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Quest Means Business
Landmark Defamation Suit; Economic Rebound; Russian Court Upholds Terms Of WSJ Reporter's Detention; Korea's Economic Future; Dash To The Bell. Aired 3-4p ET
Aired April 18, 2023 - 15:00 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
[15:00:32]
ELENI GIOKOS, CNN INTERNATIONAL HOST: A lot of action across Wall Street today. Let's check in on how the markets are faring right now. Volatile
session. It's all about earnings. The banks enter the spotlights and as you can see, we're a flat right now. We were in the positive a little earlier.
Well, we're going to be bringing you more news on what's driving the market action today, but those are the markets and these are the main events.
The landmark defamation trial against FOX News begins.
China's economy grew four and a half percent in the first quarter beating expectations.
And Australia's Treasurer argues that in these high inflation times, he can support households while still keeping the budget under control.
Live from Dubai. It is Tuesday, April 18th. I'm Eleni Giokos. I'm in for Richard Quest, and this is QUEST MEANS BUSINESS.
Tonight, a jury has been sworn for what could be one of the biggest US defamation cases ever to go to trial in the United States. You can see
attorneys for Dominion Voting Systems entering the Court earlier in Wilmington, Delaware. They're seeking $1.6 billion from FOX News, a
cornerstone of Rupert Murdoch's media empire.
The lawsuit is focused on the network's coverage of false vote rigging claims in the 2020 election. FOX contends it has done nothing wrong. A
rumored last-minute settlement failed to materialize and opening statements were set to begin this afternoon.
We've got Ken Turkel, a trial attorney who focuses on media litigation joining us now from Florida. So much happening over the last few days,
delays, a lot of talk about a possible last minute deal.
I'm just curious to find out from your perspective, how significant it is that we've seen new evidence emerge on the eve of the trial.
KEN TURKEL, TRIAL LAWYER: There has been a lot of evidence emerging, some discovery disputes. If we're talking about the Murdoch evidence or we're
talking about the evidence that was subject to motions, I think at the end of last week, it's significant.
The discovery battles happen, right? We get into positions where we fight over what's been produced and what hasn't been. For that to happen on the
eve of trial, that's significant. Right? That doesn't normally happen. You've usually vetted that out by the time you're on the courthouse steps.
GIOKOS: Yes. I mean, when you say it doesn't usually happen. I mean, what does this tell you about the way that this trial is going to play out? As
we've already ascertained, this could be one of the biggest defamation lawsuits to ever play out.
TURKEL: I think what distinguishes this case and what fascinates me about this case is when you're in an actual malice case, when you're representing
a public figure, a political figure in a case, thereby implicating the actual malice standard, you really are taking on one of the highest
standards we have in US law. It is, by far, at least in my 33 years of trying cases, the hardest standard to prove.
The reason why it's so hard is you're largely proving what I've referred to as undisclosed or unspoken mental processes. In other words, you have to
prove someone is telling -- making a statement, a provably false statement, not an opinion, but a provably false statement with knowledge of its
falsity, or with reckless disregard for its falsity.
When that happens, rarely do you have the thought process, the state of mind of the publisher, of the broadcaster, of the reporter memorialized in
text messages, e-mails, internal messaging systems like Slack. They have volumes of evidence in this case, which if it doesn't expressly establish
knowledge of falsity, it certainly establishes an apprehension of falsity that would, at least in my opinion, make it reckless to go ahead and
publish without confirming -- without confirming what you're about to provide vis-a-vis factual statement to be true or in this case to provide a
platform for speakers who were adamantly pushing this dialogue.
[15:05:10]
TURKEL: And then you're giving them this platform to do it, and I think where this becomes a nuance is, was FOX just providing a platform, just
reporting what the allegations were that other people were making, or embracing it, concurring with, endorsing, right?
GIOKOS: Right. I mean, look, the 12 jurors are going to have a lot on their plate to try and ascertain the facts within this, but as you say, the
big question is, did they act recklessly? Did they act with intent? You know, what are the underlying messages here?
And I guess, you're going to be quite interested in hearing from the defense and what their lines are going to be. How would they be positioning
this right now?
TURKEL: So you have an interesting ruling where Judge, I think Davis did, found on summary judgment that falsity was not an issue. That the relevant
dialogue, as it related to fraudulent use of these machines or these machines' vulnerability being used for fraud was false.
