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Quest Means Business

FBI Executes Search Warrant At Trump's Florida Home; Biden Speaks After Signing Chips Act Into Law; More Food Shipments Leave Black Sea Ports; Tennis Legend Serena Williams To Bow Out This Year; East Africa's Largest Economy Hold Elections. Aired 3-4p ET

Aired August 09, 2022 - 15:00   ET

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

[15:00:34]

ZAIN ASHER, CNN INTERNATIONAL HOST: Limited losses today across Wall Street. Let's take a look here and see how the Dow is doing. The Dow is

pretty much flat, down 60 points or so. Investors are in a wait and see mode until fresh US inflation data comes out tomorrow.

Those are the markets and these are the main reasons why: The FBI searches Donald Trump's home, a sign the former US President could be under criminal

investigation.

The votes are being counted in the race to become Kenya's next President.

And goodbye, center court, hello venture capitalist. Serena Williams announces she's going to step away from tennis.

Coming to you live from New York. It is Tuesday, August 9th. I'm Zain Asher and this is QUEST MEANS BUSINESS.

Tonight, growing calls for answers in Washington after Federal agents carried out an unprecedented search at Donald Trump's resort. The former

President said FBI agents raided his home at Mar-a-Lago in Florida. Agents were investigating Mr. Trump's handling of presidential and classified

documents that may have been brought there.

Mr. Trump was in New York at the time, so he wasn't there. But it's one of a number of legal challenges he is facing as he considers whether to run

again for President in 2024, which he likely well.

Leyla Santiago is in Palm Beach, Florida, not far from Mar-a-Lago. She joins us live now. So Leyla, what are we learning about what led FBI agents

to raid this property? To raid Mar-a-Lago in the first place? Just walk us through what specifically in terms of presidential documents, classified

documents, what were they looking for?

LEYLA SANTIAGO, CNN CORRESPONDENT: Well, Zain, we are still waiting for a lot of details that are in that search warrant that remains sealed. So we

still don't know exactly what it was that they were looking for, exactly what it was that they have that they may have taken from the home.

But I can walk you through sort of what led up to this.

Remember, in recent months, it was the National Archives, who by the way, responsible for sorting and collecting presidential documents that walked

away from what you see right behind me, the former President's primary residence, about 15 boxes of document we are told by sources close to the

investigation that there were about 15 boxes of records, including classified material, so that was a few months ago.

Then you fast forward to where we got to yesterday, and we understand that yesterday morning, the FBI executed a search warrant. They went in, focused

primarily on two areas of Mar-a-Lago. We're talking about the former President's office, as well as the personal quarters for the execution of

this search warrant.

We understand that Trump was not in the home at the time, that he was in New York. We have no reason to believe that he is here today. But, again,

still a lot of questions remain unanswered as to what exactly they took.

We know that they took something because his son has confirmed it, because his own attorney has confirmed it. Remember, it was the former President

who made the announcement that the FBI was at his home executing this search warrant.

And I can tell you in terms of what has happened outside of the walls of Mar-a-Lago, we are seeing that this is playing out kind of with his base.

We're seeing a lot of supporters that have lined up the road where we are right now, the bridge right behind his home.

So this is part of the politics at play that comes with the former President's announcement of what happened in terms of how it has riled up

his base. That is what we are seeing play out on the outside of the walls of Mara Lago -- Zain.

ASHER: Yes, we are in uncharted territory. This is certainly unprecedented. Leyla Santiago, live for us there. Thank you so much.

Legal experts say it takes specific criteria to get a search warrant in the United States. Prosecutors need to show probable cause to a Judge that a

specific crime was committed and that the search will likely reveal evidence of the crime.

Investigators visited Mar-a-Lago in early June looking for information on potentially classified documents as well.

[15:05:11]

Jennifer Rogers is a CNN legal analyst and former Federal prosecutor. She joins us live now.

Jennifer, thank you so much for being with us.

So given all of that criteria, assuming the evidence shows that perhaps there was a crime that was committed, what is the likelihood that a former

President of the United States ends up getting charged here?

JENNIFER RODGERS, CNN LEGAL ANALYST: Well, that's an interesting question. And it's more interesting, because from the reporting, it appears that the

crime that's being investigated that caused the search warrant to be executed is mishandling of classified information and/or violation of the

Presidential Records Act.

So normally, when you have a search warrant executed, it is pretty clear that prosecutors are looking to charge someone. They are gathering

evidence, they're likely to charge if they find the evidence that they are seeking whatever crime it is they are investigating.

But here, there is another reason that Federal prosecutors and the FBI wanted to retrieve this information and that's national security reasons.

If you have classified information that's out there, that's being mishandled, held in an unapproved manner or information that belongs not to

the President personally, but to the United States under the Presidential Records Act, then that information needs to be retrieved.

