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Nikki Haley became the first woman to win a Republican presidential primary on March 3rd, when she earned 63% of the roughly 2,000 votes cast in the District of Columbia. Donald Trump’s campaign quickly sent out a press release knocking Ms Haley for being “crowned Queen of the Swamp by the lobbyists and DC insiders”. Mr Trump is busy creating a new Republican establishment anyway.
Ms Haley notched up a second win, in Vermont, on March 5th, but that came amid an avalanche of defeats. Fifteen states and one territory held primaries, with 854 of the 1,215 delegates needed to clinch the Republican nomination up for grabs. Known as Super Tuesday, the typically important day proved unusually sleepy. As expected, Mr Trump dominated, as he has throughout the primary process. The front-runner won every Super Tuesday primary but Vermont’s.
Before Ms Haley dropped out of the race on Wednesday morning, Mr Trump wrote that many of her supporters were “Radical Left Democrats” but he “would further like to invite all of the Haley supporters to join the greatest movement in the history of our Nation”. Ms Haley declined to endorse Mr Trump, who is now running unopposed and will soon officially clinch the delegates needed to become the party’s presumptive nominee.
Mr Trump did receive an endorsement from Mitch McConnell, the veteran Republican leader in the Senate and one of the last prominent holdouts. But the former president was already flexing his influence over the national party before Super Tuesday. The Republican National Committee (RNC), a 168-member body, is convening in Houston on March 7th and 8th, and merging the institution with Mr Trump’s campaign will be at the top of the agenda. Ronna McDaniel, the RNC’s chair since 2017, will finish her two-year term early after Mr Trump grew dissatisfied. Mr Trump has picked Michael Whatley, chairman of the North Carolina Republican Party, to replace her. Lara Trump, the former president’s daughter-in-law, is expected to join as co-chair. And Chris LaCivita, a top campaign official, will oversee day-to-day operations at the national committee.
Last month Ms Haley criticised these moves as premature, but presidential campaigns always integrate with the national committee eventually. “Of course he’s going to take over the building and the party,” says Sean Spicer, who worked at the RNC before joining the Trump administration. “It unifies the effort. You don’t need people swimming against the stream.”
Mr Trump was able to move faster than usual because he remains extremely popular with Republicans, and even his critics could see that only he could win the nomination. Both organisations will now co-ordinate strategy and spending that could pass $1bn. The committee traditionally focuses on get-out-the-vote operations and could take on some campaign expenses. Then there are Mr Trump’s legal bills, which continue to mount as he fights multiple criminal indictments.
Henry Barbour, a longtime committeeman, sought to pass a resolution preventing the RNC from picking up a legal tab that could run into tens of millions of dollars. He said ahead of the Houston meeting that the effort could not muster enough support even to come up for a vote by the full committee, though Mr LaCivita has said that Mr Trump will not rely on the RNC funds for legal liabilities.
A Trumpified RNC today does not guarantee one in perpetuity. The institution typically shrinks as it comes under financial pressure after presidential elections, and many Trump appointees will depart. The newly installed chair and co-chair will be up for re-election next year. Their successors will be chosen by RNC members, who generally support Mr Trump, but Republicans who have witnessed such transitions before say they can be unpredictable.
The presidential candidate will have greater influence over the future of the party by wading into congressional races. More than 90% of Trump-endorsed candidates won their primaries in 2022, and his endorsement remains potent in 2024. A Republican pursuing a US Senate seat in Montana dropped out days after Mr Trump endorsed his rival. A House Republican strategist declines to share details on discussions with the Trump campaign, but says Mr Trump wants to see the party’s majority grow: “He’s definitely a team player.”
Even a Trump loss in 2024 would not necessarily diminish the appetite for Trump-aligned populists in the future. “That is where the energy is in the party,” says Alex Conant, a Republican operative. “I expect it will remain that way for a while regardless of what happens to Trump.”
