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    The Week in Business: Trump on TV

    Giulio BonaseraWhat’s Up? (May 7-13)CNN’s TrumpcastUntil last week, former President Donald J. Trump had not appeared on CNN since 2016. But at a town hall hosted by the network on Wednesday night, Mr. Trump, the Republican front-runner in the 2024 presidential campaign, resumed the lies and name-calling that marked his presidency. Answering questions from the anchor Kaitlan Collins, he repeated misinformation about the 2020 election, called the writer E. Jean Carroll, who won a suit accusing him of sexual abuse and defamation, a “wack job” and derided Ms. Collins as a “nasty person.” When Ms. Collins tried to correct Mr. Trump’s lies, he often talked over her. The largely sympathetic audience cheered him on throughout the evening. Critics of CNN’s forum said it was reckless to give Mr. Trump such a large platform for his message, especially because it proved difficult to fact check his statements in real time. The chairman of CNN, Chris Licht, defended the broadcast on Thursday, saying it underscored that covering Mr. Trump would “continue to be messy and tricky.”Inflation Is SlowingA closely watched report on Wednesday showed that inflation in the United States had reached a noteworthy milestone: April was the 10th straight month that the pace of price increases slowed. The Consumer Price Index climbed 4.9 percent from a year earlier, surpassing analysts’ expectations — in a good way. Economists in a Bloomberg survey had forecast a 5 percent climb. Core inflation, which strips out volatile food and fuel costs, also fell slightly. The report comes on the heels of the Federal Reserve’s 10th consecutive increase to its benchmark rate. The latest inflation data, along with other signs of a slowdown in the economy, could make the May increase the last one for now. Elon Musk’s AnnouncementElon Musk long ago asked users on Twitter if he should step down as chief executive of the platform. “I will abide by the results of this poll,” he said. The results came in: Almost 58 percent of the 17.5 million people who voted agreed that Mr. Musk should leave his post. But it was still somewhat surprising when Mr. Musk announced on Friday that he had chosen his replacement: He said his successor would be Linda Yaccarino, the chair of global advertising and partnerships at NBCUniversal. Mr. Musk said Ms. Yaccarino, who recently interviewed him onstage at an advertising event in Miami, would focus on business operations while he would continue to work on product design and technology.Giulio BonaseraWhat’s Next? (May 14-20)Senate Hearings on the Banking CrisisTwo groups that have sought to blame each other for the recent bank failures will appear at a pair of Senate hearings this week — the heads of those banks and the federal regulators who oversee them. On Tuesday, Greg Becker, the former chief executive of Silicon Valley Bank, who stepped down from his post after the bank’s collapse in March, will testify before the Senate Banking Committee. Two former top executives from Signature Bank, which failed two days later, will also testify. They are expected to meet a harsh reception from lawmakers. In a letter summoning Mr. Becker to appear, the chairman of the committee wrote, “You must answer for the bank’s downfall.” Regulators can expect a grilling, too, at a separate hearing on Thursday. When regulators appeared before the committee last month, members of Congress on both sides of the aisle faulted shortcomings in oversight for the banking crisis. Regulators also pointed the finger at the banks’ mismanagement.More Turmoil at FoxDominion Voting Systems’ defamation suit against Fox News, which was settled for $787.5 million in April, may have been only the opening salvo in a long fight to hold the network accountable for airing misinformation about the 2020 presidential election. Last week, Nina Jankowicz, a prominent specialist in Russian disinformation and online harassment, filed a new defamation suit accusing Fox of spreading lies about her that led to serious threats to her safety and harm to her career. That’s not Fox’s only legal trouble. It still faces a defamation suit from another election technology company, Smartmatic, which is seeking $2.7 billion in damages. Meanwhile, Tucker Carlson, the network’s star host who was recently ousted and is still under contract, has said he is starting his own show on Twitter, a sign that negotiations to reach an amicable separation with the network have broken down.Report Cards for Big Box StoresWalmart and Target, two of the country’s largest retailers, will release their quarterly earnings reports this week, providing a glimpse at how inflation — which is falling but persistent — is affecting consumers. For the three months that ended in January, Walmart reported that its revenue was 7.3 percent higher than a year earlier and said December was its best month for sales at its U.S. stores in its history. But the company warned of dimmer prospects for the rest of the fiscal year, suggesting that consumers’ ability to absorb higher prices could be approaching its limit. Other retailers struck similar downbeat notes, suggesting that they expected conditions to worsen in the coming months.What Else?Goldman Sachs said on Monday that it would pay $215 million to settle a gender bias suit accusing the bank of hindering women’s career advancement and paying them less than their male colleagues. Disney, in its quarterly earnings report last week, said that it had narrowed its streaming losses but that revenue from its old-line TV channels had fallen sharply. And Peloton said it was recalling more than two million exercise bikes because of reports of a faulty part. More

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    Chris Licht of CNN Defends Decision to Host Trump Town Hall

