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Quest Means Business
E.U. Targets Russian Coal In Fifth Round Of Sanctions; Western Sanctions Target Russian Oligarchs; Zelenskyy Pleads For Further Military Support; At Least Two Killed, Eight Wounded In Tel Aviv Shooting; Senate Votes To Confirm Ketanji Brown Jackson To U.S. Supreme Court; Tiger Woods Returns To The Masters; Marriott's CEO Gives Tour Of Essex House. Aired 3- 4p ET
Aired April 07, 2022 - 15:00 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
ZAIN ASHER, CNN INTERNATIONAL HOST: A mixed day for stocks after a negative open. The Dow and the S&P have sneaked into positive territory.
You see the Dow there, up about 130 points or so. Those are the markets and these are the main events.
E.U. Ministers raised to complete a fifth round of sanctions against Russia, including a phased ban on coal.
Despite seizures of luxury yachts and homes, a few Russian oligarchs are speaking out against Russia's war on Ukraine.
And a remarkable comeback for Tiger Woods. The golfer is shooting par in his first round since this serious accident.
Coming to you live from New York, it is Thursday, April 7th. I'm Zain Asher, in for my colleague, Richard Quest, and this is QUEST MEANS
Good evening, tonight, the European Parliament is demanding a full and immediate ban on Russia energy. Lawmakers adopted a nonbinding resolution
to stop imports of Russian oil, gas, coal, and nuclear fuel. The vote was nearly unanimous. It comes as E.U. Ambassadors tried to finalize the latest
round of sanctions, that package would target Russian coal although report suggests a full ban would not take effect until August. The E.U.'s top
diplomat, Josep Borrell says he expects the block will begin next week to address Russian oil imports.
(BEGIN VIDEO CLIP)
JOSEP BORRELL, E.U. HIGH REPRESENTATIVE FOR FOREIGN AFFAIRS: On the package of the fifth sanctions, which is being discussed today, its only
goal. But they will be discussed on Monday with the Foreign Affairs and Culture Ministers and sooner or later, I hope sooner, it will happen.
(END VIDEO CLIP)
ASHER: Clare Sebastian joins us live now from London. Clare, good to see you. So the question is how does the E.U. impose the strictest energy
sanctions on Russia without harming their own economies just as badly, walk us through that?
CLARE SEBASTIAN, CNN BUSINESS CORRESPONDENT: Well, they can't, Zain, that is why this is the subject of so much debate. That is why they've waited
until this point in the conflict to even start discussing energy. There isn't any way, particularly at a time where inflation is already so high in
Europe to avoid impacting the economies by doing this.
Now, they are starting with coal. This is what is on the table. This is what is being discussed this week. We think that they are going to get a
deal by this Friday. Coal is not significant, particularly to Russia in terms of monetary terms, it would deprive them a European embargo about
$4.3 billion in revenue per year. That's according to E.U. Commissioner Ursula van der Leyen. She has said that that is, you know, that is a start,
and we hear that they're going to start potentially discussing oil on Monday.
And this is what is important about this. This is the start. This is a statement that the E.U. is willing to consider disrupting its own energy
supply chains to really try to end this conflict in Ukraine. Coal in itself, unlikely to do it. Oil, though, is Russia's biggest single export
and O.E.C.D. Europe by 60 percent of it. So a critical market and very important that they're talking about starting those talks on Monday.
ASHER: And Clare, you think about a country like France, they depend on Russia for about 20 percent or so of their energy needs. So, that's one
thing, but a country like Germany, for example, how worried are they especially when it comes to increased sanctions, particularly in the area
of natural gas.
SEBASTIAN: Extremely worried. Then we heard today from the CEO of Deutsche Bank, Christians Sewing who said that he expects a substantial recession in
Germany if there is disruption to Russian gas. Germany depends on Russia for more than half of its gas, and they have already said that they want
their citizens and their industry to start using less energy, just in case there is some kind of disruption.
And if there is energy rationing, if they have to move to that state of affairs, it would affect industry first, and that would really put the
squeeze on the economy.
