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Quest Means Business

French Government Considering All Options to Quell Unrest; NASDAQ on Track for Best First Half of 40 Years; The Past, Present, and Future of the Intrepid; Court Decision Limits LGBTQ Protections; CNN Speaks To Astronaut Aboard Space Station. Aired 3-4p ET

Aired June 30, 2023 - 15:00   ET

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

[15:00:22]

RICHARD QUEST, CNN INTERNATIONAL HOST: It is a Friday. It is the summer, and therefore, of course, it is our first Summer Friday. We are at the

Intrepid Museum on the west side of Manhattan, of which you'll hear a great deal more over the course of the hour.

But there is still an hour to trade left on Wall Street. Look at the Dow. It's on a tear, it's on a roll. It's the last day of the first half of the

year. All the major indices are much higher. The S&P is actually up for some 16 percent for the year so far.

Those are the markets and the main events that we will be talking about in the hour ahead.

France has now shut nighttime buses and trams and canceled large gatherings. The country is bracing for a fourth night of protests. We'll be

in Paris in a moment.

Apple stock is now worth -- or the company is worth $3 trillion. Tech stock has a stunning first half. The NASDAQ has been a deal on a tear.

And space tourism has become a reality. Deloitte says it is a $3.3 billion market by 2035. We'll get to that.

We are live in New York, on the Intrepid, delighted to be here. It is Friday. It is June 30th. I'm Richard Quest, and yes, aboard the Intrepid, I

most certainly mean business.

Good evening.

We start of course, with just where we are and why we're here. We are on the Intrepid, which is an old US Navy warship, an aircraft carrier. Let's

not call it old, let's call it distinguished -- a distinguished aircraft carrier.

It is now a national historic landmark, just down the road. You see there, of course, is the Empire State Building and just over there is Hudson

Yards, which is our normal home where we come to, and indeed from the camera on the roof of Hudson Yards, you should be able to see us.

I wish you'd be able to see us better, but the weather with the smoke coming down from Canada and that is something we'll be talking about during

the course of our program tonight.

We'll be discovering New York, the themes and our Summer Fridays.

Let's begin though with the news of the day. We go to France, where the country once again has been suffering a nighttime of violence. It will be

the fourth night tonight, and many thousands of police have been deployed.

They have also -- France has cancelled large scale events in a desperate attempt to restore order, but we are already starting to see protesters

gathering in Paris. You'll remember the reason. It is a deadly police shooting.

Germany and the UK has now issued travel warnings to those tourists going into Paris, and it all is at the peak summer travels.

These are live pictures coming to us at the moment from Paris.

We've got the Tour de France starting on Saturday. You've got the Paris Fashion Show starting next week, but let's start with the events of the

last few hours.

Nic Robertson reports from Aubervilliers on the outskirts of Paris.

(BEGIN VIDEO CLIP)

NIC ROBERTSON, CNN INTERNATIONAL DIPLOMATIC EDITOR (voice-over): Thursday night, Paris' underprivileged suburbs in flames. Elite cops in Nanterre,

the epicenter of the violence and anger over the killing of the young teen, Nahel, dust through barricades of burning vehicles.

Paris' Ring of Fire engulfing a bus station in the suburb of Aubervilliers, 12 buses on fire.

With daybreak, the extent of the losses becoming clearer. Twenty-six buses and a tram destroyed in this neighborhood alone according to a local

official, total cost ballpark: $11.7 million.

France's Transport minister came to see the damage for himself.

ROBERTSON (on camera): What will it take to end the violence, please?

CLEMENT BEAUNE, FRENCH TRANSPORT MINISTER (through translator): We can't allow for any ambiguity in his question. We need to condemn this violence

with extreme firmness. We need to protect our public service. It's in the interest of those who are expressing their anger today to protect the

public service.

ROBERTSON (voice-over): Local residents here worried about an escalation.

(UNIDENTIFIED MALE speaking in foreign language.)

ROBERTSON: "It's the fault of everyone," he says. "I've heard that Saturday will be worse."

[15:05:10]

(UNIDENTIFIED MALE speaking in foreign language.)

ROBERTSON (voice-over): "The buses that are burned there, the people that live here use them," another man tells us. "That does no favors for

anyone."

ROBERTSON (on camera): And it's not just here in Paris, the protests are spreading, Lille in the north, Nantes in the west, Bordeaux in the

southwest, Marseilles in the South, Lyon in the center -- the contagion of the anger is rippling out.

