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Quest Means Business

Joe Biden Calls For Era Of Diplomacy To Solve Global Crisis; E.U. Pressures Hungary Over Anti-LGBT Law; Major Averages Clawing Back Monday's Deep Losses.; U.S. Reopens Borders, Airlines See Sales Boost; Danish Hair Salon Bounces Back From Lockdown; U.S. Markets Recovering After Worst Day In Months. Aired 3-4p ET

Aired September 21, 2021 - 15:00   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

[15:00:05]

RICHARD QUEST, CNN BUSINESS ANCHOR: We knew it was coming, another volatile day on Wall Street and with 60 minutes of trading on the Tuesday session,

the Dow is trying to stage a comeback after its worst drop. It's a rather pathetic attempt.

You can see we're bouncing around the bottom up and down, 20 but that's the level we're at, at the moment, over 34,000.

The main events of the day, and they are: President Biden is trying to dispel doubts about U.S. global leadership in his speech at the U.N.

General Assembly.

Evergrande's Chairman told employees the company will emerge from the darkness as its debt deadline draws near, but no details on how or why.

And travel bookings are soaring after U.S. announces plans to lift travel restrictions for vaccinated passengers. The Chief Exec of Trivago is with

me.

I am live in New York, and it is a Tuesday. It is September the 21st. I'm Richard Quest, and I mean business.

Good evening. At the United Nations today, Joe Biden said he will tackle existential problems with relentless diplomacy. Meanwhile, crisis du jour

threaten to derail that very message. The world is facing unrelenting pandemics and climate catastrophes as the U.S. President is calling for

more global cooperation.

And he said world leaders are standing at an inflection point in history, their response will reverberate for generations yet to come.

(BEGIN VIDEO CLIP)

JOE BIDEN (D), PRESIDENT OF THE UNITED STATES: Instead of continuing to fight the Wars of the past, we are fixing our eyes on devoting our

resources to the challenges and hold the keys to our collective future.

And in this pandemic, addressing the climate crisis, managing the shifts in global power dynamics, shaping the rules of the world on vital issues like

trade, cyber, and emerging technologies, and facing the threat of terrorism as it stands today.

(END VIDEO CLIP)

QUEST: Now, unfortunately, for Mr. Biden, a diplomatic spat with Emmanuel Macron of France, which is America's oldest ally is getting worse. Now,

other European leaders are joining in the criticism.

And then there's the chaotic exit from Afghanistan that sent coalition partners scrambling, the U.S. President said he was dedicated to rebuilding

alliances.

(BEGIN VIDEO CLIP)

BIDEN: Our security, our prosperity, and our very freedoms are interconnected in my view is never before. And so I believe we must work

together as never before.

I prioritize rebuilding our alliances, revitalizing our partnerships, and recognizing they are essential and central to America's enduring security

and prosperity.

(END VIDEO CLIP)

QUEST: Jeff Zeleny is with us here in New York. He is at the United Nations. Jeff, this is a case of, do as I say, don't do as I do. He is

rebuilding alliances because arguably, his actions have damaged them.

JEFF ZELENY, CNN U.S. CHIEF NATIONAL AFFAIRS CORRESPONDENT: Richard, that was so interesting today. Of course, we've heard the rhetoric, you know,

for eight months from President Biden since taking office saying America is back. We saw him talking about that repeatedly as he was taking this first

trip abroad just a few months ago.

But today in this speech here at the United Nations, it is clear that his rhetoric will be judged by his record. So yes, talking about strengthening

alliances, yes, talking even about competition between allies and friends. He said it shouldn't bleed into conflict.

But left unspoken, of course, was the conflict that is indeed brewing between the United States and France, of all countries, certainly longtime

allies, the oldest allies, as you said, but the French President Emmanuel Macron, not even coming to the United Nations this year, not sending a

representative to deliver a marquee speech as well.

So certainly, the President did not address that. What he did do, have a meeting with Australian Prime Minister, Scott Morrison earlier and he is on

his way to Washington right now to meet tonight at the White House with British Prime Minister Boris Johnson about, of course, that Australia deal

hanging over all of that.

QUEST: Joe Biden supposedly is an expert in foreign policy. And he -- you know, he comes into office. How does he manage to offend the oldest ally

and have a calamity the size of Afghanistan, and still with a straight face, say allies are important?

