Chinese Shares Slide in Hong Kong on Renewed Trade Uncertainties
Chinese stocks fell in Hong Kong on Friday, after US Treasury Secretary Scott Bessent said trade talks between the world's two largest economies are 'a bit stalled.'
The Hang Seng China Enterprises Index dropped as much as 2.1%, led by technology and electric-vehicle firms.
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CBS News
8 minutes ago
- CBS News
Transcript: Rep. Raja Krishnamoorthi on "Face the Nation with Margaret Brennan," June 1, 2025
The following is the transcript of an interview with Rep. Raja Krishnamoorthi, Democrat of Illinois, that aired on "Face the Nation with Margaret Brennan" on June 1, 2025. MARGARET BRENNAN: We turn now to the top Democrat on the House Select Committee on the Chinese Communist Party, that's Congressman Raja Krishnamoorthi. He's in Illinois. Good morning to you. I want to get-- REP. KRISHNAMOORTHI: --Good morning. MARGARET BRENNAN: I want to get straight to it. You heard from the Secretary of State this week that the State Department is going to work with Homeland Security to aggressively revoke visas for Chinese students, including those with connections to the Chinese Communist Party or studying in critical fields. There are like 300,000 Chinese students with visas in this country. The U.S. government already has a heightened level of vetting. What's going to change? REP. KRISHNAMOORTHI: I don't know. There's not enough details, but what it looks like if they're targeting all people of Chinese origin who are on international student visas because he's not limiting it to just people who might have ties to the Chinese Communist Party, and if they do have those ties, they don't belong here, especially if they're committing nefarious acts. However, this appears to be much broader and it's terribly misguided and it appears prejudicial and discriminatory. My own father was, came here on an international student visa. And I believe that these people are vital for our economy and for entrepreneurship in this country. And I think this is going to harm America more than help. MARGARET BRENNAN: You said if someone has ties to the Chinese Communist Party they shouldn't be here. Does that mean all the, the students who are children of leaders, for example Xi Jinping's own daughter, shouldn't have been allowed here? REP. KRISHNAMOORTHI: Well, if they were engaged in nefarious activities and if they are somehow deeply connected to the CCP, I think that we should be very careful. But in this particular case, they're not only going after people who might fall in that category, but it's anybody who is from China, including Hong Kong by the way, where people are actually persecuted for various freedoms they're trying to exercise, and who come here seeking to exercise those freedoms. So this is a terrible, terribly misguided policy. MARGARET BRENNAN: The Biden administration did conduct heightened vetting, as you know, of Chinese students. Do you think that there is a legitimate argument for expanding this, that certain areas should just be off limits? REP. KRISHNAMOORTHI: I think that you should definitely have heightened vetting, especially in certain critical areas because we know that the CCP tries to steal, for instance, intellectual property or worse. But the way that this is currently structured looks very, very suspicious and you have to remember that the people that are cheering for this policy, what Marco Rubio had called for, is the Chinese Communist Party. Why? Because they want these people back. They want the scientists and the entrepreneurs and the engineers who can come and help their economy. And so we are probably helping them, as well as other countries, more than helping ourselves with this policy. MARGARET BRENNAN: The Defense Secretary is traveling in Asia right now and he said in a defense forum speech that Beijing is quote "concretely and credibly preparing to use military force." He said their military is rehearsing. Take a listen. PETE HEGSETH: Any attempt by Communist China to conquer Taiwan by force would result in devastating consequences for the Indo-Pacific and the world. There's no reason to sugar coat it. The threat China poses is real and it could be imminent. MARGARET BRENNAN: He did not say what the consequences would be. Are you encouraged by what appears to be a statement of support for allies? REP. KRISHNAMOORTHI: I am. I think what he's saying is largely correct, but I think the problem is at the same time he says that, either Donald Trump or even him or others say other things that push away our friends, partners and allies in the region and cause confusion. And so we need to be consistent and thoughtful with regard to our statements, and we need to be also very methodical about our actions in trying to curb military aggression by the Chinese Communist Party in the South China Sea and with regard to Taiwan. MARGARET BRENNAN: Since you track U.S. intelligence, I wanted to ask you if you have any insight into what appears to be the swarm of Ukrainian drones that has destroyed 40 Russian military aircraft deep inside Russian territory overnight. Sources are telling our Jennifer Jacobs that the White House wasn't aware that this attack was planned. What can you tell us about the level of US intelligence sharing with Ukraine right now and helping them with their targets? REP. KRISHNAMOORTHI: I don't want to get into classified information, but what I can say is that it's a little bit more strained in light of what Donald Trump has said recently. The one thing that I can also say is that Trump was right the other day to say that Putin is crazy in the way that he's going after civilian areas in Ukraine repeatedly, and so the Ukrainians are striking back. At the end of the day, the only way that we can bring these hostilities to an end is by strengthening the hand of the Ukrainians. Trump should, at this point, realize that Putin is playing him and aid the Ukrainians in their battlefield efforts. That's the best way to get to some type of armistice or truce at the negotiating table sooner rather than later. MARGARET BRENNAN: All right, Congressman Krishnamoorthi thank you for your insights today.
