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WASHINGTON — President-elect Donald Trump on Friday offered a public show of support for Pete Hegseth, his embattled choice to lead the Defense Department, whose confirmation by the Senate is in doubt as he faces questions over allegations of excessive drinking, sexual assault and his views on women in combat. Hegseth, a former Fox News Host, Army National Guard major and combat veteran, spent much of the week on Capitol Hill trying to salvage his Cabinet nomination and privately reassure Republican senators that he is fit to lead Trump’s Pentagon. “Pete Hegseth is doing very well,” Trump posted on his social media site. “He will be a fantastic, high energy, Secretary of Defense.” The president added that “Pete is a WINNER, and there is nothing that can be done to change that!!!” The pitched nomination battle over Hegseth is emerging not only as a debate about the best person to lead the Pentagon, but an inflection point for a MAGA movement that appears to be relishing a public fight over its hardline push for a more masculine military and an end to the “woke-ism” of diversity, equity and inclusion efforts. Trump’s allies are forcefully rallying around the embattled Hegseth – the Heritage Foundation’s political arm is promising to spend $1 million to shore up his nomination – as he vows to stay in the fight, as long as the president-elect wants him to. “We’re not abandoning this nomination,” Vice-President-elect JD Vance said as he toured post-hurricane North Carolina. “Pete Hegseth is going to get his hearing before the Senate Armed Services Committee, not a sham hearing before the American media,” Vance said. He said he had spoken with GOP senators and he believes Hegseth will be confirmed. “We are completely behind him.” The effort has become a test of Trump’s clout and of how far loyalty for the president-elect goes with Republican senators who have concerns about his nominees. Two of Trump’s other choices have stepped aside as they faced intense scrutiny: former congressman Matt Gaetz , his first choice for attorney general, and Chad Chronister, a Florida sheriff who was Trump’s first choice to lead the Drug Enforcement Administration. The president’s son Donald J. Trump Jr., also made a show of support for Hegseth on Friday, part of a full-court MAGA press. “If you’re a GOP Senator who voted for Lloyd Austin, but criticize @PeteHegseth, then maybe you’re in the wrong political party!” he wrote on X. referring to President Joe Biden’s defense secretary. Thanking the president-elect for the support, Hegseth posted on social media, “Like you, we will never back down.” Hegseth has promised not to drink on the job and told lawmakers he never engaged in sexual misconduct, even as his professional views on female troops have also come under intensifying scrutiny. He said as recently as last month that women “straight up” should not serve in combat . He picked up one important endorsement from Republican Sen. Katie Britt of Alabama, whose support was seen as a potentially powerful counterweight to the cooler reception Hegseth had received from Sen. Joni Ernst , herself a former Army National Guard lieutenant colonel. “Huge. Thanks to Katie for her leadership,” Vance posted on social media. Ernst, who is also a sexual assault survivor, stopped short of an endorsement after her meeting with Hegseth this week. She said she appreciates his military service and they “had a frank and thorough conversation.” On Friday, Trump put out the statement in response to coverage saying he had lost faith in Hegseth, according to a person familiar with his thinking who was not authorized to discuss it publicly. The president-elect and his team have been pleased to see Hegseth putting up a fight and his performance this week reiterates why he was chosen, the person said. They believe he can still be confirmed. If Hegseth goes down, Trump’s team believes the defeat would empower others to spread what they cast as “vicious lies” against every candidate Trump chooses. Still, Trump’s transition team has been looking at potential replacements if Hegseth’s nomination cannot move forward, including former presidential rival Florida Gov. Ron DeSantis . DeSantis plans to attend the Army-Navy football game with Trump on Dec. 14, according to a person familiar with the Florida governor’s plans who spoke to the AP on condition of anonymity to discuss them before a public announcement. And DeSantis and Trump had spoken about the defense secretary post when they saw each other Tuesday at a memorial service for sheriff deputies in West Palm Beach, Florida, according people familiar with the matter who said Trump was interested in DeSantis for the post, and the governor was receptive. At the same time, DeSantis also is poised to select a replacement for the expected Senate vacancy to be created by Marco Rubio becoming secretary of state, and Trump’s daughter-in-law Lara Trump is seen as the preferred choice by those in Trump’s orbit. Despite a weeklong push of private Capitol Hill meetings, Hegseth