ZELENY: Look, I think that no one probably disputes the fact that allies are important, but people are wondering, it sounded -- the substance at

least looks a lot like President Trump's agenda of America first, perhaps with just, you know some of the sharper edges rubbed off, if you will.

[15:05:10]

ZELENY: Look, I think there's no doubt that there are deep questions how this disagreement really boiled up with the French. Yes, you can say

Australia should have played a role in smoothing some of this over as well.

But clearly, there are questions: Was there no other way for Secretary of state Antony Blinken or President Biden himself to sort of read in the

French on this? This will be something that they will have to answer.

And that phone call between President Biden and French President Emmanuel Macron still has not yet happened, we will see if it does. But there are,

you know, deep questions here about the actual foreign policy chops of this administration.

He has been around for a long time. He, meaning President Biden, a half century. He has gotten some foreign policy items right, and history will

show that he has gotten some wrong as well.

But certainly this now, you know, he is leaning into getting out of the war in Afghanistan, not talking specifically about the messy aftermath of

getting all the Afghans and Americans out.

QUEST: Jeff Zeleny is in New York. Good to have you up here in the big city. Thank you, Jeff Zeleny.

Now, as Joe Biden meet his British and Australian counterparts in person, as Jeff was saying, Emmanuel Macron is going to be absent from the U.N. The

Elysee Palace says it has nothing to do with the rift between the countries rather -- about the disagreement, but still, in the words of one E.U.

official, something is broken with the Transatlantic Alliance.

Europe is now flexing its economic muscles in solidarity, paused the preparations for a Trade Summit with the U.S. scheduled for next week and

signals free trade talks with Australia could be in jeopardy.

Cyril Vanier is in Paris. Cyril, you did a very good job last night of putting us in the picture of how miffed they are, but to gain maximum

support, they do need the E.U. to fully back them up.

CYRIL VANIER, CNN CORRESPONDENT: That's absolutely right, Richard, and France has long believed and especially this President, President Macron,

has long believed that the power of France is maximized when is it -- when Paris is able to marshal the support of the 26 other member states of the

European Union.

Now, in the 24 to 48 hours after this crisis broke out, frankly, the support was tepid. But as of yesterday, the highest voice in the E.U.'s

executive branch, that is to say E.U. Commission President Ursula von der Leyen told CNN that E.U. would not be returning to business as usual with

the Americans until these deep questions that Jeff was referring to had been answered. Why one of their most powerful members, France, had been

treated the way it was treated by the U.S.?

And now, the E.U., as you said, starting to put its money where its mouth is, delaying a planned Summit with the U.S. Also France saying it could or

it certainly is not ruling out scuppering a trade deal with Australia that could be worth $2 billion to $4 billion, only a fraction, mind you of what

the submarine deal would be worth.

So Europe is showing that, yes, it does not have the military power of a superpower like the U.S., however, you can't totally discount it either --

Richard.

QUEST: Except keeping Europe together on this will be very, very difficult because whatever they may say on a Monday morning, by the time the deal or

the final decision has to be made a week next Thursday and onwards. Well, the people have forgotten. They don't care. They've got their own

interests. Europe does not speak with one voice.

VANIER: Yes, you're absolutely right, and this is just a fundamental feature of the European project. You are talking about 27 different

countries with 27 different heads of state who have competing agendas, who have elections to think about, who have domestic audiences that will not

care about the same topics, frankly.

And underlying all of that, you have completely different visions of Europe, some countries want Europe to just be a trading bloc, and they are

completely satisfied with that. And as a result will rankle anytime the more federalist states like France will try and bring Europe towards a more

unified foreign policy, let alone military power.

So it's going to be very difficult. I agree with you. And I think any objective observer of European politics would have to agree, it is going to

be very difficult for Europe to ever assert itself on the same level as the U.S. -- Richard.

QUEST: Thank you, Cyril Vanier once again in Paris. He was talking about the difficulties of E.U. speaking with one voice. We've got a very good

example of that now, as the Union is feuding with one another its own.

Brussels is applying unprecedented pressure on Hungary. It could withhold billions of dollars over the country's rule of law, issues along with an

anti-LGBTQ law.

