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QUEST MEANS BUSINESS
Obama Endorses Hillary Clinton for President; Ben & Jerry's Founders Still "Feel the Bern"; Trump, Clinton Trade Barbs Over Obama Endorsement; Sponsors Stick with Sharapova Despite Ban; European Inventor Award Winners Named; Tony Blair Defends European Union;; Marcegaglia: Brexit Would Cause European Break Down; More than 100 Migrants Rescued at Sea; Poll: Europeans Disapprove of EU Migrant Handling; Disney Launches Shanghai Disneyland; Touring Shanghai Disneyland with Disney's CEO; Nigeria's Ring-Back Tone Phenomenon. Aired 4-5p ET
Aired June 9, 2016 - 16:00:00 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
[16:00:00] PAULA NEWTON, CNN ANCHOR: Oh, the markets tried so hard today. After a rocky start, U.S. markets trying to fight their way back to 18,000.
They kind of did. But it is Thursday, the 9th of June. As you can see there, no 18,000 today. Tonight, he's with her. President Obama endorses
Hillary Rodham Clinton. Advantage Sharapova. Sponsors are standing by the suspended tennis star. And a Brexit referendum reversal. A British MP
switches sides in a battle over campaign ads.
I'm Paula Newton, and this is QUEST MEANS BUSINESS.
Good evening. Tonight, President Obama says I'm with her. As Bernie Sanders announces he's ready to help Hillary Clinton beat Donald Trump.
After months of silence, the President of the United States has publicly backed Clinton in a video just released online.
(BEGIN VIDEO CLIP)
BARACK OBAMA, U.S. PRESIDENT: Look. I know how hard this job can be. That's why I know Hillary will be so good at it. In fact, I don't think
there's ever been someone so qualified to hold this office.
(END VIDEO CLIP)
NEWTON: And we go right to CNN's Michelle Kosinski who is with us tonight from the White House. Michelle, it was really interesting to see that
whole dance at the White House today. No sooner had Bernie Sanders left, the video was posted online and game on for the Democrats.
MICHELLE KOSINSKI, CNN WHITE HOUSE CORRESPONDENT: Yes, I mean, the whole way this played out. Now the worst-kept secret in the world is a secret no
more. If you can call it a secret. Everyone's known for a long time the president would back Hillary Clinton. But they were trying to be so
careful and so respectful of Bernie Sanders. It felt like minutes after this meeting. In reality, less than two hours. And just the way it played
out. We had a sense that because Bernie Sanders is technically still in the race that the White House might put out something softer on social
media, with the president backing up Clinton. And then they would wait for kind of a big reveal with a big campaign style event in coming days.
But this video was a full throated endorsement. And it came out in an online video released on Twitter. And tweeted out by the Clinton campaign.
That's never happened before in the history of presidential announcements. It was interesting. Obviously, it was well prepared. It was quite long.
There was music added to the background. So the White House had it time to put it together. They said that it was recorded here at the White House on
And the president said in the video I met with Bernie Sanders this week. So that gave him some cushion as to when they would release it. But it was
clear that, you know, once they had that meeting today with Sanders here, once they discussed the plan moving forward. Once they got Bernie Sanders
on board with working with Clinton. Working with the White House towards a common goal. Then they felt, OK, it's clear now for the president to
finally release this and now, of course, president Obama is free. He's free to be unleashed on the campaign trail. They didn't waste any time in
that department, either. He will be in Wisconsin with Hillary Clinton next Wednesday, Paula.
NEWTON: Yes, a lot of people looking toward that because President Obama finally gets to get in the game here. And Michelle, what have you guys
seen over the last few weeks about what his posture is. How much he'll be on the campaign trail for Hillary Clinton?
KOSINSKI: Well, I mean, it's an evolution. Behind the scenes we have been hearing he's raring to go. That he's been watching the Republican rhetoric
shape up, and it drives him crazy. Wanting to say more than he already has. And the White House has been incredibly careful. I mean, as of
yesterday, the White House would not even acknowledge that Hillary Clinton is the presumptive Democratic nominee. When president Obama is criticizing
Republicans, he doesn't even mention Donald Trump by name. Well, now, as of today, he's freed up to do all of the above. To name Hillary Clinton as
the person he's endorsing, as the nominee. To name Donald Trump and criticize Republicans, really, to the fullest extent.
[16:05:00] That's what a lot of analysts and top Democrats are watching right now. They feel like President Obama is the key person to bring in
those Sanders supporters, many of whom are very young and very entrenched in what Bernie Sanders represented. So if anybody's going to reel them in,
they think President Obama is extremely well poised to do that. To bring in what's called the Obama coalition, and have that now hopefully directed
for Hillary Clinton. And also, they feel like he's one of the most incisive people when he goes after Donald Trump and the Republican
ideology, so they expect much, much more of that.
NEWTON: And we'll continue to be watching. Michelle Kosinski, there live from the White House. Appreciate it.
