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Pentagon Gives Update On War In Ukraine; Residents Outraged Over Shanghai's Latest Quarantine Policy; Ukrainian Marine Commander Says Mariupol Is Hell On Earth; IMF Cuts Global Growth Forecast For 2022-23; Yellen: The War Has Made An Already Dire Situation Worse; Dash To The Bell. Aired 3-4p ET
Aired April 19, 2022 - 15:00 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
ANNOUNCER: This is CNN Breaking News.
RICHARD QUEST, CNN BUSINESS ANCHOR: Good evening. I'm Richard Quest in New York, a different hour to bring you as we're waiting for a Pentagon
briefing, President Biden says the U.S. will send more artillery to Ukraine. Its eastern cities are falling under heavy Russian bombardment.
You can see the podium there at the Pentagon, where John Kirby is expected any second now. They tend to be quite prompt when they actually begin their
President Biden has spoken to NATO and G7 allies concerning their political and military support for Ukraine. You'll be aware of course, the U.S. has
already put forward an $800 million package that's already now delivering drones, cannons, and other heavy duty equipment. So what we're waiting for
is to see what more is being announced.
And also, to get the Pentagon's view on the battle currently underway in the Eastern Donbas region. Now, Mariupol, which is there, the fighting is
focused on this steel plant, where the city's last defenders are holding out at the moment.
So two reasons why we do need to hear from the Pentagon today, and as soon as that briefing begins, will be with it to hear John Kirby and to hear
some of the questions.
The military perspective now with Colonel Cedric Leighton. Colonel Leighton is with me, retired U.S. Air Force Intelligence Officer and one of our
military analysts and as always, Colonel, I'll apologize when I interrupt you, if I interrupt you because the briefing is starting.
What do we need to hear? What are you listening for?
I'm stopping you before you've even got started. Because here he is, my apologies, sir. My apologies. The Pentagon briefing.
REAR ADMIRAL JOHN KIRBY (RET.) PENTAGON PRESS SECRETARY: ... Margarita Robles to discuss security assistance for Ukraine. We thank the Minister
for the Spanish contributions to NATO's eastern flank and Spanish security assistance that's been provided to Ukraine. He also noted that allied
support is making a difference in terms of the battlefield progress for the Ukrainians, who continue to fight courageously to defend their country. And
of course, the leaders agreed to stay in touch and we'll have a fuller readout later.
I also want to note scheduling-wise, the Secretary will be welcoming his Polish counterpart here at the building tomorrow for a bilateral meeting,
of course, focused on Ukraine, and then again on Thursday, with his Czech counterpart here in the building for another bilateral discussion, again,
focused very much so not only on our relationships with these individual countries, but of course, what's going on in Ukraine, and obviously, we'll
provide you a readout information of those.
Okay, with that, we'll go to questions -- Bob.
QUESTION: Thank you, John. I just wonder if you can give any update on the status of the plans for training in Europe or Ukrainians on the Howitzers
and radars and some of the other items from this latest package.
And also I know you're just getting started on that latest package, but is there room -- in Secretary Austin's mind, is there room to expand even
further the kinds of assistance that can be given to Ukraine that would be suitable for this new offensive that the Russians are conducting in the
KIRBY: So, a couple of thoughts there. I don't have any updates for you on the training, on the Howitzer training. But there is a plan in place and
we're beginning to execute that -- that plan to get that the training done.
Again, it will be for a fairly limited amount of Ukrainian trainers that will then go in and train their colleagues. It will be outside the country.
But right now, we're just not in a position where we can sort of detail a lot of this. But there -- but the plan is in place and we expect to be able
to get that training accomplished very, very soon, in a matter of days.
And again, I think we'll be able to have more to talk about a little bit later in the week on that. And as for what's in the drawdown package I
think, you know, you saw we detailed all the items that are going into that. And that -- and we're focused right now on sourcing those items.
On the Howitzers specifically, I think that you'll see them move very, very soon. I don't have any shipments to speak to today, but I think that you'll
see them move very, very soon as well as the ammunition that goes with them.