[15:10:12]

QUEST: Back in June, the Hungarian Prime Minister, Viktor Orban, signed legislation that bans anyone under 18 from being shown content that

encourages -- and I have the law here -- forbidden to make accessible to persons who have not attained 18, content that is pornographic or

gratuitously sexual in nature or sex change or homosexuality.

It is the amendment to this law -- which I have with me -- Ursula von der Leyen and many other EU leaders have condemned this law and the policy.

(BEGIN VIDEO CLIP)

URSULA VON DER LEYEN, EUROPEAN COMMISSION PRESIDENT: The Hungarian bill is a shame. This bill clearly discriminates against people on the basis of

their sexual orientation. And it goes against all the values, the fundamental values of the European Union, and this is human dignity. It is

equality and is the human fundamental rights, so we will not compromise on these principles.

(END VIDEO CLIP)

QUEST: So that's the President of the Commission. Hungary's Foreign Minister, is Peter Szijjarto. He joins me now here in New York.

Minister, it is good to talk to you. We will discuss a variety of issues, but I start with the law. The law is one -- I've got a copy here -- it says

it takes a more severe action against pedophile offenders and deals with the protection of children, particularly of course, making accessible

persons under 18 on homosexuality.

Minister, you know, as well as I do, I am gay, I'm caught by this law. Do you consider me to be a pedophile?

PETER SZIJJARTO, HUNGARIAN PRIME MINISTER: Well, first of all, thank you very much for the invitation. It's really great to be back after one and a

half years. And I also respect the fact that you have a copy of the law in your hands, because recently, whenever I had debates with anybody, be a

journalist or a Western European politician, I had to debate in a way that I knew that my counterpart has never read the law.

And I'm very happy and I respect that now, I can talk to a person who has read the law. And I really respect the way of life you have chosen for

yourself, and this law respects also the right of all adults above the age of 18 to choose a way of life they want to live with whoever they would

like to live and then with whoever they would like to love, you know.

QUEST: But the law -- you didn't deny, by the way, my first question, but I'll take that as a no.

SZIJJARTO: Sorry, sorry, I have to answer that part of the question of course. Sorry -- sorry for that. You know, but I really want to address

that.

So this law -- this law has two parts. One part is about to penalize, to punish very seriously all kinds of acts committed in a framework or

relationship with pedophilia, and the other part of the law ensures that in order to protect our children, the exclusive right of the education of our

children regarding sexual orientation goes to their parents.

These are two totally separate parts of the law.

QUEST: It was unfortunate they are in the same law, but let's get to the point here. The age of consent, as I understand it in Hungary is 14. So you

have a law that basically says people who could have been practicing these acts for four years cannot see content about them. Right?

SZIJJARTO: This law is about the following. Up to the age of --

QUEST: No, Minister, just focus, please, on that aspect. The age of consent is 14, that if you were going to make a law, arguably, that would

be the age, but you went for 18. So you have gone for an age where most people are considered young adults -- teenagers.

SZIJJARTO: Yes, but in the Hungarian law, the age of becoming an adult is the age of 18. So that's why this law says that up to the age of 18, it is

the exclusive right of the parents to conduct the education regarding sexual orientation for the kids. And above the age of the 18, whatever

happens, the state has nothing to do with it. Nothing.

So whoever adults above the age of 18 would like to love, whoever they would like to live with, whatever kind of life they would like to live, the

state has nothing to do with it. So that's why I have to tell you -- sorry, that's why I have to tell you that it is so annoying that this law is being

portrayed as if it was an anti-LGBT law.

It's really frustrating that that our -- that those who criticize us say that this law discriminates the homosexuals because this is not true.

Simply not true.

[15:15:06]

QUEST: So you say it's not true, and I promise this is my last question on this aspect. We have other things to talk about. You say it's not true.

Now, I repeat that, you say it is not true. Ursula von der Leyen says the Hungarian bill is a shame. You heard her.

Belgium, Denmark, Estonia, Finland, France, Germany, Ireland, Lithuania, Luxembourg, Netherlands, Spain, Sweden, Latvia, Italy, Greece, Austria,

Cyprus, and Portugal, they say it represents a flagrant form of discrimination on sexual orientation.