Now, Donald Trump as you can imagine did, in fact, react to all of this. We'll get to that reaction in a minute. Clinton got some tentative support
from Bernie Sanders, although he stopped short of an endorsement. The Vermont Senator, and we had been saying, he was just in the White House
moments before this saying, he's says he's in the race until the next week's primary in Washington, D.C. and he spoke shortly after meeting with
President Obama at the White House. Sanders said he would help Hillary Clinton defeat Donald Trump and vowed to stop the rise of the billionaire
class in America.
(BEGIN VIDEO CLIP)
BERNIE SANDERS, U.S. DEMOCRATIC PRESIDENTIAL CANDIDATE: We will continue doing everything that we can to oppose the drift which currently exists.
What an oligarchic form of society where a handful of billionaires exercise enormous power over our political, economic and media life.
(END VIDEO CLIP)
NEWTON: Now, Bernie Sanders supporters have stayed loyal and outspoken to the end. Now, Ben Cohen is one half of the duo behind Ben & Jerry's ice
cream and he came up with this, "Bernie's Yearning" ice cream. And we will hear from Ben and Jerry live in a moment from Vermont and to be clear about
one thing. What you are seeing, this is not an official Ben & Jerry's ice cream flavor. But we are going to get on to ice cream here. Now it was
Sanders' policies that made him more than, how shall we say call it, flavor of the month for millions of American voters.
We just one outline some of the policy implications of all this. Now, raising the minimum wage to $15 an hour, absolutely, absolutely was an
issue that Bernie Sanders decided to fight. But what we're telling you is that as well as -- oh, look, were having accidents here already. Just
can't wait to get into the ice cream.
The breaking up of the big banks, reversing trade agreements, tuition free, Sanders opponents have taken scoops of his policies into their own agendas.
Now, Clinton said she would sign a bill to enact a $15 minimum wage, had previously supported that minimum wage. We have Hillary Clinton here and
so she definitely scooped up that policy. Now, she also said she would force to defend the speeches to Goldman Sachs. And you remember, Bernie
Sanders went on and on about this. Saying that Wall Street was basically sticking it to Main Street. He promised to hold those individuals
accountable. So, Hillary Clinton, I think this is some kind of caramel concoction. Also took that.
Perhaps the absolute biggest scoop, biggest reversal was actually on trade as Secretary of State Hillary Clinton took a big, huge scoop of this ice
cream. Vanilla I think it is. She supported The Transpacific Partnership. She at one time had supported it. Now guess what. She is going against
that trade deal. But this is what's been so interesting and fascinating about this campaign. Ice cream, these policies, haven't really quite
followed the partisan lines that you would expect. And so, some of Sanders' policies actually found their way to, you guessed it, Donald
Trump. Which one? That would be on trade. So a big helping against trade for Donald Trump, as well. Now, Ben Cohen and Jerry Greenfield are the co-
founders of Ben & Jerry's ice cream, of course, and they are staunch Bernie Sanders supporters. And they join me now live from Burlington, Vermont.
Guys, I'm going to ask you right now, is this cool with you guys, President Obama just endorsed Hillary Clinton?
[16:10:00] It seems that Bernie Sanders has already been, let's just say a little bit overshadowed in Washington today. What do you think?
BEN COHEN, CO-FOUNDER, BEN & JERRY'S ICE CREAM: Well, you know, President Obama, of course, can do whatever he wants to do. Bernie is really clear
that he will continue the fight for economic and political equality for people of all incomes and all races. And Bernie's been really clear that,
you know, if Hillary wants the support of him and the 50 percent of all Democrats that have favored Bernie she's got to have to make some major
moves into Bernie's policy directions.
NEWTON: So, Jerry, for the ice cream translation, when's that mean? How much of this ice cream does Hillary Clinton have to scoop? How much policy
does she have to vacuum up from Bernie Sanders and put in to her policy platform so that she gets those all-important Sanders' supporters to the
polls on election day?
JERRY GREENFIELD, CO-FOUNDER, BEN & JERRY'S ICE CREAM: Well, I don't know exactly how much of the scoop but it certainly needs to be --
COHEN: I always thought a pint was a single service portion myself.
NEWTON: You are out of control. We knew that. That's a famous quote from you. You are out of control on that one. But go ahead, Jerry, what do you
GREENFIELD: It needs to be concrete and public steps. And not just mouthing the words and that means things like Medicare for all, it means
free public tuition for, you know, public universities and colleges. And more than anything, it's about equality and justice. And, you know, it's a
little tough when you think about the big money in politics and how that's been influencing things. And, you know, Bernie's the only candidate who's
not bought and sold by the big corporations and I think that's a big sticking point.
COHEN: I think the other side of it is the revenue side. You know, all of Bernie's proposals are revenue neutral. And they depend upon closing tax
loopholes for corporations and the ultra-wealthy. And I think she's going to have to come along to that neck of the woods, as well.
