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QUEST MEANS BUSINESS
Facebook Stops Censorship of Iconic War Photo; JD Wetherspoon Chief: U.K. Could Exit Single Market; Marking the 15th Anniversary of 9/11 Attacks. Aired 4-5p ET
Aired September 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] RICHARD QUEST, CNN ANCHOR: Closing bell is ringing on Wall Street. What a dreadful day, off nearly 400 points on the Dow Jones. Down
a loss of 2 percent. We'll give you a full analysis of why the market is off so sharply, once one of these gentlemen has -- oh, please, sir. That
was a wimpy gavel to end trading on Friday, September the 9th.
A Facebook battle over an iconic war photograph. Norway's Prime Minister takes aim at the social network.
A prominent Brexiteer tells me the U.K. should get ready to leave the single market.
And Larry Silverstein, the construction mogul, the builder, says a dermatology appointment saved his life on 9/11. The man who leased the
world trade center marks the 15th anniversary of the attacks. He's with us on this program. I'm Richard Quest, live in New York, where of course I
Good evening. Before we get to our main story tonight, let me just tell you we are watching and waiting for a press conference, a news conference
that's going to take place in Geneva. It is between the Russian Foreign Minister, Sergei Lavrov and U.S. Secretary of State John Kerry. It's their
third meeting in as many weeks to try to forge a new agreement on Syria, particularly bearing in mind the current appalling situation, the death and
destruction in places like Aleppo. You can see the reporters and correspondents gathering. As soon as we get that news conference, we will
bring it to you.
The other big story we're following for you at the hour, as we started right at the beginning, you saw the Dow Jones industrials, the Dow was off
-- look at that, that's the best part -- not the best part, it is effectively 400 points lower tonight, a loss of 2 percent. The lowest,
biggest loss since Brexit. The reason of course, there are many potential reasons. Was it more on Brexit? Was it the U.S. election? Was it the
nuclear -- alleged nuclear test by North Korea? Or was it just simply worries? Ted Weisberg is the founder and president of seaport securities
and joins me now from the New York Stock Exchange. Ted, what was the reason?
TED WEISBERG, FOUNDER and PRESIDENT, SEAPORT SECURITIES: Well, I think perhaps all of the above, as you just mentioned. But I think primarily,
once again, this hawkish rhetoric about the prospect of interest rates moving higher, perhaps even as early as this September meeting, which
clearly is not what the market wants to see, in spite of the fact that we're told that interest rates will perhaps go higher because the economy
is doing better. But you have to weigh that in light of the fact that the markets have risen on the back of zero interest rates for five or six years
now, and any prospect of that scenario changing is a negative for the stock market.
QUEST: It's an extraordinary move -- I mean, it's a large fall on the back of -- I mean, you know, effectively Yellen spoke a week or two ago. Her
testimony hasn't changed. The data is clear to see. This is an overreaction, Ted.
WEISBERG: I would be inclined to agree with you. But unfortunately, you know, the real message is that watch out, if in fact, you know, when the
rhetoric actually becomes reality. I mean, I'm just a trader, not an economist. I tend to think that the Fed continues to be trapped between a
rock and a hard place.
You have negative interest rates in Europe, negative bond offerings, zero interest rates here, a GDP that's growing at 1.1 percent. I mean, yes, the
economy here on a relative basis I guess looks pretty good. But clearly it's not robust. And only time will tell, perhaps interest rates are going
to move higher, but I think it's a little premature.
QUEST: And Ted, the North Korea aspect, obviously it's an extremely serious situation. Is anybody paying too much attention to it in the
markets, or is it just one of those things?
WEISBERG: You know, once again, I agree 100 percent with you. But I think in terms of the stock market, it's just geopolitical noise, unfortunately.
And I'm not sure that it really registers.
[16:05:00] We seem to have years and years of this geopolitical noise, and the market, yes, sometimes reacts, sometimes not. But I think today, you
know, we're just simply looking at a market that perhaps all we're seeing is a negative technical reaction to some hawkish comments re interest
rates. And the market was poised for some kind of pullback. Let's not forget we're trading at or near all-time highs. So it's not unusual for
the market to reverse.
QUEST: Ted, good to see you, looking well, fit, and happy. We will wish you a good weekend. Thank you.
WEISBERG: And you too, thank you.
