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QUEST MEANS BUSINESS
Top CEOs Slam on Trump Climate Deal; Tom Steyer Says Trump Acted Against Interests of Business; U.S. Unemployment Rate Drops To 16 Year Low; Bloomberg Says Better Environment Is Better for Business. Aired 4-5p ET
Aired June 2, 2017 - 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: All three major indices are at records, closing bell ringing on Wall Street. Three records. That's what
you call a sturdy gavel and plenty of them. Trading has come to an end, it is Friday, it is 2 June.
A board room backlash against Donald Trump. Executives are uniting against his decision to pull out of Paris. Meanwhile, Vladimir Putin tells
American business Donald Trump needs your help.
Think of it this way, TGIF, it is Friday. For Theresa May tonight we are in Windsor as our Freddy brags that trip across England comes to a close.
I am Richard Quest live and of course, I mean business.
Good evening from Windsor where we have a great deal to bring you this evening, the least of which of course, the story of the latest developments
in the Paris. Donald Trump has come under heavy criticism at home and abroad for his decision to pull out of the Paris climate agreement. Some
members of the president's inner circle of chief executives have broken ranks with the White House, Jamie Dimon, chief executive of J.P. Morgan
Chase, he absolutely disagrees with the administration echoing comments of Disney boss Bob Iger and the Tesla founder Elon musk. Now they both quit
the President's business advisory council.
And wherever you look as we told you last night, see major companies, companies like Apple, Microsoft say their commitment to climate issues
remains unaffected. Meanwhile, 10 US states have now banded together, they are promising to stick to the climate commitments anyway.
This difference of opinion, this battle such as it might be between CEOs and the President has made Ever clearer as you hear from Tom Steyer, a
billionaire environmentalist, and a former hedge fund boss. He joined me earlier from San Francisco, he described the President's decision as
foolish, shortsighted. And I asked him if he was surprised that the President ditched the Paris deal despite the pressure from top CEOs?
TOM STEYER, FOUNDER, FARALLON CAPITAL: No, I am not surprised. I think what we have seen him do in a number of different policy areas but very
specifically with regard to energy and innovation, he has strongly been in the pocket of the fossil fuel companies. He has acted against the
interests of the great majority of American businesses and working people, working families. So, to see him to continue in that extremely
shortsighted reckless and foolish way is not a surprise at all.
QUEST: Do you think that other CEOs should not quit the various presidential advisory council, the economic council for example, two have
already gone. Elon Musk has gone, others have come out in opposition, but you think more should actually say, Mr. President, you didn't listen to us
then, we are off now.
STEYER: Absolutely, I don't think there is any question that this is an administration where there is no real opportunity to be heard in an
objective way to come to the right answer. This is an administration that rejects science and objective fact. So, I think the idea of collaborating
with that kind of administration is just a mistake. What he did yesterday is a line in the sand saying, no, we are not going to be based on fact or
reason, we are going to be based on political interest.
QUEST: I listen to what the President said though, he had a lot of statistics on his side, essentially on the amount of money that the US pays
into the green fund, the amount of jobs that would be lost, yes, others would be created and solar and new energies. But there would be a lot of
manufacturing jobs as a result of this. And he advances maybe not a climate change argument but he advances a strong argument for the
protection of American jobs, surely.
[16:05:00] STEYER: OK, I disagree with you entirely in your analysis of what he said, we have done that analysis for years. The fact of the matter
is we are going to have to rebuild America in a clean way, and that is going to provide millions of net new jobs. So, his analysis was dishonest
from word one, his idea that is all about America and we are in competition with every other country in the world is one of the most foolish and
shortsighted ways of looking at the world I have ever heard of.
QUEST: Final question, so, when do you expect to start seeing evidence of the effect of the U.S. deciding not to take part in -- obviously, Paris
will go on, Merkel, Macron, other leaders, even Putin has made it clear there can be no renegotiation. The President says well that is just fine,
if there is no renegotiation. When you expect to see America being harmed as a result of this?