And as I think I said yesterday, you know, we've definitely sourced the 18, we know where they're coming from. It's really just a matter now of getting
them packaged up and getting them on the way. They'll be coming from the United States, and, again, I think it's really very, very soon, matter of -
- matter of days here.
KIRBY: And same for the ammunition, we believe we'll be able to pull virtually all of that out of pre-positioned stocks that are already in
Europe, so it won't take very long to get the artillery rounds where they need to -- where they need to go.
And as for the other systems, I don't have any specific training scenarios to speak to with respect to the two radars, the two portable radar systems
that we are providing Ukraine.
Again, we don't believe that in those cases that there is going to be any - - anywhere near an onerous training process for that. These are counter artillery radar, and a portable air defense radar system, the Sentinel,
which you tow behind a vehicle.
It's not equipment that the Ukrainians intrinsically know how to use, but we don't believe it's going to take very long to get them the proper
familiarization. I just don't have any plans on that to talk about.
QUESTION: My other questions was about whether you're considering a wider array of weaponry or other kinds of support beyond this?
KIRBY: For this pack -- for this package that we're working on now, we're working on the systems we already announced that are part of that. And to
answer, I think to answer your question, they are exactly the kinds of systems the Ukrainians have been asking for and they are tailored and
designed -- the things that we're giving them tailored and designed for the fight that we know they're in now in the Donbas and will be in coming days
So I mean, artillery, the radar systems, the coastal defense unmanned systems that we're talking about. As well as, again, continued deliveries
of small arms and ammunition. Which I know doesn't get the attention of everybody, but it is still a vital, vital contribution in terms of the
security assistance packages we've been providing.
Since the invasion, we have helped deliver, not just from our stocks, but from stocks of other nations, more than 50 million rounds of small arms
ammunition of various calibers -- 50 million. And that's the kind of stuff that the Ukrainians are literally using every single day since this
So all of that will also be factored into this package going forward.
QUEST: So, we'll take a pause there from John Kirby and the Pentagon briefing, and joining me Colonel Cedric Leighton, 50 million rounds, and
the small arms and the necessary things.
He was very much at points to say that they're sending the things the Ukrainians want, but they're not sending all of them, are they?
COL. CEDRIC LEIGHTON (RET), CNN MILITARY ANALYST: That's right. Yes. It is very interesting, Richard, you made that point, and I think you're very
right to focus on this.
The one thing that the Ukrainians really want is what they would need to achieve air superiority and even air supremacy, in other words, fighter
jets, and you know, what they would call a no-fly zone. So that's, that's something that, of course, is not in this package and I don't see that
happening in the foreseeable future. But that foreseeable future could change very quickly. Based on what happens in the Donbas in the next few
weeks, I believe.
QUEST: Do you get the feeling that if it looks likely that the Ukrainians start losing in Donbas, and let's face it, there is now the most formidable
amount of Russian firepower going against them from elsewhere in Ukraine that's been brought there, would the U.S. change the composition of
armaments, different missiles, different systems, and if so, what would you send?
LEIGHTON: Yes, I think that's a very good question. So if that were to happen, if the Ukrainians were to start to lose in the Donbas where it got
to the point where it would threaten the survivability of the Ukrainian regime, I think what you would see is a rush to get all kinds of artillery
pieces in there, probably more tanks, not necessarily of the T-72 variety, which is the Russian-made tank that the Ukrainians are very familiar with,
actually have already in their inventory, and they're getting augmentation from some of our NATO allies, you know, for that, but potentially weapons
from an actual U.S. manufacturer or British manufacturer or even French manufacturer.
So, these are the kinds of things that I would expect that would see an incredible rush to get as much more material into Ukraine as possible. And
then of course, the training pipeline would be much more difficult because things would have to be rushed there and mistakes would inevitably need to
be made in terms of the training, but it wouldn't be something that you know, would be a kind of a full press -- a measure that would be done in
order to get this kind of weaponry to them.