If you're the defense and the defense has Dan Webb, one of the great trial lawyers really in the history of this country, and a very talented trial
lawyer, they are going to go down the path that this is newsworthy, critically newsworthy because it deals with the transition of power, the
peaceful transition in our country, and they have an obligation to report claims being made about that process, regardless of their own beliefs in
those claims.
In other words, just to tell the consuming public, this allegations being made by Sidney Powell, Donald Trump, whoever, and they'll take the position
that's all they were doing, these reporters, that isn't just something they can do, it is something they're obligated to do. That's, Eleni, really
where the issue shows up. Right?
Were they just reporting or were they endorsing? Were they concurring? Were they empowering that dialogue by the way, it was reported?
GIOKOS: Yes. Lots of nuance there.
Ken Turkel, great to have you on. Thank you so much for your insight. I'm sure we'll be talking to you a lot over the next while to try and make
sense of it all. We appreciate your time, sir.
Well, Andrew Neil says Rupert Murdoch's wallet did the talking, and that is in the aftermath of the 2020 election. The former editor of "London Sunday
Times," spoke to CNN's Christian Amanpour earlier.
Now, "The Sunday Times" and FOX News are both owned by Murdoch. Neil said the implications of the trial extend beyond FOX and Dominion. Let's take a
listen.
(BEGIN VIDEO CLIP)
ANDREW NEIL, FORMER EDITOR OF "LONDON SUNDAY TIMES": This isn't just FOX News, that is on trial. It isn't just the Rupert Murdoch organization
that's on trial. It's fake news and disinformation that's on trial. It's America's defamation laws maybe on trial.
Is the bar too high to defame someone in the United States? And if Dominion was to lose this, well, what would the constraints be on fake news and
disinformation? Frankly, I would think there would be none, so the stakes are very high.
CHRISTIANE AMANPOUR, CNN INTERNATIONAL ANCHOR: Andrew, Rupert Murdoch, though, said in e-mails that were revealed to his own CEO, Suzanne Scott,
getting creamed by CNN. "I guess our viewers don't want to watch it." Watch what I was referring to the accurate, accurate result, as FOX was reporting
it.
You know, I don't know how close you still are, but you've known Rupert Murdoch. You must have read the Gabriel Sherman "Vanity Fair" piece on him.
What's happening? Is he losing it? Or is he playing the game? Well, what's happening? What's happening internally to Rupert Murdoch, do you think?
NEIL: What happened was, to use one of Rupert Murdoch's favorite phrases, his wallet did the talking. I mean, in the immediate aftermath of the 2020
election, FOX News actually told the truth about the election that Mr. Biden had won fair and square. But when he did that, and also because
they'd been the first network to call Arizona for Mr. Biden, which didn't go down well with FOX News viewers, when they started to tell the truth,
their ratings started to fall, they moved to other right-wing channels, news channels like Newsmax, and they began to worry as the ratings tanked.
What this would do to profits?
Tucker Carlson, one of his e-mails or text messages, he says, hey, you've seen what's happened to the share price here. It is a disaster. So, all
because it wasn't good financially, and here are shades of the hacking scandal as well. Don't forget, that kind of tabloid journalism made a lot
of money for the Murdoch organization. So there was a danger that FOX News, which is the cash cow of the operation now was going to start to make a lot
less money. So they changed the journalism, they moved on to disinformation to boost the ratings.
(END VIDEO CLIP)
[15:10:06]
GIOKOS: Fascinating. Well moving on now. The Chinese economy is rebounding after its COVID freeze. The country posting growth, up four-and-
a-half percent in the first quarter, that's compared to a year ago. It is being driven by strong consumer spending. The solid rebound comes after
Beijing ended Zero-COVID Policy in December.
Steven Jiang reports from Beijing.
(BEGIN VIDEOTAPE)
STEVEN JIANG, CNN BEIJING BUREAU CHIEF: There are certainly a few points worth noting beyond the headline grabbing economic figures highlighted by
Chinese officials on Tuesday. What is the baseline of what we are comparing these latest figures against, that was the first quarter of 2022,
especially March 2022. Remember that was when Shanghai, the country's biggest city, its economic and financial hub was headed into a brutal two
month lockdown amid the government's unrelenting Zero-COVID Policy.
