CCTV Transcripts

CCTV Weekly Script 10/12/22

— This is the script of CNBC's People of the Week for China's CCTV on December 10, 2022. 

In today's People of the Week, let's first focus on former U.S. President Donald Trump. Two Trump Group subsidiaries were convicted this week on 17 counts, including tax fraud and falsifying business records. The charges were related to an executive tax avoidance scheme in which executives received luxury apartments, rental car benefits and other untaxed benefits. Trump himself was not a defendant in these rulings, but it is known that he had explicit knowledge of the tax evasion practices of his companies since 2005.

After this ruling, the Trump Group may face a fine of about $1.6 million. Some analysts point out that this amount may not be much for Trump, but what is important is that the criminal charges will make it more difficult for the Trump Group to apply for loans from financial institutions when conducting business in the future. It is worth mentioning that just three weeks ago, Trump announced that he will run for president in 2024. It is also worth watching whether this ruling will affect his future campaign reputation.

Next up, Doug McMillon, the CEO of US retail giant Walmart. In an interview with CNBC this week, he mentioned the recent spike in store thefts.

Doug McMillon
Walmart CEO

"It's higher than what has historically been. And we've got safety measures, security measures that we put in place by store location."

According to the National Retail Security Survey, retailers have reported $100 billion in retail shrinkage problems last year, a situation in which stores are actually carrying less inventory than they record. The survey showed that 37% of retail shrinkage was caused by external theft.

As a result, U.S. consumers may be finding retailers are locking up more merchandise these days. Previously, the goods that may have been locked up for storage were high-priced electronics, but now, people may find that more goods, including cosmetics and candy, are also under lock and key.

Although it will lead to customers shopping inconvenience, but it is also the retailers have no choice. Wal-Mart's CEO said that if the theft problem persists, it could lead to price increases and even store closures. And Wal-Mart is not an exception, other retailers such as Home Depot and Target, have also recently said that theft has affected their operations.

Let's look at a specific group of people: ECB employees. The pain caused by global inflation has also swept into the main force in the fight against inflation: the central bank.

This week, the International and European Public Service Organization (IPSO), the union representing ECB employees, rejected the ECB's 4.07% pay increase proposal. The ECB is headquartered in Frankfurt, Germany, and the union said the increase did not even reach half the rate of CPI increase in Germany.

The survey shows that most ECB employees are angry about the program. The union also said: do not rule out the possibility of future strikes.

This week, Forbes magazine released its list of the 100 most powerful women in the world. European Commission President Ursula von der Leyen topped the list; European Central Bank President Lagarde, and U.S. Vice President Harris ranked second and third, respectively.

American pop singer-songwriter Taylor Swift ranked 79th, and Honduras' first female president, Xiomara Castro, ranked 94th.

Last year, American novelist Mackenzie Scott, the ex-wife of Amazon founder Bezos, took first place on the list, dropping to 11th this year.

In addition, there is a special woman on the list of the 100th, she is an Iranian girl Masha Emini . She tragically died in September this year after being taken into custody by Iran's morality police for not wearing her hijab as required, and her passing sparked the largest nationwide protests in Iran since 2019.

In addition, the list includes 39 CEOs, 10 heads of state, and 11 billionaires.