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QUEST MEANS BUSINESS
African Union Tells Sudan to End Military Rule; Huawei Says it Has Signed 40 5G Contracts Worldwide; Emmanuel Macron Vows to Rebuild Notre Dame Even More Beautiful. Aired 3-4p ET
Aired April 16, 2019 - 15:00 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
MICHAEL HOLMES, CNN ANCHOR: And day is turning into night here in Paris, again 24 hours after a fire tore through the Cathedral of Notre Dame, the
French President speaking a short time ago, talking about the sadness that all people in France are feeling and vowing to rebuild.
RICHARD QUEST, CNN HOST, QUEST MEANS BUSINESS: Good evening, Michael. I'm Richard Quest in New York. There are tributes of course and seriously
large offers of money and assistance are now pouring in from around the world. You're going to hear tonight from Arnault family who have committed
hundreds of millions of euros to help rebuild.
We begin there of course -- Michael, is in Paris. Michael, the latest developments, please?
HOLMES: Richard, thanks very much. We have a message from the people here, "Our Lady of Paris will rise again." Just 24 hours ago, the world
watching in horror as flames lapped from the roof of the Notre Dame Cathedral behind me.
Well tonight, I can say there is calm. The fire is extinguished remarkably, considering the scenes on Monday. The building has been
declared structurally sound, although there are caveats to that. They're worried about some parts of the structure. Investigators sifting through
the damage say the blaze was likely accidental.
Now the good news, scores of priceless artifacts were rescued from the flames. They will be taken to the Louvre for safekeeping until their
proper home can be restored to glory as has been promised by the French President. Now it could take months just to identify the sheer scale of
the reconstruction task at hand. Experts warning of potential weaknesses in this ancient building, especially parts of the roost that remain, most
of that is gone, as some people are saying it could be 10 to 15 years before it is fully restored.
Now this building was built in the Medieval Age. It burned in the Social Media Age. Notre Dame meant many things to many people. Now the French
President, Emmanuel Macron spoke of his sorrow as he addressed the nation in the last hour.
We said that some experts say it could take 10 to 15 years to rebuild. Macron says, "Let's do it quickly, within five years."
(BEGIN VIDEO CLIP)
EMMANUEL MACRON, FRENCH PRESIDENT (Through a translator): We will make the Cathedral of Notre Dame even more beautiful. We can do this and we will
mobilize everybody. After these periods of trial, there will be time for reflection and then action.
(END VIDEO CLIP)
HOLMES: All right, let's bring in Regis Le Sommier. He is the Deputy Editor-in-Chief of "Paris Match" magazine. Great to have you here and for
a very good reason. You have had a team that has been up there literally for what a year? Working on a story about the restoration. What have been
REGIS LE SOMMIER, DEPUTY EDITOR-IN-CHIEF, PARIS MATCH MAGAZINE: Well, absolutely no matter -- no later than last Thursday, we had somebody up
there working with the restoration people there, the team and they've been working for a year. The problem was actually what -- from everything that
was said, the first part, the reason why you have this scaffolding up there is only for the spire.
This spire was made out of lead, and the lead was actually -- the substance was actually damaging the wooden part of the roof and they wanted to put a
coat on it and they wanted to restore that part, so that's the only reason. That's the first part of the renovation.
So we actually -- the thing is, it's been said that there was some statues, the statues had to be removed, but the statue had to be removed only to
repair the spire.
LE SOMMIER: That was the first part.
HOLMES: Right, there's been concerns about the state of Notre Dame for some time and that there's not enough money and effort that was being put
in to managing the restoration and that there were issues bits of it were falling off. How bad was it?
LE SOMMIER: Well, I mean, you can see I mean, if you walk around, you see some bits of Notre Dame a bit everywhere.
HOLMES: They've just fallen off.
LE SOMMIER: Yes, well, they've been put in corners because nobody -- and of course, you know the people taking care of Notre Dame didn't have the
means to put them back up. And you had also this building is at the center of Paris. There is a lot of pollution and especially the gargoyle which
are made of stone, some of them were damaged.
[15:05:05] LE SOMMIER: I mean some parts were restored, but we need -- I mean, a lot of money to do that. Now, the irony of that is that it took a
whole roof, a whole ancient roof to burn down for people to pour money in this. And now, you have all these billionaires -- French billionaires --
that are opening their wallet, and that are more than happy to give money.
HOLMES: How ironic is that? $700 million has been promised. This is a great amount of money, and if that have been done a few years ago --
LE SOMMIER: Of course.
HOLMES: You might not have been in this situation. How big is this task going to be from what you know of what needs to be done?