QUEST: The big story, I was just talking about this, and I alluded to it to Ted, the Pentagon says the United States will discuss whether to make a
show of force on the Korean Peninsula after North Korea staged its most powerful nuclear test so far. World leaders have been united in
condemnation as Pyongyang gets a step closer to its own nuclear arsenal. U.S. officials are telling CNN the test show that North Korea is on a rapid
path to having a deliverable nuclear weapon. According to South Korea the strength of the blast was around 10 kilotons, would be the most powerful
North Korean test to date. Now to give you a comparison, the bomb that dropped in Hiroshima in World War II was 15 kilotons. An emergency meeting
of the Security Council in the United Nations is under way as we speak. And they're expected to discuss what to do within the North Korean
situation within minutes. Ban Ki-moon who was want South Korea's Foreign Minister, says he's saddened by the news. The secretary general of the UN
says he wants the security council to send a strong message to the North.
(BEGIN VIDEO CLIP)
BAN KI-MOON, UN SECRETARY-GENERAL: I condemn in the strongest of possible terms the underground nuclear test by the Democratic People's Republic of
Korea. This is yet another brazen breach of the resolutions of the Security Council.
(END VIDEO CLIP)
QUEST: Our senior UN correspondent Richard Roth is at the United Nations. Richard, the meeting is under way, they called in short order. But what
can we expect?
RICHARD ROTH, CNN SENIOR UN CORRESPONDENT: There is a great desire by many countries at that security council to do more, to go after the regime with
additional sanctions. Of course unless you're an eternal optimist, it's hard to believe it will make a dent in the aspirations of the North Korean
regime. I asked the United Kingdom Ambassador, Matthew Rycroft, on his way to an earlier meeting, just what is possible in his mind for his security
council to achieve on North Korea.
(BEGIN VIDEO CLIP)
MATTHEW RYCROFT, BRITISH PERMANENT REPRESENTATIVE TO THE UNITED NATIONS: First of all, there must be full implementation of the existing sanctions.
Secondly, there could be additional names added to the existing sanctions, further designations. And thirdly, there could be a tightening up and a
strengthening of the sanctioned regime. So all those things are possible. All those things could count as further significant measures and we would
be in favor of pursuing a combination of those things as part of the Security Council's response.
(END VIDEO CLIP)
ROTH: It's expected they may just now be getting to the topic of North Korea in their closed door meetings, yes, Richard.
QUEST: On this issue of North Korea, are the permanent five pretty much united in a way forward? Or is China likely to split off?
ROTH: Not necessarily on the way forward. The Chinese ambassador simply yelled out in response to journalists far away from him, China is firmly
against nuclear testing. A nuclear test gets Beijing's attention more quickly than these missile launches. It did take weeks for China to agree
on a statement which followed the three missile launches on Monday. That took a lot of time. One diplomat telling us China still is concerned, if
you push North Korea too much, there could be damage. That the best way is by offering not necessarily flowers, but to not be that oppressive and hard
lined. But the security council has lost patience. Additional sanctions or further consequences always threaten. It would be hard-pressed I think
to really know that it would make a difference at this point.
QUEST: Right, and roughly, give me a timeline, if you would, roughly how long? We've got today's closed session, but how long before the security
council is likely to make a positive step?
ROTH: It doesn't often happen. But I think you will see an immediate statement to the press, certainly condemnation today. Then comes the hard
work. It could be weeks, and negotiating just what type of sanctions personally or broadly against the regime. And then that statement gets put
out sometimes late at night, people don't pay attention to it. North Korea has certainly rebuffed and thumbed its nose now for decades to UN security
Richard Roth at the United Nations. I suspect you've got a busy evening ahead of you as you watch the developments there, thank you, sir. We'll
turn our attention after the break to Facebook, who has bowed to pressure.
[16:10:01] It will allow users to post one of the most iconic war photographs ever taken. The Prime Minister of Norway will be talking about
it. He says the social media giant needs to edit with greater morality.
QUEST: It needs almost no introduction as one of the most famous war photographs in history. However, Facebook thought it wasn't fit for
publication. Now the social media giant has completely turned a 180 after its decision to remove this iconic Vietnam photograph after facing an
onslaught of criticism from around the world.