Germany is already facing inflation at 7.3 percent in March, and there are many people who consider that it is at high risk of recession. This, of
course, Europe's biggest economy, so that would have ripple effects throughout the bloc, as well as of course, the other members of the E.U.
facing their own issues if there is disruption to Russian gas. That's why they're not there yet. They're not discussing this yet in terms of gas just
so far coal initially and then potentially oil next week.
ASHER: All right, Clare Sebastian, live for us there. Thank you so much.
All right, the E.U. Executive Vice President said nothing is off the table when it comes to sanctions. Speaking to Julia Chatterley earlier, Margrethe
Vestager said they're working to reduce their dependence on Russian energy and spoke about the brutalities happening in Ukraine.
(BEGIN VIDEO CLIP)
MARGRETHE VESTAGER, EUROPEAN COMMISSIONER FOR COMPETITION: Nothing can answer that, except, of course, that those responsible are put to justice.
So on ground now, the Ukrainians with assistance from us, among others, are collecting the evidence of these war crimes, but we will continue to work
on sanctions and nothing is off the table.
JULIA CHATTERLEY, CNN BUSINESS ANCHOR, FIRST MOVE: I know the aim is to reduce the Alliance across the E.U. by near 80 percent, just under, by the
year end, which I think would be incredibly swift and ambitious. And clearly there are skeptics.
Has the commission modeled what the impact would be of a swifter ban?
VESTAGER: Well, we haven't done than that. We're in the process of doing so. We think that by the end of the year, we can have decreased our
dependency on gas with two thirds. That's really ambitious. And it takes of course, a number of suppliers to help out with liquefied gas for much more
renewable to kick in our grid much faster.
But that said, also for every citizen to pay their part their part. It can be done even faster and we're in the processing process of modeling how
that will happen. But obviously, it will not come without effect also on our side, I think everyone should be absolutely clear about it.
But this is a global situation. The fallout of this war may be food shortages in a number of countries in Northern Africa. So, I think it's
really important that everyone realizes that we have to do something together. And one of the things I'm really grateful of is cooperation
between the E.U. and the U.S. on the sanctions because that is what drives this economic response to the war.
(END VIDEO CLIP)
ASHER: Vestager says the E.U. has set aggressive targets to end its dependence on Russian energy. The bloc has not yet banned Russian oil or
gas. It could still enact a full financial embargo. The E.U. has sanctioned Russian oligarchs, frozen Russian assets and banned Russian ships and
planes from its ports and airspace. Even the value of the ruble has rebounded from sanctions, thanks to a step taken by the Russian Central
Speaking last night, Ukrainian President Volodymyr Zelenskyy said new sanctions are helpful, but it is not enough.
(BEGIN VIDEO CLIP)
VOLODYMYR ZELENSKYY, UKRAINIAN PRESIDENT (through translator): Today, Western countries have adopted new sanctions against the Russian
Federation, blocking new investments into Russia and restrictions on some banks in Russia, adding sanctions and other restrictions, this package
looks effective, but it is not enough.
(END VIDEO CLIP)
ASHER: Ken Rogoff was chief economist at the I.M.F. He is now a Professor of Economics and Public Policy at Harvard University. He joins us live now.
Ken, thank you so much for being with us. You think about some of these sanctions, banning any new sort of investment into Russia, by anyone in the
United States, sanctions against Russian banks.
What do you think are the most effective tools, the most effective economic tools that the U.S. and the E.U. has at their disposal to curb Russian
aggression, especially when it comes to the right type of sanctions?
KEN ROGOFF, PROFESSOR OF ECONOMICS AND PUBLIC POLICY, HARVARD UNIVERSITY: Well, they have certainly pulled a lot of the levers and the one that just
I think blew people's minds was that they froze the reserves of the Central Bank, which is almost tantamount to, I wouldn't quite call it a default,
but a suspension of convertibility of U.S. debt to Russia. It's remarkable. It's been done, you know, for in a couple other small cases, but not like
But clearly, energy is continuing to give Russia money. Russia doesn't just depend on energy for its exports, but the Russian government depends on
energy for its tax revenues. It is paying for the war. Gas is important, oil is actually three times as important as gases. And of course, as long
as the rest of the world is buying energy from Russia, it is helping pay.