So it's against that kind of abysmal economic picture that we are seeing this kind of a strong rebound now, better than many had expected, but not
entirely surprising.
And this rebound is also not evenly distributed across different economic sectors and across different segments of the population. A lot of the
investments still come from the state, not from the private sector and consumer spending, for example, very healthy trend, especially in the month
of March. Even anecdotally, we are seeing hotels, flights resorts being filled again after being empty for years; now, even prices, fares and the
prices shooting through the roof in many cases.
But the same thing cannot be said about big ticket item purchases. That is people are not buying new cars, they are certainly not buying new homes and
the housing sector was the driver of economic growth for decades in this country, but now, this sector is in slow motion crash.
And with developers running out of cash to not only unable to start new projects, but even having difficulties finishing construction, have already
presold apartments, and also perhaps the most sensitive economic data point, youth unemployment. That is the rate for people between the age of
16 and 24, that number increased to 19.6 percent in March 2023, that's the second highest figure on record, and that's very worrisome because this is
closely related to the issue of social stability, especially at a time when we're going to see hundreds of thousands more new college graduates
flooding the job market in the coming months.
So a lot of underlying challenges, a lot of undercurrents, despite these robust figures released by the government on Tuesday.
Steven Jiang, CNN, Beijing.
(END VIDEOTAPE)
GIOKOS: All right. Robust figures coming through from China and Australia's Treasurer says that he is putting a lot of effort into keeping
markets like China stable and successful.
Jim Chalmers spoke to Richard Quest, that is at the IMF/World Bank meetings last week, and he told Richard, Australia will be impacted by the global
slowdown, and he gave his outlook for the year ahead.
(BEGIN VIDEOTAPE)
JIM CHALMERS, AUSTRALIAN TREASURER: We don't expect to fall into a recession, but we do expect our economy to slow considerably as the
inevitable consequence of a global slowdown combined with higher interest rates at home. And so our Treasury, our Central Bank, both of them are
forecasting a substantial slowdown.
RICHARD QUEST, CNN INTERNATIONAL HOST, "QUEST MEANS BUSINESS": Right, but you have one other aspect, which is of course, the greater relationship on
the Chinese economy. And as relations are poor, bordering on bad, and the US and China are worsening, what do you make?
CHALMERS: Well, first of all, I mean, we've got a lot coming at us from around the world, but we've got a lot going for us in Australia. You know,
we do have very high prices for our commodities, which is part of the story that you're asking me about. We've got low unemployment, we've got the
beginnings of wages growth.
And so we have some big advantages. One of the reasons why we're confident but not complacent about the future, one of the reasons that we're
optimistic about the future, but realistic about the impacts of a global slowdown on us is that we do have a lot of advantages in Australia, and one
of them is the price that people are prepared to pay for our exports.
QUEST: Right, which of course, is a double edged sword elsewhere, because that is income for you, which is good for the trade gap, but it's inflation
elsewhere.
CHALMERS: Yes, and we've got a familiar story in Australia, when it comes to inflation. I mean, inflation will be higher than we'd like for longer
than we'd like. It's moderating, but it's persistent. And one of the reasons for that is because of high energy prices brought about by the war
in Ukraine.
QUEST: So how are you going to balance the independent RBA that's going to keep rates higher for longer, whereas you have a fiscal issue, of
course, you have to help those who are suffering as a result of this without blowing up the budget.
CHALMERS: Yes, so my budget is in three weeks' time, and that's a pretty neat encapsulation of the challenge. We do need to provide some cost of
living support, particularly for the most vulnerable people. We've got to lay the foundations for future growth, particularly on the supply aside,
but we've also got to make our budget more resilient and our economy more resilient to these global shocks.
QUEST: How do you do that?
[15:15:05]
CHALMERS: Well, this is where we get the big bucks, Richard. We've got to balance these considerations, and that is what we're doing. We do think
it's possible to provide some responsible cost of living relief to invest in the drivers of growth at the same time, as we make our budget more
responsible. Part of that is trimming spending in areas where it's unproductive, also some modest, but meaningful tax reform and showing
spending restraint in other parts of the budget.
QUEST: Whenever you look at China, the reliance or relationship with China, as it worsens elsewhere, that hits you harder or not? Do you take
advantage of it?