It all starts with the Facebook deleted post by the Norwegian newspaper, "Aftenposten." It included the picture of the harrowing nature of the
naked girl fleeing a napalm attack during the Vietnam War. Now, they had already removed the image posted by the author, Tom Egeland. So Facebook
first of all removes Egeland's. Then it removes the newspaper's. The newspaper responded with an open letter calling Mark Zuckerberg the world's
-- "Dear Mark Zuckerberg," calling him the world's most powerful editor. A clear reference to the way in which Facebook is now such a major provider
of news sources.
Facebook's solution and response was to say that making distinctions between that sort of photograph and child pornography was very difficult.
And it says, our solutions won't always be perfect but we will continue to try to improve our policies and the ways in which we apply them. Now, if
that wasn't enough, Norway's Prime Minister -- remember, it's a Norwegian journalist followed by a Norwegian newspaper -- Norway's Prime Minister
also posts the photograph, which is then deleted. The Norwegian Prime Minister said "What Facebook does by removing such pictures, whatever their
reasons, is to edit our common history." In other words, we are back to where we started.
Now, Facebook has reinstated the photographs and has to some extent said it will review in detail the way it makes these sort of decisions. What it
really is all about, of course, is the way Facebook has become such a media giant in the provision of news, and yet doesn't have underneath its
structures the journalistic credentials. I spoke to the Prime Minister of Norway before the flip-flop by Facebook, and asked the Prime Minister, why
she decided to share this picture in the first place.
ERNA SOLBERG, NORWEGIAN PRIME MINISTER: To challenge Facebook on the fact that this is part of our history. It's part American history. But it's
part of the whole world history. It's our recent history. It's an iconic picture.
[16:15:07] And we should allow that type of picture to stay on Facebook. It's part of our freedom of expression. It's the basis for discussion
about war, about war methods, but also about understanding the close history of the whole world.
QUEST: Is it your understanding that the pictures were removed automatically by algorithm, if you like, the computer recognized this was a
nude picture of a young person, or that a conscious decision was taken after the pictures had been reported?
SOLBERG: I'm not sure why my status was taken away. But I think -- I believe in Facebook when they say this is algorithms, it's a machine that
does it. But I don't believe it's a good excuse, because a big, responsible company like Facebook, who is the basic largest platform for
social media today and for discussion among people, should have not a machine-run but a moral-runway of editing things.
QUEST: Do you have any sympathy with their statement which says, "It's difficult to create a distinction between allowing a photograph of a nude
child in one instance and not others. We try to find the right balance," they say.
SOLBERG: Well, I believe they should tried harder. And that's my message to Facebook. Because nowadays, at least in Norway, nearly 90 percent of
young people below the age of 30 is getting their main source of news from different types of social media, distributed from other media but through,
for example, Facebook. If you look at big chapters of our history, that type of iconic picture that sends such clear messages about the horror of
war, if that is deleted, in fact you are starting to change the image of our history. I think it's a responsibility for Facebook to find better
solutions than those that they have today.
QUEST: Prime minister, have you heard from them directly yet?
SOLBERG: No, I haven't. On the other hand, I am the Prime Minister of a very egalitarian society. Maybe we should be happy they're not making
differences between prime ministers and other people in our country. But they have not contacted us and they have not told us why they have done
this. We have only read those media statements that they have given to different Norwegian media.
QUEST: At the end of the day, and I say this with great respect, I've been to your country many times, it does prove that a company like Facebook with
its more than a billion users is greater and bigger and some might say, Prime Minister, more powerful than smaller countries.
SOLBERG: They of course have a power. But they have a moral obligation to know how they are using it. And I think that's an important part. Of
course if people start to feel that Facebook is a place for censorship, it's a place for adaption to those who have the least liberal and least
tolerant views of the world. Then I think Facebook will lose out to other alternatives in the long run. Because I don't think people in Western
European countries will accept this. Because I think we believe in the fact that we should both prize history, our freedom of speech. But also
that it's not the standards of countries that are less liberal and less focused on women's rights that is going to put up the standards that
Facebook is running by.
QUEST: The Norwegian Prime Minister who join me earlier. Publishers are increasingly wary of Facebook's growing influence. Under fire for
suppressing trending topics is one of the key issues, of course. They seem to pick and choose which trending ones are shown. And now using an
algorithm to do so.
News organizations can publish directly to Facebook. "The Guardian" says it is a test. "The New York Times" has described what's been taken place
as an experiment. This idea of a major news organization actually using Facebook as a distributor of their own content, the same in many ways.
