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Quest Means Business
UK Prepares For First Coronation In 70 Years; US Job Growth Beats Expectations, Regional Banks Soar; Companies Unveil Special Products For Historic Event; Wagner Chief Says His Fighters Will Leave Bakhmut On May 10; King, Prince And Princess Of Wales Greet People On Mall; Thousands Gather In London Ahead Of King's Crowning. Aired 3-4p ET
Aired May 05, 2023 - 15:00:00 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
[15:00:10]
RICHARD QUEST, CNN INTERNATIONAL HOST: What a day. We're outside Buckingham Palace tonight. It is a Special Edition of QUEST MEANS BUSINESS as we
anticipate the coronation of King Charles III and Queen Camilla. My word, what an event.
Good evening and a warm welcome to London. I'm sure there's a Latin phrase or there should be for the eve of the king's coronation, the "eveus
coronationus," but it is the night before the coronation takes place, and for the first time in seven decades, the Commonwealth is going to celebrate
the crowning of a new monarch. Fifteen countries will have a new Head of State, excitement is in the air. It's all going full throttle.
And thousands of people are already gathering along the procession route to Westminster Abbey. There, King Charles III will present himself to the
people and take the Coronation Oath.
There will be representatives from more than 200 countries. The First Lady of the United States there, Jill Biden meeting the Prime Minister Rishi
Sunak's wife at Number 10 Downing Street. Oh, Lionel Richie was there.
Celebrities, members of Royal families, there was a garden party earlier in the week.
Isa Soares is with me.
It's all built up to what is I think, a tremendous atmosphere tonight.
ISA SOARES, CNN ANCHOR AND CORRESPONDENT: Without it out and what we've seen, what you've just played there is a very relaxed King Charles, and you
know, we saw that throughout the day to day, showing himself as a more accessible King, which is something that I think he wants to convey, which
is what we'll see tomorrow in the coronation.
But from the morning where he went to final rehearsals with Queen Camilla and it was pouring down, that didn't stop obviously the crowds from being
out here to then the surprise Royal walkabout.
QUEST: Yes.
SOARES: And him just as you can see, that was at the garden party, but the walkabout was quite special because it took so many people by surprise.
I remember one person actually asking him, what I was hearing. I mean, they said, are you nervous? Are you nervous about tomorrow? And he just took the
time to meet people? He was there, of course, with Prince of Wales and the Princess of Wales. It was a wonderful moment to bring the public in.
QUEST: But it's worth mentioning as well, of course. He has had six decades to prepare for this.
SOARES: Oh, absolutely.
QUEST: And he became King upon the immediate death of his mother. So he is already King tomorrow.
There are a couple of aspects. There doesn't have to be a coronation by the way. There has to be the saying of the oath.
SOARES: Yes.
QUEST: But it doesn't have to be all this tomorrow, but I'm very glad there is.
SOARES: There is a religious element. It's a very intimate moment for him. The symbolism is very important from a religious point of view, but you saw
-- you're going to say something.
QUEST: No. On this religious point, not only will there be faith -- leaders of faith, but also --
SOARES: From all over.
QUEST: The various different faiths.
SOARES: Yes.
QUEST: And indeed tonight at being Shabbat, the chief rabbi --
SOARES: He is going to be there.
QUEST: He's going to be there. He is actually staying at Clarence House, which is where Camilla and Charles live. They put him up overnight, so that
he can walk to the Abbey in the morning.
SOARES: All of these things that were just laying out, signs of a modern Britain and exactly what he represents and what he wants this monarchy to
represent as it moves with the times.
QUEST: But there's a difference between a modern Britain or a slimmed down monarchy and doing it on the cheap.
SOARES: Well, I don't think this is going to be very cheap. We're paying for it. But --
QUEST: And worth every penny, I might add.
SOARES: No, I was going to say, I don't think people will complain, regardless of what you hear in the comments.
The majority of people, you know, and everyone probably some of the crew members here will be like, oh, I'm not going to celebrate this. There is no
way I'm going to have a garden party. Bunting is out. I can say buntings are out my house. My kids had a crown this morning as they went to school.
People be celebrating come rain or shine.
You'll be wearing your wellies. You'll be putting sunscreen on. It does not matter, Richard. It comes to the moment and you're starting to feel already
the energy here.
People are getting very excited about this moment tomorrow. You're going to give me some more of your cliches.
QUEST: No, I am not.
SOARES: I can't --
QUEST: I'm going to explain. Throughout the course of the program, we have our coronation quiche, which of course is the official dish which was
made for us by Olivia and the coronation quiche, it has got a slice missing.
SOARES: I didn't eat all of it. I had to taste.
It is wonderful, but yet again, the simplicity of it, of a quiche.
QUEST: You didn't you make it.
SOARES: No, I didn't. Listen. No, yes, sorry.
Eggs couple of vegetables. Oh, goodness. No, normally, I go to the supermarket. I don't have time to make it, but I will enjoy it, Richard.
QUEST: You enjoy it. Thank you very much. Have a good coronation.
People have been camped out for days along the procession. If I wasn't working, I promise you, I'd be there on the street with my sleeping bag.
[15:05:10]
From all over the world, from different realms and countries to witness the events, and they spoke to us about why it was important they believe, to be
here.