QUEST: Do you think that at the end of the day, this is a war that is being prosecuted by Russia against Ukraine, but essentially, Ukraine is
defending itself with Western weapons? I mean, without them -- I guess what I'm heading to is, the West isn't fighting the war against Russia, but de
facto the West is at war, because it is proxying them through Ukraine.
LEIGHTON: Right, Ukraine is absolutely the Western proxy in this conflict. And, you know, there is a difference between the reality on the ground and
the rhetoric from our political leaders in the United States. We've talked about the fight between democracy and autocracy. Well, this is it. This is
how the fight between democracy and autocracy looks.
And this is why these kinds of weapons, you know, that we already have in this pipeline are going there. But a lot more will need to happen if the
battlefield is going to be equalized, to any great extent. And also, if we want to see the Ukrainians protect their territorial integrity, that is
going to be the major thing, and in order to do that, a lot more will have to be done.
And the other thing that will also have to happen, Richard, is they are going to have to be very careful, the Ukrainians are, not to get their
armies encircled by the Russians. This is a really big danger just based on the geography of what we're dealing with here with the Donbas region being
in the eastern part, and the Russians' territory in the south, the east, and in the northeast.
That is going to be a major thing and it's going to be a tough thing to fight no matter what weapons are there and how many there are, and this is
something that will have to be taken into consideration if we want to protect the territorial integrity of the Ukrainian state.
QUEST: Colonel, thank you. Very interesting there. You gave you much food for thought as we watch how Mariupol and the further Donbas campaign
continues. I'm grateful, sir. Thank you.
As we continue in just a moment, well, you don't have to wear masks -- no mandate, no mask. Transport operators in the U.S. are dropping masks and we
will hear from airline pilots of the United States in a moment.
QUEST MEANS BUSINESS.
QUEST: In China, outrage is growing over Shanghai's strict COVID lockdown policy. Residents are lining up for testing, and China's Vice Premier says
anyone who tests positive for COVID or has been in close contact with someone who has will be sent to a quarantine facility.
We have more now from CNN's David Culver who is there.
DAVID CULVER, CNN INTERNATIONAL CORRESPONDENT: Chinese officials vowing that all positive COVID-19 cases and close contacts will go to government-
designated quarantine sites right here in Shanghai without exception. Now the comments come as the community or societal spread of the virus is
expected to end soon. That does not mean this is all over, in fact, it could be far from over.
Instead, it means they aim for cases to only be detected inside the isolation facilities.
As the lockdown for millions in China's financial hub continues, videos online show senior citizens in Shanghai, some in their 90s being
transferred to government-designated quarantine centers.
One patient in a warehouse turned quarantine center told CNN that he saw a group of elderly patients, some in wheelchairs being transported from a
nursing home after they've tested positive.
There has also been an uproar over online videos that appear to show perfectly good vegetables donated to Shanghai being dumped. Now, the
government says the vegetables rotted during transportation and the donor recalled them.
But the videos show workers dumping hundreds of boxes of vegetables into garbage cans and in one video, you can actually hear a worker say, "All of
them are still fresh, and now they're dumped. It's such a pity."
Sometimes getting food here, along with some of the medical care that folks need, it has been a real challenge. Many Shanghai residents have been
experiencing food shortages and difficulties buying food during the weeks of lockdown. Social media videos and posts also show donations couldn't
reach people's neighborhoods due to logistical obstacles.
Meantime, Shanghai plans to launch another mass PCR testing to screen most of the residents here on Wednesday, and they are going to continue the
daily testing for those living in buildings that have reported positive cases over the next three days or so.
Outside of Shanghai, so far, at least 47 cities are under either a full or partial lockdown as authorities here in China try to curb the spread of
David Culver, CNN, Shanghai.
QUEST: Russia's assault on the plant in Mariupol could have devastating consequences, not only for the Ukrainian fighters; also, for hundreds of
civilians reportedly sheltering there.
CNN's Matthew Chance with this report, and I need to warn you, it does contain disturbing images.