LE SOMMIER: Well, I mean, they're talking about 10 to 15 years, as of now, some people say if we put -- if we roll our sleeves and put the sufficient
amount of money and the experts to do this, we could do that in more than - - in five years. I mean, so it will take -- you know, it will take quite some time right now to evaluate actually the damage.
You know, you spoke about water. The waters had been poured on that building. Well, you're talking about a centuries old building made of
stone that resisted apparently. But as you know, water is heavily damaging for a structure of a building. So it will take a few weeks before we know
the extent of pouring water on that stone if that actually damaged it.
Now, the good news is that the temperature is going to get higher as of now, so it's not going to get freezing, which could, you know, maybe move
things around or damage the stones even more.
HOLMES: Yes, Regis, Le Sommier, thank you so much, with "Paris Match." Extraordinary that the newspaper had been working on this very story for a
year, had a team up there as this restoration was going on.
Now we've got reaction coming in from all around the world, as you might imagine, Richard, you're tracking all of that.
QUEST: And Michael, and we'll be back to you before too long later in the hour. France of course is famous for keeping secular and religious church
and state separate. But in this case, the French government actually owns the Notre Dame Cathedral and the French billionaires have so far pledged
more than $700 million to help rebuild it.
The effort is being led by France's three richest families. The Arnault family with LVMH who have put in 200 million euros, $226 million. You've
then got the L'Oreal Bettencourt Meyers family at $226 million and the Kering Pinault family with $113 million dollars.
Air France KLM is also providing free flights for official partners involved in the reconstruction effort. Emmanuel Macron says the French
will rebuild together and in that case, in the same spirit, there are also many small donors.
We're also hearing stories of people giving as little as $250.00 or $200.00 or even $20.00. On "Express," I spoke to Antoine Arnault from LVMH. His
family's company is pledging nearly $230 million dollars to help rebuild Notre Dame. I asked him why they decided to donate so much and hours after
the tragedy struck.
(BEGIN VIDEO CLIP)
ANTOINE ARNAULT, LVHM GROUP: We were watching TV like last night, like every French family and we were in shock. And very quickly, we said, you
know, we have to do something, we have the means to do it. We're lucky enough to be the wearers of these great French names. Notre Dame is
another one of them. Let's pledger something and something big." And that's what we did. I must say was very well received. Not only of
course, by the media, but especially by the people who work at LVMH, hundreds, thousands of messages of pride to work for a group that's
actually manages to take responsibility and action when such a catastrophe is happening.
QUEST: It's all about leadership, isn't it? I mean, we saw some of that yesterday with President Mac on setting this up. But the speed with which
French companies like yours have pledged very sizable amounts. I mean, not just a few million here or there, but in the hundreds of millions, it's
really quite amazing.
ARNAULT: Well, you know, the power of the symbol is very important. Of course, we thought that maybe this would lead others to do the same,
whichever the level and the amount of the donation. But also, you know, we thought that whatever we do, we have to donate money, but we also have to
donate time. And the second part of our donation is, we propose everybody in the group to be available to the French authorities and the people who
are going to reconstruct this Cathedral for anything architectural and you know, we know how to build not only stores but we also built a big museum
just in Bois de Boulogne a few years ago.
[15:10:10] ARNAULT: Creative -- you never know what's going to happen during this reconstruction, maybe you'll need to wrap it up, maybe you'll
need to have designers have some sort of out-of-the-box ideas to help.
Financial, of course, we know how to do that. We're not saying that we're going to replace the state, but I'm sure that -- you know well in the
states that sometimes, the private sector can help and have even more ideas.
QUEST: I mean, that is the key to this, isn't it? The public sector, the government has to be the seat court. But for something like Notre Dame,
this project has to be something that the people are involved in. Would you agree?
ARNAULT: I do. Notre Dame is one of the most emblematic churches in the world, but it's also a symbol of France. We do feel that responsibility
also because we are the caretakers of those symbolic brands.
I mean, not only the big luxury brands that you mention, but also wines, also the big brands of champagne. So in a way we are lucky to work with
these French names and the patrimoine of France and the heritage of France, we take care of, but we also profit from. So in a way, we're giving back
to France what France has given us.
QUEST: Antoine, I'm seeing a lot this morning in the "New York Times," the London newspapers, people who are in Paris, drawing similes of this to the
current state of affairs in France, and I need somebody like you to help me understand. Are we pulling too much symbolism from this as to a state of
malaise in France at the moment? Are we trying to draw something that doesn't exist?
ARNAULT: Listen, I'm not sure I'm the best person to answer that question. What I can tell you is that something dramatic, something very symbolic
like what happened last night with Notre Dame can maybe help France to get back together.