ROBERTSON (voice-over): By late morning, officials saying 1,900 cars set a fire, over 500 buildings burned, including 34 townhalls, and 24 schools in

the past 24 hours.

In Lille, government offices torched. Bordeaux tires set afire, and above the Mediterranean port city, Marseilles, huge plumes of smoke rising, its

old historic library set on fire.

France's president cutting short trip to Belgium, calling his ministers for a crisis Cabinet meeting. His message, large public gatherings are banned.

The violence must stop.

EMMANUEL MACRON, FRENCH PRESIDENT (through translator): We all condemn this pure and unjustifiable violence, which no longer has any legitimacy. A

third of those detained are young, sometimes very young. It is the responsibility of their parents to keep them at home.

(PROTESTERS chanting.)

ROBERTSON (voice-over): Nahel's mother who led and initially peaceful protest Thursday, said she is not angry at all police, only the one who

shot her son. Her son's funeral planned for Saturday, expected to fuel the ongoing backlash.

Nic Robertson, CNN, Aubervilliers, France.

(END VIDEOTAPE)

QUEST: Melissa Bell is in Paris.

Melissa, we never like to forecast violence or disturbances, but the reality is, it is a hot summer's night in Paris and this is -- the crowds

are already gathering. So, what is the current situation?

MELISSA BELL, CNN CORRESPONDENT: What we've seen in the last couple of nights, Richard, is that violence really moving from the outer suburbs of

many of France's cities including Paris, to the center. This is the Plaza La Concorde in very central Paris. You can see already, night hasn't yet

fallen, and there is there's a fairly tense standoff between protesters and riot police here.

No teargas for the time being, but this protest has been called here in the very heart of the French capital as it has, as protests have been called in

other French cities for tonight.

So for the time being, what the government has taken in terms of measures, canceling concert that were to be held tonight at the Stade de France,

banning gatherings, large gatherings haven't tempered anything down.

What they have said is tonight, there will be even more policemen and women on the streets of France, 45,000 versus the 40,000 we saw yesterday and

what the Interior minister has announced is that we will all be seeing armored vehicles, helicopters, and far more elite mobile units as they try

and keep these kinds of scenes under control.

QUEST: Melissa, one quick question. The Tour de France is starting, the Paris Fashion shows are next week. This is exactly the un vacances is about

to get underway. Tourists should be arriving in droves, not just in Paris, but throughout the whole -- I will be in France in a couple of weeks

filming -- this is going to take a toll on tourism. summer vacation

BELL: It will. These are not the images that Paris wants to sell. You mentioned the Tour de France, they will have extra security because they

fear that like in 2022 when climate change activists had tried to disrupt it, they could face more trouble so they will have motorized policemen

accompanying them on their tour.

There's also the 14th of July, as you say, Paris is preparing for the 2024 Summer Olympics. This is not the images they wanted to give of their city,

and yet it is also the summer, it is hot, school is out, and these are also the conditions that we saw back in 2005 when an incident similar to the one

that we saw on Tuesday, two young people in the neighborhoods in outer Paris being killed after -- dying after a police check, trying to flee the

police had set off an entire summer of protests.

So that factor, Richard, the fact that we are heading into the summer months is not necessarily going to dampen things down; on the contrary,

there is a lot of young kids out there ready to take part in these protests and not terribly occupied at all -- Richard.

QUEST: Melissa Bell in Paris. We will come to you of course the moment there's more to report in that.

And so to our digest and our weekly or nightly conversation on what's happening with inflation, and the latest numbers do seem to suggest that it

is coming down quite nicely, both in the EU and in the United States.

[15:10:08]

It is cooling. PCE, which is the Fed's favorite gauge is 3.8 percent, May on a year-on-year basis, which is better than expected.

The Eurozone, lower than expected, 5.5 in June was 6.1 in May, and factor that in with what we are seeing on the markets today, a big day for

investors. The markets have been on a tear. The Dow I showed you at the beginning is up very strongly. The NASDAQ has also gained sharply today. It

is the end of the second quarter, it is the end of H1, and now, there is a bit of book squaring going on.

So all the major markets are higher with the NASDAQ up 32 percent for the first half of the year, best performance in 40 years. Apple is leading the

way. Apple is now worth $3 trillion.

Rahel Solomon is in New York.