GREENFIELD: I mean, one of the things we've seen throughout the whole campaign is the enthusiasm and energy and excitement that Bernie has
brought to supporters who are not really politically engaged. Young people, low-income people, and, you know, I think to get that enthusiastic
support Hillary's going to need to be much more progressive in wooing Bernie supporters.
NEWTON: And, Bernie supporters, the two of you are Bernie supporters. I'll put you on the spot here. To you first, Ben. Will you be supporting
Hillary Clinton even as you clearly are feeling that Bern?
COHEN: I'm not there at this time. I mean, I don't know. Maybe something's going to happen in the future, but right now, I could not pull
the lever for Hillary.
GREENFIELD: I'm not exactly like Ben. I'm completely committed to defeating Donald Trump and if Hillary is the nominee I'm going to vote for
NEWTON: Ben, what will it take for you to actually go to the polls and vote for Hillary then?
You know, for me, the major issue has been big money in politics. I believe that big money in politics is the root cause of why we don't have
decent health care for our people, why we don't -- why college is so expensive. Why we don't have a decent minimum wage. Why we don't have
decent environmental regulations. Why we don't have a decent energy policy. Big money in politics is the root cause and, you know, Hillary
Clinton is kind of a poster child for big money in politics. And what can I say? Maybe I'm a single issue voter. I don't know. But I can't do it.
NEWTON: You look like you're having a hard time there. We'll continue to check in with you, though. We'll actually want to see if, you know, Ben's
yearning there becomes an actual flavor or if he becomes a footnote, both in ice cream and in history. Gentlemen --
COHEN: The whole pint, she's got my vote.
NEWTON: We'll wonder what the whole pint means. Not sure she could put all of this policy in that ice cream bowl. We'll continue to follow her
and heading into summer not a bad may for an analogy here. Thank you so much there live from Burlington, Vermont, for us, appreciate it.
[16:15:00] Donald Trump was quick to express his displeasure with the President's endorsement of Hillary Clinton. Yes, he is quick on the
twitter. He tweeted, "Obama just endorsed Crooked Hillary. He wants four more of years of Obama -- but nobody else does!" That drew this response
from Hillary Clinton. I have to tell you, social media is absolutely on fire over this. She tweeted, you see it there, "Delete your account."
Mark Preston, the executive editor of CNN politics is the guy who gets to follow all this up now. Ice cream chaos and twitter rants. Mark, quite a
day. And I know you follow this. It was no surprise that Obama was going to be endorsing Clinton. But at this point in time, did you really think
it would unfold this way and this quickly?
MARK PRESTON, CNN POLITICS EXECUTIVE EDITOR: A couple of things, one is, I don't think there's a better way to start a show than to have the ice cream
out there with the Ben & Jerry folks, because they're for the viewers around the world. They very are indicative of Bernie Sanders supporters.
They are very liberal as you can see. One of them even said that he can't support Hillary Clinton. But to show what is it going to take to get
Bernie Sanders and more importantly the supporters to back Hillary Clinton? There you have it right there. Major issues right now. Scooping them out.
Will that happen? So, just to provide a little bit of insight into how this whole went down and literally was just on the phone with one of Bernie
Sanders top advisers. This was no surprise to them. This was no surprise to them at all.
NEWTON: They knew it was going to go down.
PRESTON: They knew it was going to go down like this. You know, before today, basically. I think it was a surprise to all of us and for this
reason and this reason alone. There's still one more primary contest that takes place here in the United States. That is the District of Columbia.
A city that is predominantly African-American. We talk about disenfranchising voters and many ways we are telling these voters in the
District of Columbia that your vote no longer counts. That is stark given the fact that we have an African-American president. That's why I'm
surprised it went down that way.
NEWTON: The symbolism is interesting. We are going to move on to the Trump campaign. You know, Trump today in this city, New York City, meeting
with party officials, meeting with people that pay for the Republican Party to be able to run these campaigns. Huge controversy now. People saying,
look, does Donald Trump need money from the Republican donors or doesn't he? Trump seems to think he doesn't need their money or quite frankly a
lot of their support to run this campaign and to win. The Republican Party saying something completely different.
PRESTON: Right. I think if this is Donald Trump coming to have a little bit of reality. Let's take a step back. Donald Trump a few weeks ago
bragged that he was worth more than $10 billion. Bragged about that. OK. If you are a wealthy Republican donor here in the U.S., do you think that
you should be giving money to Donald Trump? Or do you have this desire to do so? Or do you think the money that you have, are you going to give it
to a Congressional or a Senate candidate who needs it more?
So now we hear Donald Trump come out today saying I don't need -- I need half of that or maybe I don't need it at all. What is interesting about
Donald Trump, though, is he really worth more than $10 billion? That is a big question that many of us here in the U.S. and of course around the
world is asking. The second thing is though, Donald Trump in some ways is right. He is a candidate we have never seen ever in our lifetime. And he
can command a TV audience better than anybody. So he doesn't need all of that money necessarily to run TV ads. But he does need the money. He
absolutely does. He needs the money, whether it comes out of his own back pocket or comes from wealthy Republican donors.