So because there are kind of potentially these dual purposes, the recovery of that information and also potentially investigation of criminal charges,

it muddies the waters a little bit as to whether if in fact, they gather information that could prove a crime, they will actually charge that crime.

So we kind of have to wait and see how this plays out. Of course, we know there are also other investigations into the former President. So whether

that impacts what they decide to do with this particular investigation is also something that we have to find out about.

ASHER: Right. So the question this time, though, is whether or not President Trump actually mishandled classified information in terms of

presidential documents and they also trying to show that he didn't just mishandled these documents, but that he willfully -- willfully, knowingly

mishandled these documents, i.e. willfully violated the law.

RODGERS: That's right. So one of the elements of the crime is that it would be willful, that it is intentional and purposeful. So, you know, it

can't just be that documents wound up at Mar-a-Lago, they would have to demonstrate that he knew they were there, he intended them to be there.

So either he ordered them to be packed up in the boxes and moved or he did it himself, that he knew they were there and if they charge a violation of

the classified information, statutes that he knew that they were classified also. So all of these things are elements that prosecutors would have to

prove.

Now, it's been reported that he didn't know about it, but you know, reporting is a far cry from proof beyond a reasonable doubt, which is what

prosecutors would want to establish before even bringing a charge, so that's down the road as well.

ASHER: It's important to note that this is not something the FBI would enter into, lightly. I mean, this is a huge deal for them. And so for them

to actually go to these lengths, for them to actually decide to raid, I mean, this is huge. To raid the home of a former President, what evidence

would they have to have in order to actually carry that out?

RODGERS: So I don't actually like to call it a raid, it is a judicially authorized search pursuant to a warrant, but they need to establish

probable cause. And you can bet in this case, because it is the former President and Merrick Garland is proceeding so cautiously and carefully and

deliberately.

Then on the FBI side, this would have gone all the way up to the Director, Chris Wray, who, of course, is the Trump-appointed FBI Director and on the

DOJ side, Merrick Garland, who is the Attorney General, I believe both of those men would have reviewed this affidavit to make sure that it meets the

standard of probable cause and that all the evidence that the agent has to swear to and put into this affidavit that is reviewed by the Judge, that

it's legitimate, accurate information.

I think this is one of those where you've got to cross every T and dot every I to make sure that you establish probable cause to the Judge's

satisfaction.

ASHER: All right, Jennifer Rodgers, live for us there, thank you so much.

Meantime, US President Joe Biden celebrating a big win for his administration. He signed the Chips and Science Act into law. It includes

subsidies of over $50 billion for semiconductor production and research.

In the past year, shortage of chips has disrupted production in a host of industries. Here is what the President had to say.

(BEGIN VIDEO CLIP)

JOE BIDEN (D), PRESIDENT OF THE UNITED STATES: This bill I'm about to sign, a law in my view, represents what I've always believed: America is

the only nation in the world, and I believe this in every fiber of my being -- the only nation in the world that can be defined as I've told Xi Jinping

several years ago, by a single word.

He asked me to define America for him when I was in China, and he and I were alone in the Tibetan Plateau. I said I can do it in one word and I

mean it, "possibilities." In America, everything is possible.

(END VIDEO CLIP)

[15:10:10]

ASHER: Executives from Micron, Intel and HP attended the signing. The White House says the new law is already spurring investment.

For example, it says that Qualcomm plans to increase domestic chip production by 50 percent. The head of Indie Semiconductor, a US-based chip

designers said the new incentives will make a difference.

Donald McClymont spoke about them on FIRST MOVE.

(BEGIN VIDEO CLIP)

DONALD MCCLYMONT, CEO AND CO-FOUNDER, INDIE SEMICONDUCTOR: Inside the Chips Act, there are provisions which allow direct awards for companies

such as ourselves who are designing and building the technology, which will ultimately be manufactured and likely US manufacturing as a result of that.

So for us, it allows us to continue sharpening our game, make our competitiveness greater and continue to invest in the United States and

have our design teams very close to our customers, which to a large part are, in our case, are in the US.

(END VIDEO CLIP)

ASHER: Investors, though, are less optimistic. Shares in major chip makers are lower on worries about demand and that is helping weigh down the major

averages. The tech heavy NASDAQ is solidly lower. Investors are also waiting to see the latest US inflation number. The July CPI report comes

out on Wednesday.

There are some signs that inflation may be slowing. Gas has been trending down for 50 consecutive days, a survey of online prices found a two percent

decrease from June to July.

Matt Egan is live for us from New York. So Matt, when you hear this idea that online retail prices may actually be coming down. That would on the

surface seem to be welcome news. However, there's a bit of an issue here as to the reasons why. A part of the problem here is over supply, just walk us

through that.