    “People woke up, and they know what the stakes are in this election in a way that they didn’t the day before,” Chris Licht said in a morning call at the network.The chairman of CNN, Chris Licht, issued a robust defense on Thursday of his decision to broadcast a live town hall with former President Donald J. Trump, an unruly and at times bewildering event that has prompted criticism inside and outside of the network.On a network-wide editorial call, Mr. Licht congratulated the moderator, Kaitlan Collins, on “a masterful performance” before acknowledging the public backlash. “We all know covering Donald Trump is messy and tricky, and it will continue to be messy and tricky, but it’s our job,” Mr. Licht said, according to a recording of the call obtained by The New York Times.“I absolutely, unequivocally believe America was served very well by what we did last night,” Mr. Licht added. “People woke up, and they know what the stakes are in this election in a way that they didn’t the day before. And if someone was going to ask tough questions and have that messy conversation, it damn well should be on CNN.”The town hall, which aired in prime-time on Wednesday, featured Mr. Trump deploying a fusillade of falsehoods, sometimes too quickly for the moderator to intercept. It was a preview of what American journalism can expect from a 2024 campaign with the former president, who despite his ubiquity in political life has rarely appeared on mainstream TV outside of Fox News since leaving office.If the 2016 campaign showed that many Americans could not agree on common facts, the Babel-like nature of Wednesday’s New Hampshire town hall suggested that voters now occupied wholly different universes. Mr. Trump repeated a web of conspiracies about a stolen election and the “beautiful day” of the Capitol riot, language that was likely to befuddle half the viewing audience and resonate as gospel with the rest.“The election was not rigged, Mr. President,” Ms. Collins said at one point. “You cannot keep saying that all night long.” (He kept saying it.)The live audience, a group of Republicans and Republican-leaning independent voters, often cheered him on, even when he derided Ms. Collins as a “nasty person.”“While we all may have been uncomfortable hearing people clapping, that was also an important part of the story,” Mr. Licht said on Thursday, “because the people in that audience represent a large swath of America. And the mistake the media made in the past is ignoring that those people exist. Just like you cannot ignore that President Trump exists.”Critics said it was reckless for the network to provide a live forum to Mr. Trump, given his track record of spreading disinformation. Even the network’s own commentators appeared taken aback by what had transpired on its airwaves. “We don’t have enough time to fact check every lie he told,” Jake Tapper told viewers on Wednesday night.The town hall was watched by 3.3 million people, according to Nielsen, a significant increase from CNN’s typical audience on an average weeknight at 8 p.m. That was slightly more than the average viewership for Tucker Carlson’s Fox News program, which was seen by an average of 3.2 million people in the first three months of the year.Mr. Licht, who took over CNN last year after the network was acquired by Warner Bros. Discovery, has had a rocky tenure, and some journalists there have bristled at his public comments that the network had veered too far into an anti-Trump stance when Mr. Trump was in the White House. Mr. Licht has said CNN must appeal to more centrists and conservative voters, a strategy that has support from his corporate superiors.There were signs on Thursday that frustration inside CNN about the town hall was bubbling up. The network’s own media newsletter, “Reliable Sources,” published a tough assessment after the event, noting, “It’s hard to see how America was served by the spectacle of lies that aired on CNN Wednesday evening.”The newsletter cited several critical posts on social media about the forum, including some people who faulted the network for choosing a town hall-style format where voters were free to cheer Mr. Trump and jeer Ms. Collins, the moderator.CNN said it selected the audience members in the same manner as it had for past candidate forums. A network team traveled to New Hampshire and coordinated with community groups, faith-based organizations, local Republican officials and the student government at Saint Anselm College, which hosted the event.CNN said the aim was to fill the auditorium with citizens representing a range of conservative views, but the network declined to identify specific groups that were consulted, saying it did not want activists trying to game the system at future events.In keeping with past network practice, the Trump campaign was provided invitations for about 20 guests to attend the town hall, although these guests were not allowed to ask questions of the candidate. Officials at Saint Anselm College were allowed to invite about 70 people. The total audience was 300 to 350 people.In the days leading up to the town hall, Ms. Collins prepared with the team in New Hampshire extensively, according to a person familiar with the matter, going over potential falsehoods Mr. Trump might utter onstage. Mr. Licht gave feedback, and Mr. Trump was played in mock debates by Mark Preston, CNN’s vice president of political and special events programming,Mr. Licht’s decision to select Ms. Collins for the high-profile assignment underscored her rising prominence as an on-air anchor at CNN. The network is finalizing a multiyear contract with Ms. Collins that will make her the anchor of CNN’s currently vacant 9 p.m. hour, according to three people with knowledge of talks. That hour is a crucial time slot for advertisers, and Ms. Collins’s recent tryout in that time-slot last month drew favorable ratings.Puck earlier reported that Ms. Collins was nearing a deal with CNN.Ms. Collins’s deal, combined with Don Lemon’s recent ouster from CNN, means that the network will have to retool its morning show. The network is looking for new co-hosts to pair with Poppy Harlow, Ms. Collins’s co-anchor on “CNN This Morning.”Some CNN critics had asserted that the network cut away early from the Trump event, which ended around 9:10 p.m. In fact, the event was always intended to last an hour or so, with a panel of analysts ready in a studio to take over coverage at the start of the 9 p.m. hour. More