(BEGIN VIDEO CLIP)
UNIDENTIFIED FEMALE: It's so fabulous. You know what? The British people are wonderful and it's so exciting to be part of the whole pomp and
circumstances. It is so exciting.
UNIDENTIFIED FEMALE: I am proud of my monarchy and I'm proud of our country, and I'm glad we've got them rather than some of the prime
ministers and presidents that are around at the moment that you're not so proud of.
UNIDENTIFIED FEMALE: It is our history. It's what makes us British in the way that we're different than other countries whose monarchy may have been
shrunken, beyond all recognition that our monarchy brings in a lot to the economy of Great Britain and they are really, really important.
(END VIDEO CLIP)
QUEST: Now, during the ceremony, the public will be invited to offer allegiance to Charles. It is called the homage of the people, it used to be
the peers' homage in earlier coronations. It replaces the traditional. It is one of several changes meant to make the service more modern and
inclusive.
And for the first time, religious leaders of various faiths, I was telling you about a moment ago, and some of the hymns and prayers will be in the
Welsh, Irish and Gaelic languages.
The monarchy is trying to improve its public image. About a third, just over, of the British adults say their opinion of the Royal family has
declined over the last 10 years.
Paddy Harverson used to be the communication secretary to King Charles. He is now managing partner at Milltown Partners. He joins me.
We've known each other for a long time, Paddy.
PADDY HARVERSON, FORMER COMMUNICATION SECRETARY TO KING CHARLES: Yes.
QUEST: Tomorrow is an extraordinary occasion. He's waiting for this all his life. You know the man, you have met the man, you'll be there tomorrow.
How will he be taking it?
HARVERSON: I think you'll be excited, he'll be ready; and she will, too. So, it's very much the two of them and they are a great couple, and they
give each other great strength.
But he is the best prepared monarch we've ever had. As you've said six decades in the waiting. He knows his country, his people, his planet better
than anyone. He has probably met more leaders of governments and Heads of State of anyone in this country, and he cares passionately about so many
things. And you've mentioned whether it's the faith, the interfaith leaders we're going to see tomorrow.
QUEST: The only thing I do wonder is that he is in his eighth decade, he is 72.
HARVERSON: Yes.
QUEST: And I mean, it doesn't exactly -- or it portray a modern Britain when you have an older monarch after a previous older monarch for several
decades?
HARVERSON: Well, it comes in a way with the way the family grows, you can't really pick and choose them.
QUEST: Exactly. And don't forget, you can see the lineage down, so you've got the Prince of Wales, Prince William next, and you've got his son
off the bat.
So, I think people have confidence in the future and I think he is the right King for now.
QUEST: But do you see it as one of his priorities, to bring William up to speed in a sense, in a way that he was brought up to speed by his
mother, because she took the crown much earlier.
HARVERSON: Yes. But of course, William has been a senior working royal for 20-odd years now. So, he has already been able to learn on the job. So
that's one of the benefits of the system is that they all come through and learn as they go along.
And I think one thing he'll also want is to allow William to be his own kind of Prince of Wales and to develop his own interests, which we already
see in terms of equally like the environment and the Earthshot Prize.
So the system works in this sort of magical way, but it works very well. I have full confidence in it.
QUEST: Let us mention that, you know, the family, I mean, you've got both Andrew with the problems there. Harry will be there tomorrow, that
negotiating of difficulty is something Charles is really quite good at.
HARVERSON: Yes, he has great natural qualities in terms of -- he is the leader of his family. Now, he is the leader of his nation. We saw it
actually when the Queen died. He has this fantastic empathy. He connects with people really well.
I mean, sometimes people say, oh, he always looks rather formal and stiff, and -- but actually, when he's out there, we saw it on the walkabout, he is
fantastic relating to people.
QUEST: What I don't think we see promptly is this extraordinary duopoly we're getting tomorrow you know, with the Queen.
HARVERSON: Yes.
QUEST: Where he is stiff or maybe reserved; she is bubbly and has no reservations.
HARVERSON: Yes. I mean, they are all like great couples, they sort of complete each other. They match each other really well. They have a great
sense of humor, when they're out and about there's always lots of laughter.
QUEST: Do you know -- this is five pounds of sugar and other things, that's the weight of St. Edward's crown that he is going to put on his head
tomorrow. Can you imagine putting that's on your head?
I mean --
HARVERSON: Very dashing.
QUEST: And then having to walk -- sorry?
HARVERSON: Very dashing.
QUEST: Five pounds, but we have been having coronation quiche.
HARVERSON: Can I?
QUEST: Olivia made this one. Would you like to try some coronation quiche?
[15:10:08]
HARVERSON: I would love some. Thank you very much, Richard.
QUEST: Very nice.
HARVERSON: I'll take a small bite.
QUEST: Well, you can't say anything on television now. You got to --
HARVERSON: It's fantastic. I love quiche. I love raw beans broad beans and spinach and egg, so this for me is heaven. It is really good.
QUEST: I believe you.
HARVERSON: Oh, it is.
QUEST: Thank you very much indeed.
HARVERSON: I'm going to keep it.
QUEST: Thank goodness for that. We have plenty more quiche for other guests. Wonderful to see you.
Have a marvelous day tomorrow.
HARVERSON: Thank you very much. I can't wait.
QUEST: Thank you very much.