MATT EGAN, CNN REPORTER: Yes, that's right, Zain. You know, I do think that big picture, it is a welcome sign that online prices are falling,

actually down one percent year-over-year in July, according to Adobe.

Now, this really wouldn't be news at all at any other point, because for the longest time, e-commerce was really a land of falling prices, right?

Because it's just so easy to price shop online. If I want to, I don't know, buy a new bike for my son, I can go easily check all the websites of the

major retailers and make sure I'm getting the best deal and I could do that without even leaving my living room.

But then there was COVID and COVID cause, as you can see on your screen, starting in June of 2020, prices started rising for the first time in the

e-commerce world, and there are actually 25 consecutive months of inflation here and that finally just snapped in this new report that came out showing

that prices fell in July.

Now, if you look at some of the categories here, you can see there were big drops for electronics, for toys, apparel price is down by one percent year-

over-year right ahead of back-to-school season.

And as far as you know, why this is happening, some of it is for good reasons. It is because supply is finally catching up with demand. So much

so that you know, some retailers like Target and Walmart, they have been forced to cut prices because they just have too much stuff.

But then there are also some other concerning factors, which is that you know, some people are just starting to buy less stuff because they can't

keep up with inflation because consumer confidence has gone down. And some items are still getting more expensive.

If you look at grocery prices, they are up year-over-year, online grocery prices up sharply more than 13 percent, pet products a lot of people

obviously adopted dogs and cats during COVID, tools and home improvement. I do think though, you know, if you take a step back, you look big picture.

The fact that this area of the economy that was always deflationary is returning to that is a sign that perhaps things are starting to get at

least somewhat back to normal.

ASHER: All right, Matt Egan, live for us there. Thank you so much.

Serena Williams has announced she is retiring after the US Open. What she'll do after she is done with tennis. That's next.

(COMMERCIAL BREAK)

[15:16:59]

ASHER: Moments ago, President Biden signed documents ratifying the expansion of NATO to include Sweden and Finland. He said it is a watershed

moment for the Alliance, and that more allies will increase its ability to respond to threats, particularly after Russia's invasion of Ukraine.

(BEGIN VIDEO CLIP)

BIDEN: NATO has proved the indispensable Alliance committed to Europe whole, free, and at peace. Today, we see all too clearly. NATO remains an

indispensable Alliance for the world of today and the world of tomorrow.

Our Alliance is closer than ever, it is more united than ever and when Finland and Sweden bring the number of allies to 32, we will be stronger

than ever.

(END VIDEO CLIP)

ASHER: More food shipments are making their way out of Ukraine after a recent deal with Russia to unblock exports. On Monday, 11,000 tons of

soybeans and almost 50,000 tons of corn were dispatched from two Black Sea ports heading for Italy and Turkey. Millions more people around the world

have gone hungry since the start of the war as Russia's blockade on Ukrainian ports pushed the grain prices to record highs.

The Continental Farmers Group is playing a crucial role in Ukraine right now processing some of the wheat that is being harvested.

Let's speak to the CEO, Georg von Nolcken.

Georg, thank you so much for being with us. How on earth do farmers plan in an environment like this, just given all of the uncertainty surrounding

this war?

GEORG VON NOLCKEN, CEO, CONTINENTAL FARMERS GROUP: Good day, thank you very much for inviting me.

Well, planning is quite relative, as you can imagine, since the 24th of February. It is incredibly difficult, our planning horizons have shrank.

All the logistics and all the processes that worked like a clock -- like a clockwise algorithm have had huge disruptions. We are facing huge trouble

in the logistics.

A lot of our colleagues that are located in the east of the country are facing severe disruptions of their production. They have got active

fighting in the areas you can imagine so that planning is nearly impossible in these circumstances.

ASHER: And do farmers actually trust that this deal brokered by the UN that it will actually hold? What are you hearing?

VON NOLCKEN: I think we look at this carefully, but also with optimism. We need to be clear about a couple of things here. Opening the ports is

crucial for Ukraine's agribusiness economy, and it is also crucial for feeding the world.

But what we have at the moment with the amount of ships that by now have left Ukrainian ports -- Ukraine's ports -- the amount that has been brought

out of the country is less than 0.5 percent of what needs exporting from here.

[15:20:08]

So, there is still a lot of work to be done. We all understand, it is quite a volatile environment. It is potentially a fragile agreement. So from my

perspective, from our perspective, every ship is a success, but it is still a very, very long way to go.

ASHER: And we have sort of only a fraction of the shipments that are supposed to be leaving the port actually getting to leave, that means

there's a pileup of grain at the ports. What does that mean for storage right now? How complicated is the process of actually storing all of this

grain?