It's true that so the social spirit has been a bit dark these past few months, maybe something like what's going on and the fact that everybody
unites behind this incredible national cause and national treasure could help. Yes, in a way everybody get back together and back on their feet and
say, "Okay, let's fight this fight together."
QUEST: Antoine Arnault talking to me earlier from Paris. Now, please, I want you to listen carefully.
The bells of Westminster Abbey in London, they were ringing at 5:43, exactly the time when the Notre Dame fire is believed to have begun. It's
an example of the global outpourings of solidarity for France and what is happening.
And today leaders around the world backed gestures with action. From Strasbourg, the E.U.'s capital, French capital, the European Council
President Donald Tusk urged all 28 E.U. countries to help to restore the Cathedral.
In Washington, the White House has offered its assistance in rebuilding what it is calling an irreplaceable symbol of Western civilization. And in
Russia, well, there, President Vladimir has offered to send the country's best specialists.
Jean-Claude Trichet is the former President of the European Central Bank. And of course the Bank de France. He has served as the governor of the
Central Bank and he now joins me from Paris. Good evening to you Mr. Trichet, as always.
Look, I think we should start here with the importance of everybody coming together at a time when there is this tragedy of this beautiful monument,
being destroyed -- partially destroyed. What are your recollections and reflections?
JEAN-CLAUDE TRICHET, FORMER PRESIDENT OF THE EUROPEAN CENTRAL BANK: Well, I must confess, I was myself extremely amazed to see the emotion -- the
degree of emotion -- that everybody had. And to understand that better, it seemed to me that you had so many dimensions. You know, the real use
dimension, the architectural dimension because it was there that the Gothic architecture were born.
By the way in the notes of Hugo, you have Gothic architecture as one of the age of architecture. And you have also of course, the dimension of France,
the heart of France, the center of France and the global dimension, headed by literature because Victor Hugo, "The Hunchback of Notre Dame" has, you
know, made this very monument known everywhere.
[00:05:09] TRICHET: So that's -- you understand the emotion?
QUEST: I do. How has it affected you personally?
TRICHET: Well, first of all, I am French. So for me it is the heart and the center of France. I indulge in literature as most of us and of course
Victoria Hugo, Notre Dame, by the way, in French, it is called Notre Dame de Paris, not the Hunchback of Notre Dame. You see, it is really is that
very church, which is the title of the novel.
And also, of course, I have to say that the fact that this Gothic architecture which was born around here was generalized all over Europe.
So as part of the -- I would say, global legacy of architecture. So all of this makes myself very moved, my family very moved, my grandchildren, my
children very moved.
QUEST: You heard -- I hope you able to hear Antoine Arnault just talking to me a moment ago. I thought he very -- he was very eloquent when he
expressed the potential in such dreadful, disastrous circumstances to bring France together at a time of great strife. Do you see any ability for
TRICHET: I think the emotion was so generalized in France, there is not a single French citizen which would not be moved to the extreme. And I have
to say, the President of the Republic kept that emotion very well. And he was really, I would say, expressing the universal emotion of the French,
but also of the European and we could see a lot of very, very moving exploration of empathy and solidarity in the world over. So yes, it is
QUEST: I was astonished at the speed and the amount of money pledged by the top French companies. I mean they weren't pledging them in the low
millions, you know, LVMH put in over 200 million, L'Oreal 200 million euros. Pinault 130. I mean, it's understandable, I can see why, but I
think you'd have to agree this level of generosity is unprecedented.
TRICHET: I think you're absolutely right. I was not the witness myself of such solidarity and generosity emotion. I have to say also that it is --
it expresses the sentiment of all. And I think it was very good that everybody could contribute -- the poor and the rich.
Again, that was said eloquently by President Macron a moment ago and I think it captures something. You are you used in the U.S. to have a lot of
generosity coming from billionaire. In France, it was not that visible. It was more or less hidden. The fact that it is obvious captures really
something which is really exceptional and I hope very much that it will last.
QUEST: Jean-Claude Trichet, thank you and in the future of course, we will return in our discussions, you and me, to our more normal agenda on happier
circumstances of banking and interest rates. But it is good to see, sir, even if on such sad circumstances. Thank you.
As we continue, Silicon Valley lends a helping hand to France in its time of need. I'm joined by the former Alphabet Executive Chairman Eric Schmidt
who will discuss his efforts to help rebuild Notre Dame and then, a new book about his mentor.
Also from Citi Group into Goldman, a big week for bank earnings. We will have the earnings share case, it is a must. I promise you, it will come.
This is QUEST MEANS BUSINESS.
[15:22:02] QUEST: And news into CNN, Qualcomm shares are seeing a very strong late session right after the giant chip manufacturer, it announced
it had settled its royalty dispute with Apple. Look at that, up 16 percent. That's going to include a payment from Apple to Qualcomm, as well
as a supply agreement.