NEWTON: So important for you to remind us that those congressional races are key for the Republicans. Wanting to hold on to the Senate and the
House. And they want to be able to control that legislative agenda going forward for four years. Mark Preston, as always, thank you for indulging
us with our ice cream here. You can't have any.
The CEO of racket maker, Head, says his company is sticking by tennis star, Maria Sharapova, despite two-year ban from the game. We'll have more in a
[16:21:18] NEWTON: Tennis champion Maria Sharapova has regained support from corporate sponsors despite being banned from the sport for two years
after testing positive for a banned substance. Now, Sharapova is appealing the ruling by the International Tennis Federation. But brands that are
sticking with the tennis star include Nike, though it had previously suspended ties. Evian and Head, which says it will still extend its
contract. Now, the Head CEO, Johan Eliasch, told me that the decision against Sharapova is in his opinion quite flawed.
(BEGIN VIDEO CLIP)
JOHAN ELIASCH, CEO, HEAD; The world anti-doping agency have not come up with any evidence of comprehensive clinical testing to support the fact
that Meldonium would be performance enhancing. And in those circumstances, they've broken their own rules. Which means that this issue is
(END VIDEO CLIP)
NEWTON: Other sponsors are not quite as definitive. Now, Porsche suspended ties and says, it will wait on Sharapova's appeal to make the
decision. And others are saying that for them it's game over. TAGHeur stopped contract negotiations after Sharapova failed the drug test. The
CEO says the company is not in a hurry to renew. Avon says its partnership was temporary and it was not planning to extend regardless of the current
Karen Post is a branding expert and author of "Brand Turn Around" and joins us live from Tampa, Florida. This has really been interesting for many
fans and people who follow branding. What do you think of the decisions by companies on both sides? Because there's been quite a split over whether
or not they're sticking with Maria or letting her go.
KAREN POST, BRANDING EXPERT: Well, it's not surprising and I consider Maria really a grand slam brand. She's got everything going for her. She
has a good history of good behavior and there's a lot of things about these contracts that as consumers the general public we're not aware of. We
don't know the monetary value of the contract. What was planned. What was printed. You know, there's a lot of unknowns. Certainly brand sponsors
have the prerogative to cool off a brand, put it on hold and even the brands that suggested that the game is over, we know from other examples
that things can change. Brands come back and they can recover quickly and Maria has everything going for her should that be the case.
NEWTON: Except perhaps her game. I think what many people feel is shocking is that if she actually has to go with the two-year brand, she may
not play at a competitive level again. Does her brand go beyond that? It doesn't matter if she's playing tennis or not.
POST: It does. Maria's brand is so much bigger than playing tennis. She is a successful business woman. She's got some very cool exciting ventures
that she's very active in. She's a philanthropist. She's a great role model. She's involved in all kinds of good programs. Without tennis,
Maria has plenty to do that will continue to build the positive side of her brand. And as I understand it, she'll be appealing these rulings and what
she needs to do is just be the Maria that many love so much. She's very popular. She's one of the highest paid professional athletes in history
so, you know, if I had to pick a set of circumstances, she's in good shape. Hopefully everything will work out the way she wants it to.
NEWTON: In terms of these brands themselves, would this have been a gut reaction to what she said or do you think they would have done research
before deciding to stick with her.
[16:25:00] POST: These sponsorships are so big and complex. They do a lot of research. It would not surprise me if they didn't do some attitudinal
studies to find out what John Q and Jane Public thought about what is going on before they make decisions. And again, everyone's got the right to make
a decision and then change their mind and we see that every day.
NEWTON: Yes, and as you had pointed out and many have, she conducted herself quite well when the results came out. She immediately admitted she
made a mistake and that definitely has helped the brand continue on through this. Karen Post, appreciate your time there live for us in Tampa,
This time tomorrow the European football championships in full swing. And CNN has a live special from Paris to celebrate the start. Join Alex Thomas
and Amanda Davies as we kick off Euro 2016. That airs at 6:00 p.m. Paris time. 5:00 p.m. in London only right here on CNN.
Now, European competition of a different kind is just finished in Lisbon. It is called the Oscars of innovation and the European Patenting Office
creating the European Inventor Awards to celebrate and of course, highlight the importance of ground breaking innovation. Rosie Tomkins has our
ROSIE TOMKINS, CNN INTERNATIONAL SENIOR PRODUCER/CORRESPONDENT (voice- over): It's a rare premise of a party. Set against the backdrop of Lisbon's most iconic monastery, a gathering of star inventors from around
the world. You may not recognize their faces, but they've all made a difference in some way to the way we live.
MANDY HABERMAN, BRITISH INVENTOR AND JURY MEMBER: You look around and these people look like the person lives next door. You know, these are not
great egos. These are quiet individuals that are the geniuses that create these fantastic things.