At some point, I'm going to just -- I know, I know, Rahel, you're just going to sort of say, "told you so, told you so" on the question of

inflation, but Apple is at $3 trillion. The market likes what it is seeing today.

RAHEL SOLOMON, CNN BUSINESS CORRESPONDENT: The market definitely likes what it sees. Yes, Richard, you know, about a year ago, you and I were talking

about the NASDAQ being off by 32 percent, so it is certainly what a difference a year makes.

But yes, Apple $190.73 a share, Richard, this is the key level we have to watch and Apple currently trading at $193.11, so it certainly seems at

least right now, set to close and cross that $3 trillion market cap.

So how did it get here? Because Richard, of course, as you know, in January of 2022, Apple stock had flirted with this level, but it failed to cross.

So I think a few components. One, Apple seems to have weathered the Chinese supply chain issues with the factories there, better than many investors

were expecting. Also, still enjoying really strong demand for its iPhone sales.

And then its services business, and this is really important, Richard, because the services side of Apple's business is less vulnerable to

economic downturns, think things like Apple Music, different services, monthly subscriptions, that has seen really remarkable growth, Wedbush

saying in a note that the growth trajectory there is jaw dropping, and investors clearly like it.

QUEST: And of course, they did us -- just looking at the -- there was a stock split a few years ago, and that, of course, always helps things

along. I mean, technically, it shouldn't, but it actually does.

And really, even without "the next big thing," we've got these VR things that they've just come along with which we'll wait and see if that turns

into the next big thing. They are on a tear.

SOLOMON: Right, and so it's interesting, because even with VR, which some believe in the community will be the next big thing, others are more tepid

about it.

First of all, they are very expensive. Others have said -- other critics have said look, they look kind of awkward, so it is kind of off brand for

Apple, so we'll see. But even still, iPhone sales are strong, services are strong, so these are really important growth areas and strong areas -- it

almost creates a mount for example, for Apple, so really working in Apple's favor.

QUEST: Rahel, thank you. We will have to make sure that you join me in future, if possible, when we're out and about with our Summer Fridays.

Thank you, Rachel Solomon.

So this is the second season of our Summer Fridays, and we have a great series from the Intrepid where we are today, which we'll be talking about,

in just a moment. The Guggenheim -- we will be all over the Botanical Gardens, one of my favorites is later.

And the reason is really simple. It's Friday, it's the summer, we go a bit easier. We still tell you what's happening in the world, but we also enjoy

ourselves, too.

Summer Fridays on QUEST MEANS BUSINESS.

(BEGIN VIDEOTAPE)

QUEST: Join me for our Summer Fridays.

For the next month or two, every Friday, the program will come from somewhere different. Somewhere enjoyable.

Tonight, we are suspended on the edge.

I'm terrified of heights. Whoa, whoa.

We are at Little Island, shvitzing. We are shvitzing out here.

It was the brainchild of Barry Diller.

BARRY DILLER, CHAIRPERSON, IAC: Nothing that I've ever done has given just that kind of visceral pleasure.

QUEST: From JFK and the TWA Hotel.

UNIDENTIFIED MALE: The opportunity to bring it back to life was a once in a lifetime opportunity. You want to go out on the wing?

QUEST: Somewhere in all of this, we have a little room to enjoy ourselves.

We're at the Metropolitan Museum of Art. What does MET worthy mean?

UNIDENTIFIED MALE: Among the best of its kind in the world.

QUEST: Grand Central Terminal. I'm now about 150 feet beneath the street level.

When it comes to Friday, yes, I'll keep the tie, but we're going to go a little bit easier.

UNIDENTIFIED FEMALE: It is our blueberry Meyer lemon shake and it's got poundcake crumble on top.

He approves.

[15:15:11]

QUEST: That's worth a Summer Friday.

(END VIDEOTAPE)

QUEST: I just decided to lose the tie. It's not quite fitting, but it's very pleasant up here.

We're on the Intrepid. Just delighted. We'll tell you more about it and it's just the beginning.

I'm going to get a view. I'll have a look around and you'll get a tour.

(BEGIN VIDEO CLIP)

JESSICA WILLIAMS, CURATOR OF HISTORY, INTREPID SEA, AIR AND SPACE MUSEUM: This is the end of the flight deck, so the two catapult tracks ran off the

bow, so a catapult would have come right down here. An aircraft would have launched right over the edge.