VON NOLCKEN: It is extremely complicated. As I've said, it's been a clock that has been working here over the years in a very distinct chain of

events from the field, through storage, through logistics, through the port, and then from ships that eventually brought the crops to find the

customers -- all of this is disrupted.

Now, that means we've got about 40 percent of last year's exportable volumes still stuck in Ukraine. This needs exporting. We have got another

harvest that is being brought into storage right now. And quite frankly, if I speak to a lot of my colleagues, and if I look at the general situation

in the country, it is quite likely that if exports do not significantly pick up further from where we are now, that part of the crop in Ukraine

that is in the fields right now and should be harvested all the way through November cannot be harvested, because there's simply no storage where to

put it.

ASHER: Georg Von Nolcken, thank you so much for being with us.

To Haiti now where gangs are gaining the upper hand in a brutal war with police. For months, the capital, Port-au-Prince has been trapped in a cycle

of violence, with some communities being cut off from food and basic supplies.

Now there are fears that young children may actually be at risk of starvation as the country grapples food and fuel shortages, as well as

soaring inflation.

CNN's international security editor, Nick Paton Walsh rode along with a SWAT team in Port-au-Prince.

(BEGIN VIDEOTAPE)

NICK PATON WALSH, CNN INTERNATIONAL SECURITY EDITOR (voice over): The descent into the abyss in Haiti is fastest here. The one certainty is when

the police SWAT team we are with cross into gang territory, they will take fire.

It is now a prolonged war for control of the capital.

(UNIDENTIFIED MALE speaking in foreign language.)

TRANSLATION: Where are they shooting from?

PATON WALSH (voice over): The police need to prove they can be here; the gangs, the police cannot and it is ordinary citizens who are caught in

between. Here, a passenger on a civilian bus that was hit in the street.

(UNIDENTIFIED MALE speaking in foreign language.)

TRANSLATION: Take the injured people to the hospital. Make sure you take them to the hospital with the armored vehicle. You guys are close to there.

PATON WALSH (voice over): In the days before, police said they've rescued six hostages in this same area and killed a leader of the 400 Mawozo gang.

Police struggle to hold ground so the gangs whose currency is kidnapping and drugs are gaining far too much, especially right here.

(GUNSHOTS)

PATON WALSH (voice over): Rounds hit the armed vehicle.

(GUNSHOTS)

PATON WALSH (voice over): They think they see where the gun men are.

(UNIDENTIFIED MALE speaking in foreign language.)

TRANSLATION: The building that says "SMS." The yellow and red one.

LOUDSPEAKER: Get away. You're too exposed. It's dangerous.

PATON WALSH (voice over): They run, but not like it's their first time under fire, perhaps even this day.

(UNIDENTIFIED MALE speaking in foreign language.)

TRANSLATION: As soon as we get to that point, anything that moves, light it up.

(GUNSHOTS.)

PATON WALSH (voice over): They slide back, perhaps the gang have fled down the alley.

PATON WALSH (on camera): It is this kind of intense violence that so many sites when they talk about spiral towards collapse.

PATON WALSH (voice over): The firepower they bring doesn't in itself change who is in control. Gangs are able to block main roads at will with

trucks.

(UNIDENTIFIED MALE speaking in foreign language.)

TRANSLATION: Stay behind the wall there.

PATON WALSH (voice over): It requires a major operation to clear them.

Gangs now often match or outgun the police. They have a bulldozer, too, demolishing rival's houses in one area, Cite Soleil. Locals fled at night

during 10 days of clashes in July that left over 470 dead, injured, or missing said the UN.

[15:25:11]

As the G9 Gang expanded control, burning and demolishing. Those who survived flood to nights here, where a mix of flies and rain stop them from

even sleeping.

(UNIDENTIFIED FEMALE speaking in foreign language.)

TRANSLATION: They burned my house in Cite Soleil and shot my husband seven times. I can't even afford to see him at the hospital. Down here, the

children are starving.

I have four kids, but my first is missing and I can't find him. I looked for him everywhere, but can't find him.

(UNIDENTIFIED BOY speaking in foreign language.)

TRANSLATION: My mother and father have died. My aunt saved me. I want to go to school, but it was torn down.

PATON WALSH (voice over): To see where acute desperation can lead, we traveled to where what's left that the government rarely treads.

Don't be fooled by the beauty. That is no paradise here. Only hunger, heat, trash, and the business of leaving.

Traffickers boats out to the Bahamas, Cuba -- Florida, if you're lucky. And while these places are sending Haitians back in record numbers, the US

Coast Guard is also stopping four times as many this year as the last.

These exits are what Johnny arranges

JOHNNY, MIGRANT SMUGGLER (through translator): If we die, we die. If we make it, we make it. I am the one who buys the boat, it can cost up to

$15,000.00. We're hoping to get 250 people for the next trip because the boat is big.