That's interesting because that of course, secures further revenues for Qualcomm and iPhones could use Qualcomm in the future.
Final hour of trading and that means I had to the trading post.
And as we go to the trading post, the NASDAQ has topped 8,000 for the first time since October. We have the S&P over 29 -- wait, that's not such a
major achievement. And you're talking about rather small gains percentage wise, but I think the fact that you are seeing three markets higher, or
roughly about half -- slightly less, about a third to half a percent is significant.
To the earnings share case now. Let me remind you why we look at this because the best barometer of earnings is the company share price in the 24
hours after it reports earnings. It's a gauge of what investors think about the company's results and its outlook.
Bank earnings are very much in vogue at the moment. It's been a bit of a mixed bag you. For example, Goldman, which of course was disappointing,
not surprisingly, then the shares are down some 4 percent. Citi mixed bag, and Citibank is just at around zero.
Now, Bank of America -- Bank of America has reported a record profit for Q1. Beat analyst expectations. Still the revenue is flat. So that goes
exactly where Citi is at zero, too.
After the bell today, in our holding and waiting area, we will of course have Netflix. The issue with Netflix is how it competes with Disney when
Disney Plus comes on and then you've got United Continental and the impact from the grounding of the 737 MAX, and also the intense competitive
environment. You saw Delta of course at 2 percent, which gives us some indication.
CNN's Paula La Monica joins me now. We have both -- well, let's talk about both the earnings and of course this Qualcomm-Apple business. Let's start
with that first. What can you tell us about this deal?
PAUL LA MONICA, CNN BUSINESS REPORTER: Yes, as you pointed out, Richard, Qualcomm and Apple have settled litigation. Qualcomm shares are surging
and I think the key question is going to be just, what is that figure that Apple is going to be paying Qualcomm in royalties over the next couple of
years? That was not disclosed, but clearly investors are betting that it's a very large amount and the fact that these two companies which had been
involved in a legal battles for a while and finally decided to settle amicably is great news for Qualcomm.
Apple shares were up a little bit as well, but make no mistake, this is a huge win for Qualcomm.
[15:25:01] QUEST: I think about all the litigation -- Samsung-Apple, Apple-Microsoft -- all over the years, the litigation bit by bit, it gets
paid out or sorted out.
LA MONICA: Yes, and in this case, obviously it's getting paid out. Again, we don't know how much Qualcomm is receiving, but Apple must have decided
that it was better to just settle now than have this continue through a very long legal proceeding. And that's obviously great news for Qualcomm
and I think it is good news for Apple as well.
No one in a tech company wants to be just involved in these courtroom dramas for the foreseeable future.
QUEST: Now Paul, the bank earning season, if I go back to the share case, we see Citi and Bank of America are basically flat. Morgan does well,
Wells Fargo and Goldman is lower. Pull some strands together, please of this earning season for me as it relates to banks?
LA MONICA: Yes, I'm going to throw Wells Fargo out because obviously that's a unique situation right now with their scandals. They're looking
for a CEO. But all the other big banks, the trading revenue is down. And that I think is a worrisome sign for the future.
You know, you have low interest rates possibly hurting their profits as well. But the consumer side of the business was pretty healthy. I mean,
we saw that with Bank of America today. Their deposits were up. Their loans to consumers were up and the stock has turned around. It was lower
earlier today, but now it's back up to flat. So that's a little bit of a moral victory.
QUEST: Paul La Monica, Guru La Monica, thank you, sir. Microsoft is betting that artificial intelligence can solve the manmade problem of
climate change. In an exclusive TV interview with our own Eleni Giokos, Microsoft's President Brad Smith says he is confident tech is the solution,
not the problem when it comes to climate change.
BRAD SMITH, PRESIDENT, MICROSOFT: Well, I think those of us from the tech sector have a special responsibility and also a special opportunity. We
have a heightened responsibility because technology companies have become among the largest consumers of electricity in the world. That's what
modern data centers do.
But I also think we have maybe a unique opportunity, because as we are finding at Microsoft, we can put artificial intelligence and digital
technology to use, not just to make ourselves more efficient, but to help our customers in every part of the economy and every part of the planet
become more sustainable themselves.
ELENI GIOKOS, CNN BUSINESS AFFRICA CORRESPONDENT: So you're looking at artificial intelligence, as we said, but a lot of people don't trust AI. I
mean, we've seen things going wrong with AI technology. How can we trust AI when it comes to climate change?
SMITH: Well, I think that we should impose on artificial intelligence in this space, the same thing we need to impose in every space, namely a set
of strong ethical principles to ensure that it works well and that it's accountable to human beings. That we're not just delegating to computers
decisions that obviously require common sense and human decency.