STEYER: Look, we have already seen it. What we have seen is he is negating the clean power plan in the United States of America. He is
slashing research budgets for us to move technologically forward. This is a country which has traditionally tried to be at the forefront and
succeeded at being in the forefront of new technological advances. The energy business is the largest business in the world. Two cede leadership
in that business to foreign countries is one of the most foolish, reckless and destructive acts that an American president could take. But he has
been doing it all along and yesterday he pulled off the fig leaf and said yes, we are going right back to the 1950s, boys.
QUEST: Now, the largest public pension fund in the United States has reaffirmed its support of the Paris Accords. Joined by Anne Simpson,
investment director for sustainability at CalPERS, she joins me now from Sacramento. Hopefully, you can hear me from Windsor to Sacramento, listen,
the issue, look, we have heard now an enormous number of people criticizing the decision but the decision has been taken. So, I ask you what now
happens? How do you move forward with the U.S. not being part of Paris but states like California and many companies that you would have invested in
having also to maintain the Paris standards?
ANNE SIMPSON, INVESTMENT DIRECTOR FOR SUSTAINABILITY, CALPERS: Well, good morning, good afternoon, this is a global issue, it is not just an issue
for the United States. Global warming does not need a passport, it is got it is going to affect CalPERS investments over the long-term. So, what we
are looking at with other investors is taking our message directly to the company we invest in. And a great example of that was Exxon, the day
before this announcement where the overwhelming majority of shareholders said we want a report on climate risk. So, we are viewing this as an
investment issue, it is not a political football.
QUEST: OK, but if it is an investment issue, will you not be requiring those companies that your pension fund invests into, will you be requiring
them commit themselves to Paris even though, of course, by law the U.S. is a part of it?
SIMPSON: The point of the Paris agreement was that it has given us a global target, it says you know what, 2 degrees warming is something that
is going to have an impact but we can manage, we can adapt. We have global warming that is out of control, our investment portfolio will be left in
tatters. Because think of the rising sea levels, think about the impact of drought, extreme temperature, migration, every sector will be affected.
So, the point for investors is that they are not waiting for regulators to tell them what to do, they are now taking matters into their own hands.
And increasingly, going to companies that need to make this transition to a low carbon future, we are saying come on, we need a strategy and we need
you to tell us how you're going to get there.
QUEST: How significant was Exxon shareholders vote, 63 percent I believe, in favor of requiring a climate change report on the effects of decisions
taken by the company and the way in which climate change will affect company? How significant because it failed last time, it succeeded this
SIMPSON: Right, this is a sea change, sorry about the pun, but when the biggest international oil company advises its shareholders to say no, and
actually investors start to think it through for themselves, and say yes. You actually have a very new direction coming forwards in the business
community and in the financial sector in the United States. That is because we are looking long-term at the risk but we also are looking long-
term at the opportunities, and we want companies not to stick their head in the sand or had in the oil sand, as some wit put it, but actually to look
long-term to the future. And that is going to help both investors, it is going to be good for companies, and ultimately it will be good for the
[16:10:00] QUEST: Anne, good to see you, thank you for joining us from CalPERS in Sacramento, thank you.
Now the President's decision to get out of Paris risks destabilizing the whole agreement. US will stop contributing to the UN Green Climate Fund,
there were also be carbon reduction targets that will be abandoned. Although it is four years before the US can officially leave. Calls for
renegotiations, European leaders have made it quite clear it is impossible.
(BEGIN VIDEO CLIP)
MIGUEL ARIAS CANETE, EU CLIMATE COMMISSIONER: the Paris agreement is here to stay. And the 29 articles of the Paris agreement are not to be
renegotiated. They are to be implemented. And that is what the European Union will do.
(END VIDEO CLIP)
QUEST: Quentin Peel. an associate fellow of Chatham House, good to see you. You going to be with us on the topical stories of the day. So, thank
you very much. Let's just talk about this climate change. The Europeans say renegotiation is not possible. The Pres. says he is going to try to
renegotiate between those two points, where do we stand?