PATON WALSH (voice over): Not everyone made it on their last trip three months ago.

JOHNNY (through translator): The boat had an engine problem. Water got inside the boat? We called for help, but it took too long. Twenty-nine

people died on that trip.

PATON WALSH (voice over): These aren't people who usually share their trade secrets, but maybe now they're relaxed that the authorities of busy.

The boat is aging, scraps of net, plugging holes, engines not fixed yet. But this is where Johnny hopes 250 people will huddle, maybe as early as

next week.

PATON WALSH (on camera): I mean, not really something you want to be in on dry land, let alone out at sea for days.

PATON WALSH (voice over): One man tells us why he saved for a year to get into here.

(UNIDENTIFIED MALE speaking in foreign language.)

PATON WALSH (voice over): "I graduated and worked as a teacher," he says, "But it did not work out. Now, I am driving a motorcycle every day in the

sun and the dust. How will I be able to take care of my family when I have one? I'm not afraid. I will be eaten by a shark or make it to America."

A hope so remote it could only exist here where they say the choice is between fire and water even if all day every day already feels like

drowning.

Nick Paton Walsh, CNN, Port-au-Prince, Haiti.

(END VIDEOTAPE)

ASHER: The countdown has begun. In her own words, Serena Williams tells the world why the US Open will be her last tournament.

(COMMERCIAL BREAK)

[15:31:20]

ASHER: The queen of the court is putting down her racquet. Serena Williams told Vogue Magazine she will step away from tennis after the U.S. Open,

which is only a few weeks away. The 23-time Grand Slam winner says she's evolving away from tennis towards other things that are important to her.

One of those things is her startup investing firm, Serena Ventures. The company's blog says it has a stake in 16 unicorns, companies now valued at

more than a billion dollars, investments include for example, MasterClass, Daily Harvest, and CoinTracker.

Pam Shriver is a retired professional tennis player. She joins us live now from Santa Monica, California. She also talked about how important

motherhood is for her. And of course, you know, a lot of us know how difficult it is being working mothers. I can certainly not imagine how hard

it must be to be a mother and a full time professional tennis player who's expected to be at the top of her game. You retired in the late 90s. You

started having kids slightly after that. But just walk us through your thoughts on what that balance must be like motherhood while you're at the

top of your tennis game?

PAM SHRIVER, FORMER PRO TENNIS PLAYER: Yes, there's very few players in the history of tennis that have walked in Serena's steps and in fact, nobody in

their early 40s, so Serena, as always making history. I think, announcing her retirement today with some great deal of sadness, actually, when you

read the folk story, because she realized in order to grow her family at age 41, she couldn't do both unlike male athletes. So she pointed out sort

of the inequity there. But that's a natural inequity that something's we can change, right? But that's going to be something that we can't change.

You know, I think in many ways, it certainly is time when you consider how little she's been able to play in the last 13, 14 months, U.S. Open where

she won her first of 23 majors to come full circle and to retire at this year's U.S. Open. It feels like the right time and really on her own terms,

which wasn't the case last year at Wimbledon 13 months ago.

ASHER: This is a woman who I mean, she said that she picked up obviously you've seen King Richard as ally, but she said that she picked up her first

tennis racquet, roughly around age three if not earlier than that. So tennis has really been her entire life. And of course, we all know that if

you aren't going to make it to the top of the tennis game, it really does have to consume your entire life when it comes to practicing day in, day

out. As a former tennis player yourself, what did retirement feel like for you? Serena Williams talks about it really reluctantly, she doesn't even

like the word retirement. Tennis is clearly all she's ever known. But once you retire and you say goodbye to the game for good, what are those sort of

early days and months afterwards feel like?

SHRIVER: Well, for me, I actually had already started to make my transition into broadcasting of major tennis tournaments, thanks to ESPN and now

Tennis Channel as well. I have a tennis court in my backyard. My kids play. I've been able to play tennis with generations of my family. So for me

personally, I looked at it as never really needing to say goodbye to the sport of tennis, just to the elite level of being a professional player.

I mean Serena has earned $94 million, most ever by a female tennis player. And her four gold medals, 73 total titles, her to Serena Slams, there's

only one thing she hasn't done in the sport of tennis and that's to win the calendar year Grand Slam, that's the hardest thing to do. But she's done

everything else multiple times. And I do think it is time to move on. And she has a lot to look forward to. You mentioned her Serena Ventures, you

know, helping startups that are run by women. She's got a lot of great things going on. She can be as impactful in the coming years off the court

as she's been on the court.

[15:35:28]

ASHER: It's interesting, because, you know, you retired just as Serena Williams was sort of coming into the spotlight. How much has the game

changed? Do you think, in the past two decades for female athletes in particular?