But with those kinds of guard rails in place, what we're finding is that we can put big data to work to solve the world's biggest challenges. One of
those other steps we're announcing today is that we're taking the world's largest data sets that really matter to environmentalists.
Oftentimes, government data sets, they're open to the public. Satellite imagery and the like, but are massively huge and we're hosting that on
Microsoft Azure or making it available to researchers around the world. We're incurring the costs. It is true these advances in knowledge that we
hope to unlock some of the solutions that will create the sustainable planet that we all clearly need.
GIOKOS: Yes, absolutely. Okay, which companies are you targeting do you think? I mean, is there going to be demand for this product?
SMITH: Oh, when it comes to people who want to build more sustainable solutions for themselves. The interesting thing is what we're finding is
that it actually is touching every part of the economy. It is touching most parts of the world.
It may start with the world's largest companies and the biggest enterprises, but increasingly, if you're an employer, and you want to
attract talent, especially if you want to attract talent, that is, say of a new generation that looks to their next 50 or 60 or 70 years on this
planet, you better show that you're thinking ahead, because they certainly are.
QUEST: QUEST MEANS BUSINESS tonight, as we continue, I'll be joined by the man who helped turn Google into one of the world's largest companies. Eric
Schmidt will tell me about his connection to the Cathedral of Notre Dame.
[15:30:00] RICHARD QUEST, HOST, QUEST MEANS BUSINESS: Hello, I'm Richard Quest. The latest on the recovery of Notre Dame in Paris in just a moment.
First allow me to update you, please, with the world news headlines. With protests continuing again in Sudan, the military leaders who took control
of the country are under increasing pressure.
The African Union is threatening to expel Sudan unless power is turned over to a civilian government within 15 days. A Chinese telecom giant Huawei
says it has signed 40 5G contracts worldwide. The full list was not disclosed, but a spokesperson tells CNN the deals include previously
announced telecom partners in South Korea, Saudi Arabia and the U.K.
The U.S. has been urging allies not to do business with Huawei, urging the Chinese government could use its 5G network for spying, something Huawei
denies. A plane carrying aid from the International Committee of the Red Cross has landed in Venezuela on Tuesday. It's the first aid to arrive in
starving country since the Red Cross struck a deal with President Nicolas Maduro last month.
MICHAEL HOLMES, CNN CORRESPONDENT: I'm Michael Holmes here in Paris. Returning now to our top story here, as the ashes settle and the embers of
Notre Dame Cathedral, the French president says, quote, "we are a nation of builders."
He wants that church behind me rebuilt in just five years. Experts say it will likely take two to three times that long. Nic Robertson is here
joining me now. Nic, you've been here throughout. I want you to talk about the difference between last night and the mood that you saw here
among Parisians and what's happened in 24 hours to that?
NIC ROBERTSON, CNN INTERNATIONAL DIPLOMATIC EDITOR: You know, last night, there was a real sense when you had the fire chief saying the next hour
and a half are critical, that the towers themselves, the bell towers could come down.
[15:35:00] And then after that, the French president saying it's OK, the structure is going to survive. People had this feeling before the
president spoke of the shock and horror of these horrible images of watching this beautiful place at the center of culture, at the center of
their lives burning in front of their eyes.
And you had people, we saw them last night, literally on their knees singing hymns. But then that went through a transition and the hymns
became -- they weren't joyful. But they were more uplifting. There were more -- there was more a sense of hope.
And I think you got that sense last night and my guess is, this is what the president is trying to bring together. He talks about coming together
here. That this is a disaster. It's what the country has gone through in its history and what it's built on in the past. But at the same time, you
know, it was -- it was just narrowly averted.
HOLMES: Yes, you touched -- you touched on something important there and this country, this city has seen for months now the Yellow Vest protests.
There is, you know, in many ways ridden by division on the streets literally. Is this a moment where you think France can pull together, come
together, could it be a time of unity or is that a little bit optimistic?
ROBERTSON: This president has been very aspirational. I mean, he rode to power on the aspiration, a middle way, a different way. You know, he
didn't come from the traditional political past, but he hasn't been able to deliver on that. And the Yellow Vest protests have really come to
symbolize, you know, the changes that he wanted to institute in the country have essentially been blocked by this.
This does give him the opportunity of another narrative. He did also talk in that speech about --
HOLMES: Yes --
ROBERTSON: Let's not rush to do this, but he is setting a very fast timeline here of five years when the experts say this isn't possible. Yes,
there is an opportunity for him to sort of bring people together, and this would be wonderful for him if it was something that he could spearhead and
was seen to be successful.