Now, if we cut off, it doesn't mean it won't go elsewhere to China, but I think it would have a pretty dramatic impact nevertheless.
ASHER: So right now, you talked about oil and gas, for example. But there is a debate right now about banning imports of Russian coal. How
significant is coal in all of this, financially?
ROGOFF: I mean, I think it is much less significant than the other two, but it is very politically tolerable because Europe, you know, wants to be
green and so they are banning coal. I think they're going to end up doing more.
And I must say although the Germans say that it would be, you know, put them into deep recession, I think I've seen a number of estimates that
suggest it wouldn't be so bad for so long. They do need to find a way to share gas around Europe. There are parts of northern Italy, for example,
that are very, very dependent on Russian gas. So they need to find a framework or trying to work together to spread the costs, but I don't think
it's something that's not manageable.
ASHER: So what would be a realistic timeline? If Europe was going to say: Listen, we have to wean ourselves off of Russian energy completely, when
would be a realistic sort of date or year to have as a goal?
ROGOFF: Well, it's going to be painful whenever they do it, but I think it would be realistic to do it immediately, you know, to do it within a couple
of weeks. This isn't something that's undoable.
It's like anything. There is special interest, there are people who would lose a lot. You need to try to find a way to compensate that, we're not
very good at that, even in our democracies, but it depends on how motivated they are to do it.
I mean, there is no question that that's the big thing fueling Russian finances at the moment. Russia has plenty of money because they are
collecting funds from all their energy exports.
ASHER: And in terms of -- I mean, we've spoken so much about the possible effect on countries like Germany, if Germany had to wean itself off of
Russian natural gas. But what about the long term or rather short term effects on the U.S. economy of some of these sanctions? Be it just the
Russian sanctions combined with higher energy prices here in the U.S., higher gas prices? On top of that, the Fed rate hikes we're going to be
seeing this year. What do you think the overall economic impact of this war and sanctions that follow is going to be on the United States?
ROGOFF: So frankly, on the United States, they are way smaller than for Europe, and I think, the big thing that people are feeling are gas prices,
inflation, and inflation was already in a bad place. There are all sorts of supply chain issues. But the big losers, the countries that are really,
really vulnerable, are countries that depend on food imports, Ukraine, and Russia combined, I think for five percent of global wheat exports, or
something, I'm sorry, it's a much larger number, 30 percent of global wheat exports, very important in energy.
So there are a lot of countries feeling this. I mean, for the United States, it's politically difficult because Americans are just never that
tuned to foreign problems. But I think Ukraine has gotten a lot of attention.
ASHER: Energy aside, the number of sanctions we've seen against Russian banks, what sort of impact is that having on the country?
ROGOFF: On the U.S. or on Russia?
ASHER: On Russia?
ROGOFF: Well, it's been less immediate than people thought. So some people thought that when we put all these sanctions, cut them off from the global
clearing system from Visa, Mastercard, they would fall apart, their payment system would collapse, people wouldn't be able to use the subway, and to
some extent, Russia has been preparing for this. But it's certainly a long term drain on the economy. We're talking about Russia, certainly having a
recession, worse than during the pandemic 10 to 20 percent of GDP fall. It's a phenomenal kind of recession Russia is having, of course, they view
themselves as in a war. They have a whole propaganda effort, energizing people around this, but of course, it's quite severe.
I don't know, will it change anything in Russia? That's hard to know. I mean, we haven't succeeded in North Korea, Cuba, Iran, et cetera,
Venezuela, but I think, you know, it's certainly helpful, and the sanctions need to be pushed on as hard as we can.
ASHER: All right, Ken Rogoff live for us there. Thank you so much for joining us.
Ordinary Russians are feeling the impact of the sanctions, but measures against the super-rich have yet to change the course of the war or make
them publicly challenge their President.