SHRIVER: Well, for female athletes across many more sports than just tennis. Tennis has led the way really since Open Tennis started in 1969.

And Billie Jean King in the early 70s, led the charge, Serena and Venus Williams are of the generation, they carried it forward even more. And now

it's starting to spread to other female sports, really rising to the occasion of pack stadiums. They just had the Euro soccer's in Europe for

the women and nothing like what it was 20 years ago where people didn't even know if the women were playing.

So people like Serena Williams have changed not just tennis. I mean, look at all the great African American female players that have stepped up and

even Ons Jabeur who's setting history for Arab nations, being two in the world from Tunisia. I think a lot of this, you can look at pioneers like

Serena Williams and say, these athletes have really been inspired by what Serena has accomplished.

ASHER: She will never be forgotten among the greatest of all time. Thank you so much for being with us. We appreciate it.

SHRIVER: Thanks Zain.

ASHER: Votes are being counted in Kenya after an election heralding a new era for the country and its leadership. The race to be the next president

in East Africa's largest economy has been dominated by Deputy President William Ruto and veteran opposition leader Raila Odinga. If neither can

secure, 50 percent of the votes, then for the first time in its history, Kenya will go to a run off. In a new survey, most of Kenya's business

leaders say they expect economic conditions to improve after the election. They expressed competence about hiring full time staff, for example, over

the next six months. The tourism and construction sectors were the most optimistic about economic trends. CEOs in finance, communications, and I.T.

expected the least change.

The survey was conducted by the Kenya Private Sector Alliance. Carole Kariuki is the CEO. She joins us live now from Nairobi. Carole, thank you

so much for being with us. So let's talk about this election in Kenya compared to previous elections. As you know, there was violence during the

elections in Kenya, in 2007, in 2013, and also just before the elections in 2017, as well. How does business confidence during these particular

elections this year in 2022, compared to business confidence during previous election cycles.

CAROLE KARIUKI, CEO, KENYA PRIVATE SECTOR ALLIANCE: Thank you very much. And it's true. So we really didn't have violence in 2013. But we had some

post-election violence in 2017. And actually, in 2013, is when we saw the economy not deep as it always does during an election year. So it was a

very good year in that since because we know witness. And because I guess there was a lot of fear after coming out of the 2000 election, which was

contested and had post-election violence. But 2017, yes, we had some contention, and we did have a nullification. And so that led to a bit of

instability. But this year has been pretty different. And I think because we're also coming from a crisis, COVID 19. And so people are trying to

rebuild back.

But it's the first time we're really having a very calm election, in terms of the election period, campaigning periods been very, very calm. Today was

the election. We've had very few cases here and there, where something has gone wrong, but generated very calm. And I guess that's what's giving the

CEOs confidence when you look at the numbers in 2013, about 53.8 out of 100, and 2017, 44, so this time 61. So this time, it's more calm, and also

because people are really trying to work hard to recover from COVID.

ASHER: Yes, I mean, it's sort of it's a world of difference compared to five years ago when the Supreme Court had to intervene and there were

accusations of irregularities and then there had to be another election held after 60 days. But this time let's talk about some of the economic

headwinds that are facing Kenya right now. Inflation is an issue, unemployment, rising production costs as well, rising fuel costs as well,

just walk us through what type of economy the next president, whether it's Ruta or Odinga, what type of economy will they inherit?

[15:40:17]

KARIUKI: Quite a different economy than what the previous administration that's going out, inherited. And yes, you're right, we're going through

global changes, there was COVID. So recovery, it was just beginning. And then we're going through the worst drought in 40 years. So again, that's

something to consider, then inflation, which is only a Kenyan problem, it's a global problem. We've seen that with high risk, high price food prices

rising in many different parts of the world. So there'll be inheriting an economy that needs to really be cared for and looking at some of the things

that are -- and then of course, there's the Ukraine and Russia war. And you know, how that has affected, especially in many African countries, which

concerns fertilizer, food, and fuel prices going up.

And so that will really mean the next government has to look at the investments in those areas can be such looking at our own investments in

fertilizer, and not only relying on Russia and Ukraine, can we look at other sources like Morocco, which is also a big exporter of fertilizer.

Wheat, we are producer of wheat, but we import 60 percent of wheat, should we be increasing our wheat production. And also we'll be looking at other

countries like India, and who produce wheat and see how we can work in terms of partnerships and fewer. And I know the government has been looking

at other sources of fuel and sources, but also going into maybe renewable energy and all.

ASHER: And Carole unfortunately, we are running out of time. I'm so sorry. But thank you so much. We'll see what the results bring, right? We'll get

those results --

KARIUKI: Yes, yes, yes. That's what will give the confidence, yes, to the business community. Yes, yes.