Now, if these people have advisers, and these people are experts as well, why are they wrong?

SZIJJARTO: Look, here we have a serious debate with them. There's a group of countries in the European Union, definitely a smaller one compared to

what you have mentioned now, who thinks differently, and those countries have not joined this opinion.

And we have a very serious debate with Ursula von der Leyen also. I think it's a shame the way she speaks about the Hungarian legislation. And I have

to tell you that I agree with her only on one thing, when she says there is no compromise on this issue. I agree with her. We are not going to make any

kind of compromise on that, regardless of the fact how they blackmail us with those European funds be withdrawn, which should be paid to Hungary.

QUEST: So are you -- moving across this, are you feeling a little anxious in Budapest, as the opposition seems likely to present a unified candidate

against Prime Minister Orban, who, incidentally after Merkel goes will be the longest standing, he will be the elder statesman, the father of the

House, as they call it, in Parliament in Britain as the longest standing Prime Minister.

But are you feeling anxious because you could lose this next election next year?

SZIJJARTO: No. No, there is no reason to feel anxious. Basically with this structure, which the opposition is building now, including everybody from

the far right to the far left, the question is going to be very clear in next April, during our elections.

Whether people would like to come back to the period of time before 2010, when the country was indebted, when the taxes were high, when unemployment

was in the sky, or they would like to continue what has been happening since 2010, when we break economic records, when there's full employment in

the country, and when we support our families, so it's going to be a very clear choice, a very clear decision to be made by the people next April.

QUEST: Don't you have to make that same decision as a government based on the principle of the Article VII proceedings over your rule of law issues

based on the LGBTQ issues, based on what your own Prime Minister said. He said, "The E.U. is important for us because it provides Hungary with a

market. We need to stand up for the E.U. and remain in it."

In other words, you see the E.U. as a purely economic venture, and an EEC if you like, the original EEC, but aren't you're going to have to make a

decision on that?

SZIJJARTO: Now, look, our interest is that the European Union becomes strong again, because unfortunately, in the recent years, we have weakened

a lot.

If you look back to 2000, which is 21 years ago, the share of ours -- I mean, the share of European Union, when it comes to global GDP was 21

percent. Now, it is only 18.

The United States trades more with China than with the European Union. That was the -- last year was the first year ever, for this phenomenon. So

European Union should be stronger in the future.

But the way to make European Union stronger, now it is under a very heavy debate, and we take part in this debate. And our position is that the

European Union can be strong in the future in case -- in case it is being based on strong member states.

So we are very heavily against the so-called federalist approach, which would like to create something like a United States of Europe. This is

something that we reject.

We need strong member states and based on strong member states, the European Union has a chance to be strong again, we are working for that.

QUEST: Minister, I look forward to -- well, thank you as always, for always being courteous and polite in coming in to talk to me and I look

forward to seeing you in Budapest with my husband, and I'll buy you dinner and your wife.

SZIJJARTO: We would welcome you. We would welcome you. Thank you very much.

QUEST: Thank you, Minister.

As we continue tonight, U.S. lawmakers are squabbling over the country's borrowing, risking default and international embarrassment as world leaders

gather at the U.N.

It is QUEST MEANS BUSINESS.

(COMMERCIAL BREAK)

[15:22:30]

QUEST: So what's happening on Wall Street? Well, we know there is volatility. You saw it at the beginning of the program. Let's show you

again.

Yesterday's session, the deepest losses for many months. Now, today on the triple stack basis, we do have gains, and in fact they're picking up on the

Dow roughly around the same. I mean, let's not get too excited, but there are gains, in the green, after a pummeling being spooked by the debt crisis

in China.

The company's Chairman of Evergrande has told employees, the real estate conglomerate's unprecedented difficulties -- an understatement. He promised

the firm, well, as he put it, walk out of the darkness as soon as possible. He did not mention the looming interest payment, $100 million has to be

paid on Thursday.

Clare is with me. Clare, a bit of a weird statement there, wasn't it? I mean, it didn't actually say we can pay. It didn't say we're going to

default. And it was a sort of a rather bland, it'll be all right on the night.