CNN's Nina dos Santos explains why.
NINA DOS SANTOS, CNN CORRESPONDENT (voice over): Another week, another sanctioned asset seized. On Monday, Spain took possession of this super
yacht, The Tango, owned by tycoon, Viktor Vekselberg. The seizure follows others in France, Italy, and the U.K.
' But now in the invasion's second month, experts acknowledge that pressure on Moscow's once omnipotent oligarchs is having a limited effect.
TOM KEATINGE, DIRECTOR OF THE CENTER FOR FINANCIAL CRIME AND SECURITY STUDIES, ROYAL UNITED SERVICES INSTITUTE: Neither one would certainly like
to see a much more vocal community of oligarchs using what little leverage they have with Putin to at least make him understand the misery he is
inflicting on Ukraine.
DOS SANTOS (on camera): Do you think you'll see that
KEATINGE: I think it's pretty unlikely. We've seen what how happens if people cross Vladimir Putin and these individuals who have been sanctioned
won't want to go the same way.
(PRESIDENT VLADIMIR PUTIN speaking in foreign language.)
DOS SANTOS (voice over): Last month, Russia's President, a man accused of poisoning his adversaries, which he denies said traitors will be spat out
The U.S., the U.K., and the E.U. have together sanctioned over 1,000 Russian elite and defense firms making it illegal for Westerners to provide
them with cash or services. Yet only a handful have so far spoken out against the invasion.
Bank boss, Mikhail Fridman and the aluminum magnate, Oleg Deripaska, both under sanction have broken ranks with the Kremlin and called for the
bloodshed to end.
Fridman, born in Ukraine says he has limited sway these days.
MIKHAIL FRIDMAN, RUSSIAN-ISRAELI BUSINESSMAN: It just creates enormous pressure for us personally, but we do not have any impact for political
KEATINGE: Their line has been that they have no influence, so they're innocent in all of this. I don't think many people believe that.
DOS SANTOS (voice over): Former government officials like Anatoly Chubais and Arkady Dvorkovich have let it be known that they are against the events
in Ukraine, neither agreed to speak to CNN on camera.
Roman Abramovich's attempts to mediate in peace talks haven't stopped his prized Chelsea Football Club and a fleet of boats from being hit either, as
he now tries to sell the team. He has denied links to Putin, saying none of his activities merited sanctions.
DOS SANTOS (on camera): Public opinion is certainly souring against Kremlin connected cash, especially here in prime parts of Central London.
This mansion behind me was broken into by squatters who made their way up onto the balcony and unfold a sign in protest at the war in Ukraine.
The reason they said they targeted this particular edifice was because they believed it to be owned by a Russian oligarch.
DOS SANTOS (voice over): That oligarch, Oleg Deripaska recently said, quote, "All sides would lose out with tragic consequences for the entire
KEATINGE: When it comes to sanctions on oligarchs, they are frankly symbolic, they are totemic. They of course, keep the issue in the public
DOS SANTOS (on camera): So in essence, this is a PR exercise.
KEATINGE: It's definitely a PR exercise.
DOS SANTOS (voice over): Authorities appear to be aware of this. On Wednesday, the U.S. said it will now target the assets of Putin's two adult
Nina dos Santos, CNN, London.
ASHER: All right, still to come here on QUEST MEANS BUSINESS, the U.N. expels Russia from the Human Rights Council of NATO promises to give more
weapons to Ukraine. The latest on today's diplomatic moves.
ASHER: The U.N. General Assembly has voted to suspend Russia from the Human Rights Council over atrocities in Ukraine. In Brussels, Ukraine's
Prime Minister begged NATO for more weapons quote, "before it's too late." The Alliance agreed to send more arms including weapons against chemical
U.S. Secretary of State Antony Blinken says that NATO has been responding to Ukraine's needs.
