(UPDATED) Obama Press Conference

UPDATED NOV. 8: Exclusive: The Scene at Obama's Press Conference The news conference will be in a Chicago hotel at 1:30 pm (Chicago time) on Friday, Nov. 7 at the Hilton on S. Michigan Avenue, just across the street from Grant Park. Will all of the press be there, including the ones he kicked off his campaign plane? And if anybody asks a question that isn't a soft pitch, will they be forever banned from future interviews? Stand by for news. Maybe. Obama Holds 1st News Conference Friday Afternoon CBS 2's Dana Kozlov reports that President-elect Obama will hold the first official news conference since being elected at 1:30 p.m. Friday afternoon at the Hilton on Michigan Ave. He will likely discuss his transitional team and any other key appointments - including his chief of staff Rahm Emanuel - who accepted the job today. NDTV.com: Obama to hold press conference... The news conference will follow the meeting with Obama's economic team including former Treasury secretaries Larry Summers and Robert Rubin, ex-Federal Reserve chief Paul Volcker and Google chairman Eric Schmidt.Summers and Volcker are among the names being touted to take over as Obama's chief economic overseer as the Treasury dispenses a 700-billion-dollar bailout package for Wall Street.New York Fed chief Timothy Geithner is also mentioned, along with Laura Tyson, who was chairwoman of the National Economic Council in Bill Clinton's White House.Other participants at Friday's meeting will be vice president-elect Joseph Biden, Michigan Governor Jennifer Granholm, and former Securities and Exchange Commission chairman William Donaldson.Billionaire investor Warren Buffet will take part via telephone, the statement said. Obama to give first press conference On Friday in Chicago, Barack Obama will give his first press conference after being voted the 44th president of the United States.... A taste of power for new man in the White House An especially delicate and high-stakes US presidential transition is now under way, as Barack Obama prepares to hold his first post-election press conference today before travelling to Washington to meet George Bush at the White House. The meeting with reporters in Chicago – where the President-elect is laying the groundwork for his administration – will give the first clues about the direction the first African-American president intends to take the country.