(END VIDEO CLIP)

(COMMERCIAL BREAK)

QUEST: Our first Summer Friday for QUEST MEANS BUSINESS and we are on the Intrepid, which is the giant aircraft carrier that sits off the west side

of Manhattan.

Six hundred thousand people visited last year, a million before the pandemic. It is one of the most popular things to do and see and we are

delighted to be here.

(BEGIN VIDEOTAPE)

QUEST (voice-over): The USS Intrepid makes for a peculiar site. This 900- foot aircraft carrier, only a short walk from Times Square.

For more than four decades, this warship turned museum has become one of the city's most beloved institutions.

QUEST (on camera): It is Intrepid's immense size sitting here just off the West Side Highway and juxtaposed with Manhattan's skyline that makes it all

so unusual.

And then the more I learn about the history of the ship, the more I realize it's in the perfect place.

WILLIAMS: During World War Two, the ship was struck by kamikaze attacks from four separate attacks.

There was one day when two kamikaze aircrafts struck the ship within five minutes of each other. So that was the day that the ship -- it was really

the ship's worst day, 69 people died.

QUEST (voice-over): The Intrepid has lived many lives. It served in World War Two and in Vietnam. After retirement, NASA used it as a recovery

vehicle for its spacecraft.

QUEST (on camera): The way it was saved, is in itself fascinating.

WILLIAMS: Yes.

QUEST: Because this was going for scrap.

WILLIAMS: Yes, the ship was going to be going for scrap and Zachary Fisher, who is a New York City philanthropist and real estate developer really

spearheaded the efforts to bring Intrepid here to be a museum in New York.

[15:20:09]

QUEST: How easy was it to turn the thing?

UNIDENTIFIED MALE: Turn it.

QUEST: Oh.

UNIDENTIFIED MALE: It is on a hydraulic system. So that's what it would have felt like back in 1943.

QUEST: Oh wow.

UNIDENTIFIED MALE: That's the original helm from 1943. Everything in here is original except the air conditioner and myself.

QUEST (voice-over): Intrepid may tell the story of a particular moment in time, but the museum has a golden thread running throughout innovation and

new ideas, and that's why when Intrepid was being decommissioned in the early 1970s, two of the other exhibits were just getting going -- the space

shuttle and Concorde.

WILLIAMS: This is a space shuttle orbiter, Enterprise. This was NASA's prototype orbiter for the shuttle fleet and its purpose was to test the

ability of the shuttle to land on a runway like an airplane.

QUEST (on camera): But there would have come a point when they put this on the back of a plane.

WILLIAMS: Yes, yes. This thing did not have engines. It went up on the back of a 747 that then separated and landed on a runway.

QUEST: How did you get it here?

WILLIAMS: It arrived on the back of a 747 to JFK airport and then it came on a barge, up the river, and then a massive crane picked it up off the

barge and stuck it on the flight deck.

QUEST: I've been on this a few times, but it's still awe-inspiring. Every time it is awe-inspiring.

WILLIAMS: Yes.

QUEST (voice-over): It seems Hollywood agrees. Even if you've never been here, the Intrepid may look familiar. The ship has appeared in countless

feature films, TV shows, and music videos.

WILLIAMS: Here we are in New York City. We're very proud that visitors from all over the world can come here and explore and learn.

QUEST: The Intrepid stands as a grand tribute to science and innovation, and on its 80th birthday, the ship itself is a symbol of perseverance and

reinvention, just like the very city, it calls home.

(END VIDEOTAPE)

QUEST: Susan Marenoff Zausner is the president of the Intrepid Sea, and Air and Space Museum. She is with me now.

Thank you.

Thank you for letting us come here.

SUSAN MARENOFF ZAUSNER, PRESIDENT, THE INTREPID SEA, AND AIR AND SPACE MUSEUM: Oh, my God. We're thrilled that you're here. Thank you for coming.

QUEST: I mean, our first Summer Friday, I can't think of anything better.

We were just discussing the nature of this place. It's not just -- I mean, you're remembering, you're honoring, but you're also entertaining.

How difficult is it to get that right?

ZAUSNER: So, it is interesting. We're a hybrid between attraction and cultural. So we have pre-pandemic and we're approaching it now, almost a

million -- more than a million visitors per year.

So very much an attraction in the sense they can see 28 incredible aircrafts -- the Concorde, a space shuttle, a submarine -- but we also do

programming inside the steel walls of the ship. It is very, very important to us.

