• iStock/Thinkstock(WASHINGTON) — Wilbur Ross, President-elect Donald Trump’s nominee for Commerce Secretary, is set to testify at his confirmation hearing Wednesday before the Senate Committee on Commerce, Science and Transportation.On Nov. 30, Trump announced his intent to nominate Ross, a billionaire Wall Street investor who amassed a fortune restructuring failed companies primarily in the manufacturing and steel industries, earning him the moniker, the “King of Bankruptcy.”The Trump transition says Ross will be “instrumental” in implementing Trump’s America First economic plan, which aims to create more than 25 million jobs in the next decade.“Together, we will take on the special interests and stand up for American jobs,” Trump noted in a news release tapping Ross for Commerce. “Wilbur knows that cutting taxes for working families, reducing burdensome government regulations and unleashing America's energy resources will strengthen our economy at a time when our country needs to see significant growth.”While he was one of Trump’s strongest backers during the presidential campaign, Ross, 79, is a former registered Democrat.But his relationship with Trump dates back to the 1990s, when Ross represented investors who were considering whether to oust Trump from his perch as head of his Taj Mahal casino in Atlantic City. Ross reportedly believed the casinos would remain profitable if Trump were to stay on — allowing Trump to save his image, according to The New York Times. Trump sold his interest in the Trump Taj Mahal in 2009 and the casino closed last October after enduring years of financial losses.As the owner of the Sago mine, Ross was accused of ignoring safety regulations that cost the lives of 12 miners in the 2006 disaster. Days after the mine explosion, Ross defended his company's management of the mine amid multiple warning signs in the form of previously-issued safety citations.If confirmed, Ross would take over for Penny Prtizker, another billionaire, though loyal to President Obama. Copyright © 2017, ABC Radio. All rights reserved.
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  • Bill Pugliano/Getty Images(NEW YORK) -- Plans announced Tuesday by automotive giant General Motors to add or keep 7,000 American jobs and invest $1 billion in United States manufacturing -- later touted by President-elect Donald Trump on Twitter as part of a "big jobs push back into the U.S." -- were actually "years in the making," according to the company.In a statement, GM said the investments will "cover multiple new vehicle, advanced technology and component projects," culminating in 1,500 of the jobs, a combination of new and existing positions. The Detroit-based manufacturer said it also intends to shift some production work from Mexico back to the U.S.The timing of the announcement raised suggestions that claims by Trump contributed to the company's actions. Throughout his presidential campaign and ensuing transition, Trump made the collapse of American manufacturing and outsourcing of jobs -- particularly to Mexico and China -- a focal point of his platform and his administration's plans.
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  • iStock/Thinkstock(NEW YORK) -- Investors appear to be uneasy ahead of the inauguration of President-elect Donald Trump as stocks closed lower after the holiday weekend.The Dow slid 58.96 (-0.30 percent) to finish at 19,826.77.The Nasdaq gave up 35.39 (-0.63 percent) to close at 5,538.73, while the S&P 500 finished at 2,267.89, down 6.75 (-0.30 percent) from its open.Crude oil prices, about $52.5 a barrel, gained under 1 percent.Donald Trump: In an interview with the Wall Street Journal, Trump said the U.S. dollar is "too strong," causing the dollar to slide about 1 percent Tuesday. The president-elect told WSJ that because China was keeping its yuan weaker, "companies can't compete with [China] now because our currency is too strong. And it's killing us."Winners and Losers: Wal-Mart Stores Inc soared 2 percent after announcing it would create about 10,000 jobs in the U.S.Shares for Tiffany & Co. tumbled about 2.5 percent on news of lower sales, including a 14 percent decline at its flagship store on Fifth Avenue in New York, near Trump Tower. The luxury jeweler retailer attributed the loss "at least partly to post-election traffic disruptions."
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  • Spencer Platt/Getty Images(NEW YORK) -- Boeing CEO and chairman Dennis Muilenburg says he had an "excellent conversation" with President-elect Donald Trump at Trump Tower in New York Tuesday.Speaking to reporters following the meeting, Muilenburg said the two discussed ways to simplify requirements for Air Force One "to make a better plane at a lower cost." He also praised the job Trump is doing to help U.S. business and manufacturing."I think Mr. Trump is doing a great job in engaging in business," Muilenburg said. "We're all on the same page here. Our objective is to provide the best capability for our country most affordably. We want to generate jobs in the U.S."He added, "I think Mr. Trump's engagement with industry is going to help us grow manufacturing jobs in this country."
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  • General Motors(DETROIT) -- General Motors is investing another $1 billion in U.S. manufacturing operations, the automaker announced on Tuesday.The investment covers "multiple new vehicle, advanced technology and component projects" and includes 1,500 new and retained jobs, GM said in a press release. Details about those jobs, however, won't be revealed until later in the year.The company said it will also create an additional 450 U.S. jobs as it begins insourcing axle production for its pickup trucks in Michigan, including work that had been previously done in Mexico."As the U.S. manufacturing base increases its competitiveness, we are able to further increase our investment, resulting in more jobs for America and better results for our owners," GM CEO Mary Barra said in a statement. "The U.S. is our home market and we are committed to growth that is good for our employees, dealers, and suppliers and supports our continued effort to drive shareholder value."Barra added that insourcing IT jobs and streamlining engineering operations will add even more jobs in the U.S. over the next few years. "We will continue our commitment to driving a more efficient business, as shown by our insourcing of more than 6,000 IT jobs that were formerly outside the U.S., streamlining our engineering operations from seven to three, with the core engineering center being in Warren, Michigan, and building on our momentum at GM Financial and in advanced technologies," she said. "These moves, and others, are expected to result in more than 5,000 new jobs in the U.S. over the next few years."
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  • iStock/Thinkstock(DALLAS) — Facebook CEO Mark Zuckerberg is scheduled to testify in a multi-billion dollar lawsuit against his company Tuesday. The case relates to Facebook’s 2014 purchase of Oculus, the virtual reality headset maker. Zenimax — a suburban Dallas company — claims that Oculus was created using stolen technology and that Facebook knew that when it made the buy.Zenimax is seeking $2 billion in damages, the amount Facebook paid in the deal to buy Oculus, Business Insider reports. Copyright © 2017, ABC Radio. All rights reserved.
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