I mean, the worsening relationship, trade relationship between China and the US.
CHALMERS: Yes.
QUEST: You don't want to take necessarily advantage of it, but at the same time, it's an opportunity.
CHALMERS: Yes. Well, let's put it this way, we've got a lot riding on a region, which is stable and secure, and peaceful and prosperous, and a lot
of our efforts when it comes to China, and stabilizing that relationship, which has had its moments over the course of the last few years in
particular, is we want a region which is, you know, accessible to us and prosperous for us.
We want these big markets to be open, successful markets, and that is where a lot of where a lot of our efforts are directed.
QUEST: What's it like being in government?
CHALMERS: Well, it is better than the alternatives.
QUEST: I was about to say, I mean, it is sort of -- is there a moment when the reality sinks in, that you can no longer be the opposition.
CHALMERS: Daily.
QUEST: And saying, something must be done, but now, you're the one that has to do it.
CHALMERS: Daily. Daily that realization, but I think it's a really important opportunity, I think. You know, in difficult times, you have to
make hard choices, and that is where your values come into play, and our values are, you support the most vulnerable when you can, when you can
afford to, and you make sure that you're focused on the future at the same time.
It's an important balancing act, and we are enthusiastically trying to address all of these challenges we've got now economy.
(END VIDEOTAPE)
GIOKOS: Richard Quest there at the IMF/World Bank Spring Meetings, conversation with the Australian Treasurer.
Well, coming up after the break, US journalist, Evan Gershkovich will remain in Russian custody for now. That's after Courts in Moscow rejects
his request for bail tonight. Calls for his release intensifying, all those details will be coming up right after this break. Stay with CNN.
(COMMERCIAL BREAK)
[15:20:09]
GIOKOS: Welcome back.
Well, a Russian Court has refused to let US journalist, Evan Gershkovich out of jail before his trial. The 31-year-old was asking to be placed under
house arrest instead, and he is the first US journalist since the Cold War to be held in Russia on allegations of espionage. He is facing up to 20
years in prison. Here is what his lawyer said after today's hearing.
(BEGIN VIDEO CLIP)
MARIA KORCHAGINA, EVAN GERSHKOVICH'S LAWYER (through translator): He denies that he is guilty. He is in a combative mood. He is ready to fight
for independent journalism. He is ready to defend himself.
At today's hearing, he said that he was ready to prove he was innocent. He is hanging on and thanks everybody for their support. He receives letters
and answers them when he can, and sends his gratitude for every one's support.
(END VIDEO CLIP)
GIOKOS: The US Ambassador to Russia is calling for Evan's immediate release.
Our Matthew Chance is in London with more on that.
(BEGIN VIDEOTAPE)
MATTHEW CHANCE, CNN SENIOR INTERNATIONAL CORRESPONDENT: This is the first real glimpse we've had of Evan Gershkovich for weeks, really since he was
detained on suspicion of espionage in March, and you can see, he looked pretty calm and relaxed.
US diplomats who have now been granted consular access say that he appears to be in good health and seems strong. The Court though in Moscow rejected
his appeal to be released on bail or for his custody to be downgraded to house arrest.
Instead, Gershkovich will stay behind bars at the notorious Lefortovo Prison in Moscow to await his trial, well after the decision. His lawyer
spoke about how he's holding up inside, reading classic Russian novels one said and watching cooking shows.
The US Ambassador though was much more critical, saying how troubled she was at seeing what she called an innocent journalist in these circumstances
and calling on Russia to set him free.
Meanwhile, there are new concerns being expressed about another prominent prisoner being held in a Russian jail. Lawyers for Alexei Navalny, the
anti-corruption campaigner serving an 11-and-a-half year prison sentence now say he's been beaten up in his jail cell and he's separately facing
more criminal charges, that comes after the Kremlin critic, Vladimir Kara- Murza, who was sentenced to 25 years for treason, sparking more international criticism, but underlining Russia's continued lurch towards
authoritarianism.
Matthew Chance, CNN, London.
(END VIDEOTAPE)
GIOKOS: Well, the leaders of both Russia and Ukraine have made rival visits to their frontline troops in Ukraine. Vladimir Putin made a very
rare visit to a military base in the Russian-controlled Southern Kherson region. It was his second trip to the conflict zone since the invasion more
than a year ago.