is facing resistance from senators as reports have emerged about his past, including the revelation that he made a settlement payment after being accused of a sexual assault that he denies. The New Yorker cited what it described as a whistleblower report and other documents about his time leading a veterans advocacy group, Concerned Veterans for America, that alleged multiple incidents of alcohol intoxication at work events, inappropriate behavior around female staffers and financial mismanagement. The New York Times obtained an email from his mother Penelope from 2018, in which she confronted him about mistreating women after he impregnated his current wife while he was married to his second wife. She went on “Fox & Friends” this week to defend her son. Trump ally Sen. Markwayne Mullin, R-Okla., said senators are judging “Pete for who he is today.” In many ways the increasingly pitched battle resembles the political and culture wars that exploded over Trump’s pick of Brett Kavanaugh for the Supreme Court during his first term at the White House. Kavanaugh had also faced allegations of sexual assault that he strenuously denied, but Republicans rallied to his side and turned a tide of opposition into a more sympathetic view of the Supreme Court nominee as the victim of a liberal-led smear campaign. He eventually won confirmation. While Hegseth was still fighting for votes in the Senate, he did appear to make incremental progress with some Republicans who had expressed concerns about the reports of his drinking, in particular. “I’m not going to make any decision regarding Pete Hegseth’s nomination based on anonymous sources,” said Sen. Lindsey Graham, R-S.C. North Dakota Sen. Kevin Cramer said of the allegations against Hegseth, “I have no reason to doubt him any more than believe somebody else.” Still, Cramer indicated he could still change his mind. A background check “will be informative.” Sen. Mike Rounds, R-S.D., said after meeting with Hegseth that he wanted to see how he does in a hearing but “he went a long way” toward getting his support. Colvin reported from New York. Associated Press writers Darlene Superville in Fariview, N.C., Michelle L. Price in New York, Adriana Gomez Licon in Ft. Lauderdale, Florida, and Mary Clare Jalonick, Kevin Freking and Lisa Mascaro in Washington contributed to this report.NEW YORK — Stoli Group USA, the owner of the namesake vodka , has filed for bankruptcy as it struggled to contend with slowing demand for spirits, a major cyberattack that has snarled its operations and several years of fighting Russia in court. The company in its bankruptcy filing said it is “experiencing financial difficulties” and lists between $50 million and $100 million in liabilities. Stoli vodka and Kentucky Owl bourbon will continue to be available on store shelves while the company navigates the Chapter 11 process, which only pertains to its U.S. business. Until 2022, Stoli was sold as Stolichnaya in the United States, which loosely translates to “capital city” in Russian. The company shortened its title following Russia’s invasion of Ukraine and boycotts against Russian-branded vodkas . Stoli Group’s founder, Russian-born billionaire Yuri Shefler, was exiled from that nation in 2000 because of his opposition to President Vladimir Putin. Intel announced on December 2 that CEO Pat Gelsinger has resigned after a difficult stint at the company. The once-dominant chipmaker’s stock cratered as it missed the AI boom and was surpassed by most of its rivals. The liquor has long been marketed as a Russian vodka, but its production facilities have been in Latvia for several decades. Stoli Group is a unit of Luxembourg-based SPI Group, which owns other spirit and wine brands. “The Stoli Group has been targeted by the Russian Federation since it was formed nearly 25 years ago,” said Stoli Group CEO Chris Caldwell in a statement. “Earlier this year the company and our owner were both named by the Russian state as ‘extremist groups working against Russia’s interests.’” Its ongoing legal battle with the Russia government has forced Stoli to “spend dozens of millions of dollars on this long-term court battle across the globe with the Russian authorities,” according to its court filing. Caldwell also said that Stoli’s global operations has been a “victim of a malicious cyber attack” that has forced the company to operate “entirely manually while the systems are rebuilt.” A slowdown in demand for alcohol has crushed several company’s bottom lines following the pandemic when people were stuck at home and stocked up. Stoli’s filings said that it has seen a “decline and softening of demand for alcohol and spirits products post-Covid and especially beginning in 2023 and continuing into 2024.” Stoli Group USA, maker of Stoli vodka, has filed for bankruptcy due to slowing demand for spirits, a major cyberattack, and ongoing legal battles with Russia. The-CNN-WireTM & © 2024 Cable News Network, Inc., a Warner Bros. Discovery Company. All rights reserved. Get the latest local business news delivered FREE to your inbox weekly.