BENOIT BATTISTELLI, PRESIDENT, EUROPEAN PATENTING OFFICE: We are celebrating people who are able through their inventions to change our
TOMKINS: The so-called Oscars of invention is now in the 11th year. A platform for the European Patenting Office to celebrate ground breaking
innovations and incentivize future ones.
WOLFGANG M. HECKL, DIRECTOR GENERAL, DEUTSCHES MUSEUM: It is a role model for young people will look and see maybe I will become an inventor. Maybe
I can contribute to the future of mankind.
TOMKINS: This year's ceremony audience treated to a dance performance, as 15 nominees were whittled down to five winners across the world of science.
Taking the popular prize with two thirds of the public vote was British inventor, Helen Lee.
UNIDENTIFIED FEMALE: Congratulations Doctor.
HELEN LEE, INVENTOR, DIAGNOSTIC KITS: I am proud but I think I'm more surprised than proud.
TOMKINS: Lee's diagnostic kits for developing countries enable quick, on the spot detection for diseases like HIV and hepatitis B.
TOMKINS (on camera): Everybody remarks on fact it that what you do could be a lot more profitable were you to choose to take that course, but
instead you do something that's essentially philanthropic. Why?
LEE: It's important to be useful in one's life. There's good diagnostic technologies but really most of the time for rich countries. And yet, the
prevalence and the needs are often in resource limited settings.
HECKL: As John F. Kennedy said, don't ask what your country can do for you. Ask what you can do for your country. And she is a perfect person
who showed in her whole professional lifetime to give back.
TOMKINS (voice-over): taking the lifetime achievement award, a man whose creation is second only to the seat belt when it comes to saving lives in
car crashes. 75-year-old Anton van Zanten created his braking system for cars almost 30 years ago. His creation is second only to the seat belt
when it comes to saving lives in car crashes.
ANTON VAN ZANTEN, INVENTOR, ELECTRONIC STABILITY CONTROL FOR CARS: I always believed in a project. So, I was convinced that this will save many
lives and many accidents. I have always been convinced of the system.
UNIDENTIFIED FEMALE: Yes. He deserves it. Professor.
HABERMAN: They really are unsung heroes. I mean, they put in years and years of slog. These solutions will change our world.
[16:30:00] OK. You can call this the odd couple. They're definitely an unlikely couple. And they're now singing from the same hymn sheet. Head
of Britain's EU referendum, Tony Blair and former rival John Major united to warn against Brexit.
[16:32:31] NEWTON: Hello. I'm Paula Newton. Coming up in the next half hour of QUEST MEANS BUSINESS, the chairwoman of the oil giant and she tells
me a Brexit would be in her words a disaster. If you wondered what it is like to ride the light brakes from Tron with the CEO Disney, we'll have
Matt Rivers report showing you exactly that. Before that though these are the top news headlines we're following this hour on CNN.
After months of silence, President Obama has publicly thrown his support behind Hillary Clinton's campaign. Now, in a video released online the
President called Clinton the most qualified candidate ever. That endorsement was released moments after President Obama finished meeting
with Bernie Sanders. Sanders vowed to work together with Clinton and said he would stay in the race until next week's primary in Washington, D.C.
Israel closed off a West Bank city of Yatta following the Wednesday terror attack at a Tel Aviv market which left four people dead. Prime Minister
Netanyahu called it a savage crime. The Palestinian Authority saws it condemns all attacks on citizens.
Former Italian Prime Minister Berlusconi will have heart surgery next week. The doctor anticipates him to make a quick recover from the procedure to
replace a defective heart valve. The 78-year-old was admitted to hospital on Monday.
A public prayer service is being held for boxing legend Muhammed Ali in Louisville's expo center in the U.S. state of Kentucky. The same venue
where Ali defeated Willi Besmanoff in November 1961. And 14,000 tickets were made available for fans to pay their respects. Final public memorial
service will take place on Friday.
The "Vote Leave", Britain's pro-Brexit campaign has suffered the first major defection of the debate. Now, senior conservative MP Sarah Wollaston
announced a change of heart earlier today saying she is uncomfortable with the "Vote Leave" statistics. That includes the claim that a Brexit would
free up millions of dollars for the National Health Service. She now says it's simply not true.
[16:35:00] NEWTON: Joining now is Stephanie Flanders chief market strategist at JPMorgan Asset Management. Thank you for joining me. We
have seen this become and forth time and again now in Britain. A lot of hyperbole on the economic arguments. At this point in time, when we take
the actual arguments as a whole, we try and look at them objectively, you know, I have tried to get it out of some people in the leave campaign,
can't you say, yes, there will be short-term pain and there definitely will be. And that doesn't mean there isn't long-term gain.