(BEGIN VIDEO CLIP)
ANTONY BLINKEN, U.S. SECRETARY OF STATE: I talked to Foreign Minister Kuleba multiple times a week and we're constantly going over what it is
Ukraine needs, what it is we're providing, what it is we're helping other allies and partners provide. And again, you'll have to, you know, ask him,
but I think we were just together maybe an hour ago, and I don't want to put words in his mouth, but I think he said very clearly, the appreciation
that he has and that Ukraine has for the support that we have been consistently providing.
(END VIDEO CLIP)
ASHER: Nic Robertson joins us live now. So Nic, here is the thing.
When it comes to sort of figuring out the right type of weaponry to send the Ukrainians, I mean what -- how does NATO balance helping the Ukrainians
defend themselves without further escalating tensions with Russia?
NIC ROBERTSON, CNN INTERNATIONAL DIPLOMATIC EDITOR: I will give you a very quick and short answer to that, it's by not talking about it, not telling
us, not making it public. Just a couple of days ago, NATO officials were talking about the potential supply of tanks, a potential supply of armored
vehicles. But asking the Secretary Blinken here or asking NATO Secretary General Jens Stoltenberg precisely what Ukraine was getting in the urgent
manner that they're asking for it with the clear need that they have for it and NATO recognizing that clear need and understanding the urgency. There
were no specifics, that's quite odd.
There are a number of reasons for that. Potentially, one is not to give any tactical information away to Russia, who may be waiting to target those
supply chains. And potentially as well try not to heighten tensions between Russia and NATO.
You know, for example, Ukrainian tanks in the battlefield, Russia knows Ukraine has tanks. If NATO says we're sending tanks, and we're sending this
number or whatever. When these tanks show up and start hitting Russian troops, then Russia can turn around and say, well, these are the tanks that
are coming from NATO, and we hold you accountable and whatever goes with that, which would be raised tensions.
But if there's no statements about the tanks going, then Russia doesn't have that information. And they'd be left with the knowledge potentially,
that potentially these were Ukrainian tanks. But perhaps I'm breaking it down too far here. But we don't -- the bottom line is we don't know and I
think that gets to what Secretary Blinken was saying that he is having the conversation, he is hearing what is being said, they're giving the
Ukrainians what they think that they need, he said what they can -- we can put in their hands and they can use immediately.
What's not on the list? We don't know. We know that jets were taken off the list, if you will, of potential things to be sent. But what is happening
now, we really don't know.
ASHER: All right, Nic Robertson live for us there. Thank you so much.
The fighting in Ukraine is shifting to its eastern Donbas region and the country's Foreign Minister says the battles will be reminiscent of World
War Two. He says the offensive there has not yet reached its maximum level, and it will involve thousands of tanks, armored vehicles, planes and
Ukraine's President has again pleaded with the international community for more support, he says his country needs crippling sanctions against Russia
and weapons as well.
Ed Lavandera is in Odessa with more on the developments on the ground. So let's talk about the Eastern region now of Ukraine. How prepared is the
Donbas region for this renewed assault from Russian troops?
ED LAVANDERA, CNN CORRESPONDENT: Well, you know, this is a region of the country that has already taken a battery for more than a month now, so
they're exhausted. There is talk of obviously, Ukrainian military officials aren't really saying exactly how they're maneuvering and redeploying. But
you can imagine that with Russian forces evacuating from Northern Ukraine that all of those resources would then begin or most of those resources
would begin focusing on that Eastern region.
But this is an area that is all already starting to see a much more besieged in nature. In various regions there in Eastern Ukraine, we're
hearing reports today of shelling at railway lines that are essentially the probably the only really kind of excellent routes for evacuation for many
of the residents in those regions.
LAVANDERA: And in the Luhansk region, officials there are saying that virtually every hospital in the region has been destroyed or shelled in
some way. And obviously, that makes it incredibly more difficult to provide medical services to wounded soldiers and civilians there in the ground. So
you already starting to get a sense of the heightened nature and the concern about what might be coming in the days and weeks ahead.