And so because of this educational programming, and because of what we call or access programming or inclusive programming, we're very much a cultural.

QUEST: All right, now, there are people here who think that we're not actually floating, but actually, it's really sitting on the bed, and it's

not really floating -- are we?

ZAUSNER: It is a little bit of both. You might feel the balance change a little bit here and there, but very, very slightly. But once we came back

after our renovation in 2008, and we were back in the sand and the silt, it starts to settle, but we do have every once in a while a little bit of

movement.

QUEST: Right, but we're not being -- I mean, it's not -- there's nothing there that's --

ZAUSNER: We are not floating. We're not floating on top of in the water, no.

QUEST: The whole idea of what happens next with this place, because whether we're on the base or we're floating, there's water all around us, and that

is going to destroy eventually, metal.

ZAUSNER: Well, we do a lot of work every year to actually make sure that it's repaired. We do a lot of work to the hull. We do work to the pier. We

do work to the infrastructure of the ship every single year, multiple times a year.

So even going so far as to creating a cogeneration plant on the ship so that we can self-power ourselves and not have to worry about heating and

cooling, these are things that will keep the ship alive for a long time to come.

QUEST: How do you ensure that it has a relevance for the next generation?

ZAUSNER: That is a great question.

QUEST: I mean, I look around and I see people, you know, I see obviously dads or granddad's who will have done military service. I see youngsters

with iPads or phones wondering, why am I here? And that's your difficulty - - not difficulty, that's your challenge in itself.

ZAUSNER: So we have multi-generations. That's absolutely right.

QUEST: Yes.

ZAUSNER: And we're spoken about almost as though World War Two history will become a page in the books like Spanish American War history is right now.

But we keep it alive by having state of the art technology in our future and actually right now.

So we just did, for instance, a 3D digitization of the entire ship. That's a platform that is allowing us to do augmented reality, virtual reality for

spaces that might be open so you can see the experiences, but for spaces that are not yet open to the public, or that can never be open to the

public,

[15:25:13]

QUEST: I was just walking around the ship. How much have you still got that is sort of, you know, and what's in those rooms? I want to get to see what

in those rooms?

ZAUSNER: It is probably about 40 or 50 percent that is not open to the public.

QUEST: Really? And it's interesting -- do you want to show us the old stuff?

ZAUSNER: Well, there is a little bit of both, so for instance, one of our big projects is opening up the 7,000 square foot space, our hospital, our

sickbay.

QUEST: Yes, yes.

ZAUSNER: And so we have what you would look at as this archaic operating table in there, a frightening looking operating table. But here we are, in

this room with these artifacts, but you will also be able to use this technology. So you talk about the iPads and the phones, they'll be able to

scan and see an augmented version of what it was like in World War Two, in Vietnam, in the Cold War, and then what it's like now in a hospital.

QUEST: What is haven't got here that you'd like to have? the one thing that you'd like to have.

ZAUSNER: Oh, that's a question that might stump me.

QUEST: Is there anything that you're missing, do you think? Because you've got so much.

ZAUSNER: You know what? We are always looking for aircraft, perhaps a complete Corsair. One of the most exciting things that we have is we have

some fragments of a Corsair that we are unveiling, but a complete Corsair.

QUEST: I've got a quick little story. It was 1993, I think it was, and it was Gay Pride Week, which of course, it's still Pride Month, and I was on a

dance party on this flight deck, I assure you, you don't really want to know what was going on under those planes, the sort of things that perhaps

one shouldn't be on a military.

So my first visit, 1993.

ZAUSNER: A lot of parties. We have a lot of wonderful celebrations here.

QUEST: I'm just so glad to have been invited here today.

ZAUSNER: Thank you so much.

QUEST: Thank you very much indeed.

ZAUSNER: We appreciate it.

QUEST: Thank you. Thank you.

As we continue tonight, talking about LGBT and LGBT rights, there is a blow for them today from the Supreme Court, that and for President Biden and his

questions of forgiving student loans.

We'll talk about those in just a moment. QUEST MEANS BUSINESS live from the Intrepid.

(COMMERCIAL BREAK)

[15:30:12]

QUEST: Hello, I'm Richard Quest. There's more QUEST MEANS BUSINESS from the Intrepid in just a moment. We'll discuss the Supreme Court's decision, both

on LGBTQ rights and indeed on student loans. And Deloitte's chief futurist on space exploration. Obviously, that in fact, exploration of any form of

adventurous take (ph). That's taken on a new importance.