ASHER: We'll be covering it here on CNN. All right, and that is Quest Means Business. I'll be back at the top of the hour as we make a dash for the

closing bell. Up next is Quest World of Wonder.

(COMMERCIAL BREAK)

[15:45:09]

ELENI GIOKOS, CNN HOST: Welcome to Connecting Africa, the show that highlights the leaders and trailblazers connecting the continent through

business. I'm Eleni Giokos. Now this month, we are looking at some of the big infrastructure projects that have the potential to drive economic

growth across Africa. First to the lack of energy infrastructure to light up homes and power businesses is still a major issue across much of Africa,

and its Africa energy outlook for 2022. The International Energy Agency says the need for the continent to find cleaner sources of energy is more

important than ever.

(BEGIN VIDEO CLIP)

FATIH BIROL, EXECUTIVE DIRECTOR, INTERNATIONAL ENERGY AGENCY: Today, 600 million people are without electricity in Africa, in terms of clean cooking

about 1 billion people in Africa, they have no clean cooking are using agricultural waste, animal waste for their cooking, which is serious health

impacts, especially as a woman and children.

(END VIDEO CLIP)

GIOKOS: The IEA says universal access to affordable electricity, including clean cooking fuels, can be achieved by 2030. But the lofty goal requires a

$25 billion annual investment. And solar energy is where the continent has the greatest potential.

(BEGIN VIDEO CLIP)

BIROL: About 40 percent of the global solar radiation comes to Africa. But yet, only 1 percent of the global solar electricity capacity is in Africa.

(END VIDEO CLIP)

GIOKOS: One African company the Axian group is planning to address the energy infrastructure deficits by bringing solar power to several

countries. I sat down recently with its CEO Hassanein Hiridjee.

(BEGIN VIDEO CLIP)

GIOKOS: Hassanein great to meet you, give me a sense of what Axian does?

HASSANEIN HIRIDJEE, CEO, AXIAN GROUP: Axian basically is doing infrastructure and services on the African continent. We're investing and

operating on the long run in those fields, that is to say energy, telecom, and financial services.

GIOKOS: Why have you picked some of the biggest growth sectors to be plugged into?

HIRIDJEE: Because it's where you can make fastest disruption, 1.1 billion Africans and today, barely we've got 30 percent that are connected to a

grid, which is very low. In my home country, Madagascar, we are talking about 12 to 14 percent, which is very low. We're developing telecom remote

rural site on the countryside and we're seeing that when we're bringing some telecom signal, people are automatically using it for voice, for data,

for everything.

Today, if we can accelerate and bring electricity that will use and consume more and more, what we started to do is not only producing green energy,

but also distributing it directly to the customer, not waiting the central electricity board to come and distribute it. We're building a small

production unit, and we're distributing it straight with decentralized electricity grid to the final customer in small villages. Today, we're

covering 50 villages in Madagascar, we started 50 villages. We're connecting 10,000 households.

That is to say 70,000 people are using our electricity grid, which is decentralized, decarbonated and fully digitalized. Thereby with the coping

with their mobile money phone, and they just plugging in their prepaid metering.

GIOKOS: You're establishing Madagascar, but you've also got your eyes set on other countries to help full some of the energy needs.

HIRIDJEE: In Madagascar, we've developed the biggest solar farm of Indian Ocean called (INAUDIBLE). We've developed 40 megawatts of green energy. It

was the first solar farm in the country. Now we're developing a new solar farm of 20 megawatts in Senegal, on the new port of mineral port of Dhaka.

We're also working on two projects on the continent, focusing right now in Gabon on the project. And in Mozambique, we're discussing on the project as

well.

Production needs of renewable energy was going to be a huge challenge, because first you've got a huge growing demand. And that is not for the

moment covered. Secondly, you've got still a lot of coal or few line factories that needs to be totally converted. The legacy factories of power

on the continent are 90 percent made of fuel oil.

GIOKOS: Exactly fossil fuels, right. And that's the issue. But then how are you able to convince governments or convince players on the ground that

renewable is the way to go because a counter arguments has been, we've got these fossil fuels we've got an abundance of coal, we've got gas, we've got

you know oil, why should we be investing so heavily in renewable energy when you've got something in abundance?

[15:50:11]

HIRIDJEE: Because today they are seeing the cost. The first analyses, grid is the cost. The cost of renewable is lower. Now, when you see the fuel

price with the Ukraine crisis, when you see the fuel of the price of fuel, I mean, you may your calculation is cheaper with renewable, first.

Secondly, everybody now is totally aligned with green energy. Everybody knows that renewable is the solution.

GIOKOS: Has your life and world as a business change since the continental free trade area came into effect?