Now, the mood on Wall Street is almost as jubilant as it is here. Strong US job growth is helping give Wall Street its best day of the week. The Dow is
up 600 points. Following the employment report, the economy added a quarter of a million jobs more than expected.
Regional bank shares are also running after steep losses on Thursday. PacWest has already -- you see the numbers on the screen. Very strong
Western Alliance, First Horizon, all going up.
Rahel Solomon is in New York. So this job number, this strong job number. It's a double-edged sword, because what does it mean for the Fed in the
future?
RAHEL SOLOMON, CNN BUSINESS CORRESPONDENT: Well, that is the question, Richard, right? And yet, I think there is something here that the Fed might
like, so let's go over the report and then we can talk about what the Fed might actually like in this report.
So as you pointed out, more than 250,000 jobs added in the US economy, stronger than economists were expecting. Now, Richard, we did get downward
revisions for the month of March. We got downward revisions for the month of February. We saw really broad-based gains. But how does the Fed view
this?
Well, wages did accelerate on a monthly basis. They accelerated 0.5 percent. Richard, the expectation was closer to 0.3 percent, but actually,
when you look at the three-month moving average, where you sort of average the three months, sort of smooth out any volatility month-over-month, that
is actually moderating. I would argue, Jay Powell would like to see that.
And when you look at the supply of workers, Richard, we have had a supply problem here in the US. Labor participation in terms of prime age working
adults, that actually increased. So in some ways, there's a bit of good news here for everyone.
QUEST: Rahel, if there is good news for everyone, it begs the question, what next? And by that I sort of mean, the Fed has said it is going to
pause. If the pause lasts longer, that suggests no more rate rises, but we've really got to see more inflation data and the underlying aspects to
it before we can make that statement.
SOLOMON: Well, Richard, I would argue the Fed did not say they would pause, they left the door open. Right? I mean, what we heard is that, well, we may
pause; we may not, right? Not in that language, necessarily, but in Fed speak, and essentially what you have here is Jay Powell will say, look, we
might be done, but we are really going to be data dependent, meaning that labor reports like this matter, meaning that CPI reports like the one we
will get next week really matter.
But to your point, Richard, I did ask the chief economist of ZipRecruiter, Julia Pollak, that very question earlier. And I said, look, you've get a
labor report like that -- like this that we got today. This is sort of throw cold water on the idea that we will see rate cuts this year, not a
pause, but rate cuts.
And she said, look, it's hard to see at least right now how the Fed could justify cutting rates when you still have a labor market that is continuing
to heat up, as we saw.
And look at the Dow, I should point out Richard, the Dow was actually now positive, again for the year on the back of these gains. So this is
something that again, I think there's a little bit of something for everyone here, but in terms of rate cuts, hard to see how it's possible
after a report like this.
QUEST: If there's a rate cut before the end of the year, choose the restaurant, and I'll buy you dinner. How about that then?
SOLOMON: I like those. I like those odds, because Richard, as you know, anything could happen between now and the end of the year. So I'll take it.
QUEST: All right, Rahel. Thank you, Rahel.
Now, you can see I have a whole variety of props. There is of course, the coronation bear, the coronation crown, which as I already said, you know
this thing, the one he is going to where tomorrow weighs the equivalent of a bag of sugar, five pounds. Now imagine wearing that and having to walk
down the aisle. Yes, that's what it is. You get the idea.
We're going to talk about the bonanza for retailers, which is happening as a result of the coronation. The CEO of Fortnum & Mason is here. I will give
him some coronation chicken and hopefully he will give me a biscuit pack in return.
(COMMERCIAL BREAK)
[15:17:15]
(BEGIN AUDIO CLIP)
KING CHARLES III: My wife and I wish you and your families, a wonderful coronation weekend.
CAMILLA, QUEEN CONSORT: Wherever you are traveling, we hope you have a safe and pleasant journey.
KING CHARLES III: And remember, please mind the gap.
(END AUDIO CLIP)
QUEST: Now that voice was familiar.
King Charles and Queen Camilla offer commuters this morning a special message on the train or the tube this coronation weekend and so bearing in
mind the tube getting here tonight, I decided to take the tube to the Palace.
Well of course first, it had to be the Elizabeth line, and then I changed to the Jubilee line. It was our Royal journey the whole way.
(BEGIN VIDEO CLIP)
QUEST: Prince Charles, now King Charles drove the first Jubilee line train in 1979. Well, he was at the front.
(END VIDEO CLIP)
QUEST: There you go, King Charles actually rode the tubes.
Some British companies are marking the event with special merchandise. You have the Celebrations, the chocolate brand unveiled a 23-kilo bust made
from Twix, MilkyWay and other candy bars.
Boodles launched her coronation Gemini ring. It'll cost you 400,000 pounds, give or take.
And the crown, the only set you buy -- this is the crown, oh, my crown, here we go. This one here. It was 20 quid before we bought this and if you
think that's too expensive, well there was the flag and you can get that on the Mall for about one pound fifty.
Fortnum & Mason, of course, has released an entire coronation collection.
The CEO -- Tom Athron is the CEO is with me now. You have not wasted time.
TOM ATHRON, FORTNUM & MASON, CEO: We haven't. We love a coronation. I think the country does --
QUEST: You have got to wait some years for that one.
ATHRON: Well, look, I think the company does these big state occasions really well. You know, Royal weddings, jubilees. But I think that the
coronation is on another level and I think it just gave us a real opportunity to join in the celebration.