MATTHEW CHANCE, CNN SENIOR INTERNATIONAL CORRESPONDENT (voice over): These are the kids Ukrainian officials say are at ground zero in the battle for
Mariupol. This video posted on government social media, which CNN can't verify shows dozens of children said to have been sheltering for weeks in a
basement in the city where Ukrainian forces are holding out against Russian attacks. Kids distracting themselves from the battles above.
(CHILDREN speaking in foreign language.)
CHANCE (voice over): "We play with these toys, build things, and imagine things," this little boy says.
Do you want to get out of here, they are asked.
(CHILDREN speaking in foreign language.)
CHANCE (voice over): "Yes, yes," they will shout.
But the adults here know that is unlikely to happen anytime soon.
(WOMAN speaking in foreign language.)
CHANCE (voice over): "I'm with my three children and conditions are not the best here," this parent says. "There is no way to study, not much food
and my kid's teeth are starting to spoil," she says.
But the alternative, surrender to Russia may be worse.
Above ground, Mariupol has borne the brunt of Russia's brutal invasion. Latest images show the extent of the devastation. One Ukrainian Commander
has called this "hell on earth."
The troops defending the city concentrated at the vast Azovstal steelworks are refusing to surrender. Ukrainian officials say they will fight until
DMYTRO KULEBA, UKRAINIAN FOREIGN MINISTER: The situation in Mariupol is most dire militarily and heartbreaking. The city doesn't exist anymore. It
seems from the way Russian Army behaves in Mariupol, they decided to raze the city to the ground at any cost.
CHANCE (voice over): But Ukrainian forces in Mariupol are making sure that erasure is painful. This video shows a counter attack ad against Russian
forces by the Ukrainian Azov battalion with their soldiers throwing grenades at Russian forces in the city.
It is an act of resistance, but the outcome may be unchanged.
CHANCE (voice over): Already, the human toll of this battle for Mariupol has been appalling, with thousands including many civilians killed.
But Ukrainian officials say another Russian offensive is now underway, posing another deadly threat to those trapped inside.
Matthew Chance, CNN, New York.
QUEST: As the war continues and the sanctions bite, so it is well known, of course, that inflation is being felt around the world.
Food prices, for example, are spiking across Latin America, too, and that's tens of thousands -- thousands of miles away as Stefano Pozzebon shows us,
it is hurting the region's most vulnerable people.
STEFANO POZZEBON, JOURNALIST (voice over): In the slum of Pamplona Alta, in the outskirts of Lima, Elena Rodriguez had some shopping for her lunch
service. Rodriguez works as a cook in a soup kitchen, preparing meals for some of the most vulnerable residents of the slum.
But lately, even a simple soup has become too pricey.
ELENA RODRIGUEZ, COOK IN SOUP KITCHEN IN PAMPLONA ALTA (through translator): Before things were accessible, everything -- vegetable,
potatoes -- now all that is very expensive. Prices have gone up so much, I don't know what to do anymore.
POZZEBON (voice over): Rodriguez said she started cutting down on meats to keep her cooking at an affordable price, but her situation is far from
In the Brazilian City of Rio de Janeiro, her colleague Antonio Gilmar has a similar recipe.
ANTONIO GILMAR, BRAZILIAN COOK (through translator): Poor people can only eat fish, sausages, and chicken. They can forget about meat.
POZZEBON (voice over): Inflation triggered by the Russian invasion of Ukraine and by rising oil prices around the world, he said is hard in Latin
America, where millions are exposed to rising food prices, with no safety net to fall back on.
Peru's inflation in March reached the highest level in 26 years, while Brazil had last seen these levels of inflation when it created a new
currency to escape an inflationary wave in the 1990s.
In Argentina, long the textbook case on hyperinflation, President Alberto Fernandez launched a new offensive against an old foe.
ALBERTO FERNANDEZ, ARGENTINIAN PRESIDENT (through translator): On Friday, we start a new war, it's the war against inflation.
POZZEBON (voice over): Prices are spiking just as economies were beginning to recover from the impact of the COVID-19 lockdowns. According to the
United Nations, an additional 14 million Latin Americans have gone hungry since 2019.