STEPHANIE FLANDERS, CHIEF MARKET STRATEGIST, JPMORGAN ASSET MANAGEMENT: I think one of the things that's striking about the focus on the economics of
the campaign is I think long term probably the implications of leaving are overstated by the critics and the supporters, because we know the U.K.
economy would adjust and would get used to whatever the new set-up is with the European Union and the new role in the global economy and that's long-
We know for sure in the short and medium term that this would introduce a lot of uncertainty around business relationships, trading relationships,
uncertainty acts like attacks on the economy. It is as simple as that. I haven't seen very many credible economists say there wouldn't be a negative
to the economy. And you have to assess how large that is and how big it might be relative to the gain, for example, in sovereignty that the remain
people say that you'd get more control of your affairs. Think think's the fundamental point because the economics works against them.
NEWTON: If we try and take down some legacy arguments, a lot of people in Britain say they told us it would be a disaster without the euro. We don't
have the euro and it's turned out to be our salvation. I think with the older generation. This is an argument that's actually making a
breakthrough in the polls. Is that not contrarian to what David Cameron would say? Meaning, he's tried to say we can keep the independence here
FLANDERS: It is interesting. I remember being part -- when the economists were debating about Britain joining the euro, it was quite different in a
sense with a conflict there where there was being a member of the euro which was kind of negative for the economy, because we thought there were
economic risks to go in. But there was a sense that it would be good for the political role in the European Union. So there was a tension between
And this case, actually, I think what's sort of been a good support for the remain side is the fact that both of those arguments seem to go together.
If you stay in the European Union, it's probably on balance better for the economy and also keeps you more engaged with Europe politically. And I
think where, you know, maybe that struggle to get through from the remain side but that is a real contrast with the debate over the euro zone. But
you've seen this week I think particularly the exit side who feel maybe they have a bit of a momentum coming with them trying to stress the risks
It's been the talk of the project fear for the remain side what will happen if you leave. They want to talk quite a lot about the risks of staying in
and the creeping bureaucracy and immigration from Turkey and that's where they know they're strongest on those kind of fears, not on the economy.
NEWTON: Quickly, Stephanie, Britain Inc., doesn't seem to have a plan "B" if Britain does decide to leave. What do you think? Is it on the
FLANDERS: I think there would be a lot of urgent phone calls inside big companies across the world, actually, any multi-national with a
relationship with the U.K., whether it's a trading relationship or a client or a supply relationship, would be on the phone pretty quickly saying, what
does that mean for my supply chain, my cost structures? I think you are right. That's not what people are expecting and they think it's going to
be close and the majority of people think we'll stay in.
NEWTON: It is going to be a suspenseful two weeks and we'll continue to cover it here on CNN. Thank you so much for coming in. Appreciate.
FLANDERS: Thank you.
NEWTON: Earlier I spoke with the Emma Marcegaglia, Chairwoman of Italian oil giant Eni and we asked her what the European Union will look like if
Britain does vote to leave.
EMMA MARCEGAGLIA, CHAIRWOMAN, ENI: Nobody knows what's going on. What could happen because this is something never happen before. So it's
difficult to say but for sure as we said before, we'll go in a situation where a lot of uncertainty will be there. For U.K., they will have to
negotiate an FTA with Europe. This will -- could take seven, eight years. We don't know. This will create uncertainty. For Europe, you know, it
will be a breakdown so it is possible also other countries would like to decide to exit. So it's really a bad situation so it really we hope that
this will not happen.
NEWTON: You're quite blunt. You say it really would be quite a disaster.
MARCEGAGLIA: You know, as I said, we don't know but my fear, my concern is that it could be a disaster.
NEWTON: If we move on to the price of oil, these days the price of oil is looking better than it did six months ago. Eni, I mean, fared better than
other conglomerates through the price decrease. Now that prices seem to have stabilized, how do you view the Saudi policy? Do you think it was
absolutely destructive for your industry?
[16:40:00] MARCEGAGLIA: Well, Saudi policy was clear. They didn't want to lose market share in favor of the producer of shale and tide oil in the
U.S. so they said we can resist so we don't want to lower our offer. So this was disruptive. This is clear. The last OPEC meeting was a little
bit better. Yes, they didn't achieve an agreement on a ceiling of production but at least they talked to each other. And also the Saudi
attitude towards Iran was a little bit better.
NEWTON: What do you think will happen to the industry if the Saudis tried to pull another stunt like this in the next 12 to 18 months?
MARCEGAGLIA: You know, all the industry has drop the cost very much. This is always very healthy. So I think that all the industry will be able to
survive in a scenario of lower price. Of course, there's a limit. Cannot go, you know, if it goes to $30, what happen is that the industry will cut
further investment. And when you continue to cut investment it means that in the long run we will have a situation where the offer will be lower than
And so, a certain point I think that rebalance will be there anyway. Also, despite the Saudi policy. Of course, there will be a lot of pain for the
companies who has very difficult and unconventional projects or for some deep water project and other kind of project where the cost is very high.