QUEST: How do you create something, but it has got to be tasteful -- tasty -- and it has got to be tasteful, and you can't just be seen to be
nakedly and shamelessly shoving the coronation onto market.
ATHRON: Yes, so we've got a range of about 40 products that we have really thought hard about the design, about what the ingredients that go into the
biscuits that we've made or the chocolates that we've made. We've got biscuits with ingredients from around the Commonwealth.
So from Fiji, from Canada, from Scotland, from South Africa. We've got other biscuits that are made with ingredients from all four corners of the
UK.
We've got some fantastic honey here. You'll love this. This is honey that's made from hives in the Queen Consort's own garden in Wiltshire, so we're
very excited to be selling this. This is the most wonderful, wonderful product.
QUEST: How do you know? Were you there when the bees --
ATHRON: I'm told that that's where they come from.
QUEST: Well, I'll have that.
[15:20:01]
ATHRON: We've got some fantastic -- these are probably our bestseller. Actually these are delicious. This is Scottish Ling Heather honey biscuits.
There is a sort of real earthy sweetness to those. You'll struggle to get into that.
QUEST: You make this deliberately difficult to get.
ATHRON: Exactly. Like last time.
QUEST: Yes.
ATHRON: And then this is a great one. This is actually a musical biscuit tin, which I'm not going to turn on, because we'll never be able to turn it
off, but it plays the national anthem if I twist it anti-clockwise. The biscuits in here are absolutely delicious.
QUEST: Okay, so before something, your designers and your creative people, do they come up to you and say, Tom, we want to do a music box, a
music tin with the palette for the coronation. And what do you say?
ATHRON: So this process started a while ago.
QUEST: Yes.
ATHRON: And really, obviously, we sort of hit the button at the point at which the accession happened. The design here is by two artists, Lucy
Morrish and Jethro Buck, and they are graduates of the School for Traditional Arts, which is funded by the Prince's foundation.
QUEST: So it's all got to be joined up in a sense.
ATHRON: Yes, it has.
QUEST: It can't just be -- in terms of business overall. I mean, you had a strong, obviously accession to the throne, coronation, Royal weddings.
ATHRON: Yes.
QUEST: But his business strong otherwise?
ATHRON: Yes. I think it is.
QUEST: I mean, London seems to be packed.
ATHRON: So London is packed. It was brilliant to welcome back our overseas visitors, but we are -- actually over 70 percent of our sales comes from
people who live in Britain these days and that is because we're a business that's brilliant. We have extraordinary food and drink.
QUEST: But did you have to -- and I think I've asked you this before, but it's fighting over the idea that you're elite or you're only for those
who are posh, or you are only for those who can afford it, and Fortnum is not for me.
ATHRON: No. Well, it's really interesting. You know, our customer base is actually very broad. And I work on the tills at Christmas and I see people
from all four corners of the country.
QUEST: You work on the tills?
ATHRON: From all walks of life. Of course, absolutely, all good retailers would at Christmas.
QUEST: Oh, this I've got to say. I will pay good money to see you.
ATHRON: Well, you can come and join me on a Saturday before Christmas, working on the tills, it's actually incredibly hard work. You realize quite
how hard people who work in retail work. They're on their feet all day.
QUEST: Yes, well, I have no -- I'll get to the biscuits in a minute. But before you're going to -- you know, as your mother would say, before you're
going to have your sweets and your dessert, you've got to have the savory. Would you like a bit of coronation quiche?
ATHRON: Oh, I'd love a bit of coronation quiche. Can I break some off at the front?
QUEST: Yes, please do. Please do.
ATHRON: Do you want me to taste it?
QUEST: That's a very large piece of --
ATHRON: I'd stuff at a time. It's delicious.
QUEST: That's right. Excellent. Thank you, sir. I'm very grateful to you.
Now, with the passing of the Queen and the accession of the King, a multibillion dollar fortune has then changed hands. Along with it, the rein
of succession.
The British monarchy is underpinned by a complex array of various holdings that benefit the whole family, making money for the Royals, what they call
"The Firm" faces so many economic challenges as indeed, does Britain.
(BEGIN VIDEOTAPE)
QUEST (voice over): It was King Charles's grandfather, King George VI who is believed to have been the first to refer to the Royal family as "The
Firm." It is a name that stuck, often used by the late Queen Elizabeth to describe the business of being the British Royals.
The Firm is a large sprawling financial empire that certainly made the Windsor family rich indeed. But there are many myths about just how wealthy
they are.
For instance, the family doesn't privately own Buckingham Palace or Windsor Castle or the Crown Jewels. These are owned by the nation. There are other
assets like Regent Street, Ascot Racecourse and even Britain's lucrative seabed that are owned by another institution called The Crown Estate.
In a deal struck in 2011, the Royals have paid the sovereign grant. It is set at 25 percent of The Crown Estates' profits. This money is given as a
kind of allowance. It pays for staff, Royal duties, and the upkeep of Palaces, and the rest of The Crown Estate money goes back to the British
Treasury.
DAVID PEGG, INVESTIGATIONS CORRESPONDENT, THE GUARDIAN: Whereas something like Buckingham Palace here, you can't sell it and take the money and go on
a nice holiday. That's as distinct from something like Sandringham or Balmoral, which are country estates that are associated with them, those
are privately owned by them. And that means that they could sell them tomorrow, if they wanted to.