We'll talk about that only after the headlines because summer Friday or not, this is CNN and on this network the news always comes first.

Brazil's highest Electoral Court has barred the former President Jair Bolsonaro from seeking office again for eight years. It's a combination of

a dramatic and politically charged trial, over charges of abuse of power and misuse of public media.

The head of Ukraine's military intelligence is claiming that Russia is plotting to kill Wagner Chief Yevgeny Prigozhin (INAUDIBLE) an online

magazine that Russia security service was charged with the task without offering any evidence or details. Prigozhin's reportedly in exile in

Belarus after his failed mutiny but so far has not been seen.

The entertainment world is paying tribute to the actor Alan Arkin on the news of his death. Who is a well-known for his range and subtlety and won

the Best Supporting Actor Oscar in 2006 for Little Miss Sunshine. He was 89 years old.

Those who belong to LGBTQ rights today when new Supreme Court limited the protections, especially as it relates to businesses refusing to serve or to

be involved in LGBT events. The court back the Christian web designer who refused to serve the same sex couple who wanted it for their wedding. It

was a victory for religious conservatives. You won't be surprised. It was a decision that was six to three. And it was a decision rooted in free

speech.

Ariane de Vogue is our Supreme Court correspondent and is with me now. So, we had first of all, the baker, remember the baker who wouldn't bake the

cake. And that decision was very narrow grounds when that came out some years ago. Now they've bitten the bullet, pull the plaster up, whatever

analogy you want under basically saying this is freedom of speech. But how wide is the decision?

ARIANE DE VOGUE, CNN SUPREME COURT REPORTER: Right, exactly. Here, this Christian graphic designer, she wanted to expand her business to make

wedding Web sites to celebrate marriages. But she did not want to celebrate same-sex marriages. She had a religious opposition to that, but she feared

she'd run up against Colorado's anti-discrimination law. But here, the six- three Court ruled in her favor.

And what they did is they looked at this through the lens of free speech, they said, look, somebody who is making a custom product cannot be forced

to express a message that goes against her religious beliefs. Neil Gorsuch wrote this six-three opinion and he said the First Amendment envisions the

United States a rich and complex place where all persons are free to think and speak as they wish, not as the government demands.

But just as Sonia Sotomayor picked up on your exact point, which is, first of all, how broad is this? How big -- almost every business owner may be

conservative spin this to say that they are creating some sort of speech, the baker, the graphic designer. Well, what about the jewelry designer?

What about the limo driver? But what really made her the -- really, she got the most angry about was just sort of the fact that the court had taken

this initial step in the first place.

She said today, the court for the first time in history grants a business, open to the public, a constitutional right to refuse to serve members of a

protected class. She said it was a sad day. And as I said, she really did express some concern about how far this could go and whether it could lead

to racial discrimination.

QUEST: OK. But is this -- you know, we had Roe v. Wade and people say, well, marriage equality is next. Will this be seen as a thin edge of the

wedge which will now breed many more cases trying to expand it? Is there a sufficiently large legal principle here to do that?

DE VOGUE: Well, here's the thing. You touch on something.

[15:35:01]

On the one side, Justice Gorsuch said this is about free speech. This case is about free speech. It isn't even about LGBT rights. It's about free

speech. The other side absolutely disagrees. Because they said that this was never -- this law wasn't really talking about her speech, it was

talking about the fact that she couldn't discriminate against her buyers. Two different sides of the coin seeing this differently. But you're

absolutely right.

It's going to lead to a lot more lawsuits and a slippery slope. And that's what the Liberals expressed fear about today. And that's the kind of

lawsuits we can look for going forward.

QUEST: Very grateful to have you with us making sense of it all tonight. Thank you. Ariane de Vogue.

Now, if you walk around the Intrepid, there is the prototype of the space shuttle, there's Concorde, there's all these magnificent planes. And all

comes on the day that Virgin Galactic launched successfully but the shares the shares in the company continued to fall. They were down seven percent

today, 20 percent in two days since the successful launch. It took fair- paying customers to the edge of space.

And despite investor's worries, the invest -- the industry seems to be at a turning point. But Deloitte report says space ultimate emerging market 3.3

billion a year by 2035. Mike Betchel is Deloitte's chief futurist. What a wonderful -- what a wonderful name, a futurist who know where we're going

before we get that.