The S&P 500 rose 0.2% from its all-time high set on Friday to post a record for the 54th time this year. The Dow Jones Industrial Average fell 128 points, or 0.3%, while the Nasdaq composite gained 1%. Super Micro Computer, a stock that’s been on an AI-driven roller coaster, soared 28.7% to lead the market. Following allegations of misconduct and the resignation of its public auditor , the maker of servers used in artificial-intelligence technology said an investigation found no evidence of misconduct by its management or by the company’s board. It also said that it doesn’t expect to restate its past financials and that it will find a new chief financial officer, appoint a general counsel and make other moves to strengthen its governance. Big Tech stocks also helped prop up the market. Gains of 1.8% for Microsoft and 3.2% for Meta Platforms were the two strongest forces pushing upward on the S&P 500. Intel was another propellant during the morning, but it lost an early gain to fall 0.5% after the chip company said CEO Pat Gelsinger has retired and stepped down from the board. Intel is looking for Gelsinger’s replacement, and its chair said it’s “committed to restoring investor confidence.” Intel recently lost its spot in the Dow Jones Industrial Average to Nvidia, which has skyrocketed in Wall Street’s frenzy around AI. Stellantis, meanwhile, skidded following the announcement of its CEO’s departure . Carlos Tavares steps down after nearly four years in the top spot of the automaker, which owns car brands like Jeep, Citroën and Ram, amid an ongoing struggle with slumping sales and an inventory backlog at dealerships. The world’s fourth-largest automaker’s stock fell 6.3% in Milan. The majority of stocks in the S&P 500 likewise fell, including California utility PG&E. It dropped 5% after saying it would sell $2.4 billion of stock and preferred shares to raise cash. Retailers were mixed amid what’s expected to be the best Cyber Monday on record and coming off Black Friday . Target, which recently gave a forecast for the holiday season that left investors discouraged , fell 1.2%. Walmart , which gave a more optimistic forecast, rose 0.2%. Amazon, which looks to benefit from online sales from Cyber Monday, climbed 1.4%. All told, the S&P 500 added 14.77 points to 6,047.15. The Dow fell 128.65 to 44,782.00, and the Nasdaq composite climbed 185.78 to 19,403.95. The stock market largely took Donald Trump’s latest threat on tariffs in stride. The president-elect on Saturday threatened 100% tariffs against a group of developing economies if they act to undermine the U.S. dollar. Trump said he wants the group, headlined by Brazil, Russia, India and China, to promise it won’t create a new currency or otherwise try to undercut the U.S. dollar. The dollar has long been the currency of choice for global trade. Speculation has also been around a long time that other currencies could knock it off its mantle, but no contender has come close. The U.S. dollar’s value rose Monday against several other currencies, but one of its strongest moves likely had less to do with the tariff threats. The euro fell amid a political battle in Paris over the French government’s budget . The euro sank 0.7% against the U.S. dollar and broke below $1.05. In the bond market, Treasury yields gave up early gains to hold relatively steady. The yield on the 10-year Treasury climbed above 4.23% during the morning before falling back to 4.19%. That was just above its level of 4.18% late Friday. A report in the morning showed the U.S. manufacturing sector contracted again last month, but not by as much as economists expected. This upcoming week will bring several big updates on the job market, including the October job openings report, weekly unemployment benefits data and the all-important November jobs report. They could steer the next moves for Federal Reserve, which recently began pulling interest rates lower to give support to the economy. Economists expect Friday’s headliner report to show U.S. employers accelerated their hiring in November, coming off October’s lackluster growth that was hampered by damaging hurricanes and strikes. “We now find ourselves in the middle of this Goldilocks zone, where economic health supports earnings growth while remaining weak enough to justify potential Fed rate cuts,” according to Mark Hackett, chief of investment research at Nationwide. In financial markets abroad, Chinese stocks led gains worldwide as monthly surveys showed improving conditions for manufacturing, partly driven by a surge in orders ahead of Trump’s inauguration next month. Both official and private sector surveys of factory managers showed strong new orders and export orders, possibly partly linked to efforts by importers in the U.S. to beat potential tariff hikes by Trump once he takes office. Indexes rose 0.7% in Hong Kong and 1.1% in Shanghai. AP Business Writers Matt Ott and Elaine Kurtenbach contributed.Stoli vodka files for bankruptcy in the United StatesErdogan: The march of the “armed factions” towards Damascus continues
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