There would be nothing stopping them from doing that.
QUEST (voice over): So what to the Royals actually own?
As heir to the throne, the then-Prince Charles at the age 21 became entitled to the income from the Duchy of Cornwall. The Duchy owns a
portfolio of farm lands, art, jewels.
It owns the Oval Cricket Club and most of the land on the Isles of Scilly.
During his 64 years as the Prince of Wales, Charles turned the Duchy into a billion-dollar portfolio and it gave him a vehicle and the financial muscle
to pursue his passions for the environment and climate change.
[15:25:10]
KING CHARLES III: I am reminded about balance and harmony because I felt that if you push things too far, you will always create an equal and
opposite reaction, which is exactly what's happened.
QUEST (voice over): Charles has taken that message of sustainability, right to the heart of the business world, something I asked him about in 2021.
KING CHARLES III: It's been what can only be described as an uphill battle to try and persuade people that you can't go on doing the things we've been
doing ad infinitum, without having a terrible price to pay.
QUEST (voice over): Now, there is a debate about slimming down the family firm, and those who are on the payroll.
(PEOPLE singing "God save our gracious King.")
QUEST: Some of that slimming has been done for the King already. Prince Andrew is out, Harry and Meghan have left, which leaves the frontline
Royals shorthanded to actually go out and do their business of royalty.
And that's why there is such eagerness about the next generation and the roles they might play.
UNIDENTIFIED MALE: Welcome, Charlotte. Lovely to have you with us.
PEGG: And the monarchy has always existed on its own terms, because it has the consent of the public. That's not a one-time deal, you know. That
consent needs to be informed and it needs to be accountable, it needs to be ongoing.
So if that's going to require some change, then it may be the only option they've got.
QUEST (voice over): When all is said and done on the money front, the Sovereign grant costs each UK taxpayer about $1.60 in 2021, for our family
firm that in 2017 was estimated by Brand Finance to broose the British economy by around $2 billion a year.
In the end, this isn't about hard numbers. It's a battle over whether this is good value for money or a giant waste, and it will be very much on the
King's mind in the years ahead.
Richard Quest, CNN, London.
(END VIDEOTAPE)
QUEST: We continue tonight.
Other news: The Russian military feud. Ukraine is hoping it will provide a turning point in its fight for Bakhmut.
(COMMERCIAL BREAK)
[15:30:29]
QUEST: Ukraine says the Wagner Group's possible withdrawal from Bakhmut could be the turning point in the war. The head of the mercenary group said
he will pull his forces out of the city next week. Yevgeny Prigozhin is blaming Russian defense officials for steep casualties amongst his
fighters, saying they were not given enough ammunition.
(BEGIN VIDEO CLIP)
YEVGENY PRIGOZHIN, HEAD OF WAGNER GROUP (through translator): I am officially informing the defense minister, chief of the general staff and
the supreme commander-in-chief, that my guys will not be taking useless unjustified losses in Bakhmut without ammunition. So, on May 10th, 2023, we
are pulling out pf Bakhmut. We have only two or so kilometers left to capture out of 45.
(END VIDEO CLIP)
QUEST: Amid the feud, the defense minister went to a staging ground inside Russia and vowed to keep troops supplied with arms and equipment.
Nic Robertson is in eastern Ukraine. First of all, is that threat credible? And secondly, will the Russian authorities respond to it?
NIC ROBERTSON, CNN INTERNATIONAL DIPLOMATIC EDITOR: They seem to be already responding because Sergei Shoigu went to the Southern Command and he said
that they were bringing in more new equipment, military hardware, tanks, armored personnel carriers for the troops. But it has to be said at a
similar spat between Shoigu and Prigozhin. Just a few weeks ago, the Russian defense minister, Shoigu said exactly the same thing more or less,
that there should be an improvement in the -- in the flow of weapons to the, you know, to Russian frontline positions.
Will -- is this credible? Prigozhin could absolutely pull his troops out. And they've done -- they've made a huge difference in Russia's efforts to
take some of the territory along this eastern part of Ukraine. They haven't been able to do it easily. They've done it -- the cost of a huge loss of
life. Prigozhin has freed tens of thousands of people from Russian jails, thrown them into the frontlines, and many of them have returned home dead.
Some have actually lived out their six-month battlefield experience and got their jail pardons. The reality is Prigozhin has become a very important
part of what the Russian military does in eastern Ukraine in the Bakhmut area in particular. So, this threat is not without implications, and
Ukrainian officials do think potentially but it could be a turning point, if Prigozhin keeps good on his promise the pullback, that's an advantage
for them that they could capitalize on.
And if the Russians don't sort out their ammunition situation. Again, that's something I think they capitalize on.
QUEST: So, Nic, why is the -- why are the Russians having this difficulty with ammunition? Is this just another example of a second-third tier
military force?
ROBERTSON: Potentially. Look, I mean, I think if -- look at NATO, NATO has had its own problems getting its ammunition supplies up to snuff. The
expectation was Russia had vast stockpiles. The reality is it hasn't been able to get those to the front. Its war planning has been poor. It's
failed, where it should have perhaps succeeded. What Prigozhin is showing here is that there are differences and fissures within the defense
ministry.
