logo
Kevin O'Leary on Colbert's Trump attack: ‘Moron!'

Kevin O'Leary on Colbert's Trump attack: ‘Moron!'

The Hill3 days ago
'Shark Tank' investor Kevin O'Leary on Tuesday defended President Trump against Stephen Colbert's criticism following CBS's announcement that it would end the 'Late Show' next year.
'Only a moron would tell the president to F off before he gets his check,' O'Leary said during an appearance on CNN's 'NewsNight with Abby Phillip.'
Colbert responded to Trump's celebration of his show's end on Monday's episode, after the president said he was glad the comedian was fired and that he has no talent.
'How dare you, sir,' he said. 'Would an untalented man be able to compose the following satirical witticism: 'Go f‑‑‑ yourself.''
Other late night show hosts have rallied around Colbert as a champion of political commentary mused with punchlines and witty comebacks. However, O'Leary echoed Trump's deteriorating outlook on 'The Late Show' and its ability to resonate with viewers.
The businessman said CBS has lost '$46.2 million' on the more than 30-year-old franchise, calling it 'old' and 'dead.'
'People geometrically are not watching late night TV anymore,' O'Leary told Phillip.
He predicted the show would be cut sooner than its expected end date in May 2026.
'So, what's gonna happen now, in my opinion, is tomorrow, CBS — his boss — will fire him, and they will litigate for the next five years his payout,' O'Leary said.
'Get rid of this guy! If I were them, I'd whack this guy tomorrow,' he added.
Criticism over the network's decision has mounted following the $16 million settlement between its parent company Paramount Global and Trump over a lawsuit against '60 Minutes' after they aired an interview of former Vice President Harris during the 2024 election. While the company said the decision was due to 'financial' reasons, many seem skeptical.
Paramount is also looking to secure a merger deal with entertainment company Skydance, which would require Trump administration approval.
Colbert became the host of 'The Late Show' in 2015, taking over from previous host David Letterman.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

M&A News: BlackRock Stock (BLK) Climbs Despite Threats to $22.8B Panama Ports Deal
M&A News: BlackRock Stock (BLK) Climbs Despite Threats to $22.8B Panama Ports Deal

Business Insider

time26 minutes ago

  • Business Insider

M&A News: BlackRock Stock (BLK) Climbs Despite Threats to $22.8B Panama Ports Deal

Shares in asset manager BlackRock (BLK) edged higher today despite likely missing the final deadline for its $22.8 billion Panama Ports deal with CK Hutchison (CKHUF) because of Chinese government fears. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. March Deal According to Reuters, the July 27 deadline for exclusive talks between BlackRock, Mediterranean Shipping Company (MSC) and CK will not be met. The proposed sale includes two ports at either end of the Panama Canal and more than 40 others around the world. BlackRock and MSC reached a preliminary agreement to buy the ports from CK back in March. Earlier this month it was reported that China wanted state-owned shipping giant Cosco to be an equal partner and shareholder in the ports alongside BlackRock and MSC. Indeed, Chinese officials have told BlackRock, MSC and Hutchison that if Cosco is left out of the deal, Beijing would take steps to block Hutchison's proposed sale. The Chinese government, led by President Xi Jinping, below, has also repeatedly expressed concerns about the deal since March. This has included slamming CK for betraying the Chinese people and being 'spineless.' Chinese Concerns It was concerned that the deal could hit China's shipping and trade interests. Its views carry a lot of weight with the parties involved in the deal. That's because BlackRock and Hutchison have business interests in China, and MSC is one of the biggest movers of Chinese products around the world. That's despite APAC not being a huge revenue generator for BlackRock as can be seen below. China's objections have also come amidst a worsening trade spat with the U.S. President Trump has put a lot of political capital into ensuring that U.S. dominance over the Panama Canal is reasserted and would no doubt object to Cosco's involvement. Ballingal Investment Advisors strategist David Blennerhassett said Trump, 'who has a handful of issues already on his plate, would be incandescent.' Jackson Chan, global fixed income senior manager at FSMOne Hong Kong, warned: 'I think at this moment it's not very optimistic that they can directly sell the ports to the consortium,' he said. It is understood however that missing the deadline may not be a death-knell for the deal. It is likely exclusive negotiations will be extended. Is BLK a Good Stock to Buy Now?

US-China trade talks: Can China reduce its export dependence?
US-China trade talks: Can China reduce its export dependence?

Yahoo

time44 minutes ago

  • Yahoo

US-China trade talks: Can China reduce its export dependence?