CLARE SEBASTIAN, CNN BUSINESS CORRESPONDENT: Yes, Richard. He didn't mention the debt payments at all as far as we know. This was a message to

employees, you know, on the event of the autumn holiday in China, the autumn festival, as it perhaps that was why he was striking an upbeat tone.

But meanwhile, we have heard -- Bloomberg has reported via sources that they did miss those interest payments to banks yesterday. We don't know yet

what kind of process that will trigger whether there might be an extension or perhaps a grace period.

And as you point out, another big deadline looming on Thursday, interest payments on two bonds, a due amounting more than $100 million, so closely

watching what's happening there.

And of course, the markets, you know, very volatile day again today. We were up 300 points, down again, then up another 200 points, but worries do

persist in this market, Richard.

I want to show you some of the individual stocks that we've been watching, in particular commodities linked stocks, Nucor Steel and U.S. Steel down

sharply. Don't forget China, the biggest consumer of steel and in particular, the property market worried about how this could impact that.

Caterpillar has been consistently losing ground over the past two days, as has Boeing, both of those linked to growth in China. China has significant

market for both of those. So we do still see concerns playing out in the market even with slight gains today.

QUEST: Clare Sebastian, thank you.

In Washington, the government shutdown or potential shutdown is weighing on Wall Street. The House Speaker Nancy Pelosi has warned the next 48 hours

are critical, and Congress has nine days to raise the government debt ceiling, keep paying the bills, and avoid a catastrophic default.

Senate Republican Leader Mitch McConnell has told Democrats his party won't help and Democrats are calling that reckless.

[15:25:08]

(BEGIN VIDEO CLIP)

SEN. MITCH MCCONNELL (R-KY): Since Democrats decided to go it alone, they will not get Senate Republicans help with rising the debt limit.

SEN. CHRIS COONS (D-DE): The consequences for average Americans would be dramatic and swift. All of us who are serving here in Congress know that

this would be reckless and irresponsible.

(END VIDEO CLIP)

QUEST: Matt Egan is with me. Matt, while we're looking -- we're talking 78 times Congress has acted to raise the debt limit over the last 50 years.

They're going to do it, it is just a question of what price?

MATT EGAN, CNN REPORTER: Yes, that's right. I think that most people that I've talked to, really everyone I've talked to expects that Congress is

going to raise the debt ceiling, eventually. The question also is, you know, when do they do it? Because, you know, the closer they get to the

cliff here, the greater the chance that there's an accident and you know, someone falls over the cliff and we don't want that.

I mean, no one wants the U.S. to default, neither party is advocating for that. But you know, the clock is ticking here and there is a risk of a

miscalculation as they squabble over exactly how to get this done.

But at the end of the day, they have to do it because if they don't, the consequences would just be too great for so many people here.

QUEST: Matt Egan, we will watch closely. Thank you.

And from the debt ceiling to soaring the skies, the travel industry is enjoying a big boost as the U.S. prepares to reopen its borders. The Chief

Executive of Trivago is with me after the break.

It is QUEST MEANS BUSINESS. Where is the bell?

(COMMERCIAL BREAK)

QUEST: Barely had the announcement being made and the airlines are benefiting from the U.S. decision to reopen borders. Lufthansa says it saw

a 40 percent increase in bookings compared to last week. Virgin Atlantic says U.S. bookings rose over 600 percent overnight.

It's very simple. You will remember, travelers need to be vaccinated and present a negative COVID test. Transatlantic travelers are also shopping

for hotel rooms. Axel Hefer is here, the CEO of Trivago.

Good to see you, sir. You made it. You got here. That's an achievement. I'm guessing Trivago is seeing large numbers of inquiries for U.S.

accommodations.

AXEL HEFER, CEO, TRIVAGO: Yes, absolutely. Yesterday, we had roughly 2.5 times the volume we would have been expecting otherwise right after the

announcement. That's what we have seen; whenever travel is possible, there is an immediate surge on traveling and travel demand.

QUEST: Where does this go now?

We are going to move back to something -- I won't say normal but people will start to travel again. OK. Too late for the summer. But we are looking

at half term and midterm holidays in the autumn and Christmas break.

Are you expecting it to be a bumper one?

HEFER: We are expecting a similar pattern to the summer. In summer, whenever a market opened up, there was an immediate spike in the demand.