I mean, what's interesting today is Prigozhin just hired as his deputy at Wagner. The guy who only last week got fired as Russia's Deputy Defense
Minister. That speaks volumes. There are others within the Russian military system who looked favorably upon Prigozhin. His spat is with Sergei Shoigu,
the defense chief. Now this could mean many things. It means, is Putin looking for a pool -- of full guys, Prigozhin helping him finger, you know,
finger Shoigu in that.
Or is in fact, Prigozhin looking to make his own political advancements here.
QUEST: Nic Robertson in eastern Ukraine. Nic, thank you. And back here in London. Thousands of people are now setting up camp to witness tomorrow's
pomp and pageantry. Today, some were rewarded with a handshake and a visit from the King during a walk about this morning. The Prince and Princess of
Wales also greeted people on The Mall near Buckingham Palace just up the road.
Salma Abdelaziz is there. Where are you?
SALMA ABDELAZIZ, CNN CORRESPONDENT: I'm right on The Mall. And you can see people are already hunkering down, it started raining but that's not going
to dampen the crowd here, Richard.
[15:35:01]
They are going to spend the night here waiting for that special moment tomorrow. Waiting for that opportunity to get a glimpse of the procession.
And I want to introduce you to two of those ladies. They've actually made friends here on The Mall. Cecilia and Gwen, coming all the way from
Tennessee. But Cecilia, I'm going to start with you. You're telling me you're born in Indonesia. You grew up in Malaysia. You're British, it was
so important to you the diversity aspect of this.
CECILA, ROYAL FAN: Yes. As a -- as a from the commonwealth country and from Southeast Asia, I am really embrace the --
ABDELAZIZ: The inclusion and --
(CROSSTALK)
CECILIA: The inclusion.
ABDELAZIZ: Yes.
CECILIA: The inclusion of this spatial of the --
ABDELAZIZ: Of the ceremony. It's very important.
CECILIA: Ceremony.
ABDELAZIZ: And I know you've made friends with Gwen. You've already spent one night here. Gwen, you come all the way from Tennessee for this event.
GWEN, ROYAL FAN: Chattanooga, Tennessee.
ABDELAZIZ: Chattanooga, Tennessee. Why? Why did you do that?
GWEN: The pageantry of the whole thing. It's not the first time. This is my second time. The last time is when Will and Kate got married. So -- and I
made lifetime friends then. From Australia, South Africa, we still keep in touch. So, Britain is very friendly and --
ABDELAZIZ: That's amazing. That's amazing.
GWEN: People that are here today, we've all became a tribe. Just this little pod here. We're all going to take care of each other on that line.
CECILIA: Yes.
ABDELAZIZ: That's amazing. And Cecilia, you already had a chance to meet the king earlier today during the walkabout. Tell me about that moment.
CECILIA: Oh, yes. I was called upon his name their majesty over here. And he come -- and he offered to me. And I said to him, may God bless you, sir.
And he replied, thank you. And I'm so excited for tomorrow. And I have high hopes that he will improve --
ABDELAZIZ: Improve relations as you are seeing around the world.
CECILIA: Relationship not just in Britain, but around the world, especially --
(CROSSTALK)
ABDELAZIZ: Thank you, ladies both so much. Good luck tonight. You can see those kinds of images repeated all across here, Richard. There's this true
sense of inclusivity.
QUEST: Salma, what do you -- what's going to happen if it rains? Well, when it rains.
UNIDENTIFIED FEMALE: You did amazing.
ABDELAZIZ: They've got their tents, they've got their umbrella, they've got their blankets, their snacks. No one is leaving. I can promise you that.
Some people have been here since Tuesday. They've been here for days. I mean, just look at the setup here. It's really like a tent city. No one is
going anywhere. They are waiting for that moment, that opportunity. They want to witness history.
QUEST: And so, do we. Thank you, Salma. Thank you. This is the evening newspaper here in London. The Evening Standard. Crowning glory is what it
says with a lovely portrait of the king. Now, London's hotels are almost completely booked this weekend. After the break, the general manager of the
Dorchester Hotel where there's Royal's galore and he'll be with us after the break.
(COMMERCIAL BREAK)
[15:40:44]
QUEST: The Stone of Destiny is back in Westminster Abbey. It's ready for tomorrow's coronation (INAUDIBLE) from the Scots -- excuse me, 1296. Since
then, it's been used in the coronation of English and then British monarchs. It's typically kept at Edinburgh Castle, which is a story in
itself. It will lie under the coronation chair as Charles is anointed king and then be returned to Scotland.
This weekend is so steeped in tradition, it's an economic event at the same time. 420 million extra tourism dollars it's believed. The Queen's second
Platinum Jubilee celebrations brought in roughly 2-1/2 million more visitors. The tourism body visit Britain's expecting similar numbers this
weekend. It'll cost you the best part of 13,000 pounds. Around $16,000 to stay at a five-star hotel as part of a luxury experience.
The Dorchester Hotel is keeping on theme using decorations which are a recreation of those used to mark the coronation of the Queen in 1953. And
Luca Virgilio is the general manager. Now, sir, where are -- first of all, delighted to have you with us. Where are you and why is that room special?
LUCA VIRGILIO, GENERAL MANAGER, THE DORCHESTER HOTEL: Well, right now I am in park suite left, which is special room because this is exactly where
Prince Phillip celebrated his -- let's say, stag night before getting married to Queen Elizabeth II. So. as a special meaning for us and for the
royal family, of course.