Wall Street Journal
41 minutes ago
- Wall Street Journal
What's Good for Politicians Is Good for General Motors
General Motors CEO Mary Barra earned $29.5 million last year, and it's hard to argue that she isn't earning her keep. The automaker sold more cars in the U.S. than any other company last year, and its profits have doubled in her 11 years as CEO. Credit her ability to please her most important customers—politicians. Their command is her wish. While doubling down on manufacturing profitable gas guzzlers, Ms. Barra promoted electric vehicles to ingratiate herself to Democrats who want to eliminate the products that churn out profits for her company. She again proved her flexible principles last week by praising President Trump's auto tariffs, which the company estimates will dent its profits by $5 billion this year. 'I think tariffs is one tool that the administration can use to level the playing field,' she said. What she omitted is that the playing field has been tilted in GM's favor for decades by a 25% tariff on pickup trucks, which gives domestic automakers an effective monopoly. Also: Mr. Trump's new 25% tariffs on all cars and parts not made in the U.S. will hurt GM, but they will wallop its foreign competitors even more. In 2018 Ms. Barra got a crash course in politicking when she announced a corporate restructuring that involved closing four U.S. plants that produced low-selling sedans. Her goal was to make GM leaner and more profitable. In this she succeeded, but she blundered by not throwing a bone to Mr. Trump, who thinks CEOs answer to him.
Skift
an hour ago
- Skift
IndiGo's Global Bet: Doubles Airbus Order, Strikes Deal With Delta, Air France, Virgin
For years, India's aviation sector was mostly seen as a feeder to global giants. Now, with big jets and even bigger partners, IndiGo hopes to flip the script. IndiGo is doubling its order of Airbus A350 wide body jets and entering a new partnership with Delta Air Lines, Air France-KLM, and Virgin Atlantic — a move that signals the Indian carrier's push into long-haul international markets. 'We will continue to add one aircraft each and every week for pretty much the next decade,' said CEO Pieter Elbers at a press briefing in Delhi on the first day of the annual IATA industry conference. The airline, which last year received 58 aircraft from Airbus, signed a new memorandum of understanding to convert 30 of its 70 existing A350 purchase rights into firm orders. This brings IndiGo's confirmed A350 wide body fleet to 60 aircraft, with the deliveries of the first 30 beginning in 2027. Last April, IndiGo placed its first-ever order for 30 A350 wide body aircraft with Airbus. The scale of the order cements IndiGo's intent to challenge established players in the long-haul international market, a segment the low-cost carrier has largely avoided until now. To tide over a delivery gap, IndiGo has begun leasing six wide body Boeing 787-9 Dreamliner aircraft from Norwegian low-cost long-haul carrier Norse Atlantic Airways. IndiGo Pact With Delta, AirFrance-KLM, and Virgin The airline also announced an alliance with Delta, Air France-KLM, and Virgin Atlantic. The agreement — subject to regulatory approval — creates a framework to integrate IndiGo's domestic network with transatlantic and European routes, enabling seamless bookings, loyalty program ties, and coordinated flight schedules. 'Linking dozens of cities in the United States, Canada, Europe and India, the airlines aim to meet rising demand for international travel," IndiGo said in a statement. The joint network would leverage IndiGo's deep domestic penetration, Delta's U.S. footprint, Air France-KLM's European hubs, and Virgin Atlantic's transatlantic links. Once implemented, IndiGo will sell international partner flights under its own 6E code, giving its customers access to more than 30 European cities via Amsterdam, as well as North America through Manchester and beyond. Virgin Atlantic's chief Shai Weiss said the tie-up would link 'four of the world's largest economies." The partnership lays the groundwork for deeper integration: joint sales and network planning, coordinated cargo operations, shared technology and sustainability initiatives, and reciprocal frequent flyer benefits. Benjamin Smith, CEO of Air France-KLM, described India as 'a strategic market' and pointed to his group's 'strong and historic presence' in the country, one that is soon set to expand dramatically. Delta said that it plans to resume services to India with nonstop flights between Atlanta and Delhi, subject to government approval. "We look forward to restarting Delta's direct service from the U.S. to India in the near future,' Delta CEO Ed Bastian said. 10 New International Destinations To get a sense of IndiGo's expansion ambitions: the carrier already operates more than 2,200 flights a day, serves 91 domestic and 41 international destinations, and flew 118 million passengers in fiscal 2025, up sharply from 78 million before the pandemic. By the end of this fiscal year, the airline expects to add four more domestic airports and 10 new international destinations: London, Amsterdam, Copenhagen, Manchester, and Athens, in Europe; Siem Reap in Southeast Asia; and four destinations across Central Asia. Elbers also revealed that the new Mumbai airport - Navi Mumbai airport, will connect to 14 international destinations at launch. The airline is simultaneously improving the onboard experience, rolling out its "Stretch" extra-legroom product on select international routes, beginning with Bangkok, Singapore, Phuket, and Dubai. IndiGo CEO Pieter Elbers at Skift India Forum