ASHER: So what type of weaponry -- I mean, we've heard from Ukraine's Foreign Minister say listen, the one thing that my country needs is weapons
that we need weapons not just in months from now, but literally days. We need weapons as soon as possible. What type of weapons is needed on the
LAVANDERA: Yes, they're going to want and use all of those. The heavy weaponry on the ground, artillery, specific artillery that helps them, you
know, like javelins, and that sort of thing that will help them target ground forces on the move. And we are hearing that from military officials
all throughout Southern Ukraine.
There's also been talk of coastal defense systems that would help stave off some of the Russian warships that are out in the Black Sea. The U.S. has
talked about that. But a lot of the people and what we're seeing on the ground here in Ukraine is really the preparations and the bracing for a
much more protracted ground war and all of the dangers that come with that.
I mean, that is a really exhaustive and tedious way of waging war on the ground here and that's what they're bracing for.
ASHER: Ed Lavandera live for us there. Thank you so much.
All right, still to come here: A desperate journey for survival being repeated millions of times over. We hear from those being told to leave
Ukraine while they still can.
ASHER: Hello, I'm Zain Asher, more QUEST MEANS BUSINESS in a moment, when we'll check in on one of the greatest comeback stories in history. Tiger
Woods returns to Augusta one year after a devastating car crash.
And Marriott's CEO took over the hotel during the height of the pandemic. Now he tells Richard he is leading the hotel giant into a new era. Before
that, though, the headlines at this hour.
ASHER (voice-over): The Speaker of the U.S. House of Representatives has tested positive for COVID. A spokesperson says Nancy Pelosi is fully
vaccinated and boosted and is not showing any symptoms.
She had tested negative earlier this week before attending a White House event with President Biden just yesterday.
A source says Germany has intercepted radio communications, where Russian troops talk about shooting Ukrainian civilians. The source says the German
foreign intelligence service has briefed a parliamentary committee about the communications. They suggest that Russian forces have engaged in war
crimes, despite Moscow's denials.
Shanghai on Wednesday registered nearly 20,000 new COVID-19 cases. Millions of people across China's financial hub have been under strict lockdowns for
days, some now in desperate need of medical care and food. The government says it is trying its best to improve the situation.
ASHER: I want to bring you some breaking news: two people have been killed and at least eight people wounded after a shooting in Tel Aviv. Two
people killed, eight wounded after a shooting in Tel Aviv. Those statistics, those figures, according to a hospital spokesperson there.
We know a manhunt is underway. Lauren Izso is in Tel Aviv for us.
What do we know at this point?
LAUREN IZSO, JOURNALIST: Hi, Zain. Well, actually that number of eight injured has grown to 10 injured, at least as far as we know and, like you
said, two people died in the shooting, in the center of Tel Aviv.
It's an extremely busy area, right in the downtown area of the city. And just to give you a picture of the area, tonight it's Thursday night. So
many, many people were out and about, at bars, restaurants, walking around, when the shooting rang out.
So it's a very, very critical time for something like this to happen. And as you know, there were three other terror attacks in the last few weeks
recently, where 11 Israelis died. So this is an ongoing situation in a string of what we think might be a terror attack; it has not yet been
We don't know if there might be more than one shooter that is responsible for this attack that took place. The police have not confirmed yet whether
or not it was just one or more than one or if any have been taken down or caught.
Right now, where I'm standing, there are hundreds of police officers and dozens of police vehicles and still many, many crowds of people, who, I
guess, were out on the streets when the shooting took place, even though the police have urged people to go back into their homes, not even to come
out on the balconies to look outside, it seems to be very much an ongoing situation.
ASHER: Yes, as you point out, Lauren, context is important here, because, of course, this comes on the back of a spree of attacks that have left more
than a dozen people dead there in just the past week or so, two weeks or so.
Has Naftali Bennett spoken on this yet?
IZSO: He has not yet spoken about the attack. We know he's being briefed on everything going on in the military headquarters, not to far from here.
It's in Tel Aviv. We are surely to get some kind of statement from him in the coming hours.
ASHER: All right Lauren, thank you so much.