QUEST: That's extraordinary. Well, it has got a connection now. And how was the hotel? Is it full tonight?
VIRGILIO: Oh yes. We are absolutely fully committed. And it has been so for -- I would say the last -- the last month, months and a half. We're very
lucky. And I think this event is bringing a lot of people and a lot of interest into London worldwide.
QUEST: The return to travel post pandemic, we thought it was going to be millennials that would start the travel up again. But the reality is
everybody's traveling, aren't they? Everybody is wanting to get back on the road. Are you seeing your -- what's your forward demand for the summer
like?
VIRGILIO: Well, it's looking extremely promising. We feel it's going to be another record year as well as last year in all fairness. And as you say
following COVID what we call the -- a revenge travel really started to happen. And it was open to everyone. It was not just the millennials, it
was families, multigenerational, or couples or what have you. So, the summer is looking very strong and very positive.
QUEST: What do you say to those who say London is an expensive trip now, either on currency grounds or that the cost of visiting London is quite a
lot?
VIRGILIO: Well, I feel it's comparable to other important European capitals city. If you look at Paris, if you look at Rome, or what have you. And, you
know, at the end of the day, London has a lot to offer. You know, unlike many other cities, so probably there is a little price tag on that.
QUEST: So, if I pop along this evening, you haven't got a room for me.
VIRGILIO: Unfortunately, not. But I have a space at the bar so we can have a drink together. I would love to have you over.
QUEST: That's an invitation for a drink out. I'll take it. Maybe not tonight, but I will certainly take it over. And in fact, I feel -- I fear -
- I can QUEST MEANS BUSINESS from The Dorchester coming up before the end of the year. Thank you, sir. Very grateful for your kindness in joining us
tonight.
When we return in just a moment, the chief marketing officer of the Royal Mint, Caroline Webb with me. And your line of coins have been minted to
celebrate the coronation. And they might be worth holding on to.
(COMMERCIAL BREAK)
[15:47:26]
QUEST: So now, I was reading this evening's Evening Standard with the picture of the King. And all of a sudden, I saw this advert which is as you
can see made for crowning moment. It's from the Royal Mint. And it's advertising their new commemorative coordination coins. Now, if you were to
pay 14 pound 50 for a five-pound coin, you might not sound like a great investment. If history is any guide then perhaps it is because overall if
you look at the price, things do go up.
The five-shilling coin, minted in 1953 to celebrate the coronation of late Queen is around 50 quid now. The question is whether the value of the new
King's coin will increase over time. Caroline Webb is the Chief Marketing Officer at the Royal Mint. Nice ad in the standard. And I suspect you're
going to tell me that you don't buy these things or get these things just because it might go up in value.
CAROLINE WEBB, CHIEF MARKETING OFFICER, THE ROYAL MINT: No, I think that we've got a huge number of collectors who just enjoy celebrating and
commemorating moments of British history. So, we're really all about commemorating British history, Royal events. We've done it for over 1000
years. We've been there at every royal event. And we've celebrated those for all the kings and queens of Britain.
QUEST: But your job is -- your main business is to print the -- is to mint the coins of the country.
WEBB: Well, it is the main business and that's what The Mint is all about and has been. But in recent years, we've actually diversified and we now
actually operate a portfolio of businesses where we have six businesses and main one of those is commemorative coins.
QUEST: Does it really -- I mean, is it a big business?
WEBB: It's a big business. So, we have -- we have -- we have a big business now and commemorative. We sell all over the world. People are collecting.
We've got a huge number of collectors in the U.S. who really buy into us. And a recent survey actually told us that 20 percent of U.S. coin
collectors are going to start collecting British coins because of the King Charles one.
QUEST: Really?
WEBB: Yes.
QUEST: So, this is going to start an entire thing. And now this is the -- this is the --
(CROSSTALK)
WEBB: Five-pound crown.
QUEST: This is the five-pound crown and the crown on it is a beautiful design. Absolutely spectacular design on both sides. Obviously and the
king, what crown is you're wearing?
WEBB: So, on the -- on the reverse, on his -- on the crown portrait of him. It's actually the Tudor crown which was destroyed in 1600s. But it's very,
very popular in the heraldic design and it was something that the King requested when we were doing the work because he was personally involved in
selecting the crown and then he approved the actual image as well.
QUEST: So, this is -- this is worth five pounds but you're going to charge me more for it.
[15:50:00]
WEBB: Yes, we are. Because it's done through proof standards. So, it's actually printed. It's stamped multiple times to get the quality right and
really be the best The Mint can --
(CROSSTALK)
QUEST: You do have to be careful with the number, I was reading about how many, you know, which of these have already sold out. You have to be very
careful because you can flood the market with this stuff and nobody will buy it.
WEBB: So, one of the things --
QUEST: Excuse me.
WEBB: -- for is scarcity and rarity. That makes it more appealing. So, what we tend to do is we have a whole range of available coins and commemorative
pieces. And they range from these two that I've got with me today all the way up to large formats in gold and silver and precious metals.
QUEST: Which is this one.
WEBB: This is the 50P. So, this is also with the crown's effigy of His Majesty, the King on the back. And it's got a design from one of our
designers at the Royal Mint of the Westminster Abbey. So, it's a really nice design and really simple and was done --
(CROSSTALK)
QUEST: And is that -- and what does experience show? What works in a print? I mean, too complex, and it all looks weird, too simple. And it becomes
what?