Thousands have taken to the streets, in Brazil, where inflation will play a key role in the presidential elections later this year. But in Peru, where
at least six people died during this general strike against rising fuel prices. In Pamplona Alta, Rodriguez has managed somehow to fill her pots
and lunch will be served for now.
Outside her kitchen, the pots are empty, filled only with cries of anger, hunger awaits us.
Stefano Pozzebon, CNN, Bogota.
QUEST: Now, to the markets and how they're trading. It's been a strong day, we're at the best of the session, one and a half percent up. This is
despite the worsening situation, the inflation worries and all the news that we're talking about.
But then the market has been beaten up quite considerably over the last few days and the latest corporate earnings are not bad. They may not be what
people want, but they're not bad and 35,000 on the Dow is getting close.
The good strong session on the NASDAQ, again, if you've done -- look at the Dow 30, and you'll see. This is always a good one because there you go.
There's your reason for the Dow being so high, Boeing is up nearly four percent and Disney is up, both have been beaten up sharply.
So the market overall strong on corporate results possibilities and on what's happening.
When it comes to diamond production, Botswana is only second to Russia itself. We all know the problems of diamonds now from Russia.
In today's episode of "Connecting Africa," Eleni Giokos speaks to the head of a Botswana diamond producer and finds out the war in Ukraine, what it is
meaning for the sector?
ELENI GIOKOS, CNN BUSINESS AFRICA CORRESPONDENT: Okay, so diamonds don't like uncertainty. When you see what's happening in Eastern Europe right
now, is it worrying?
LYNETTE ARMSTRONG, MANAGING DIRECTOR, DEBSWANA: Definitely it is of huge concern. You know, whilst we operate right at the bottom of Africa, the
truth is that our markets are right out there where it's happening in these first world countries.
So what is happening in Russia is naturally of concern to us. I mean, they -- you know, they deal with diamonds. That's who we are. That's what we
ARMSTRONG: So, you know, rather afraid that there could be negative connotations towards us. As Debswana, our position really is how resilient
can we be? We need to have plans in place that if we need to reduce production and respond to what is happening in the market, we're able to do
so at the same time, if the opportunities around increase demand in the market, we are able to do so as well.
GIOKOS: Because it only assured the sanctions on Russia, right? Which scenarios do you think are more likely now?
ARMSTRONG: It's very difficult, to be honest, you know, on a daily basis, this environment is changing. And, you know, we're just hoping for the
best. I'm not in a position to say whether it'll have a positive impact on pricing, it is a very sensitive area.
One domino affects another, so we've just got to be very careful.
GIOKOS: I want to talk about your marketing diamonds to the rest of the continent, right, we've got the continental free trade area which has gone
live, but what opportunities are you seeing there in terms of getting Africans to buy African diamonds?
ARMSTRONG: I think, you know, the closest that I can talk to is DeBeers opening a store in Botswana a few years ago at our airport. So there is a
realization that there is a market in Africa. Without doubt it is untapped, and it represents an opportunity for the future.
GIOKOS: Your government is trying to lure more people in. You're trying to lure in more tourists. You're trying to lure in more investors and there
are a lot of interesting points that you could really capitalize on, so how does the diamond story fall into this?
ARMSTRONG: The opportunities are there for our citizens. I think we've had plenty positive commentary, very excited about the store, and you know,
everyone talking about is there more opportunity in terms of employment created in-country through stores, boosting the local cutting and polishing
So it is an area I think that we need to focus on more and the whole idea is really to position Debswana and say, well, you know, what else can be
done? What are the opportunities that we can explore?
QUEST: "Connecting Africa."
When we come back sunflower oil, now, it was a relatively inexpensive and widely available before the war in Ukraine. After the break, the country's
top sunflower oil maker, it should be planting season for next year's crop or this year's crop I should say, but anyway, it's not and we'll talk about
why and how it's going to happen, in a moment.
QUEST MEANS BUSINESS.
QUEST: The IMF is comparing the war in Ukraine to an earthquake, whose economics effects are rippling far and wide. The fund, like the World Bank,
has slashed its growth forecasts and now expects global economy to expand by 3.6 percent this year and next.