QUENTIN PEEL, ASSOCIATE FELLOW OF CHATHAM HOUSE: Well, I think the President is going to keep his options open, he needed to take this
decision for totally political reasons. This is not an economic decision, it is a decision for his base, for the people who voted for him. He is
trying to say 40,000 jobs in the coal industry but it is not an economic decision. So, he needs room to maneuver.
QUEST: But what maneuver can there be, because once you are out of this thing, you are out of it. And yes, you could withdraw, you could rejoin in
four year's time, but you are not going to get a better deal. And let's face it, the process is not going to stand by just because the U.S. pulled
out, is it?
PEEL: No, I don't think it is, I think the problem with this is do you remember how long it took to get to where we are now, that was a horrendous
process. In fact, a great number of people thought we would never get there. So, the idea that you can step back and somehow renegotiate the
whole thing, I think is a bit pie in the sky.
QUEST: The damage that people say this is doing to American leadership. I heard two views on this program last night, how much of this is just
hyperbole? And actually, American leadership comes from a $17 trillion economy and a heck of a lot of nuclear missiles.
PEEL: I think what we have heard today is that actually American business is overwhelmingly saying we are going to carry on almost as if --
QUEST: But is that feasible? Is that practical? When a man like you can't tell me then start to think actually we are in true uncharted
PEEL: We are but I think everybody exaggerates how tough the Paris agreement was, this is a voluntary agreement after all. And I think Donald
Trump exaggerates enormously what damage it might do the US economy. Actually, the overwhelming majority of US business is going to carry on
down the line of renewable energy which is where the money is going to be made. And coal is an industry that has seen its time. It is history.
QUEST: You are staying with us I believe? We got to talk the British election.
PEEL: That is going to be fun.
QUEST: That is going to be fascinating.
Now, we will take a look at the markets and see how they are trading. Its records, records on the Dow, records on the NASDAQ, records on the S&P 500.
The Dow closed up 62 points.
Economic news, US unemployment was down to a 16 year low. 4.3 is the actual unemployment level in the United States. However, the number of new
jobs being created did miss, it was 138,000 in May. Remember, 180,000.
Paul La Monica is with me for this analysis, Paul, look, the number of new jobs, different survey, but the number of new jobs is down, the
unemployment rate is at a low.
PAUL R. LA MONICA, CNN MONEY CORRESPONDENT: It is fantastic news that the unemployment rate is at a 16 year low, the caveat is that it does seem like
people dropped out of the labor force and that is a primary factor that drove the unemployment rate down. And then and with regards to job gains,
lower than expected, you had the past two months gains revised down as well, is not to say that the job market is suddenly in trouble but it is
just a slow and steady level of job gains.
[16:15:00] I think the market liked it because it means the Fed is not going to go crazy with interest rate hikes.
QUEST: OK, the President and we don't need to get too much into it takes a lot of credit for the new jobs that have been created, he comes up with a
million but I know that CNN's research puts it at as no more than 500,000 at this point in the administration. But that market does not want to go
LA MONICA: No, it really doesn't, it is quite amazing that despite all of the political chaos the world seems to be against President Trump right
now, corporate America seems to be against President Trump with regards to them not liking this decision to withdraw from the Paris climate agreement.
And Wall Street, they are just yawning and it is ignoring the circus as we have talked about time and time again. They like the fundamentals of the
economy, steady earnings growth, and that is what they are watching, more of that in less of Trump.
QUEST: Paul La Monica in New York, thank you.
As we continue tonight, we are in Windsor, beautiful, glorious place where the rain has threatened but we haven't actually seen it in fact all week on
our Friday Brexit tour across England, we have not seen much rain. We will have the candidates of a fashion talking about their policies and we will
ask how did Theresa May who had a race in certainty now faces a battle for her political life?
QUEST: It is officially summer and it is a beautiful summer evening, Windsor Castle there, actually that's the Queen's home here in Windsor, and
remember that whoever wins the election next Thursday, it is her Majesty's prime minister, her Majesty's government. These are the main candidates,
Theresa May, Jeremy Corbin of Labour, both of those will be answering questions tonight on television individually. The Scottish and the Welsh
leaders, their goal is very simply to make sure that they are protected in any Brexit negotiations. UKIP which of course many ways led to Brexit, now
fighting for political life. And the Green party which is having a big party here tonight.