Ukraine's President Volodymyr Zelenskyy, meanwhile, visited troops in the Eastern town of Avdiivka. He was briefed about the battle still raging in
nearby Bakhmut. It comes at a critical stage of the war in Kyiv as Kyiv prepares to launch a spring offensive. Zelenskyy says delays in delivering
weapons are costing Ukrainian lives.
(BEGIN VIDEO CLIP)
VOLODYMYR ZELENSKYY, UKRAINIAN PRESIDENT (through translator): It is very important to understand this. Every time we hear that the promised supply
of weapons is delayed, every time there are doubts about the type of weapons for Ukraine, about the range or other quality characteristics,
every time, it means that Ukrainian soldiers are giving their lives so that we have this time.
(END VIDEO CLIP)
GIOKOS: Well, some of the weapons that are going to Ukraine and others that it wants made by a company called Saab. The Swedish company produces
the Gripen fighter jet, which Zelenskyy has been pushing for, for quite some time. Saab builds the NLAW anti-tank missile that the UK is sending to
Kyiv and the company supplies vehicle electronics for the Leopard 2 tanks, as well.
Micael Johansson, the CEO of Saab Group joins me now from Stockholm, Sweden. Sir, great to have you on the program.
You have said that 2022 was defined by the war in Ukraine. Your company has obviously seen a big change in demand that is playing out from Western
countries in particular that are supplying weapons, and ammunition and other defense systems to Ukraine.
I want you to describe, for me the supply-demand scenario that is playing out and I'm very cognizant of the fact that you are in a closed period, but
whatever numbers or insight you could give us at this point would be great.
MICAEL JOHANSSON, CEO, SAAB GROUP: Thank you and thank you for having me. Of course, there is a huge need in the demand now especially from many
European countries increasing their defense spending, including our own country, Sweden, running for two percent of GDP and many European countries
going beyond.
[15:25:04]
JOHANSSON: And right before the war, we decided to double our capacity when it comes to support weapons, so putting 100,000 units a year to
200,000, and during the war now, the tragic war in Ukraine, we've taken investment decision to double that again. So that gives you a feeling for
how much capacity we need.
But of course, it's about the whole ecosystem, the supply chain, and who can deliver what for us to be able to assemble all our systems going
forward, and that this a huge issue for the full industry in Europe as we speak, to actually boost the whole ecosystem and supply chain.
GIOKOS: Are concerned, sir, because you're talking about capacity. Are you concerned about supply chains right now, given that many countries are
drawing down their stockpiles? And clearly there has been a spike in demand and that doesn't seem to be, you know, alleviated anytime soon?
JOHANSSON: I think we are -- many of us are boosting our capacity and taking risks, so there are companies to invest, and I think we are coping
with it quite fine, but it's not only about us that is prime is what I am trying to say, it's all about the full supply chain, and that there are
bottlenecks and some companies that we might have to help to boost our capacity, and try to find redundancy in different parts of Europe and
elsewhere to cope with the increased need and it's huge. Absolutely.
And it's going to take a while to replenish the stock to go further now to create more resilience and deterrence in our own countries.
GIOKOS: What kind of timelines are you looking at here? I think that if we look at what President Zelenskyy has been calling for, an increase in
assistance, saying time is of the essence, we have to think about it logistically in terms of what it will take for the supply chains to adjust
to be able to deliver.
JOHANSSON: Well, I mean, for countries to take political decisions and defense forces to take decisions to donate equipment, it's a kind of quick
timeline, of course, you have to train the Ukrainians and all of that on the systems.
But for us as an industry, the double capacity for support, weapon capability is about sort of a two-year timeline. That's what we're looking
at. And of course, that's sort of not going from one level to the other immediately, it's sort of a growth path that we have. But it's an
investment that we need to do, and we're doing it as quickly as we can to support it.
GIOKOS: I want to talk about the Gripen. We know that Kyiv has been requesting fighter jets, Poland and a few other countries have committed to
sending fighter jets, but they're looking at the MiGs, which of course, is Soviet era. The Gripen is interesting, which is what you produce. It is
lighter, it's more efficient.
But again, we've been talking about the F-16s out of the US. Could you give me a sense of what your prognosis will be in terms of supplying of Gripens,
and whether that is something that you are preparing for.