Mr Trump’s strength among primary voters should surprise no one, but some of the party’s money men have shown less enthusiasm. Many donors preferred Ms Haley or Ron DeSantis, the Florida governor whose $168m effort ended after the Iowa caucuses. Last year was the RNC’s worst fundraising year, adjusting for inflation, since 1993—and its Democratic rival brought in over $30m more. The DNC started 2024 with more than $21m cash on hand compared with just over $8m for the RNC.
Money is not all that matters. Hillary Clinton spent nearly twice as much as Mr Trump in 2016 and still lost. But in a close race, any extra advantage could decide the outcome. Mr Trump is a potent small-dollar fundraiser, but he appears to know he will need more billionaires onside.
The Club for Growth, an influential anti-tax group that fell out with Mr Trump in recent years, has begun to reconcile with him lately. Jeff Yass, a billionaire trader, gave the group’s Super PAC $10m as it sought a Trump alternative. He later donated to the Super PAC for Chris Christie, a former New Jersey governor. On March 1st Mr Trump called Mr Yass “fantastic”.
Whether Mr Trump can win over donors—and more moderate Republicans—may depend on how he adapts his tone in the coming months. Most presidential nominees undergo a shift after securing their base, adopting a more moderate message during the general election. Mr Trump has been notably more circumspect on abortion and other social issues than his Republican rivals. But his broader strategy is unlikely to change: hammering Mr Biden for his handling of immigration and the economy while pointing to increasing chaos around the world.
“Winning campaign messaging requires a few key ingredients: being simple, compelling and able to draw a clean contrast against the opposition,” says Rob Lockwood, a former RNC strategist. “Biden’s political prospects are primarily haunted by his record,” and Mr Trump can point to four years in office that polls suggest many voters recall fondly.
Mr Trump still faces the challenge of healing wounds within his own party. After Iowa, he opted for a unifying message. A week later in New Hampshire, visibly annoyed, he departed from his script and delivered a lengthy personal attack on Ms Haley. As the results came in on Super Tuesday, Mr Trump said: “We want to have unity, and we’re going to have unity, and it’s going to happen very quickly.” ■
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In the world of financial management, accurate transaction recording is much more than a routine task—it is the foundation of fiscal integrity, operational transparency, and informed decision-making. By maintaining meticulous records, businesses ensure their financial ecosystem remains robust and reliable. This article explores the essential practices for precise transaction recording and its critical role in driving business success.
The Importance of Detailed Transaction Recording At the heart of accurate financial management is detailed transaction recording. Each transaction must include not only the monetary amount but also its nature, the parties involved, and the exact date and time. This level of detail creates a comprehensive audit trail that supports financial analysis, regulatory compliance, and future decision-making. Proper documentation also ensures that stakeholders have a clear and trustworthy view of an organization’s financial health.
Establishing a Robust Chart of Accounts A well-organized chart of accounts is fundamental to accurate transaction recording. This structured framework categorizes financial activities into meaningful groups, enabling businesses to track income, expenses, assets, and liabilities consistently. Regularly reviewing and updating the chart of accounts ensures it stays relevant as the business evolves, allowing for meaningful comparisons and trend analysis over time.
Leveraging Modern Accounting Software Advanced accounting software has revolutionized how businesses handle transaction recording. These tools automate repetitive tasks like data entry, synchronize transactions in real-time with bank feeds, and perform validation checks to minimize errors. Features such as cloud integration and customizable reports make these platforms invaluable for maintaining accurate, accessible, and up-to-date financial records.
The Power of Double-Entry Bookkeeping Double-entry bookkeeping remains a cornerstone of precise transaction management. By ensuring every transaction affects at least two accounts, this system inherently checks for errors and maintains balance within the financial records. For example, recording both a debit and a credit ensures that discrepancies are caught early, providing a reliable framework for accurate reporting.
The Role of Timely Documentation Prompt transaction recording is another critical factor in financial accuracy. Delays in documentation can lead to missing or incorrect entries, which may skew financial reports and complicate decision-making. A culture that prioritizes timely and accurate record-keeping ensures that a company always has real-time insights into its financial position, helping it adapt to changing conditions quickly.