[16:20:00] Now, whichever way we look at it the polls continue to tighten. New figures from IPSOS MORI show the conservatives at 45 percent, Labour at
40 percent, the Lib Dems are at 7 percent. And now Theresa May is being criticized for not condemning President Trump in that joint statement that
was released by the French, the Germans and others on the Paris Accords.
(BEGIN VIDEO CLIP)
THERESA MAY, PRIME MINISTER, BRITAIN: I've made the U.K.'s position on the Paris agreement very clear. We remain committed to the Paris agreement, it
is an important international agreement on climate change. I made the U.K.'s position clear to President Trump last week at the G7 meeting, as
did the other G7 leaders. And I made the U.K.'s position clear to President Trump last night. Canada and Japan have not signed that letter,
neither has the U.K.. But we all have the same view that we remain committed to the Paris agreement.
(END VIDEO CLIP)
QUEST: Quentin Peel is with me again, the associate fellow of Chaffin House. How much trouble is Theresa May in?
PEEL: Quite a lot, even though she still may end up winning. If she does, she's not going to win anything like as big as she expected. She will be
personally quite badly damaged. Because they put all of their eggs in the Theresa May brand.
QUEST: You had a 23 or 24-point lead in the polls, that was always going to dwindle to an extent, but is it her campaign that is looking bad or has
Jeremy Corbin done well?
PEEL: I think primarily it is her campaign that hasn't added up. She is a dull candidate, she repeats herself endlessly, she never gives any clear
vision of where she is going. And yet they really relied on her to lead it. The content also she has done a flip-flop on. She is actually
completely gone into reverse ferret mode about how old age pensioners are going to pay for their care. And it shows she's not strong and stable, she
looks rather weak.
QUEST: I can't remember that old nursery rhyme. The idea that the stable, do you think these negotiations for Brexit will begin 11 days after the
election? If there is a hung parliament or a dodgy government, the country is in trouble.
PEEL: The very funny thing is it might not be, it might be exactly with a weak Parliament you actually say to your 27 partners, we can't move, we are
too weak to move. Whereas if she had a great big majority --
QUEST: Article 50 has been triggered, there is no going back as far as we know on that, at least that is legally questionable, I mean how much of a
mess is the country facing at the moment.
PEEL: Brexit is a huge challenge and if you take my advice a very negative challenge for this country. There is very little positive out of it, is
going to slow down the economy and create enormous uncertainty. There is very little positive out of it, limit the damage.
QUEST: And in limiting the damage do you think the polls are right? Do you think that this election next Thursday is going to be closer than we
PEEL: Yes. I do but there is a huge irony to this we have not talked about Jeremy Corbin but here is a man who actually looks like an accident
about to happen, a disaster. Theresa May did not have to do anything, he was dividing his party. Theresa may present herself as strong and stable
but he is actually a flip-flopper. He presents himself as a man who listens to the country but actually has not changed his views since 1965.
I meant it is an extraordinary choice that the electors have to make.
QUEST: We will need your help next week thank you. Quentin Peel giving us the analysis that we will need as we continue tonight. Look, all week we
have been on the road, we have gone through Cardiff to Newport to here in Windsor, and of course to Bath, and of course leading the charge Freddie
Brexit, chariot of the road is back in action.
These people are the future, these other people that will maybe not decide this election
but will certainly decide the way this country moves forward.
[16:25:00] Only half of the original LG factory from the 1990s is occupied today. The other half remains empty, this is a microcosm of the Welsh
GARETH STACE, DIRECTOR OF U.K. STEEL: What we want is a government that is committed and firm, and a strong industrial strategy, with steel at the
very heart of that industrial strategy.
UNIDENTIFIED RESTAURANT OWNER: I think for tourism we are in a quite a good situation, if our pound is weakened we attract more inbound visitors.
And if our pound is weakened and more of our local visitors stay and play.
UNIDENTIFIED SCULPTOR: I would say it is about a week of sculpting that goes into one of the sculptures about the size. There is absolutely no
frame whatsoever it is just sand and water.