MIKE BETCHEL, CHIEF FUTURIST, DELOITTE: Thank you kindly, Richard for having me. No crystal balls, no time machines of the DeLorean or hot tub

variety. But we very much do we see ourselves in a second space age fueled more by economics than exploration.

QUEST: OK. But what's it for? I mean, space tourism is a relatively niche. And I'm -- and I'm guessing that's not going to be the bill of the balcony.

BETCHEL: Space tourism. It's shiny, it's current, but it's a -- it's just one piece of the pie. What we're seeing is that as research turns towards

revenue, as a possibility towards profitability, there's money to be made in the commercialization space.

QUEST: Doing what? Launching satellites, fine.

BETCHEL: Yes.

QUEST: What else?

BETCHEL: All right. So for starters, our report and our research looks at three different commercial areas. For starters, down here on this blue dot,

there's all sorts of new innovations around launch vehicles. OK? 3D-printed rockets, horizontal takeoff and landing rockets, like airplanes, even

centrifuges, little slingshot something into space. Why does this matter for business? Here's why. The cost to put something up there has gone from

100,000 per kilo to 10,000, soon to be thousands and hundreds.

That creates business opportunities for anyone to do not just research but manufacturing, creation of semiconductors, creation of -- check this out,

fiber optic cables, human organs, stem cells, even whiskey.

QUEST: Al; right. But I always wonder. I mean, let's take Virgin Orbit, which of course had the most unsuccessful and actually went bankrupt. And I

always think, when a -- is the private sector the right environment to do this?

BETCHEL: Well, what we've seen over the years is that public private partnerships really tend to drive the best outcomes. I mean, 50 years ago,

the space race was nation states worried appropriately about national defense. Then after the Cold War, we went through sort of a relatively

quiet period of research, discovery, et cetera. But over the last 15 years, we've seen startups, we've seen commerce and it's that commerce on the back

of government invention and innovation that is better together.

It's that mix of public interest and private interest that's always driven the most lucrative business.

QUEST: Related to this. I mean, obviously, we've seen the events, the Titan sub, which arguably put forward an argument that said, excavation, we'll be

learning more about the deep sea and all of those things. That ended disastrously, catastrophically and sadly. Does that -- there seems to be a

difference. The space lots seem to be running on a much higher level of safety and regulation than those that went down on the water.

BETCHEL: Yes. Well, I think there's more eyes on space because our eyes are understandably to the skies. I mean, when we talk about revolutions and

launch vehicles, accessibility going up, right? Barriers to entry coming down. That creates infrastructure opportunities around space ports. I mean,

heck, Michigan, Arkansas, doing legislation right now to invest in spaceports. Scotland, Sweden. The punch line is this.

Where there are jobs, where there are positive economics, there comes the entrepreneurial opportunity and the opportunity for regulations and safety.

QUEST: So, we're here. This magnificent ship. It's not your first time here.

BETCHEL: It is. It's a beauty. My Midwest is showing.

QUEST: I was (INAUDIBLE) I think that your -- the future -- this was about the future.

[15:40:06]

BETCHEL: Yes.

QUEST: Where do you see the future?

BETCHEL: Yes. Well, I'll tell you what. For starters, it's about near-Earth orbits. As you said satellites, soon commercial space stations. Not just

researching, but manufacturing. Shortly thereafter tourism in earnest. And here's the business angle. There's more to that than rockets, right?

Financial Services. Somebody needs to insure those trips, travel agents, et cetera. After that, the fun stuff.

Moon, Mars beyond and resource mining folks. There's trillions of dollars of precious metals and asteroids that could purely disrupt today's

financial markets.

QUEST: Well, we'd be alive to see it.

BETCHEL: We will.

QUEST: Thank you, sir. I'm very grateful for you joining us. Thank you.

BETCHEL: Thank you, kindly.

QUEST: As QUEST MEANS BUSINESS continues, take that theme. Space, the future of venture. Coming up after the break. A man who's going to talk to

us about why we want to do it. And of course, the risks that are involved. We're on the Intrepid. I'm delighted to be here for summer Fridays.

(COMMERCIAL BREAK)

QUEST: We're on the Intrepid and you can only imagine what it must have been like when it was launched. And in all the various missions in which it

has been involved, often at the forefront of science, adventure and of course warfare. Adventure tourism is very much on the agenda at the moment.

It's increasingly popular sometimes with catastrophic results as we saw with the Titan sub.