WEBB: I think it's just generally. We get a lot of feedback from our collectors, that aesthetics. And so, we've had lots of designs recently
that are more modern, more contemporary. A little bit simpler that I've done well, but we've equally got the really heraldic ones that people love
and just really engage with.
QUEST: Can I invite you to have a bit of coronation keeps me by Olivia (INAUDIBLE)
WEBB: I feel I should try it but I'm not sure quite. The slices look quite low, so --
QUEST: Can we get a knife, anybody? Get a knife.
WEBB: But I could take something later.
QUEST: Take some for later. Good idea.
WEBB: That's a good idea.
QUEST: (INAUDIBLE)
WEBB: That's what I was looking at.
QUEST: I'll only charge you the cost of the -- you can have those as well. Enjoy your quiche.
WEBB: Thank you very much.
QUEST: And have a lovely coronation day.
WEBB: And you. Thank you very much.
QUEST: Excuse me. I think the quiche is going down the runway. As King Charles walks through the Abbey, adding to the atmosphere will be
especially composed piece of music. Excuse me. Written by a composer handpicked by the King. Isa Soares reports.
(BEGIN VIDEOTAPE)
ISA SOARES, CNN INTERNATIONAL ANCHOR (voice-over): For Scottish composer Patrick Doyle, it was the call of a lifetime.
PATRICK DOYLE, SCOTTISH COMPOSER (voice-over): I was completely overwhelmed and glad. (INAUDIBLE) I couldn't believe it. I was not remotely expecting
it.
SOARES: His agent on the phone with a message from Buckingham Palace asking him to compose the coronation march for King Charles.
SOARES (on camera): What was that moment like?
DOYLE (on camera): It was very intimidating, very frightening. For many, many reasons. I thought this is going to be watched by millions of people.
Not only that, it's King Charles, who's been very supportive throughout my career. It's a huge responsibility. It's such a historic day. It's got to
be my best work.
SOARES: So, talk to us about the brief. What does the brief entail?
DOYLE: He asked me to be uplifting, triumphant and memorable. So, no pressure and they asked if the piece can be composed within a parameter of
four minutes because the whole deal was so well planned that don't allow seconds literally. So, I -- the piece come out eventually, three minutes 55
with reverb for the Abbey.
SOARES (voice-over): Patrick Doyle is no stranger when it comes to writing music to strict timeframes. He spent the last 35 years composing in
Hollywood. From blockbusters like Harry Potter, to Thor, and Disney's Pixar Brave.
SOARES (on camera): Which one's your favorite? I know it's like picking your favorite child but which one's your favorite?
DOYLE: Well, I certainly have such fond memories of my very first of all, Henry V directed by Kenneth Branagh. That was an amazing opportunity for me
as it was my very first picture. And the result of that, Prince Charles saw the film and subsequent commissioned me to write a piece for the Queen
Mother's 90th birthday because he loved the Non Nobis Domineit. The choral piece that comes in near the end of that picture.
SOARES: How does it feel going from, you know, Hollywood royalty to this real royalty?
DOYLE: In my seventieth year at the height of my career to being asked to compose this iconic piece was an extraordinary privilege and the thought of
being in the Abbey on the 60s is such of dream really.
(END VIDEOTAPE)
QUEST: I'll be with you tomorrow for CNN's special coverage of the coronation. Starts at 10:00 a.m. in London. 5:00 a.m. in New York. Please
do join us for an historic event.
[15:55:08]
I've been giving away all this quiche. Olivia kindly made it and are delighted. The coronation quiche made by Olivia and I will now taste some
of it. Thank you so much. Thank you very much indeed. Profitable moment after the break.
(COMMERCIAL BREAK)
QUEST: Tonight, profitable moment from Buckingham Palace. It's very tempting to sort of carp and moan and complain and say it's all very
expensive and the country's having economic difficulties and this hardship. And really, what's it all about? A family, a royal family that's overpaid
and what do they actually do? And it's all hereditary. It's too easy just to say that. But tomorrow is about more than that.
Tomorrow is about a constitutional monarchy that has stood the test of time for 1000 years. When you think about the first coronation in Westminster
Abbey 1066. And you'll look at all the regalia that will be handed from 1760s to the 1861. And the coronation chair. There is a line of continuity
throughout that is significant because it has given the stability that of course, is the heart of Britain.
Now you'll know, of course, that I am a dual citizen. I became a citizen of the United States of which I'm extremely proud. But I'm also very proud
that I was born in Britain and the time of British citizenship. I had the best of both sides of the Atlantic, if you will, I'm greedy, if you want to
put it like that. So tomorrow, I will be watching the coronation and I will be with you. And I'll be thinking this is what Britain's about.
And as long as it modernizes and as long as it remains a constitutional monarchy with a democracy at its heart, but a monocratic stability that I
think tomorrow should be a magnificent day. And to those who sort of say, nah, what's it all about? Well, go and do something else. The rest of us
will be enjoying the coronation. And the coronation chicken and the coronation quiche. And that's QUEST MEANS BUSINESS for this Friday night.
Coronation eve.
[16:00:08]
I'm Richard Quest. Whatever you're up to in the hours ahead, I hope it is profitable and you have a good coronation.
END