QUEST: You see many things on this program but I guarantee you have never seen jumping and dancing diggers on this program. All right, let's have a
look at it. Goodbye.
What can one say, the dancing JCBs, other networks don't give you that. As we continue our program tonight live from Windsor, the U.S. defending his
decision to leave the Paris climate accord refuses to say whether or not President Trump believes climate change is a hoax.
And we are in Windsor.
QUEST: I am Richard Quest, there is more QUEST MEANS BUSINESS in just a moment, when Michael Bloomberg tells CNN that Pres. Trump has been
misinformed on the Paris climate accord, you will see our exclusive interview in a second. And you can put lipstick on a pig but do you know
how to show one?
[16:30:00] I actually had a go myself, you are going to see the results, and I promise you that showing a pig is not as easy as it sounds, in more
ways than one. Before that, this is CNN, and on this network the news always comes first.
A major art festival in Germany has been suspended due to a concrete terrorist threat, the organizers of the festival say they counseled all
events on the opening night on the advice of police. Tens of thousands of people were due to attend the event, police said they hope the festival
will reopen on Saturday.
A lone gunman stormed a casino resort in Manila after setting fire and exchanged gunfire with security guards. The authority say the man
barricaded himself in a room, set it ablaze and shot himself.
British police say a car they have located could be significant in the investigation into the Manchester arena bomber, Salman Abedi. The area was
evacuated while the police investigated, they are trying to find out more about Abedi's whereabouts between May 18 and the 22nd, the day of the
attack that killed at least 22 people.
Ireland is to get his youngest Prime Minister, he is 38-year-old Leo Varadkar. Varadkar will also become Ireland's first openly gay Prime
The American comedian Kathy Griffin has hired a lawyer to respond to what she is calling bullying by the Trump family. It comes after Griffin posed
in photographs holding what appeared to be a severed head of Donald Trump. Griffin has hired a lawyer to respond to what she is calling bullying by
the Trump family. Griffin has apologized and her attorney is accusing Trump and his family of in their words using their power to target her.
The White House is standing by President Trump's decision to exit the Paris climate agreement, earlier the director of the Environmental Protection
Agency said the deal was unfair for the American economy.
(BEGIN VIDEO CLIP)
SCOTT PRUITT, DIRECTOR, EPA: The world applauded when we joined Paris, and you know why, I think they applied it because they knew it was going to put
this country at an economic disadvantage. And the reason the European leaders want us to stay in because they know it will continue to shackle
(END VIDEO CLIP)
QUEST: Dan Merica is at the White House, he joins me now. Dan, the White House obviously knew just about every leader and their brother made
DAN MERICA CNN CORRESPONDENT: I don't think so, I think they see this as President Trump delivering on a campaign promise he made, that frankly
animated a lot of voters, white working-class voters in states that he mentioned yesterday, Ohio, Pennsylvania, Michigan. I think might surprise
him is the business response they received and that might sting a little bit for President Trump. He fashions himself this businessman turned
politician, someone who was a bit of a reluctant politician who would much rather brag about his accomplishments in business. But he has seen a
number of business leaders.
You mentioned Michael Bloomberg earlier, Elon Musk, Bob Iger, who basically broke with the White House and broke with international response, which I
think they expected because they heard a lot of it at the G7.
QUEST: OK, when President Trump yesterday said if we get a deal that's good, if we don't get a deal, well that is fine too. So, he set himself up
for not getting an agreement from anybody but also as you say one or two members of his business advisory council. So, he is now the president CEO
who seems to be out of touch with CEOs.
MERICA: That would undercut him, he seems to be making decisions that a business leader would not make, that undercuts a lot of people like about
Trump. They thought a business leader needed to come in the White House, that runs afoul of what his campaign message was. But I do think this
decision was Trump trying to get back to the campaign rhetoric.
[16:35:00] QUEST: So, let's put this into one side just for the purpose of my last question. What is the next big thing on this administration's
agenda? Obviously, he is got to get healthcare through the Senate, but this tax bill he referred to yesterday doesn't exist.