Changed the timeline to suppress clickbait has also been one of the major influences and changes they have introduced. The Chief Executive, Mark
Zuckerberg, said Facebook is a tech company, not a media company. He says we do not produce any of the content.
[16:20:01] We all know the frustration of a traffic jam. Ford thinks it's a business opportunity for the car company. The giant is teaming up with
major cities to help the flow of traffic. Think about it, if Ford can somehow create a device or create a method or find a new solution, then all
this would just go away. Well, the plan is to develop a global crowdsourced shuttle service. Ford's Chief Executive, Mark Field, joined
me on the line. I asked why Ford is tackling -- frankly who in their right mind would want to tackle such a problem? Mark Fields has no qualms about
MARK FIELDS, CEO, FORD MOTOR COMPANY: Well, the reason we want to tackle it, is it comes back to the "why" of our company, going back to our founder
Henry Ford. And Henry Ford was all about making people's lives better by helping change the way the world moves. We're looking at congestion in
cities. We're looking at growth of cities. They're going to continue to grow.
It's a big issue for cities in terms of people being able to get around or goods to be able to get around. And it's a business issue for us, because,
you know, if there's more and more congestion, there will be less and less vehicles sold. So we're looking at this and asking ourselves how do we
help be part of the solution for some of these cities by providing them some mobility solutions, which could add a whole new growth dimension to
our business with the monetization of the usage of our product versus just the sale of our product?
QUEST: This raises the question of whether or not you're in favor of a technological solution or an economic one, a combination of both. So, you
know, are you talking about a pricing point to use the road. Those who wish to use it have to pay for it, or are we talking about technology of
car sharing, road sharing and those sorts of things?
FIELDS: Well, what we're talking about, Richard, is the monetization of the usage of our product. Clearly one of the announcements we're making
today is our intent to acquire a -- what we call a dynamic shuttle business, which again allows customers to basically hail a shuttle that can
come directly to them. And we can get a double benefit of this. One is the sale of our transit vans, which are very suited for this business, and
secondly, earn a revenue and also a profit opportunity on the actual service itself while serving this unmet need in many cities.
QUEST: Before we finish, I do need to ask you a couple of obvious questions about what we're seeing at the moment. Are you more relaxed in
the post-Brexit world? It seems that financial apocalypse hasn't arrived as some had suggested or some had feared. But what you're seeing within
the company, are you more relaxed?
FIELDS: Well, as we said on our second quarter earnings call, we view Brexit could have an impact to our business of up to $200 million this
year, and next year in the range of about 5 or $600 million. And what we're seeing, Richard, in the market right now, in terms of the car market,
since the Brexit vote, the industries in July and August were actually up a bit higher than the previous year. But if you strip that back, retail
sales were actually down, and down in the range of 5 to 6 percent. At the same time, we're seeing, you know, that the recent services index, which
was up. But what we're really looking at is business investment going forward. And we see that trending down. And we think that's going to have
a lag effect and a negative effect on the economy, and we're getting prepared for that.
QUEST: That's Mark Fields, the Chief Executive of Ford talking to me.
Now, as you can see, it's a very busy day. Not only do we have the market down very sharply, but we're waiting for a news conference from John Kerry
and Sergei Lavrov on Syria. That's going to take place in Geneva. I'm guessing it's not about to start any time within the next second or two
because there aren't too many journalists in the room. But we will be bringing it to you in detail, in full, when it happens. Sergei Lavrov is
blaming the delay on the U.S. delegation. Lavrov suggests Russia has agreed to a text. Lavrov is telling reporters to be patient. U.S.
officials say John Kerry is currently in discussions with officials in Washington.
The other big story that we are following, it just shows you what a busy day, North Korea with its most powerful nuclear test so far. We'll be
talking to Will Ripley in Tokyo and getting an assessment on how the region is reacting.
And all of this happens on a day when the Dow Jones decided to turn turtle. On a Friday the Dow closed off more than 2 percent, nearly 400 points.
[16:25:00] (COMMERCIAL BREAK)
QUEST: Hello, I'm Richard Quest. There is more QUEST MEANS BUSINESS in just a moment. Talking to Portugal's finance minister as the Eurogroup
tells Britain to get a move on with Brexit.