It's a sharp drop from the 6 percent you can see there that was cut from 4.4 percent to 3.6 percent. And that's assuming the escalation doesn't
continue or it doesn't get worse.
The economic challenges lying ahead are different in different parts of the world. So starting with the advanced economies, especially the U.S. and
E.U., aggressive tightening as central banks try to rein in galloping inflation.
Look at developing and emerging markets, hurt by rising food and energy costs because of the war. The IMF says they've suffered a big capital
(INAUDIBLE) but not as much as fear (ph).
In the poorest and (INAUDIBLE) most indebted countries (INAUDIBLE) seeing risking -- rising risk premiums, their debts harder to manage with
disruptions to food exports increasing as well.
The IMF's chief economist, Pierre-Olivier Gourinchas, joins us now from Washington.
(INAUDIBLE) today it's the first time talking to you as the chief economist. It is good to have you with us.
Reading -- I mean, inflation is one thing and developing economies are dealing with it. But the so-called awful phrase "spillover" is going to be
so dramatic in those countries that can least afford it.
PIERRE-OLIVIER GOURINCHAS, CHIEF ECONOMIST, INTERNATIONAL MONETARY FUND: Yes, and, indeed, what we're seeing is a very significant downgrade for
productions and for -- especially the low income countries. They're going to be squeezed between a rock and a hard place.
I mean their interest rates are going to be rising, that's going to increase interest payments on their debt. The need to support domestic --
vulnerable households, domestic population in terms of increasing food and energy price, which represents a big share of the consumer basket in these
And fiscal space is just not there. So for a number of them, they will require external assistance. And that's something that the Fund and other
international organizations are working to coordinate.
QUEST: What is also interesting, of course, is that the developed world will not be able to play its traditional role as the engine of growth
because, as you say, in the weo (ph) right, the falling -- sorry, the high inflation and rising interest rates leads to, and in my word, not yours and
I know the reason why, the developing world is heading to stagflation.
GOURINCHAS: Well, there's a slowdown in growth and there's an increase in inflation and so there is a need for several banks to really address the
inflation part in many events, the economies, not just the advanced economies, by the way; many emerging economies have already started
tightening monetary policy even last year.
But there's a need to do more (INAUDIBLE). So you're right that this is sort of going to slow down economic activity going forward. So it's not
going to provide a very strong engine of growth for the global economy and some sort of a safety line for the poorer economies.
QUEST: Pierre-Olivier, I'm going to cut us a little bit short today. The line is not good. I wanted to hear from you today because of those
important things you had to talk about, which we have done. But the line is not good and it is difficult in the U.S. to follow. So thank you, sir, for
Staying with the issues, U.S. Treasury Secretary Janet Yellen says rising food prices threaten to push 10 million people into poverty and she blames
Russia's war for the crisis and urged time at a conference on planet (ph) ministers to help cushion the blow.
(BEGIN VIDEO CLIP)
JANET YELLEN, U.S. TREASURY SECRETARY: Poor nutrition and food insecurity have serious implications for economic well being, social and political
YELLEN: The war has made an already dire situation worse. Price and supply shocks are already materializing, adding to global inflationary pressures,
creating risks to external balances and undermining the recovery from the pandemic.
(END VIDEO CLIP)
QUEST: So let's put it at its grassroots level. Here are two common grocery items that most of you might enjoy, a bag of chips, that will not
survive the afternoon, once Roland (ph) gets his hands on them, my producer, and a bottle of cooking oil, sunflower cooking oil, that Pamela
will probably lift and take home as well.
Now the raw material for both of these products, which is, of course, the sunflower oil and sunflower oil does -- is in short supply. Ukraine
typically produces around half the world's needs.
But the war has stalled this month's planting and cut critical supply chains. At the end of March, prices were up 40 percent from last year. And
that's going to drive up the cost of these -- and these are the luxury items in parts of the world where sunflower oil is a staple.
Ievgen Osypov is the CEO of Kernel, Ukraine's top sunflower oil maker, he joins me now.