But he is somebody who is aspirational, but will run into all the challenges that have beset this sort of upkeep of the Notre Dame --
HOLMES: Yes --
ROBERTSON: Cathedral over the years. That where was the money before? Now, the money is pouring forth, more will need to come, of course. But
you know, this, as a president, he would have liked to have seen that money and it would have done him the world of good politically, had it come
HOLMES: He's set the five years, let's see. I mean, he's put himself under a bit of pressure there, so we'll see if Macron can come through.
And a very good point by Nic Robertson there, $700 million has been offered -- has been offered by the wealthy in this country already, they only
wanted $150 million to repair this before this fire happened. So, it's interesting, Richard, back to you.
QUEST: Thank you, Michael. We'll be back more with you later. Donations are coming in far and near, as you were just saying, some of Silicon
Valley's biggest companies are pitching in to fund restoration efforts in Paris. From California, Tim Cook sent this tweet.
"Apple will be donating to the rebuilding efforts to help restore Notre Dame's precious heritage for future generations." The former Alphabet
Executive Chairman Eric Schmidt is with me. I'll be talking to him and his colleagues about their mentor Bill Campbell, and their extremely good new
First though, I do want to talk to you, good to see you, Eric --
ERIC SCHMIDT, FORMER ALPHABET EXECUTIVE CHAIRMAN: Good to see you again --
QUEST: As always. Notre Dame. You're a donor to the friends of Notre Dame de Paris Foundation. Where does your -- where does your interest in
Notre Dame --
SCHMIDT: Wow --
QUEST: Because you have taken an interest.
SCHMIDT: Yes, so in 2013, I was with President Elan(ph) working on some deals involving digital publishing. And we started to talk about Notre
Dame, and I went to see the four bells. Now, they were 850 years ago, there were four bells that were forged that had been re-forged in the last
decade to form the new out of the same steel. And all of a sudden, here we are in the belfry that is now destroyed.
QUEST: The -- you've been involved with the foundation.
SCHMIDT: And that's an American firm that you can donate money to help the -- to help Notre Dame. And I'm sure they'll be getting lots and lots of
QUEST: Because the sheer amounts that have been donated --
SCHMIDT: Yes --
QUEST: Today, I mean the hundreds of millions.
SCHMIDT: And probably not enough. So we were up there in the belfry, literally in the long, wooden corridors. And it's more than a football
field long. And it has all these extraordinary gargoyles and statues up there that are all lost.
QUEST: Before we talk to you about this after the break, the significance of, say, Silicon Valley, the digital era, raising the importance of the
medieval ages and before is what?
SCHMIDT: Well, the cathedrals that we love represent the shared, you know, history of humanity. There's nothing more important than these things to
understand who we were, what we've been, what we've done and where we're going. I hope Silicon Valley in a hundred years will have things of a
similar nature, but there's nothing like Notre Dame. It's well worth preserving, restoring, rebuilding and making even better.
[15:40:00] QUEST: Good to see you, stay with us, we'll talk to you more in just a moment after the break. When we return, the most famous man in
Silicon Valley that you've never heard of. We'll tell you his name and we'll tell you why he's important. Eric Schmidt will join me again along
with co-authors of new book about the former football coach who mentored Bill Gates, Steve Jobs and many more of the tech giants, in a moment.
QUEST: I need you to take a look at these faces. Alphabet's Eric Schmidt, Sergey Brin and Larry Page, Facebook's Sheryl Sandberg and ex-Yahoo chief
Marissa Mayer -- oh, let's not forget that, Steve -- Apple's Steve Jobs and Microsoft's Bill Gates.
They aren't just Silicon Valley's most powerful leaders, they share the same mentor. A name I've never heard of, Bill Campbell, who? You might
ask. He spent 15 years shaping some of the tech world's most influential minds. He passed away in 2016.
Now this new book by some of his former pupils chronicles the leadership legacy that Campbell left behind. I'm joined by the authors of "Trillion
Dollar Coach", Alan Eagle is director of executive communications at Google, Jonathan Rosenberg is an adviser at Alphabet and of course the
former executive Chairman Eric Schmidt. Let's start with you, sir, who was Bill Campbell?
JONATHAN ROSENBERG, ADVISER, ALPHABET: Bill Campbell was a football coach who spent -- who coached football until age 39, and then came west after
working for Kodak to come to Apple. Worked at Go, which he used to say fondly didn't go. And then Intuit and then became in his third life a
ROSENBERG: What was it about Bill Campbell that was so good that he took all these people so high and that you decided to write a book about?
ALAN EAGLE, DIRECTOR, EXECUTIVE COMMUNICATIONS, GOOGLE: Well, we interviewed over 80 people and doing research for the book, and the one
word that came up most often was "love". Bill loved people, people loved Bill and he made it OK to bring love into the workplace, in of course the
most appropriate way. But he made it OK to really care about teams and to really show up.