And 15 years after 9/11, the U.S. government is returning to the World Trade Center. We'll talk to Larry Silverstein, who made the Freedom Tower
rise. This is CNN. On this network, the news will always come first.
Russia says it's waiting for the United States to confirm the details of a deal between the two countries over the conflict in Syria. You're watching
live pictures from Geneva. The U.S. Secretary of State John Kerry is going to give a news conference alongside Sergei Lavrov, his Russian
counterparts. A deal on the potential cease-fire which allow humanitarian aid to get to people in besieged areas like those trapped in Aleppo.
The United Nations Security Council is holding an emergency meeting after North Korea staged its most powerful nuclear test so far. UN Secretary-
General Ban Ki-moon is urging the North to reverse course and commit to a future without nuclear weapons. Pyongyang says it now has the capability
to put a nuclear warhead on a missile.
More details on the three women arrested in France on Thursday. They were detained in connection with gas cylinders found inside a car near Notre
Dame Cathedral in Paris. The French prosecutors say they were a terror cell directed from ISIS in Syria. French President Hollande says a terror
attack was foiled.
(BEGIN VIDEO CLIP)
FRAN_OIS HOLLANDE, FRENCH PRESIDENT (through translator): I would like to salute the action of the intelligence services and of the police. We had
information that caused us to be on alert and led to these arrests that took place yesterday. An attack was foiled.
(END VIDEO CLIP)
QUEST: In the United States, memorials are taking place ahead of the 15th anniversary of September 11th. This ceremony was held at the Pentagon.
Major events are planned this weekend in New York and Pennsylvania.
(BEGIN VIDEO CLIP)
UNIDENTIFIED MALE SINGER: God bless America, land that I love...
(END VIDEO CLIP)
QUEST: On Capitol Hill, members took part in singing "God Bless America." 2,977 people were killed in the attacks on September 11th, 2001.
[16:30:11] An emergency session of the UN security council is under way after North Korea's nuclear test. UN sanctions have so far failed to stop
North Korea's confess to become the world's newest nuclear power. CNN's Paula Hancocks is in Seoul, South Korea.
PAULA HANCOCKS, CNN INTERNATIONAL CORRESPONDENT (voice-over): The triumphant announcement. A successful test of a nuclear warhead North
Korea says it can now mount onto any ballistic missile. Impossible for the rest of the world to verify at this time. But the magnitude of the
explosion seems key.
PARK JIYOUNG, ASAN INSTITUTE: The magnitude is almost double from their first test. So I believe it is quite successful and their program is
HANCOCKS: Instant condemnation from South Korea, Japan, China, and the U.S. President Obama had just left Asia. Speaking to his South Korean
counterpart by phone from Air Force One. Threats of further sanctions, accusations of severe provocation unlikely to concern a leader who is in a
rush to get where he wants to be.
CHRISTOPHER HILL, FORMER U.S. AMBASSADOR TO SOUTH KOREA: Clearly, they don't care what we think. They don't care about our admonitions. They
don't care about joining the international community. They certainly don't care about UN security council resolutions. They don't care what the
Chinese thinks or what the U.S. thinks.
HANCOCKS: Sanctions, some even targeting Kim Jong-un himself but have not slowed him down. Given this nuclear and missile program is effectively
part of the state ideology in North Korea, means another approach may be need.
JOHN DELURY, YONSEI UNIVERSITY: We have a strong moral dimension to this. Where it's seen as the worst offenders of human rights in the world and you
don't want to touch it with a ten-foot pole. But I think the security situation demands starting with actually talking to them.
HANCOCKS (on camera): Seemingly an unpalatable option for the Obama administration, although pretty soon it will be someone else's problem.
Now the Republican presidential candidate, Donald Trump, has said he's willing to meet with Kim Jong-un but he has also called him a maniac who
has successfully taken out his rivals. As for the Democratic candidate, Hillary Clinton, she has not said that she is willing to meet the man who
she has described as a sadistic dictator. Paula Hancocks, CNN, Seoul.
QUEST: CNN's Will Ripley is one of the few western journalists to regularly visit North Korea. It's 5:30 in the morning in Tokyo. And Will
joins us. Will, you've been to North Korea. What will they be making of this? We don't know the validity of the claim that they can put this
warhead on a missile. But this will be trumpeted within North Korea.