For the European to U.S. routes, we would expect a spike in relationship business travel and friends and family. All the trips you have pushed out

and wanted to do for a long time.

After that spike, there were normalizing events, which are continuing to rise from that level. So yes, a very, very strong demand and in the next

couple of weeks and months and more continuous recovery.

QUEST: The problem becomes with the continuous recovery. Once the VFR business is settled down and the leisure travel and the pent-up demand is

sated for the time being, you go into a winter which would have relied on business travel.

Do you have visibility to how business travel will recover?

HEFER: We don't have visibility yet. But we see basically two different trips of business travel. One is relationship trip, where you are meeting

with the key customers from time to time. That will come back quickly.

The other one is more transactional, project updates and internal meetings. There it will take a long time, even years, to go back to the old level, if

at all.

QUEST: The damage that's been done across the -- obviously the airlines, we know about but to the extent the hotels, less so. Many are big chains or

franchise operations.

Do you see long lasting damage having been done to the industry?

HEFER: I think there are two things worth considering. The one thing is there is a lack of trust in government. We have seen a lot of very short-

term actions that have been imposed with quarantine restrictions in many situations over the last two years.

I think we will need a normal year where all of us actually see the big governments are more stable in their actions and that it is more

predictable to travel and return. The other one is, obviously, a huge damage, financial damage to the industry. From our perspective, that will

lead to cost pressure and consolidation.

QUEST: Over the last couple of weeks, I have spoken to numerous hotel company CEOs. They are changing the product; so lifestyle rooms, rooms that

can be changed between work and sleep, meeting rooms. All these sorts of things are part of the new normal for the future.

What do you see as the new normal for the guests?

If one can extrapolate or can you generalize?

Can you see a trend?

HEFER: I think it is too early to tell. It will also be different by destination. I do think that a lot of companies will move to more hybrid

working models.

If you are going to an extreme setup, you will need to be able to spend a few days with your remote workers. So I definitely see the demand.

On the other hand, a large part of the work force is not working from home and cannot work from home. So it will be a bit mixed, depending on the

specific destination.

QUEST: I'm very disappointed in you, Axel. Last time we spoke, you will remember, I thought, brilliant. There we go. Victor arrives. I was hoping

that Victor was coming with you to the United States on this occasion.

How is he doing?

HEFER: He is back in school.

[15:35:00]

HEFER: Which is obviously very good for him. But he is still struggling with the new situation that I'm not working from home every day but going

to the office a few days per week. And also started traveling again. So, yes, I guess we all need to an adapt to the new normal now.

Otherwise, he is fine. He's with his friends again and it's a much better situation than we were before.

QUEST: Next time bring him with. We have ice cream.

(CROSSTALK)

(LAUGHTER)

HEFER: Absolutely.

QUEST: Things to spoil him with. Things that you will wince when we give him. Thank you, Axel. Good to see you.. I appreciate you taking time. The

best to you and Victor. It was one of those moments in the worst part of the pandemic that made us all just say, great. Thank you, sir, for coming

in.

It's amazing. All of these people are getting across the Atlantic.

Good to see you, sir.

Lifting travel restrictions on offers a new glimmer of hope for businesses. At the beginning, you'll remember we had the voice of the crisis. We spoke

to companies who were having difficult times at the height of the crisis.

I spoke to a Danish hair salon owner, whose business had all but disappeared when Copenhagen all but shut down. We also promised to visit

these people again, as I did on a recent trip to Denmark.

(BEGIN VIDEOTAPE)

QUEST: The urge to actually just say do your wildest.

UNIDENTIFIED FEMALE: I mean, do you dare?

QUEST: No.

Not too tight, don't strangle me.

UNIDENTIFIED FEMALE: I don't want you to feel uncomfortable in my chair though.

Do you want your legs up and a back massage on?

Yes?

QUEST: When we spoke in May of last year.

UNIDENTIFIED FEMALE: Yes.

QUEST: The salon -- you had been closed for a month. And it was the week after you just opened. You were very enthusiastic.

(LAUGHTER)

UNIDENTIFIED FEMALE: I was super happy.

It was nerve wracking to be on lockdown for a month for us and for some people, longer. And finally coming back to the clients and even though it

was a little bit of a hassle to get everyone rebooked and figuring out, how do we make time for everyone, it was pure joy to welcome clients again.