JOHANSSON: I mean, this is a purely a political decision to do that and take that decision, and I don't know where the Swedish politicians are on
that issue. I think they are evaluating it.
Of course, we are prepared as a company to support it if they take that decision. I do understand why they want that type of capability because
it's a low footprint type of capability. It's very diversified, and you can use dispersed air bases and move it around in an agile way, and it is easy
to train and use.
So I do understand sort of why it's so attractive, but it is a political decision and if the Swedish politicians would take that decision, we will
fully support it, of course, as a company.
GIOKOS: All right, fantastic. Great to have you on the show, sir, and for your insight. Micael Johansson, the CEO of Saab Group, thank you.
Well, the Governor of the Bank of Korea says geopolitical tensions are having a big impact on trade. His interview with Richard Quest is coming
up.
(BEGIN VIDEO CLIP)
RHEE CHANG-YONG, GOVERNOR, BANK OF KOREA: We hope that this geopolitical tension, especially between China and US will be resolved soon.
(END VIDEO CLIP)
(COMMERCIAL BREAK)
[15:30:00]
(MUSIC PLAYING)
GIOKOS: Economists think South Korea has avoided a recession by the narrowest of margins. The latest Bloomberg survey forecasts its economy
grew just 0.1 percent in the first quarter.
Its economy shrank 0.4 percent during the final quarter of last year. Korea has seen exports slow. That's paired with a weakening South Korean yuan
have spelled trouble for the country that relies on trade.
Richard Quest spoke to the governor of the Bank of Korea at last week's IMF-World Bank meetings and asked him about South Korea's slowing growth.
(BEGIN VIDEOTAPE)
RHEE CHANG-YONG, GOVERNOR, BANK OF KOREA: Geopolitical tension is (INAUDIBLE) one of the big factors which affect our growth rate. And we
hope that this geopolitical tension, especially between China-U.S. will be his job soon (ph) because it has a large implication with the global trade.
RICHARD QUEST, CNN HOST: What does your economy now need both in terms of expansion, the avoidance of recession and, crucially, of course, the labor,
the housing and labor markets?
RHEE: You know, first of all, our inflation rate, in some sense, is much better compared with others --
QUEST: No, not a nominal issue --
RHEE: -- but you mean that the trade --
QUEST: Yes.
RHEE: Oh, we -- what is most important is I.T. industry and the semiconductor prices, which has dropped quite significantly last one years.
And we are expecting that the I.T. industry semiconductor (INAUDIBLE) will recover from the second half of this year.
There you have a huge impact on our (INAUDIBLE).
QUEST: Do you worry that things like the Inflation Reduction Act and the semiconductor act in the United States and now Europe is coming along with
their own.
Do you worry that that's going to take investment from you or that South Korean companies will be forced to invest in other countries?
RHEE: Diversification is needed for our semiconductor industry, which we usually have a heavy exposure to China. And then we need to diversify. And
that kind of transition will take time.
So we're not worrying about a new competitor at this moment for the -- at least next 5-10 years. But on the other hand I think whether the inventory
levels over the I.T. industry itself is high and then how soon it's going to come down so that will actually affect our price.
QUEST: On the question of China.
RHEE: Yes.
[15:35:00]
QUEST: The risk here is that it's a -- you're either with us or against us from the United States. The protectionism or at lease the worsening trade
relationship.
Where do you stand?
RHEE: You know, it's not always a white and black choice. I think China is a very important our neighbor. U.S. is also very important our strategic
alliance. So Korea has to I think keep both scores at hands (ph).
QUEST: It's a narrow path at the moment.
RHEE: Yes, achieved but I think that's a very important implications not only for Korea but also whole global trade. I believe that the U.S. and
China leaders know what kind of important they both countries has in the world. And I hope that they can make a more, you know, productive solution
for the whole world soon.
(END VIDEOTAPE)
GIOKOS: Apple doesn't just want to make phones in India; it wants to sell them there as well. The company has just opened its first retail store in
India as it tries to compete in a key market. CNN's Vedika Sud reports from New Delhi.
(BEGIN VIDEOTAPE)
VEDIKA SUD, CNN CORRESPONDENT (voice-over): (INAUDIBLE) Apple CEO Tim Cook opened the doors of the company's first physical store in India in Mumbai
Tuesday. The tech giant, which is the world's second biggest smartphone maker, currently holds just a 6 percent market share in India.
