follows several years of policies aimed at expanding financial inclusion, encouraging electronic payments and introducing digital tools such as remote identification systems for banking customers.
Interviews conducted by Euronews on the sidelines of the Tashkent International Investment Forum (TIIF) suggest that the rapid adoption of digital payments is now beginning to influence wider parts of the financial sector, from lending and insurance to investment products and banking services for businesses.
Digital payments enter the mainstream
Industry executives point to a combination of demographic, technological and regulatory factors behind the growth of digital financial services.
Nikolay Seleznyov, co-founder of Uzum, a company active in e-commerce, digital payments and financial services, said the expansion is bringing more people into the banking system.
“More and more people are becoming bank customers. And this trend is irreversible.”
Oliver Hughes, chairman of TBC Uzbekistan, a digital bank operating through the TBC UZ and Payme applications, pointed to the country’s young population and widespread use of mobile technology as factors supporting the shift towards digital services.
The trend is also affecting established lenders. Dmitry Sapronov, deputy chairman of Ipoteka Bank, which became part of Hungary’s OTP Group in 2023, said customer demand for digital services has increased significantly in recent years, requiring banks to rethink how they deliver products and interact with clients.
Regulation and infrastructure
Executives said the growth of digital finance has been supported by both regulatory changes and investment in digital infrastructure.
The Central Bank and other institutions have introduced measures aimed at expanding financial inclusion and encouraging electronic payments, while digital identification systems have made it easier for consumers to access banking products remotely.
“The digital ID product was one of the biggest enablers here for all the players in the financial services industry,” Seleznyov said.
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