All right, history was made on Capitol Hill today. The U.S. Senate voted 53 to 47 to confirm Judge Ketanji Brown Jackson as the first Black woman to
the U.S. Supreme Court. She won support from all Democrats and three Republicans. Judge Jackson will replace retiring justice Stephen Breyer.
CNN's Lauren Fox joins us live now from Capitol Hill.
ASHER: History being made here in a Supreme Court that looks a little bit more like the United States itself. But at the same time, though, only
three Republicans voted in favor of her. Walk us through that.
LAUREN FOX, CNN CONGRESSIONAL CORRESPONDENT: Well, this is still an extremely partisan process up here on Capitol Hill, Zain, despite the fact
that, like you said, there were three Republicans who crossed the aisle.
Maybe the most surprising among them, Mitt Romney, a Republican from the state of Utah, who has crossed the aisle before and voted with Democrats on
contentious votes like impeachments in the past.
He tends to vote with Republicans on policy ideals and issues around abortion for example. But Romney also joined those other two Republicans,
Susan Collins and Lisa Murkowski, to vote with Democrats to confirm Judge Jackson to the Supreme Court.
And he said essentially this was in part not just about her qualifications, which he said were glowing, but also about the fact that this has become
such a bitter process in Washington, such a bitter process in the Senate Judiciary Committee, that he wanted to set an example, a tone going
forward, about how these kinds of procedures should be going.
There was a time when getting a Supreme Court justice through would get you 80, 90 votes, despite who the president was appointing that justice.
Now these are some of the closest votes in history. But a significant moment today. I should also note that lawmakers were seated in their desks,
at least most of them. There were a few members, who, one, showed up late; Senator Rand Paul of Kentucky. Another two were voting from the cloak room
because they weren't dressed appropriately, two Republicans.
There are very strict rules about what you can wear in the well of the Senate. But this was a moment that came with the pomp and circumstance
surrounding the historic nature of this nomination, Zain.
ASHER: Lauren Fox, live for us there, thank you so much.
All right. This is QUEST MEANS BUSINESS, more of the day's top stories next, including the Tiger roams the green again, a remarkable comeback for
Tiger Woods at the Masters.
ASHER: It's lining up to be one of the greatest sporting comebacks ever. Tiger Woods teeing off at the Masters in Augusta, Georgia, a sight many
thought they would never see again, just one year after a horrendous car crash, in which Woods sustained serious leg injuries.
ASHER: Despite that, though, the five-time Masters champion made a solid start,, shooting an even par through his first nine holes.
ASHER: Still to come here on QUEST MEANS BUSINESS, interview with the CEO of Marriott. He took over the hotel chain's top job during the pandemic.
Now he's optimistic about its recovery. That's next.
ASHER: Just in to CNN, the E.U. approved a fifth round of sanctions against Russia, set to target Russian coal, although reports say a full ban
will not be set in place until August. The bloc now set to discuss measures against oil next week.
The new CEO of Marriott took on the job in the midst of the pandemic in February 2021. But now that Marriott Hotels are once more open for
business, he took Richard Quest on a tour of the prestigious Essex House hotel in New York and laid out his vision for Marriott's brands.
RICHARD QUEST, CNN HOST: Well, there it is.
ANTHONY CAPUANO, CEO, MARRIOTT INTERNATIONAL: Quite a building. It's obviously, once in a lifetime real estate. The hotel and the building and
the signage have such rich history, it just felt like it belonged back in the system.
QUEST: I want to know what you'll do with Marriott.
How are you going to change it to reflect your priorities?
CAPUANO: I'm not sure it will change radically. It may just shift some emphasis. This is a company that, for nearly a century, was built on taking
care of our associates, taking care of people.
That will continue to be a top priority. Our company culture is probably a bit of a overused word in business. Our culture is real, powerful,
measurable and a tremendous competitive advantage.
But it's been bruised a bit through the pandemic. We've had to make some heart-wrenching decisions. So clearly one of my priorities, as I focus on
people, is to repair and nurture that culture that served us so well.
QUEST: You know how many properties you've got in New York?
CAPUANO: Over 100.
QUEST: Over 100?