QUEST: Right.

(MUSIC PLAYING)

UNIDENTIFIED FEMALE: (INAUDIBLE) everything was so new that you know, we couldn't believe that Denmark could close down. We are so safe here. So it

was surprising that everything got very serious.

QUEST: So then you go through May, June, July, August. You do through the year and things get worse in December. You have to close again.

UNIDENTIFIED FEMALE: Yes, so we had to close again. We were very worried. In the beginning, you think, it is just a month. Maybe we can open again.

Everyone is like, this is just 2020. Everything will be better.

Then it's next year and we're still closed all the way until April, so a very long period of time.

QUEST: How difficult was it to stay in business for the four months, even with government help?

UNIDENTIFIED FEMALE: It was tough. I think especially for smaller salons. For smaller salons, I think it has been almost impossible. I think a lot of

salons had to close down or change the way they do things.

(MUSIC PLAYING)

QUEST: So you've reopened now.

What's the situation now?

UNIDENTIFIED FEMALE: Now we're a little bit more relaxed. The face mask is gone off. Everyone still needs a coronavirus passport. It is way more

relaxed. And we are almost back to normal.

(MUSIC PLAYING)

QUEST: How many customers do you think you lost or gained?

UNIDENTIFIED FEMALE: Oh, I don't know how many we lost. I don't think we lost any, really. I think everyone really started to value us a little bit

more and became very popular, supporting your local hairdresser and showing, you know, showing everyone and showed up.

(MUSIC PLAYING)

UNIDENTIFIED FEMALE: I feel like our company has really dealt with this in the best possible way. I do a lot of our social media. And I have been

happy that we had the time.

QUEST: You told people come and get your color. You did tutorials of how to cut your own hair. And people responded.

UNIDENTIFIED FEMALE: Yes. There was a great response, yes, especially with the color they can take home instead of going to the drugstore and getting

a box and then have to fix it after. Trust me.

[15:40:00]

UNIDENTIFIED FEMALE: We do have a lot to fix after five months of lockdown in the first place. First time you come in with green hair that you dyed

yourself, that is tough.

Just a tiny bit.

QUEST: (INAUDIBLE).

UNIDENTIFIED FEMALE: It's good, isn't it?

(END VIDEOTAPE)

QUEST: Oh, gorgeous. I wouldn't take a penny for it.

That's QUEST MEANS BUSINESS for the moment. At the top of the hour, we will get together as a dash for the closing bell.

Coming up next, "AFRICA AVANT-GARDE." This is CNN.

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QUEST: I'm Richard Quest. Two minutes to go and a dash to the closing bell. Tonight it is more like a stroll to the closing bell. The markets

bounced back after the worst day in months. The Dow is essentially flat. Down 3, up 3, you get the idea. You see the numbers. It is still off more

than 500 points from where we closed last week.

The S&P 500 and the Nasdaq up as well, well off the recent highs. Again, the damage has been pared. The travel industry is welcoming the reopening

of U.S. borders. Lufthansa and Virgin Atlantic are among those reporting a serious surge in bookings.

The CEO of Trivago told me his company is enjoying a boost. He expects prolonged recovery.

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HEFER: We are expecting a similar pattern to what we've seen in the summer. In summer, whenever a market opened up, there was an immediate

spike in demand. For the European nationals that are now opening up, we would expected a spike in relationship business travel and friends and

family.

All of the trips that you have pushed out and wanted to do for a long time. And after that spike, there was our normalizing events started to

continuously rise from that level. So very, very strong demand in the next couple of weeks and months. And then, more continuous recovery.

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QUEST: A quick look at the Dow to show you. The green in the Dow, despite the index, it's very small moves in one way. Disney is having a bad day.

It's off some 4 percent at the moment with the Dow and Cisco.

That's the way the markets are looking. That's the dash to the bell. I'm Richard Quest. The closing bell will be ringing in just a few seconds. I'm

off for the next week. I'm on the road, going to Amman in Jordan. If you see me, give me a wave.

Whatever you're up to in the hours ahead, I hope it's profitable. Closing bell is ringing. "THE LEAD WITH JAKE TAPPER" starts now.

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