BEIJING (AP) — China's high dependence on exports will likely be a key focus of a new round of U.S.-China trade talks this coming week in Stockholm, but a trade deal would not necessarily help Beijing to rebalance its economy. U.S. Treasury Secretary Scott Bessent has said he hopes the negotiations can take up this issue, along with China's purchases of oil from Russia and Iran, which undercut American sanctions on those two countries. Hopes rose for a breakthrough in talks after U.S. President Donald Trump announced deals with Japan, Indonesia and the Philippines this week. The U.S. wants China to do two things: Reduce what both the U.S. and the European Union see as excess production capacity in many industries, including steel and electric vehicles. And secondly, to take steps to increase spending by Chinese consumers so the economy relies more on domestic demand and less on exports. 'We could also discuss the elephant in the room, which is this great rebalancing that the Chinese need to do,' Bessent told financial news network CNBC. He said China's share of global manufacturing exports at nearly 30%, 'can't get any bigger, and it should probably shrink.' China is tackling the same issues — for domestic reasons The issues are not new, and China has been working to address them for years, more for domestic reasons than to reduce its trade surpluses with the U.S. and other countries. Bessent's predecessor as treasury secretary, Janet Yellen, made industrial policy a focus of a trip to China last year. She blamed government subsidies for flooding the global market with 'artificially cheap Chinese products.' The European Union, whose top leaders met their Chinese counterparts in Beijing on Thursday, has cited subsidies to justify EU tariffs on electric vehicles made in China. In the 1980s, the U.S. pressured Japan to boost consumer spending when American manufacturing was overwhelmed by exports from the likes of Toyota and Sony. Economists have long argued that China likewise needs to transform into a more consumer-driven economy. Consumer spending accounts for less than 40% of China's economy, versus close to 70% in the United States and about 54% in Japan. Chinese leaders have spoken about both factory overcapacity and weak consumer spending as long-term problems and have sought over the past 20 years to find ways to rebalance the economy away from export manufacturing and massive investments in dams, roads, railways and other infrastructure. Fierce price wars have prompted critical reports in official media saying that companies are 'racing to the bottom,' skimping on quality and even safety to reduce costs. With strong government support, they've also expanded overseas, where they can charge higher prices but still undercut local competitors, creating a political backlash. Economists say China needs a consumer-driven economy All that competition and price cutting has left China battling deflation, or falling prices. When companies receive less for their products, they tend to invest less. That can lead to job cuts and lower wages, sapping business activity and spending power — contrary to the long-term goal of increasing the share of consumer spending in driving overall growth. To counter that, the government is spending billions on rebates and subsidies for people who trade in their cars or appliances for new ones. But acknowledging a problem and solving it are two different things. Economists say more fundamental changes are needed to boost consumption and rein in overcapacity. Such changes can only come incrementally over time. Private Chinese companies and foreign-invested companies create the most jobs, but they've suffered from swings in policy and pressures from the trade war, especially since the pandemic. Demographic changes are another challenge as China's population shrinks and ages. Many experts advocate expanding China's social safety net, health insurance, pensions and other support systems, so that people would feel freer to spend rather than save for a medical emergency or retirement. Yan Se, an economist at Peking University's Guanghua School of Management, warned at a recent forum that deflation will become a long-term issue if China doesn't step up its welfare benefits. 'Chinese people deserve a better life," he said. Facing external threats, China wants to be more self-reliant One possibility, put forward at the same forum by Liu Qiao, the dean of the business school, would be to change incentives for local government officials, rewarding them for raising consumption or household incomes instead of meeting an economic growth target. He doesn't see that happening nationwide but said it could be tested in a province. 'That would send out a message that China needs a different approach,' he said. Chinese leader Xi Jinping has made transforming the country into a technology superpower a top priority. It's a goal that has gained urgency as the U.S. has tightened restrictions on China's access to high-end semiconductors and other advanced knowhow. Output in high-tech manufacturing is growing quickly, adding to potential overcapacity, just as what happened with the government's encouragement of 'green' technologies such as solar panels and wind turbines. Various industries, including EV makers, have pledged to address the issue, but some local governments are striving to keep money-losing enterprises afloat, reluctant to lose tax revenues and jobs, or to fail to meet economic growth targets. Going forward, the government is calling for more coordination of economic development polices in fields such as artificial intelligence so that not every province champions the same industry. But government moves to counter the impact of higher tariffs tend to support sectors already in overcapacity, and the share of consumption in the economy has fallen in recent years. 'A sustained improvement in household consumption will require greater reform ambition,' the World Bank said in its most recent update on China's economy." ___ AP Business Writer Elaine Kurtenbach in Bangkok contributed to this report. Ken Moritsugu, The Associated Press

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store