HIRIDJEE: Today, we're not seeing immediately the effect of this agreement yet. It is, the will is there, it is starting to be implemented. On the

energy space, it has already happened in certain West African country, but it needs to enhance into the accelerated. So having this agreement totally

into force will help us to unlock and develop very fast.

(END VIDEOTAPE)

GIOKOS: Some great opportunities there for solar power across Africa in the years to come. And when we come back Africa's newest super bridge on one of

the continents busiest trade routes.

(COMMERCIAL BREAK)

GIOKOS: Welcome back. Next to one of the busiest trade routes on the continent, the north south corridor and how the construction of a bridge is

boosting trade between several countries, which is a key objective of the new African continental free trade area.

(BEGIN VIDEOTAPE)

GIOKOS (voice-over): It's a new day, longest busy trade routes. This is Kazungula Bridge, a 900 meter long structure with two vehicle lanes, rail

track and pedestrian walkways.

CHIKUMBI LEAH CHAMA, ASSISTANT COMMISSIONER, CUSTOM'S SERVICES DIV., ZAMBIA: The north south corridor stems from Lubumbashi in the Democratic

Republic of Congo, right down to Durban, South Africa. And Kazungula is one of those connecting points.

GIOKOS (voice-over): The bridge is a joint venture between Botswana and Zambia. What was here before upon to ferry was the only option to cross the

Zambezi.

ANDRIS LOUW, HEAD CONSULTANT, EGIS SCEON (ph) INTERNATIONAL: If the river is in flood, some of the ferry boats are broken, trucks stand here between

two and a half days and it can go up to seven and a half days. It is a bottleneck in the north south corridor. It adds to transport cost and it

can add a few other issues as well.

GIOKOS (voice-over): Just two trucks could use the ferry at one time. Among its users was Memory Lambie.

MEMORY LAMBIE, TRUCK DRIVER: The ferry, it was a very difficult for us. I think char -- and a big challenge, actually before because sometimes we're

going to find the huge maybe 10 kilometers to Kazungula, then you -- maybe you stay two weeks, one week, just waiting to cross the Zambia side.

EUGENE NDHLOVU, PRESIDENT, TRUCK DIVERS ASSOCIATION, ZAMBIA: We witnessed a lot of bad things before the coming of the bridge. A lot of accidents were

recorded. We lost so many lives. There are so many property because the control most of the time was overwhelmed.

GIOKOS (voice-over): That's why the opening of this $259 million bridge is being seen as an example of the African continental free trade areas goal

to boost intra Africa trade.

CHAMA: The old facility we used to have when we've really done a lot of work we push through would have 80 trucks docking. But today we're talking

of an average of 244 trucks a day coming in. As at yesterday, we received 286. So the number keeps on rising.

[15:55:16]

GIOKOS (voice-over): The bridge is a very welcome addition, but so too is a one stop border post. A one stop shop with all paperwork and custom checks

for both Botswana and Zambia are processed at just one location.

CHAMA: Our drivers will come through over the bridge into Zambia. They don't have to stop in Botswana. They'll drive right through into Zambia.

And as they arrive in Zambia, the export and import processes are done from within one space.

GIOKOS (voice-over): For memory who has been driving the north south corridor for eight years, carrying copper from the DRC to Durban, using the

One Stop Border Post has made her life a lot easier.

LAMBIE: I live from Botswana just came straight to Zambia side. I'm pushing my documents. They are already. I may start moving tomorrow morning.

GIOKOS (voice-over): And with trucks bringing increased trade to the region, attention is now turning to developing the rail line.

CHAMA: I see rail cargo becoming a prominent feature. The railway line ideally is to carry more cargo. So we're looking at facilitating an

increased traffic flow in terms of cargo by rail because the rail can always carry more than trucks.

(END VIDEOTAPE)

GIOKOS: And exciting new dawn for trade along the Kazungula Bridge. And that's it for this month's Connecting Africa. If you want to know more

about the subjects we cover on this program, you can check out our websites. Until next month, let's keep on connecting.

(COMMERCIAL BREAK)

ASHER: Hello everyone. I'm Zain Asher. It's the dash to the closing bell. And we are just one minute away. Markets are slumping as investors wait for

the latest U.S. inflation numbers. The Dow is slightly lower before tomorrow's CPI report. S&P 500 is set to close down for third day straight

as well. NASDAQ is down more than 1 percent. Chip stocks are lower after micron reported a fall in demand on a day where Joe Biden didn't sign the

CHIPS Act into law.

[16:00:02]

Let's take a look at Dow components now, Salesforce Dow components now there. All right that is your dash to the bell. I'm Zain Asher. The closing

bell is ringing on Wall Street. "THE LEAD" with Pamela Brown starts right now.

END