So I think companies like us with conventional asset operating asset where we operate, can survive better also in a situation like that.
NEWTON: More than 100 migrants rescued off the coast of Libya. As frustration grows in the EU grows over whether Brussels is doing enough to
solve the crisis.
NEWTON: Italian coast guard released new footage of more than 120 migrants being rescued. The migrants were traveling in a rubber dinghy off the
coast of Libya when they were found. A recent poll shows an overwhelming majority of Europeans say Brussels isn't doing its job when it comes to
solving the migration crisis. In Greece, 94 percent of people disapproved. Princess Katherine of Serbia is a patron of the Lifeline Humanitarian
Organization and joins me now live from Chicago. Nice to see you again. You are an incredibly outspoken and passionate person on the issue of
migration. Unfortunately, things have not changed much in the last few years. Do you see any kind of breakthrough coming in the next few months?
[16:45:00] PRINCESS KATHERINE, SERBIA: Thank you very much. I'm very happy to be here and to share with you what I have seen personally. It
started in Serbia where we live and it was so many refugees that have come and I looked after the children and it was really a disaster. Those people
looked lost, tired, they looked disillusioned. They didn't know what to do.
But about the -- a month ago, I was in Greece where I was born. And I heard about the children that arrived in Greece in a boat and it was a
disaster because parents give them up. This is an incredible -- children crisis that's going on in the world and I'm trying so hard to bring
awareness. These children were put by the parents in order to save them and said good-bye to them, and they gave them their siblings which were
younger to hold, the boat moved and the babies died. They went in the water and they drowned. In front of their siblings, in front of their
brothers and sisters.
And when they arrived in Greece, it's a disaster because as you know Greece is going through a very, very difficult economic crisis, and this economic
crisis not only just in Greece but all over the world has now created a children's crisis. For when they arrived in Greece there were
approximately 1,350 children. And of course, the Greek hospitality, the Greek care about the children was very, very big. And they took care of
them trying to do the best they can with shelter, with food.
But, you know, it is difficult because they didn't have enough space. They didn't have enough funds to do what they needed. Some of the children
ended up in detention center. This is young children that this is the children of the of the world. This is the future. They're going through a
very difficult time. When I heard that, I came to New York when we have Lifeline Humanitarian Organization. I called on all the people I could and
said please, please come and have a fund raising event to raise funds for these children in order to be able to get a shelter and to help them. I
know we can. One example is Sweden.
NEWTON: Princess --
PRINCESS KATHERINE: One example is Sweden. Yes? Sorry.
NEWTON: Princess Katherine, I know that the efforts, really you have been tireless in the efforts. The problem is, Princess Katherine, I have to
tell you, the politicians seem not to be listening to you. Everything seems the same as it was at this time last year and the year before. What
have you heard and seen concretely that you can -- that tells you there might be some hope?
PRINCESS KATHERINE: Well, the big concern is that, first of all, there's 10,000 children missing at the moment. We don't know in whose hands they
are, where are they in Europe somewhere? This is very, very worrying. This is in my -- you know, one of the biggest disaster in children
humanitarian disaster since world war ii. This, Sweden, has 35,000 children and they're doing an incredible job. We were there with my
husband and month and a half ago for the King's 70th birthday and I was talking to the prime minister there.
And I congratulate him that he accepted 35,000 children. They're doing -- having schools. They have the health care and everything. And I believe
that other countries must do this, as well, because these children are suffering without their parents and I'm thinking when they grow up what are
they going to think? Why did my parents give me up? We live in a world where there's money for war.
But there's no money for peace. There's strategy for war. But no strategy for peace. And the world needs leaders that will invest in peace and
invest in the future which is our children and not to put them through this difficult, difficulties they're in.
NEWTON: OK, Princess Katherine, we have to leave it there. And thank you for bringing a lot of those vivid stories to us today and we'll continue to
follow the path that Europe will take on this increasing crisis. Appreciate your time.
And we'll be right back with more of QUEST MEANS BUSINESS.
[16:51:16] NEWTON: Fireworks, parades and magic kingdoms. Disneyland calls itself the happiest place on earth and Disney hopes to spread that
joy by opening more and more of them. Matt Rivers took a tour of the new park about to open in Shanghai with Disney CEO Bob Iger.
MATT RIVERS, CNN INTERNATIONAL CORRESPONDENT: Over $5 billion invested and years of planning and construction have led to this Shanghai Disneyland is
the largest foreign investment Disney has ever made.
BOB IGER, DISNEY CEO: I feel great about it. It's -- I'm very excited. I can't wait to share it with the world.
RIVERS: Bob Iger is Disney CEO and has been in and out of China a lot lately understandable given the scale of this project. We sat down with
him inside the famous castle here, the largest of any Disney park in the world. In fact, the park itself is enormous, some 960 acres filled with
scenes unique to Shanghai. Like Treasure Cove, and the futuristic Tomorrowland.
IGER: This is a big dream coming true. And a lot of ambition to bring Disneyland to China.