QUEST: I've read a million books on leadership, as I'm sure you have, you all have. We've all read more than is honest or decent. What is different
about Bill Campbell than say to other books or any, what was different?
SCHMIDT: Partly because he was successful. He's the most successful coach in history. The companies that he coached are worth close to $2 trillion
in value. And his technique was as simple as it could possibly be. He listened, he was empathetic and he worked people as a team.
[15:45:00] QUEST: What was the trick? What was the thing that he taught? I mean, I've leafed through the books since I've been back, and you know, I
just open it at a glance. Does the abhorrent genius have her priorities straight?
Does the abhorrent genius seek too much attention and self-promotion?
ROSENBERG: Well, he actually would build trust with people and he would discover whether or not these people actually behaved honorably. And when
he discovered that somebody wasn't behaving honorably or somebody wasn't -- didn't have the team's best interests at heart, he would cut them off.
So he developed this level of trust that helped him really understand what was going on and who was telling the truth and who wasn't.
SCHMIDT: But when we wrote the book, we realized all of a sudden that to have a successful business, you need a coach of the business. And we
thought he was coaching us as individuals, but no, he was coaching the whole team like a football team. And people would get out of position and
he would basically coach them back in one way or the other.
QUEST: How difficult is it to create that? Because, you know, I can see many companies -- in your lifetimes as bosses, you've all had mentors.
You've had mentors, you've had professional mentors, you've had people who have guided you. What was the difference here?
EAGLE: You know, it's both very difficult and very simple. A lot of the things that Bill did, any of us can do as managers and leaders. You know,
it starts with being a good manager, running a tight ship. Second, building trust and really listening to people, really having their back.
QUEST: So --
SCHMIDT: But almost everybody I know, the first reaction they have is, I don't need a coach. By the way, that was my reaction, that was his
ROSENBERG: My reaction too --
SCHMIDT: That was his reaction. We don't need coaches.
QUEST: And what would you say to me if I say to you, I don't need a coach if I worked for you. What would you do?
SCHMIDT: I'd say -- I'd say do tennis players have coaches?
SCHMIDT: Yes. And the tennis players are better than the coaches, aren't they? And still they have coaches? Maybe coaching is different than doing.
QUEST: So --
ROSENBERG: Is every one of your shows terrific?
QUEST: Oh, that's a very nasty question.
I'll thank you -- I'll thank you not to go there.
ROSENBERG: What Bill would do if he were here --
QUEST: Go on --
ROSENBERG: Is he'll tell you that you're the best host --
QUEST: Yes --
ROSENBERG: In the industry. And then one day, when you had a show that wasn't so good, he'd say, you know, you weren't your best today. You're
much more likely to listen to somebody who behaves that way.
SCHMIDT: Notice he didn't say that you did a bad job, he said you could have done better, and then you, yourself make yourself better. That's what
coaching is. Coaching is letting you see where you can be and getting you there. You have a quote, a Tom Landry quote.
ROSENBERG: Well, Tom Landry says --
SCHMIDT: A football --
ROSENBERG: A coach can hear the things you don't want to hear and see the things that you can't see to help you become the person you always wanted
to be. And that's what Bill did. He was an evangelist for courage, he was a man who made us better every day.
QUEST: I find it fascinating because you're all leaders, and in your time, you have run businesses with thousands of people, tens of thousands of
people underneath you, and you all are -- have the humility to say I needed this.
SCHMIDT: By the way, that's something that Bill taught is humility. And in fact, if you are not humble, you're probably not coachable.
EAGLE: The number one thing you look for in coachability is humility and the willingness to learn. Is what you know after you know it all that
counts. What you learn after --
SCHMIDT: Right --
EAGLE: You know all that counts --
SCHMIDT: In Silicon Valley, doesn't every executive at the age of 40 seem to know everything? Certainly, I thought I knew absolutely everything --
EAGLE: Well --
SCHMIDT: But I knew almost nothing.
ROSENBERG: That was me. And what Bill did was, he broke you down. He taught me that I didn't understand the words on the walls that you see in
every office about people, support, trust, respect, challenge them to get better. And when he showed me that I wasn't doing those for my people, he
explained to me that wasn't leadership.
QUEST: Gentlemen, thank you. It's much appreciated.
SCHMIDT: Thank you.
QUEST: Thank you very much.
EAGLE: Thank you, our pleasure.
QUEST: We will return in just a moment. We'll be in Paris, the head of the tourism bureau tells us why the city of lights will continue to shine
as a beacon to travelers. This is QUEST MEANS BUSINESS tonight live from New York and Paris.
