FRIDAY, 26 MAY 2017

 

CONNECT

Facebook Linked In Twitter
PwC_15/05-26/05_728x90px
GloriaJeans_266x90px
IMH LTD

Kazakos Honoured for CSC’s Contribution to Blood Donations

Zenon Attends Cyprus-Greece-Israel Meeting in Athens

IMH LTD
PwC_15/05-26/05_468x60px

PEOPLE

Wilbur Ross Confirmed as US Commerce Secretary

Wilbur Ross Confirmed as US Commerce Secretary

The US Senate confirmed Wilbur L. Ross, the billionaire investor and Vice-President of the Board of Directors of the Bank of Cyprus, as commerce secretary, installing a key leader for the Trump administration’s plans to overhaul trade deals such as the North American Free Trade Agreement.

According to the New York Times, by a vote of 72 to 27, the Senate confirmed Ross, who has already been advising President Trump on economic policy and helping him to craft ways to rewrite the tax code. A renegotiation of Nafta is expected to be Ross’s top priority when he takes over the job. During his confirmation hearing in January, he warned that “all aspects” of the agreement between the United States and its northern and southern neighbours are on the table.

With the confirmation of Ross, the most important members of Trump’s economic team are in place just in time for looming fights over the budget, health care and tax legislation.

Compared with some of Trump’s other cabinet picks, Ross had his confirmation process move ahead with relative ease. He faced less resistance from Democrats than Steven Mnuchin, the Treasury secretary, and Andrew F. Puzder, whose nomination to lead the Labor Department was derailed.

A former Democrat, Ross, 79, divested a significant portion of his holdings to avoid conflicts of interest before taking the helm of the Commerce Department. He also tried to temper some of Trump’s views on trade, attempting to ease concerns that the United States is going to be engaging in trade wars.

“I am pro-trade, but I am pro-sensible trade,” Ross declared at his confirmation hearing.

But he takes the job with lingering questions about how his business experience will mesh with Trump’s “America First” trade agenda.

As a private equity investor, Ross amassed a fortune by taking advantage of trade deals with countries such as China and Mexico. He sent jobs to Mexico when he was the head of a car parts company, benefiting from some of the Nafta provisions that he will most likely be looking to unwind. And he is maintaining a minority stake in a company backed by the Chinese government, the New York Times report.

Ross has said that he wants to use his knowledge of the global economy to help improve the fortunes of lower- and middle-class Americans. He said last summer that he was attracted to Trump as a candidate because he believed that the country needed a “more radical, new approach to government.”

The appointment of Ross fulfills Trump’s promise to stock his cabinet with proven dealmakers. But it also opens the president up to criticism that he has veered away from his vows of populism by surrounding himself with plutocrats.

Ross is set to be sworn in on February 28 at the White House.

MORE ON PEOPLE

Laura Constantinou Hired as Payroll Services Manager at GRS Group Company, Fairfax Yeaman

Recently hired by the GRS Group Company, Fairfax Yeaman, a leader in outsourced payroll ...

Greek Author and Success Coach Nicolas Smyrnakis Gives Advice on Achieving Personal Success

Nicolas Smyrankis, successful “success coach”, author and innovator of the ...

Despina Panayiotou Receives "Woman of the Decade" Award at WEF

Despina Panayiotou Theodosiou, CEO of TOTOTHEO Maritime received the prestigious ...

FROM AROUND GOLDNEWS

   

Workshop: CSR/Sustainability Reporting Made Easy with the GRI Standards

Deloitte Academy and FBRH Consultants Ltd (GRI Certified Training Partner) jointly organise an open seminar/workshop where participants will be shown in simple ...
   

Potential Enhancement of Bilateral Ties Between Cyprus And Oman Discussed in Nicosia

The potential for further developing business and trade ties between Oman and Cyprus were explored during a Business Forum that took place in Nicosia on ...
   

Rebooted Nokia 3310 Goes on Sale

The rebooted Nokia 3310 has gone on sale, nearly 17 years after the original made its debut. The phone, which has a two megapixel camera and relies on 2.5G ...
   

Costas Argyrides: The New CEO of cdbbank

According to InBusinessNews, Costas Argyrides will be cdbbank’s new CEO, following the departure of Kyriacos Papadopoulos, who previously held the same ...
   

SmartWings Set To Link Larnaca with Prague

Low cost Czech airline SmartWings has announced that it will begin two flights every week between Larnaca and Prague as of next week. The flights are ...
   

Oil Prices Decrease by 5%

The price of oil has plummeted by about 5%, despite oil-producing nations agreeing to extend production cuts for a further nine months. Meeting in Vienna, ...
   

Government Expresses its Disappointment in Bloomberg’s Article About Cyprus

Government spokesman Nikos Christodoulides, following the defamatory reportage on Cyprus under the title "EU Passports for Sale in Cyprus Lure Rich ...
   

UCY: Economic Sentiment Indicator Rises by 2.3 Points

In May 2017, economic sentiment in Cyprus increased as the Economic Sentiment Indicator (ESICypERC) rose by 2.3 points compared with April 2017, according to ...
 

YOUR COMMENTS

HEADLINES

MOST POPULAR

Chelco_22/05-05/06_300x250px
GloriaJeans_300x250px

IMH LTD