RIVERS: When inside, there's no doubt you're in China. Popular songs are sung in Mandarin during a parade. There's Chinese zodiac signs featuring
Disney characters, a traditional Chinese tea house and dumplings for lunch, part of attracting the Chinese consumer, part of a rising middle class with
money to spend. How important is that to what you're trying to do as a company in terms of delivering for your shareholders, being profitable 10,
20, 30 years down the road?
IGER: I don't think that there's a global company that exists today that isn't looking to Asia in particular to China for growth. As we look at the
future of the Walt Disney Company and being able to deliver compelling growth for our shareholders, China must be an important part of that growth
RIVERS: But doing business here is not easy. Disney Life, the company's online portal to movies and shows, was shut down by the Chinese government
in April just months after launching. Apple's digital books and movie service has been shuttered recently, too. How worried are you about the
climate created by the governing authority here in terms of western media trying to come in and flourish here?
IGER: Well, it's a challenging market. No question about it. One of the reasons, by the way, we decided to enter with this park, really, is because
we couldn't launch a channel here as for instance. But, you know, we're aware of the realities of this marketplace. Whether it's culturally
related or whether it's regulatory related. We still believe even with what's happened recently and with those challenges that we still have great
opportunity to grow.
RIVERS: Part of the way he will try to do that is with rides like this, the Tron inspired roller coaster, Disney calls a unique coaster in the
world. Iger offered us a ride on a light cycle. The general public gets this much fun when the park opens next week. Matt rivers, CNN, Shanghai.
NEWTON: Now, this week on QUEST MEANS BUSINESS, we've been exploring Nigeria's response to the oil price squeeze and it has revealed a deeply
divided country and an economy that needs to diversify. Tonight CNN's Eleni Giokos
uncovers a bright spot, the country's pension, strange one, really, for a ring-back tone.
[16:55:00] ELENI GIOKOS, CNN AFRICA CORRESPONDENT: The music industry supplies beats to an entire continent. And that music is just a phone call
away in the form of a ring-back tone. Maybe you've heard one before but in Nigeria, they're everywhere.
This is a brilliant ringtone. Just ask Africa's largest telecommunications company mtn. How much money are you making from ring-back tones?
HERMAN SINGH, EXECUTIVE, DIGITAL MTN: Revenue of Nigeria this year is going to be in the region of $70 million to $80 million.
GIOKOS: So what is the profit margin for you?
SINGH: About 50 percent growth.
GIOKOS: To put that $80 million in perspective, ring-back tones are cheap, just 25 cents a month per song.
AUDU MAIKORI, PRESIDENT, CHOCOLATE CITY GROUP: It's a phenomenon. It is. What it means to me why I would pay for somebody to hear a song that I'm
not listening to when they call me.
GIOKOS: That's Audu Maikori, can you call someone quite important? Who do you have in your phone book?
MAIKORI: The question is who don't I have?
GIOKOS: He said his record label Chocolate City makes about 10 percent of its revenue from ring-back tones. Really good song here? Well-known? But
I find in Nigeria, even the most professional people have ring-back tones.
MAIKORI: What happens is you make a phone call and hear a song, you like it, if you like this ring tone, press "x."
GIOKOS: It actually says --
PHONE: 50 lira, press 11.
GIOKOS: A copy of the tune.
MAIKORI: I like this ring tone. I press "x." and it's your ring tone and you forget about it.
GIOKOS: Those are some liberal billing practices. But, hey, here ring- back tones are an important means of self-expression. Free marketing essentially? Identifying and creating kind of this is the song that
defines me and call me --
GIOKOS: What I want you to think.
SINGH: A way of giving you a taste of who I am through music. I think it's a trend that is hot now and it may go away. Soon. Everybody wants to
be cool. Music is cool. So people love associating themselves with the brand. It's an aspirational thing. Music comes off as cool and vibey,
people attach it to the personal brand and will continue a long time, we think.
GIOKOS: That's good Audu's personal brand.
MAIKORI: Okay. So call a very important person.
GIOKOS: OK. This is what you have on your phone? Eleni Giokos, CNN, money, Lagos.
NEWTON: Wow. 50 percent margin. Incredible. We'll be back with more QUEST MEANS BUSINESS in just a moment.
NEWTON: The update you can't do without. This is the update on the twitter feud between Hillary Clinton and Donald Trump. Now, it began with
this Trump tweet earlier today. "Obama just endorsed crooked Hillary. He wants four more years of Obama -- but nobody else does!" Now, that drew
this response from Clinton's campaign. "Delete your account." Now, just moments ago, Trump fired back, "How long did it take your staff of 823
people to think that up -- and where are your 33,000 emails that you deleted?" What's astounding about this is two things, Twitter still
doesn't seem to be able to make money off of that, and we've moved from the presidential campaign to
That's it for QUEST MEANS BUSINESS, I'm Paula Newton in New York.