Senate confirms billionaire investor Wilbur Ross as commerce secretary

Senate confirms billionaire investor Wilbur Ross as commerce secretary
Senate confirms billionaire investor Wilbur Ross as commerce secretary
Author

01 March, 2017

Billionaire financier Wilbur Ross was sworn in as President Donald Trump's Commerce Secretary on Tuesday after easily being confirmed by the Senate.

The Senate is set to vote on Ross' nomination Monday evening.

While commerce secretaries rarely take the spotlight in Washington, Ross is expected to play an outsize role in pursuing Trump's campaign pledge to slash USA trade deficits and bring manufacturing jobs back to America.

"He plans to keep making money from one of his major oil shipping companies while working as Commerce Secretary", Warren said.

In his Senate confirmation hearing last month, Ross urged Toyota Motor Corp. and other manufacturers to build more plants in the United States as part of efforts to create more jobs and reduce the USA trade deficit.

Ross is notorious for buying failing companies, slashing jobs and selling them off.

Senate Democratic Minority Leader Chuck Schumer deplored the fact that the White House would not release Ross's response to the Democrats' queries. As a private-equity investor, he restructured companies across a range of industries including steel, banking and textiles. He also owns an art collection worth an estimated $150 million.

LA Kings trade for Ben Bishop from Tampa Bay Lightning
Before the Hanzal trade became official, Minnesota coach Bruce Boudreau said it felt good just to have his team back on the rink. The Kings have played without starter Jonathan Quick for all but one game and one period this season because of a groin injury.


The very first Apple Watch Series 3 details may have just leaked
There's no word whether changing touchscreen technology will provide any noticeable benefits for users. Compared to the flagship smartphone iPhone 8, the Apple Watch Series 3 don't get that much attention.


Le Pen in Lebanon controversy over headscarf refusal
Aoun knew Le Pen's father, National Front founding leader Jean-Marie Le Pen, for years during Aoun's exile in France in the 1990s. Shortly after she arrived at his office Tuesday morning, one of his aides handed her out a white headscarf to put on.


Ross has divested himself of most of his holdings to avoid conflicts of interest in anticipation of his confirmation.

The bank's former chairman, Vladimir Strzhalkovsky, is reportedly close to President Putin, a fellow former KGB agent.

Mr Ross hit the headlines when he said in December when he urged Cypriot financiers to strike during this "period of confusion" in Britain to draw businesses away from the City.

"The United States Senate and the American public deserve to know the full extent of your connections with Russian Federation and your knowledge of any ties between the Trump Administration, Trump Campaign, or Trump Organization and the Bank of Cyprus", Democratic Senator Cory Booker said in a letter to Ross.

Trump praised Ross as a savvy businessman and one of the most valuable advisers in his administration.

Senator Nelson said senators were "troubled and frustrated" by the White House move.

Ross, in reply, has indicated that he will step down from the Bank of Cyprus after he takes office.


More news


  • 'Alien: Covenant' Teaser - The Callbacks You May Have Missed

    'Alien: Covenant' Teaser - The Callbacks You May Have Missed

    Now, it would seem that he might be the iconic first alien victim. " Covenant is really going to show you who did it and why". This is the last time we will probably see these characters smile and laugh, so don't get used to it.

    Funeral ceremony for Vitaly Churkin scheduled for February 24 in Moscow

    After he returned to the foreign ministry in Moscow, he ably parried with Western correspondents at briefings in the early 1990s. At the time, he looked in good health, reporter Alexey Yaroshevsky tweeted Monday.

    Flooding Forces More Evacuations in San Jose, California

    After a lengthy drought, some regions of California are struggling to cope with heavy rains and a series of powerful storms. Rescue crews say the challenge with this rescue was the fast-moving water, large debris flows and contaminated water.
  • One dead, two injured in Germany auto attack

    Officers tracked him down with help from witnesses and opened fire on the suspect who was "seriously wounded", police said. One person has died and two more were injured after a auto was driven into pedestrians in the German town of Heidelberg.

    Strong demand helps homebuilder Toll Brothers' profit top estimates

    The company reported $0.42 earnings per share for the quarter, topping the Thomson Reuters' consensus estimate of $0.36 by $0.06. Following the completion of the transaction, the insider now directly owns 20,699 shares in the company, valued at $675,822.35.

    Tesla Inc (TSLA): Tesla Stock Surge Does Not Impress Wall Street

    Normally this spread should be in positive territory, indicating that analysts expect an investment's value to increase over time. Tesla's dominance in the EV market will prevent short-sellers (where short float is 27%) from making much money from the stock.
  • Steelers Place Exclusive Franchise Tag On Pro-Bowl RB Le'Veon Bell

    The Pittburgh Steelers have reportedly place the franchise tag on running backLe'Veon Bell, according to ESPN's Adam Schefter. Under the terms of the tag, Bell will only be able to negotiate with the Steelers and can not sign an offer with another team.

    As Berkshire Hathaway Trades Do Analysts Recommend You Sell?

    Profit at BNSF, Berkshire's largest purchase before Precision Castparts, fell 8 percent to $993 million. Berkshire Hathaway Inc is a holding company owning subsidiaries engaged in various business activities.

    Canadian oil imports from OPEC producers rose seven percent a year ago

    Contrary to popular belief, oil prices couldn't move higher meaningfully in recent trading despite the OPEC output cut deal. Iranian Oil Minister Zanganeh told state TV that OPEC and non-OPEC oil producers are committed to the production cut.
  • Copeland defeat is Blair's fault, says Corbyn ally

    Copeland defeat is Blair's fault, says Corbyn ally

    Conservative Trudy Harrison defeated Labour's Gillian Troughton by over 2,000 votes, in what was considered to be an upset. He said: "Labour's victory in Stoke is a decisive rejection of Ukip's politics of division and dishonesty".

    Mobile launching LTE-U in spring 2017 to increase LTE capacity

    Just keep in mind that you're going to need a device that supports LTE-U in order to take advantage of its benefits. Customers can tap into that unused capacity for LTE when Wi-Fi demand diminishes.

    Minister tells Parliament that Malawi will not withdraw from International Criminal Court

    But if the government is eventually forced to go to Parliament for approval, it can expect a bruising battle. Mojapelo added that government decisions must be based on "the expressed authority of the constitution".