WILL RIPLEY, CNN CORRESPONDENT: Right. And I think even -- obviously I think underestimating North Korea has been a mistake for many who didn't
expect to see the weapons program grow this quickly. And, you know, come as far as it has. The fact that this artificial earthquake is believed to
be an explosion nearly twice the size of the weapon that was tested eight months ago back in January.
It certainly shows the determination of North Korea's leader Kim Jong-un and the pressure on his scientists and engineers two years not only to
develop these nuclear weapons, but also to develop the missiles that are intended to carry them. In the last two weeks there have been four
missiles that have been tested. Three fired from the ground and one fired from a submarine. All successfully, by the way.
QUEST: When the South Korean leaders describe or believe that the North's leader, Kim Jong-un, is maniacal or is losing control of himself? I mean,
this is a slap of an insult. How will they regard that?
RIPLEY: Well, certainly any insult of the North Korean leader is taken very seriously. Look at the response to Sony Pictures Entertainment when
they created that movie "The Interview," and then there was a major hacking attack widely believed to be tied to North Korea. But their actions in
terms of their continued growth of their military arsenal are also sending a clear message. Keep in mind, for this young leader who rose to power in
his late 20s and spent a few years trying to find a platform. Trying to find a message to wrap around, to sell to his own people and
internationally. This enhanced rapid growth of the nuclear program is exactly his platform. He consolidated power back in May when he reshuffled
the Workers Party. He said this is what we're going to do. He of course unsurprisingly got unanimous support from the North Korean ruling elite.
QUEST: At the end of the day, he has now successfully got the world against him. The United Nations Security Council, not for the first time,
I understand that, Will, not for the first time, they're going to come up with some sanctions. He's got the world against him. How does he play
this next card?
[16:35:06] RIPLEY: Clearly he has shown that he doesn't care that the world is against him. He doesn't care about heightened sanctions,
including sanctions that have had his name on them. His standard of living remains the same. And even is conditions do worsen and deteriorate inside
North Korea in many different areas, this country has shown they're not going to allow their nuclear program and their weapons program to suffer.
So they'll divert resources from other areas.
His hope is that eventually the world will be forced to come to the diplomatic table, to recognize North Korea as a nuclear power, something
that U.S. President Barack Obama said very forcefully just today he absolutely will not do. But North Korea perhaps feels that if they can
buck all of the sanctions and the international condemnation and grow their arsenal to the point that it's so strong, so frightening for the world that
they feel they have no option but to sit down and talk, then maybe North Korea and its leader Kim Jong-un get that victory they're looking for. And
of course, they can also sell that to their own people as well.
QUEST: Will Ripley, we're grateful you got up early this morning, 5:30 in Tokyo, thanks for joining us. Will Ripley in Japan.
In a moment, when it comes to the Brexit negotiations the founder of one of Britain's biggest pub chains has some advice for the British Prime
Minister. Listen to me.
(BEGIN VIDEO CLIP)
TIM MARTIN, CHAIRMAN, JD WETHERSPOON: The thing I'm saying to her, is don't be frightened, Teresa, of no deal. She's intelligent, I'm right,
she'll see that.
(END VIDEO CLIP)
QUEST: The head of the Eurogroup says Britain needs to make up its mind and get Brexit talks going. Finance ministers from the Eurozone have been
meeting in Slovakia. Jeroen Dijsselbloem said it was Britain who would have the most to lose from the Brexit process. Brexit was not officially
on the agenda of the talks. Portugal's Finance Minister, Mario Centeno, was there. And the minister joins me on the line from Bratislava.
Minister, where do you stand on this question of now, next month, early 2017? When would you like Britain to invoke article 50?
MARIO CENTENO, PORTUGUESE FINANCE MINISTER: Good night. Well, and thank you for having me. I think we need to get prepared to the announcement of
the exit. I think it's very important for us to face. This is a structural change in our economy, and we donate time and we need to make
this in a way that allows the economies to get prepared to it. So I will be on the position that we can, if we can make it later. It will be
[16:40:00] QUEST: The position that your country is in, having had some very difficult economic times, but all the talk now is of restructuring the
union, finding its new purpose. If you look at what the people are saying, what would you like to see come from this process of what next in the
CENTENO: You know, I have the opinion that the economic and monetary union is still incomplete. We have a lot to do here, we have a lot to improve in
our institution. In that sense we had a lot to gain from our action. And I think we need to face that process in a constructive way. So I think we
need to focus on completing the banking union, on having our financial system up to the job of supporting a growing economy. And then we need to
complete the --
QUEST: Right. But minister, you clearly cannot be happy with the level of unemployment, which, you know, is still dangerously high, the slow growth,
and the fact that the ECB is still having to pump so much money into the European economy.