Until now, it had been selling its products through third party sellers and through its online retail stores. Apple, which is the world's most valuable
company, is looking to expand its operations and increase its retail share in India, which is seen as an emerging market with huge potential.
After recent supply chain snags in Mainland China, which accounts for the bulk of iPhone manufacturing, Apple has been looking to expand its phone
production operations here in India. The company has significantly increased its Indian exports. IPhone shipments grew 65 percent over the
previous year.
Apple's stock presence in India is a part of a larger trend that we are now seeing of companies diversifying their manufacturing away from China.
According to Apple, the company's mobile apps businesses supporting more than 1 million developer jobs in India.
Apple will be opening its second retail store in the capital, New Delhi, on Thursday -- Vedika Sud, CNN, New Delhi.
(END VIDEOTAPE)
GIOKOS: Alec Baldwin will resume filming for the movie, "Rust," this week. Production has been on hold for two years after crew member Halyna Hutchins
was fatally shot with a prop gun. Baldwin was charged with involuntary manslaughter. He has pleaded not guilty.
The actor reached a settlement with the victim's widower, after Matthew Hutchins filed a wrongful death lawsuit. The movie will be completed as
part of that agreement. We have Chloe Melas covering this for us from New York.
And the filming is not going to take place at the original location.
Could you take us through the plans as we know them right now?
CHLOE MELAS, CNN CORRESPONDENT: Yes, good to see you. So on Thursday, Alec Baldwin and other members are going to be filming at Yellowstone Ranch.
It's in Montana, beautiful landscape and, like you said, they are not going to be resuming filming at Bonanza Creek Ranch, where the fatal incident
occurred.
So this comes more than a year later. It comes as a criminal trial is looming and, like you said, it's part of a settlement because there was a
wrongful death lawsuit filed by Halyna Hutchins' widower, Matthew Hutchins.
And this was part of that in order to dismiss the settlement, give him profit sharing from the film for him and his son as part of that potential
civil suit. So they are going to be filming. We know that the film's armorer, Hannah Gutierrez Reed, she will not be returning to the set.
We don't know when the movie is going to be coming out. But we do know that filming is finally going to resume.
And to many people, they thought, well, why would you want to finish that?
It's, you know, tragedy occurred. It was such an awful situation with this criminal trial looming. But obviously they felt it was necessary to do it,
to make some money to give back to her family.
GIOKOS: Yes, fascinating. Chloe, thank you so much for that update. Great to see you as always.
Well that's it for QUEST MEANS BUSINESS. I'll be back at the top of the hour as we make a dash for the closing bell. Up next, "LIVING GOLF."
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GIOKOS: Hello, I'm Eleni Giokos. It is the dash to the closing bell and we're just two minutes away. U.S. markets are fairly flat as more big
companies report earnings. The Dow is up slightly after clawing back morning losses as you can see. But it has been up and down the entire day.
S&P average is also little changed. The S&P is just barely in the green. The Nasdaq also as you can see flat with a positive bias.
Ukraine's president, in the meantime, Zelenskyy says, delayed weapon deliveries are costing lives. The Saab Group, which makes military
equipment, is trying to keep up with orders. CEO Micael Johansson told me the company is adapting to supply issues.
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MICAEL JOHANSSON, CEO, SAAB GROUP: We are coping with it quite fine. But it's not only about us as prime (INAUDIBLE) trying to say it's all about
the full supply chain and that they're all bottlenecks in some companies that we might have to help to boost our capacity and try to find redundancy
in different parts of Europe and elsewhere to cope with the increased need.
And it's huge, absolutely, and it's going to take awhile to replenish the stock and to go further now to create more resilience in the currents in
our own countries.
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GIOKOS: Well, let's look at how the Dow components, Boeing is up, what over 1.5 percent. It plans to increase production of its 737 jets. Apple is
up almost 1 percent today. Yesterday it announced a high yield savings accounts in a partnership with Goldman Sachs.
Goldman is down 1.5 percent. It reported weaker than expected revenue. Johnson & Johnson is at the bottom. Down almost 3 percent. It had a
cautious profit forecast during its earnings call. Right so that's your dash to the closing bell. I'm Eleni Giokos. The closing bell is ringing.
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