MERICA: There is no tax bill, they proposed no tax bill, in fact his top economic advisor said today that we will let you know what the tax is once
we have consensus around it. Basically, saying there is no tax bill. I think the next thing on their plate is something they don't want on their
plate, that is going to dominate the new cycle next week. It is really something that they do not want to talk about, James Comey testifying on
QUEST: Dan, good to see you. Yes, that event next Thursday, James Comey. Although I have to say maybe in this country it won't be quite as
dominating because next Thursday is indeed the day in which the British people go to the polls in the general election. Which will give us all
quite a lot to think about as we juggle between Comey on Capitol Hill and the British people deciding who will be the Prime Minister to go to Brexit
The French President Emmanuel Macron has condemned Donald Trump's decision to withdraw from the climate deal. And he says he wants to make our planet
great. Macron hosted Michael Bloomberg, the United Nations envoy for climate change and the former mayor of New York. He said there was a
difference between the actions of Donald Trump and those of the American people.
(BEGIN VIDEO CLIP)
EMMANUEL MACRON, PRESIDENT OF FRANCE, (through translator): Yesterday the government of a major country walked away from its commitments on climate
(END VIDEO CLIP)
QUEST: Michael Bloomberg telling CNN, a better environment is better for business. The millionaire former mayor of New York has pledged $15 million
to make up the shortfall as a result of U.S. withdrawing support for the United Nations in its efforts to implement the accords. Mr. Bloomberg
spoke exclusively to Christiane Amanpour from Paris about the dangers of climate change.
MICHAEL BLOOMBERG, UNITED NATIONS ENVOY FOR CLIMATE CHANGE: If keeps going the way it's going the world is not going to be as nice a place to live in,
our economies are going to suffer dramatically, people are going to get hurt. It is life-threatening in many parts of the world, endangered
species are really going to suffer. And what we are going to leave to our children and grandchildren is something that is really worrisome, we have
to do something now. The American people I think have been doing their share and then some, and we have committed here that we are going to
continue to do that. And if the American government wants to help or even lead nobody would be happier than all of us, and certainly happier than me.
CHRISTIANE AMANPOUR, CNN ANCHOR: You are the businessman's businessman, you are now putting your money where your mouth is. I want you to address
once and for all for people who may get confused by all the stuff coming out of the White House now, out of the EPA administrator, that the climate
deal is bad for American business, for jobs, for the American economy. He said it over and again today, he said the reason that the president has
pulled out is because this deal has come at the expense of the American economy.
BLOOMBERG: There is absolutely no evidence of that, in fact, the reverse is really true. There have been probably 10 times the number of jobs, I
think the numbers actually like eight times the number of jobs created in renewables compared to what has been lost in the fossil fuel industry.
Businesses change along with technology, and what consumers want. And today people want less coal and more renewables. And so, there are fewer
jobs in coal and more jobs in renewables, that is a trend that happens all the time in every part of our world. But the bottom line is a better
environment creates more opportunities that it takes away. It is something that is in our economic interest, it is in the interest of our health, it
is what we are going to leave to our children. I just don't know where those numbers come from, they make them up I think, there is just no
evidence whatsoever that COP21 has hurt our environment, hurt our economy.
[16:40:00] In fact in America the American industry in total has benefited greatly from all of the things that we are doing, and you see even big
companies like Exxon Mobil running full-page ads in the newspapers urging the president to have America work with other countries and comply with the
COP21 agreement. If the world's biggest oil companies think this is a good idea, I find it hard to understand why the secretary does not.
AMANPOUR: I must say it is all very, very difficult to sort of compute, especially when the following has been uttered by the president of the
United States. That one of the reasons he did this is so the world will stop laughing at America. He believes the deal was so negative, so harmful
to America that the rest of the world is laughing. And again today, Scott Pruitt said that the reason and you are there in France, the reason why
people like President Macron or Angela Merkel, all the other allies have been begging the U.S. to stay in because they want the U.S. economy to hurt
and their economy to benefit.