CENTENO: Yes. We have a long way to go. But unemployment is going down. The European labor market is actually performing better in some countries
than the economy itself than the activity itself. For example, Portugal is one those cases, our employment is increasing at very strong levels. I
think we have a leading indicator that we have good prospects ahead of us. But we cannot turn our backs to the important task that we have to
complete, the institutions in Europe.
QUEST: Finally, minister, we're very grateful that you're talking to us this evening, is there a feeling that Brexit is going to happen and it's
just a question of how hard the terms for Britain will be?
CENTENO: Yes. But again, we may use the expression, so far, so good, because we have been in a very quiet way feeling we need to get prepared to
that. We need to adjust our economy to that new reality. And we need to understand that there is so much at stake, that the right decision that we
have to take ahead of us needs to be taken wisely and in a way that helps our economies to grow.
I understand your point, it's very risky, the challenges are enormous. But we also, as politicians and as policymakers, we need to face the difficult
times with the idea of improving the image that we are going to leave after the Brexit.
QUEST: Minister, we're grateful you talked to us this evening on a Friday night. Thank you, sir, for joining us, much appreciate it.
CENTENO: Thank you.
The founder of one of Britain's biggest pub chains. It's a very different point of view to some extent, but he says the U.K. should now be prepared
to walk away from the EU single market, if needs be, this is exactly the opposite point of view that most are saying.
Most are saying, you've heard on this program during the course of the week, the Japanese, you've heard the Ford chief executive on this program
today, most are saying that staying in the single market is essential for foreign companies, for British companies. Now the Wetherspoon's chairman,
Tim Martin, he was one of the most vocal Brexit supporters, that plenty of experts have already been proven wrong and the single market if it has to
go, it can go.
(BEGIN VIDEO CLIP)
TIM MARTIN, CHAIRMAN, WETHERSPOON'S PUB: It's pretty well certain now that the idea put forward by the IMF, President Obama, and lots of other
organizations, that merely voting to leave the EU would cause an economic depression, has been proven to be wrong. There are a few companies with
post Brexit depression now.
[16:45:05] But really they should look in the mirror. I don't think there's been any collapse in consumer demand at all.
QUEST: I can see the critics saying, of course, it is early days, we haven't even started the negotiating strategy, let alone invoked article
50. Where do you stand on the strategy and article 50? Are you -- obviously it's not going to happen until next year. Are you in favor of a
later use of 50 to give more time, or are you with the true Brexiteers who say do it now, get it done?
MARTIN: I think that you have to remember that a lot of people forecast an immediate fall as a result of the vote. That's wrong. Scare story two is
that when we actually get out of the EU, there's going to be trouble. And a lot of people want us at all costs to remain in the single market. I
think that's a huge mistake you can't buy a house from someone who doesn't want to sell it. You can't do a deal with a brewer if they don't want to
sell it. We can't guarantee to stay in the single market.
QUEST: How much wiggle room are you prepared to give Theresa May before blasting the way the government is handling its strategy? Nigel Farage
earlier in the week was talking to me and basically said the prime minister is on notice that Brexit means Brexit, he said, but let's not have any
single market Brexit by the backdoor. So how much room are you prepared to give the prime minister?
MARTIN: I'm prepared to give her a lot of room, really. I think she's right when she said we've got to look at all options. I think everything
has to be considered. This is our first results post the referendum. I'm putting in my two pennies-worth. She's got some good people around her. I
think when she sits down and thinks about it, she'll work out that the single market, maybe we can stay in it, but it can't be at any price. She
needs an alternative for her own bargaining power. And she's not stupid, she knows she has to strike a good deal or no deal. The thing I'm saying
to her is don't be frightened, Theresa, of no deal. She's intelligent. I'm right. She'll see that.
(END VIDEO CLIP)
QUEST: As we continue tonight, 15 years ago, 9/11 took place. One man who escaped death by the very narrowest of margins is Larry Silverstein. He's
also the man who was leased and was leasing and owning the World Trade Centers at the time when they collapsed. He joins me after the break.