So as I get it, there are two problems. One is the planting of this year's crop and two is the distribution of that which is in supply.
IEVGEN OSYPOV, CEO, KERNEL: Yes, you're absolutely right. Hello. And I want to describe the situation, in a few words. As you mention before,
Ukraine is the number one of -- for sunflower oil producer and exporter and we produce 7.5 million tons per year and we export 7 million tons per year.
Kernel is number one sunflower producer in Ukraine and exporter as well and there is -- 94 percent of this oil is exported through the seaports. And
now, all of these ports are blocked by Ukrainian military wests (ph). And it's impossible to make export now.
QUEST: Right, so you have the problem of getting last year's out. But if the farmers can't plant this year and I'm not sure, I mean, where those
fields are, how easy it will be to get any form of crop into the ground this year because of the war.
OSYPOV: You know, despite the war, Ukraine started to the planted season but our estimation is that this season reach the crops, not more than 70
percent or 60 percent compared with last season. It's a huge decrease in the crops of sunflower in Ukraine.
QUEST: I'm noticing, I'm just reading on the back of this bottle, I have a bottle of sunflower oil here and it says product of -- and then it gives
various different countries, oil product of France, Argentina, Spain or Ukraine.
If you take Ukraine out of the sunflower oil business, if you will, what happens to prices?
OSYPOV: I believe it could be nightmare with the prices, because no one country (INAUDIBLE) are not ready to bridge this gap and it's (INAUDIBLE)
such case, it's really difficult to predict the price for sunflower oil on the shelves.
QUEST: And the goal is for that crop that you have and that product you've made to get it out from the West, isn't it, to create distribution and
transmission lines out the West?
OSYPOV: You know, it's a very complicated question, because, for example, now, our export volume reach only 10 percent like we have before the war.
For example, our export revenue for months for our company was $0.5 billion per month. Now we have only $20 million. It's a huge difference.
And in such case, if there's imports still being blocked for the end of this year, for example, it means that in the next season, Ukrainian farmers
are not going to plant the sunflower seeds at all. And it's even more declines in sunflower oil production in the world.
QUEST: Sir, I'm grateful you've talked to us tonight, we'll follow through with this in the weeks and months ahead to see how it's going. Thank you,
though, I appreciate it.
And a look at the markets as I bring to at the moment, it's -- we're up the best of the day, 556 points on the Dow. I'll be with you at the top of the
hour. Together, we're going to make a dash for the closing bell. You can see the triple stack shows good gains, best on the Nasdaq.
QUEST: And coming up next, "LIVING GOLF."
QUEST: Hello, I'm Richard Quest, together, let's have a dash to the closing bell. It's just two minutes away. Markets are up strongly for no
particular reason other than they've been beaten down. And there are still earnings. More than 60 companies reporting in the S&P 500 between now and
So the Dow is at the best of the day, up about 500 points and the Nasdaq doing even better, again above 2 percent as investors remain optimistic
over the corporate earnings they're seeing.
The U.S. Treasury Secretary Janet Yellen worrying about rising food prices that will push tens of millions of people into poverty. Ukraine's a major
food producer for things like sunflower oil. And disruption is already pushing food prices higher.
The head of Ukraine's biggest sunflower oil company told me prices will soar if shipments can't leave the country.
(BEGIN VIDEO CLIP)
OSYPOV: Yes, 94 percent of this volume is exported through the seaports and now all of those ports are blocked by Ukrainian military wests (ph) and
it's impossible to make export now.
(END VIDEO CLIP)
QUEST: Boeing is amongst the leaders on the Dow Jones. The (INAUDIBLE) says it's resumes flights of the 787-800 after the March crash. Travelers
is down 5 percent despite strong earnings. Nike is at the top but it's a strong performance also by the banks and co, Goldman, Morgan, American
Express, all riding up as well.
That's the dash to the bell, I'm Richard Quest. And whatever you're up to in the hours ahead, I hope it's profitable. We're just about at the best of
the day. The Dow is up 520-odd points.