BLOOMBERG: I think somebody has to explain to the president, he's obviously been misinformed and the secretary has been misinformed, that is
not the case, it is exactly the reverse. America does have some obligations to its own people to stop polluting any more than is necessary
to continue to reduce the amount of disruption, hurting the environment. Because this is the air we breathe, this is the water we drink. Our
environmental efforts are done for the American people, it is true the rest of the world depends on them but also America suffers when the rest of the
world doesn't do its share.
And so, what we have to do is be a leader, and show that we are willing to do what we agreed to and even more and to convince other people to do it.
The world is one environment, and if somebody pollutes anyplace in the world we are all going to suffer. And if somebody reduces the amount of
pollution that they cause, everybody around the world benefits. This is not an either-or thing, this is a thing where we are all in it together.
And I think it is just a shame that the President's staff has not explained to him or the secretary why this is certainly an everybody in America's
interest. And it is my understanding that his daughter does understand this, and has tried to explain to him, and hopefully the best thing that
would happen if the president gets some more advice. Thinks about it and concludes that the American government should participate.
QUEST: Michael Bloomberg talking from Paris to Christiane Amanpour. I have been writing about the way chief executives seem to now be at odds
with the U.S. chief executives at odds with the US government, and what a mess. The newsletter arrives of course after the New York market closes
which is of course at a record high today. All three indices are at records. You can sign up for it CNNmoney.com/quest. In their yard
corporate America versus Trump, the message seems to be from the business point of view on Paris.
As we continue tonight from Windsor, Vladimir Putin has a message for American business, Donald Trump needs your help. Somewhat surprisingly and
seemingly remarkably the Russian president says it is in everyone's interest. You will hear what he said next.
[16:45:00] (COMMERCIAL BREAK)
QUEST: Welcome back, it is QUEST MEANS BUSINESS, we are in Windsor tonight with the castle of the light, but the flag's not there, so I'm guessing her
Majesty is not in residence.
Vladimir Putin says that American companies can help themselves and do so by helping Donald Trump. The Russian president was hosting executives from
companies like Boeing, Caterpillar and Chevron. It was at the St. Petersburg economic forum. He told them the entire world would be better
off if they helped his American counterpart.
(BEGIN VIDEO CLIP)
VLADIMIR PUTIN, PRESIDENT, RUSSIA (through translator): Help us restore normal political dialogue. I ask you on behalf of Russia, and I appeal to
the American side, help the newly elected president, the head of the United States administration.
(END VIDEO CLIP)
QUEST: Now, while Mr. Putin for relations with the West to improve, the Russian leader is exploring new relationships with neighbors in the East.
CNN's John Defterios reports in today's Marketplace Russia.
JOHN DEFTERIOS, CNN INTERNATIONAL CORRESPONDENT: it was here in the early that Czar Peter personally laid the foundation stone to move the Russian
capital to the city that eventually bore his name. From this place in St. Petersburg the Russian Empire jockeyed with Britain for influence over
central Asia. It was known as the great game. Now in the 21st century, that match has shifted to China, and it is all about energy demand.
ROBIN MILLS, CEO QAMAR, ENERGY: The great game as you say was Great Britain and Russia and others playing it out on a blank canvas, but now
China is really the player. So, it is the market everybody feels they have to be in, if you are leading oil exporter, whether you are Saudi Arabia or
Iran or Russia, you have to be in that market.
DEFTERIOS: When Vladimir Putin's back was against the wall due to Western sanctions over Ukraine, the Russian president shifted east to China in
search of new partners. The president's trip took place on the eve of the annual gathering here in St. Petersburg, driving home the point he could
secure deals despite Western isolation. The result he and Chinese President Xi Jinping signed a 30 year $400 billion deal to supply energy to
the world's largest emerging market, at discounted rates. But Russia was not a first mover.
The late King Abdullah of Saudi Arabia made his first overseas visit to China back in early 2006. That led to Beijing's national energy company
setting up a huge joint venture with its Saudi counterpart. Refinery on Chinese soil and a refinery on Saudi soil, you didn't leave any door closed
KHALID AL FALIH, MINISTER OF ENERGY, SAUDI ARABIA: we are hoping for many, many more refineries on Chinese soil. China is a big country and it is
already consuming 11 million barrels and rising.
