Former Exxon Mobil CEO Rex Tillerson has been confirmed by the Senate to become President Donald Trump’s secretary of state.
Rex Tillerson, 64, was cleared for full Senate approval in a 56-43 vote.
The vote came after Senate Republicans changed the rules in order to approve President Trump’s nominees for health and treasury, despite a Democratic boycott.
Rex Tillerson, who has never held political office, faced intense scrutiny over his ties to Russia.
The former oil chief forged multibillion-dollar deals with Russia’s state oil company, Rosneft, and was awarded the Order of Friendship by the Kremlin in 2013.
Image source Flickr
In his Senate confirmation hearing, the Texan native admitted that the West had reason to be alarmed by Russian aggression, but he refused under questioning to label Vladimir Putin a war criminal.
As America’s top diplomat, Rex Tillerson will handle relations with countries including China and Russia and negotiate matters such as climate change and human rights, on behalf of President Trump.
The Senate voted largely along party lines, despite speculation that some Republicans would not approve his nomination.
Though some critics suggested Rex Tillerson would not be able to give up his corporate interests, supporters contended his background as a global dealmaker would bring fresh perspective to the role.
Rex Tillerson’s confirmation was more contentious than those of his predecessors.
The Senate confirmed President Barack Obama’s selections John Kerry 94-3 and Hillary Clinton 94-2.
President George W. Bush’s secretary of state, Condoleezza Rice, was confirmed 85-13 while Colin Powell was approved by a voice vote.
Oil prices rallied on February 2 as investors speculated that the falling cost of crude may have ended.
Brent crude was up 1.3% at $53.65 a barrel, having reached $55, while US oil rose 1.7% to $48.52.
It followed the release of data showing that US demand for leasing oil rigs was slowing, suggesting that producers might be preparing to cut output.
Meanwhile, ExxonMobil reported a 21% fall in quarterly earnings on lower oil and gas production.
On January 30, data showed that more than 90 US oil rigs were idled, the largest number to be wound down in a single day since the mid-1980s.
Today’s price rise extended the gains made last week, and boosted oil and gas share prices. Tullow Oil rose almost 7%, while BG Group climbed 5%.
Since last summer, the prices of Brent and UK West Texas Intermediate Crude have fallen from above $100 a barrel.
Meanwhile, Exxon, the world’s largest publicly traded oil company, saw profit in the fourth quarter fall to $6.57 billion, from $8.35 billion for the same three months the year before.
Oil and natural gas production fell 3.8%, Exxon said.
An international arbitration tribunal has decided that Venezuela must pay Exxon Mobil $1.6 billion in compensation for expropriated assets.
Exxon had claimed up to $16.6 billion over the nationalization of its Cerro Negro Project and other losses in 2007.
Venezuela has not said whether it will appeal. But the foreign minister said the decision was “reasonable”.
The ruling was made by the World Bank’s International Centre for Settlement of Investment Disputes (ICSID).
It is a blow to Venezuela which is struggling with a shortage of foreign currency, inflation and a stagnating economy.
Venezuela must pay Exxon Mobil $1.6 billion in compensation for expropriated assets
Foreign minister Rafael Ramirez called it a victory for Venezuelan sovereignty over “exaggerated claims”, referring to the much higher amount indicated by the Exxon Mobil.
The Venezuelan government is currently battling more than 20 similar demands at the World Bank by other foreign companies over the state’s takeover of private assets under its former president, Hugo Chavez.
Exxon Mobil said in a statement: “The decision confirms that the Venezuelan government failed to provide fair compensation for expropriated assets.”
The company added that it “accepts Venezuela’s legal right to expropriate the assets of our affiliates subject to compensation at fair market value”.
A previous decision in 2012 ruled that PDVSA, the state oil company, should pay Exxon $908 million.
Venezuela has since paid a portion of that award, which will be taken into account in calculating the balance that Venezuela owes.
Tech giant Apple has lost its crown as the world’s most valuable publicly traded company after its shares continued to fall.
Oil company Exxon Mobil has regained the top slot after Apple shares fell 2.4%, following a 12% drop on Thursday.
Apple, which posted disappointing iPhone sales figures on Wednesday, has seen its shares fall 37% since their record high last September.
Exxon became number one in 2005, traded places with Apple during 2011, and had been number two since early 2012.
At the close on Wall Street, Apple had a market value of $413 billion, against Exxon’s of $418 billion.
Apple has been hit by fears over its future growth, despite record profits.
Although the firm said on Wednesday that it had sold more iPhones (47.8 million) and iPads (22.9 million) in the final three months of last year than in any previous quarter, investors and analysts had expected yet more.
On Thursday, about $50 billion was wiped off Apple’s value after the biggest daily drop in the firm’s stock in four years.
Exxon Mobil has regained the crown as world’s most valuable publicly traded company after Apple shares continued to fall
Apple is also facing fierce competition from rivals like Samsung, which accounted for one in four of all mobile phones shipped worldwide last year, according to Strategy Analytics.
Apple’s share price rose sharply following a revival under Steve Jobs, who died in 2011, which came about first in computers and then the iPod music player, and was then followed by the iPhone and iPad.
Apple’s shares were worth as little as $3.19 in 1997 when it faced the possibility of bankruptcy, and reached a record $702.1 on September 19.
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