[15:50:00] (COMMERCIAL BREAK)
HOLMES: Welcome back. People around the world sharing their memories of Notre Dame after that catastrophic fire gutted parts of the cathedral.
Now, some are using their artistic talents to pay tribute. Let's show you one. Cristina Correa Freile drew this sketch of Quasimodo from Disney's
"The Hunchback of Notre Dame".
She lives in Ecuador but has visited Paris twice before. All right, joining me now here in Paris is Corinne Menegaux is the managing director
of the Paris Convention and Visitors Bureau. This was one of your big items to sell to tourists. How damaging might this be?
CORINNE MENEGAUX, MANAGING DIRECTOR, PARIS CONVENTION & VISITORS BUREAU: It is very damaging because we're all devastated by this catastrophe. But
as lucky as we are, Paris has numbers of jewels to visit, so that Notre Dame is of course one of the best ones. And we'll regret it, but we will
build it again, so I think we can -- we can have hope on that.
But beyond on your touristic place, it's more a history thing, and I think people are really sharing the emotion of having lost something very big
for them because its tradition is history. It's our roots, in fact.
HOLMES: What was going through your mind as you watched this last night as a Parisian, but also, you know, a head of the tourism center here.
MENEGAUX: As a Parisian, I was very sad and devastated with that. And as my job is concerned, I was just looking at what should we do now? So, how
can we just manage all this emotion and we can just reassure all the tourists that are here, and we can help with them and how we can contribute
to everything just to make it back again.
HOLMES: You know, I'm Australian, I live in the U.S., and in neither of those countries can they comprehend a building that they started building
in 1160. Talk about what this place means to France.
MENEGAUX: I think it's really the soul of Paris and for French people also to more globally, even Paris only. But we'd say it's beyond that for all
over the world. We received so many testimonies of everywhere, and I think it's also ways of celebrating the roots that we have. So it's more than
only the soul, it's really the history and the tradition of our people.
HOLMES: You know, I was scrolling through my own Instagram earlier today, and it was remarkable to me just how many people are posting photographs of
themselves out the front of this iconic structure. And that just sort of speaks to how broad the attraction was. It wasn't just France's, the
building for the world.
MENEGAUX: Yes, I think so. It was really shared by everyone. I think everyone who came to Paris made a photo or something, so that's really
great to have all these memories shared actually with all the people. And I think we can take the benefit of that, because we have to be very proud
And that would be also something that we have to leverage to make it build again, because I think it's important that we build it again and that we
transform also the city of Paris and help also. People discover all the other things that are to be discovered.
[15:55:00] HOLMES: You know, one of the things we've been talking about is how -- you know, and it is extraordinary that some of Paris', France's
richest people are now putting out their check books, offering $700 million so far. But at the same time, this cathedral needed $150 million euros
spent on it to get it into a good state. That money was not forthcoming. It's taken something like this for the checkbooks to come out.
I mean, it's a bit sad in a way. This -- a lot of this should have been done a long time ago.
MENEGAUX: Isn't it human nature anyway? And I think what we have to remind about that is the incredible solidarity of the people around this
catastrophe and actually that's better than anything, because I think their hope, and it's more than only rebuild with (INAUDBLE), they're building it
again is a sort of having hope again that something will happen and that we can be back to our roots and our tradition.
HOLMES: It will never be the same again, but will it be as beautiful again?
MENEGAUX: Yes, of course, it's going to be much better probably, so I think we can just add some things because there are so much emotion now
that it will obviously be magical anyway.
HOLMES: Yes, Corinne Menegaux, general manager of the Paris Tourism Office, thanks very much for coming and joining us here. I'm Michael
Holmes in Paris, Richard Quest will be back after a quick break.
QUEST: Tonight's profitable moment. I covered many disasters, fires and tragedies where public donations have followed in. I remember the Bradford
fire back in the 1980s, but I've never seen anything like what we saw in Notre Dame where leading French companies, LVMH, L'Oreal, Total, and the
like have pledged sums of money that are astronomical, and rightly so, of course.
They are the brands of France. And I suspect we will see more. They were only looking for $100 million or so, $150 million and they have got $700
million in donations so far. Now, I don't want to be a curmudgeon. The issue of course will be how to manage it. How to ensure value for many,
that bureaucracy doesn't squander it and that the best decisions are made.
And that is all in the future. But I think we can at least celebrate tonight, it was those firms with families, the Renault and the like, they
are the ones that came forward and spent the money before waiting for anybody else to come through. That's what you call profitability.
And that is QUEST MEANS BUSINESS for tonight, I am Richard Quest in New York.
Whatever you're up to in the hours ahead, I hope it is profitable. The Dow is up. The day is done.