Regular Reconciliation for Financial Integrity Periodic reconciliations act as a vital checkpoint in transaction recording. Whether conducted daily, weekly, or monthly, these reviews compare recorded transactions with external records, such as bank statements, to identify discrepancies. Early detection of errors ensures that records remain accurate and that the company’s financial statements are trustworthy.
Conclusion Mastering the art of accurate transaction recording is far more than a compliance requirement—it is a strategic necessity. By implementing detailed recording practices, leveraging advanced technology, and adhering to time-tested principles like double-entry bookkeeping, businesses can ensure financial transparency and operational efficiency. For finance professionals and business leaders, precise transaction recording is the bedrock of informed decision-making, stakeholder confidence, and long-term success.
With these strategies, businesses can build a reliable financial foundation that supports growth, resilience, and the ability to navigate an ever-changing economic landscape.
AS A SHUTDOWN looms, TikTok in America has the air of the last day of school. The Brits are saying goodbye to the Americans. Australians are waiting in the wings to replace banished American influencers. And American users are bidding farewell to their fictional Chinese spies—a joke referencing the American government’s accusation that China is using the app (which is owned by ByteDance, a Chinese tech giant) to surveil American citizens.
Firefighters battle flames during the Eaton Fire in Pasadena, California, U.S., Jan. 7, 2025.
Mario Anzuoni | Reuters
Climate-related natural disasters are driving up insurance costs for homeowners in the most-affected regions, according to a Treasury Department report released Thursday.
In a voluminous study covering 2018-22 and including some data beyond that, the department found that there were 84 disasters costing $1 billion or more, excluding floods, and that they caused a combined $609 billion in damages. Floods are not covered under homeowner policies.
During the period, costs for policies across all categories rose 8.7% faster than the rate of inflation. However, the burden went largely to those living in areas most hit by climate-related events.
For consumers living in the 20% of zip codes with the highest expected annual losses, premiums averaged $2,321, or 82% more than those living in the 20% of lowest-risk zip codes.
“Homeowners insurance is becoming more costly and less accessible for consumers as the costs of climate-related events pose growing challenges to both homeowners and insurers alike,” said Nellie Liang, undersecretary of the Treasury for domestic finance.
The report comes as rescue workers continue to battle raging wildfires in the Los Angeles area. At least 25 people have been killed and 180,000 homeowners have been displaced.
Treasury Secretary Janet Yellen said the costs from the fires are still unknown, but noted that the report reflected an ongoing serious problem. During the period studied, there was nearly double the annual total of disasters declared for climate-related events as in the period of 1960-2010 combined.
“Moreover, this [wildfire disaster] does not stand alone as evidence of this impact, with other climate-related events leading to challenges for Americans in finding affordable insurance coverage – from severe storms in the Great Plans to hurricanes in the Southeast,” Yellen said in a statement. “This report identifies alarming trends of rising costs of insurance, all of which threaten the long-term prosperity of American families.”
Both homeowners and insurers in the most-affected areas were paying in other ways as well.
Nonrenewal rates in the highest-risk areas were about 80% higher than those in less-risky areas, while insurers paid average claims of $24,000 in higher-risk areas compared to $19,000 in lowest-risk regions.
In the Southeast, which includes states such as Florida and Louisiana that frequently are slammed by hurricanes, the claim frequency was 20% higher than the national average.
In the Southwest, which includes California, wildfires tore through 3.3 million acres during the time period, with five events causing more than $100 million in damages. The average loss claim was nearly $27,000, or nearly 50% higher than the national average. Nonrenewal rates for insurance were 23.5% higher than the national average.
The Treasury Department released its findings with just three days left in the current administration. Treasury officials said they hope the administration under President-elect Donald Trump uses the report as a springboard for action.
“We certainly are hopeful that our successors stay focused on this issue and continue to produce important research on this issue and think about important and creative ways to address it,” an official said.
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