DEFTERIOS: Fast forward to 2017, and a current ruler King Salman we spent a month touring from Southeast Asia to China cemented oil and gas deals all
along the way. The other two big goal for producers, UAE and Kuwait have their own silk road strategies to export crude. And the new target market
MILLS: India is a big market and one that is now the fastest growing market, and if you look in volume terms, it is adding as much volume per
year as China, in terms of oil imports or even more.
DEFTERIOS: And a prime reason why President Putin invited the Indian prime minister to this annual gathering in his hometown for the first time.
[16:50:00] John Defterios, CNN Money. St.mark Petersburg.
QUEST: Now, our road trip has reached its end, bearing in mind where we come from, from Cardiff right the way through to Windsor. Theresa May's
path to victory, she is over there and seems to be getting further away, the victory. There are still twists and turns in the campaign ahead, and
when we come back after the break would have a most unusual bits of reporting that I have ever done.
QUEST: Maybe 40 years old, but still on the road, Freddie Brexit managing to travel from Cardiff all the way through to Windsor, take a look at the
root where we have gone. It has been a rule that was designed to bring out the best in terms of the different issues from Cardiff to Newport, Weston-
super-Mare, Bath and Windsor. All different areas, all different political views and bring out the issues in this election. However, all of that said
yesterday at the Royal Bath and West show, the agricultural show, frankly I got to engage in an activity the like of which I never thought I would try.
How do you show a pig, no I am not joking, I managed to find improve you learn something new every day at a pig show.
QUEST: So, tell me what we are looking at, this pig here --
UNIDENTIFIED MALE: You want a nice straight back, a nice clean underline, mean she has had a litter of piglets, she's not long in wing, so she has 14
teats. Seven on each side, even. And good feet, up on her toes, and not too jowly here. The purpose of showing your pigs is to get you agreed
represented and show off your pigs to represent the breed, the breed standards. That is how you should have your pig.
QUEST: What is the purpose of board and the stick?
UNIDENTIFIED MALE: The board and the stick is used to guide your pig around the ring in a clockwise direction. They use the board to stop her
because a pig will not go where it can't see. So, if I put the board like that. See, she stops. If I put the board like that she will go around
there like that. You want to have a go?
[16:55:00] QUEST: In every man's life there comes a point where you actually have to have a go and do it yourself. Give me the hand.
UNIDENTIFIED MALE: Come over there, that's right. You need to get up on her head. That's it. Now put the board around in front of her. That's
OK. Just tap her on a bit. You get to in front with the board, she will stop. You need to get the stick down here little bit more.
You may have the reach behind her and tap her on the back side.
QUEST: She is getting a bit fast, I'll go slow her down.
UNIDENTIFIED MALE: Now, you see why they go out of control.
QUEST: She wants to keep going that way.
UNIDENTIFIED MALE: She wants to go home, that's what it is.
QUEST: At this point I think a graceful retreat is usually required, and allow the pig to have won, and head back to -- I think we can say she has
All right, you can go home now.
QUEST: I can honestly say it looks so easy when you see them do it, and it is so difficult when you have a go yourself. We will have a Profitable
Moment after the break.
[17:00:00] (COMMERCIAL BREAK)
QUEST: Tonight's Profitable Moment from Windsor as we come to the end of our trip with Freddie Brexit, the one thing that I have heard repeatedly as
I have moved across the country is a certain dissatisfaction with the Prime Minister for calling this election. Now of course no election is ever over
until the last vote is cast and then counted. But what I think we are going to see in this election is an element of never take the voters for
granted. Just because you have a great thumping lead before you call the pole does not mean that is how it is going to finish. And the way things
are looking at the moment here in the U.K. for whatever reason, it is all going to be a lot closer than we thought. Politicians will be watching
around the world with interest and care.
And that is QUEST MEANS BUSINESS for this Friday night. I am Richard Quest in Windsor, whatever you are up to in the hours ahead, Freddie, whatever
next? I'll see you Monday.