CAPUANO: We do. We do.
QUEST: So you're competing against yourself?
CAPUANO: No, we are offering every price point, every product for every type of trip type. I want to keep 100 percent of your travel wallet. The
way I do that is I have the right products in every market you want to travel, for every trip.
QUEST: Don't you also have to, to some extent, create properties that people love?
CAPUANO: We absolutely do.
QUEST: That's, you know, I mean when I'm traveling sometimes for business, I'll think Marriott; I know what I'll get.
CAPUANO: I talk to guests everyday that say I love staying in Courtyard. Without turning on the light, I know where the phone is, I know where the
light switch is. I get the same coffee and muffin from the bistro every morning. They love that consistency.
I get notes from other guests that say Addition is my favorite brand, because I walk into the Addition in Barcelona and there is such a sense of
place and such a Spanish menu. And so we've got, with 30 brands, at least the potential to satisfy all those needs.
QUEST: Do you think we will perfect pleasure, in the sense that -- I think back to my 30 years of travel and business. I probably have done pleasure
twice because it just never actually -- you've got to really work at it.
CAPUANO: I would have thought that it requires a bit more advance planning, I joked with someone the other day, I could -- prepandemic, I
could pack for a trip to Asia in a carry -- in a roll-aboard with my eyes closed. Leisure requires a little more thoughtfulness about your travel.
It causes you sometimes to break one of my cardinal travel rules and actually check a bag, which is terrifying sometimes. But I did a bleisure
trip, I was a business traveler, I was a group meeting attendee. My wife flew over and we spent a couple days of holiday.
So I was living that blended travel. And it was terrific. It just required a little more thought.
QUEST: The ballroom.
CAPUANO: Quite a room.
QUEST: It really is. Great echo as well.
CAPUANO: You think about the way business has evolved during the recovery. Much of the business demand that we saw, business meeting demand, it's
But it's a slow and steady recovery. And the team here has done such a remarkable job of pivoting toward leisure travel. So you think about the
pent-up demand for weddings, family reunions, bar mitzvahs and birthday celebrations.
CAPUANO: And to be able to offer at the front door of Central Park a room like this, we've seen, prepandemic, about 45 percent of the business in
this hotel was leisure; last year it was upwards of 60 percent.
QUEST: All right, put your armor on.
CAPUANO: I'm ready.
QUEST: The destination fee.
The destination fee. The resort fee was bad enough but that is perhaps, possibly, I'm only going to concede the point, justifiable.
But the destination fee.
CAPUANO: Let's talk about the destination fee here. I believe it's about $35. You get four times value for that $35. You're getting opportunities to
use some of what we call the beautiful front yard, the skating rinks and some of the other things that Central Park has to offer.
But again, if you're a business traveler, just here for one night, the way we've constructed the destination fee, you're getting dollar for dollar
value on food and beverage side.
ASHER: That Richard Quest interview there with the CEO of Marriott.
Just moments left to trade on Wall Street, the final numbers and the closing bell right after this quick break.
ASHER: There's just moments left to trade on Wall Street. U.S. stocks are higher after reversing course in the past hour. The Dow set to finish about
100 points higher after dropping as much as 300 points earlier in the session.
That marks a reversal after two days of back-to-back selloffs sparked by hawkish Fed minutes. See the Dow there up about 94 points or so.
Let's take a look now at Dow components across your screen. Health care, consumer staples and tech, those are the areas, all in the green, as
investors play it safe.
All right, let's take a look over at the Nasdaq. Big names like Alphabet, for example, Tesla, Meta, all wiped out early losses and are now trading
I see the Dow there again up about 84 points or so. Oil has recovered earlier losses. Prices slid on concerns Europe would not be able to
sanction Russian energy. And after some countries released reserve stocks, Brent and WTI both still hovering at around $100 a barrel.
All right. That is QUEST MEANS BUSINESS, the closing bell is ringing on Wall Street. I'm Zain Asher in New York. "THE LEAD WITH JAKE TAPPER" is up
next. You're watching CNN.