[16:50:09] QUEST: This Sunday marks the 15th anniversary of the September 11th attacks, a decade and a half since the deadliest act of terror on
American soil. The wounds are still fresh for many. In July of 2001, Larry Silverstein, real estate developer, signed a 99-year lease on those
two towers, owned by the Port Authority and leased to Larry Silverstein. In six weeks they would come crashing down, killing nearly 3,000 people.
Even as the rubble was still piled high at ground zero, Silverstein swore he would rebuild.
(BEGIN VIDEO CLIP)
LARRY SILVERSTEIN, LESSEE OF WORLD TRADE CENTER ON 9/11: We have an obligation, A, to those who lost their lives, B, to each other, C to our
children, and to our grandchildren, to move forward, to recognize that life is for the living, that we have an obligation to go forward, to recreate,
to reconstruct to the best of our ability what was there. To deprive these terrorists from exactly the victory they would accomplish if we left the
(END VIDEO CLIP)
[16:55:00] QUEST: It was a determination to replace what was there, which had been so violently destroyed. Of course this is what is now there.
Some call it the Freedom Tower. Others call it One World Trade Center. The road hasn't been easy. Legal disputes, construction delays. But One
World Trade Center now stands as the tallest building in New York.
More buildings are due to open soon. Silverstein feels rebuilding lower Manhattan will be his legacy. He joined me in the studio. And we had to
go back 15 years, because we need, we still need, we will always need to understand what it was like on September 11th.
SILVERSTEIN: It was a gut wrenching experience that I'll never forget. It was horrendous. First of all, the stench was overpowering. You couldn't
avoid the stench of burning flesh. I mean, that's horrendous. That's a terrible thing to experience. And it was -- I'll tell you, it's the kind
of thing that I tried to put out of my mind and for the most part have succeeded. But it was a soul-searching, a scorching exposure.
QUEST: And I know you must have pondered the fact that it was by the grace of your wife telling you to go to the doctors that you were not having
breakfast upstairs in Windows on the World. But I wonder 15 years on how you reflect on that thought. And does it still have the power to move you?
SILVERSTEIN: Very much so. And the reason is that here we are 15 years after the fact, and I find myself saying yes, dear, to my wife, every hour
on the half hour. Because it taught me that day to respect her advice and guidance and do what she tells me to do. And we've been doing this
together now for 60 years.
QUEST: You cheated death that day, didn't you?
SILVERSTEIN: As it turns out. I became very fortunate.
QUEST: Having been given that blessing of god to continue life, did it change the way you behaved in any way? Did it change your outlook on life,
do you think?
SILVERSTEIN: I don't really believe so, Richard. It was an extraordinary experience, an experience that affected everybody around the globe,
certainly here in New York. And as a result, I think we all came to recognize the value of time, the value of each day, the value of our lives,
and the thankfulness at being parts of the wonderful country.
QUEST: I look at the -- what is there now, and when I read the history of post-9/11, you have been enmeshed in litigation of one sort or another for
pretty much the whole 15 years. I mean, how have you just not gone berserk with the sheer amount of lawsuits? Whether it was with the insurers or it
was with somebody else. Everybody was suing everybody.
SILVERSTEIN: Well, it took an immense amount of determination, of guts, of grit, and patience, and an appreciation of the importance of our goal. And
that was to rebuild the trade center.
QUEST: But with that goal, the importance of that, as people are suing left, right, and center, didn't you want to just say, have we forgotten
what this was about?
SILVERSTEIN: Many times that's exactly what I said. And because I found the litigation aspect of it extremely frustrating, terribly time consuming,
horrendously wasteful. And it was as if -- the principle of the thing.
QUEST: What do you think of what now stands there?
SILVERSTEIN: The most important thing to me was to get the World Trade Center rebuilt. To look back today at 15 years of effort, I can't help but
feel a sense of pride in what we've been able to accomplish. We still have more to go. We have one tower left, tower two. And notwithstanding the
fact that we've been at this 15 years, it will take another five to finish that one.
Tonight's profitable moment. Larry Silverstein was determined that a building would rise from the ashes. It just shows you what determination,
ambition, and true grit will provide. And that's QUEST MEANS BUSINESS for tonight. I'm Richard Quest. Good night from New York.