Big adventure destination these days, Mount Everest, climbing Mount Everest. Now, look, we can say as much as we like it's not for the novice,

but the reality is the weekend warrior climbers paying a lot of money to climb Mount Everest, and the numbers of people who are claiming it has

skyrocketed. And they use a guide service. Adrian Ballinger is with me. The mountaineer (INAUDIBLE) Alpenglow Expeditions that guides Everest.

I -- the -- we -- Everest is now very much in vogue, but I think you would remind me that it's certainly not for the faint hearted, who like to go for

a weekend hike, and then suddenly find themselves climbing Mount Everest.

ADRIAN BALLINGER, FOUNDER, ALPENGLOW EXPEDITIONS: That is certainly true. You know, I think one of the most important things is understanding the

path, the road that it takes to actually accomplish. A big goal like climbing Mount Everest. I don't think we should have -- we should be

gatekeeping saying who can and cannot do it but we have to really stress the level of experience it takes to do it safely.

[15:45:10]

And I think to have a more powerful and meaningful experience. Just getting dragged to the top of a mountain, that I don't think gives the same feeling

of, you know, success. And, you know, what people are looking for. It's actually the work that goes into it that gives that feeling.

QUEST: And the whole question of adventure tourism, you know, I'm very familiar with it these days, the tourism industry is all about

experiential. But if we take the events of Titan over the last two weeks, how do you -- not -- I don't mean it mountaineering as such, although

they've been some extraordinary deaths in mountaineering recently. But how do we factor in the risk and danger element and with things like Titan?

BALLINGER: Yes. Well, I certainly don't ever want to see risk taken out of exploration. You know, risk is an inherent part of why we choose to do what

we do like climbing a big mountain. It's what differentiates the event from let's say, just running a marathon. That risk I think, is where the most

learning potentially happens. And it's also where the deepest relationships with your partners happen.

The risk is inherent and important. With that said, we need to make sure that if there is a commercial relationship, the operators understand and

mitigate risk for both their clients and for the -- very importantly for their staff that's working on these mountains or in these environments. And

we also need to make sure we're very clearly explaining the risks to our clients, so they understand what they're taking on.

QUEST: You see, I'm -- he's where it gets really interesting because I'm not an adrenaline junkie. I do not like roller coasters. I don't get

excited at the prospect of -- and I've always said I won't bungee jump. So don't bother asking me to do that. But I'm guessing what you would say is

that you -- climbing Everest is not an adrenaline junkie thing because it has to be planned. It has to be put properly in place. It's an experience.

It's not there to give you a free rush.

BALLINGER: You are 100 percent correct. So, I also don't want to go bungee jumping or going skydiving. What, you know, when I feel adrenaline in my

climbing or in my guiding, that means I've made a series of mistakes and now I'm fighting for my life. My entire goal and what I love about climbing

is the process of decision making to mitigate and manage risk and to make conservative decisions so I can do this for a lifetime and I can bring

other nonprofessional climbers with me to places like the summit of Mount Everest. It's not about the adrenaline. It's about avoiding the adrenaline.

QUEST: Thank you, sir. Thank you, sir.

BALLINGER: Yes. Thank you very much.

QUEST: Grateful that you're with us. I love to go on a climb. Maybe a nice walk in Central Park. Excellent idea. Good idea. Thank you. Book the

tickets.

Coming up in just a moment. More from the Intrepid. And we're going to talk about the issue of space tourism -- more space tourism and whether or not

who goes, how they go and how much it pays. The Intrepid. It is absolutely glorious. It's a hot, sunny day. But I do need to say of course the smoke

from Canada which is now coming down. You can barely see. Yes, not too bad but we'll be back in a minute.

(COMMERCIAL BREAK)

[15:51:16]

QUEST: The USS Intrepid, it celebrates the sea, it celebrates the air, it celebrates space. It's got the Space Shuttle Pavilion, just over there. And

now of course, it's making it an international business. And I just look at the number of visitors here, different languages and everybody. It proves

that space and exploration is truly international, which is why more countries are getting in on the act.

For example, the UAE which now has an astronaut above the -- above the earth and the International Space Station. Sultan Al Neyadi and Becky

Anderson got to speak to him. While he's up there. Got an old business of space and exploration.

(BEGIN VIDEOTAPE)

BECKY ANDERSON, CNN INTERNATIONAL ANCHOR: International Space Station, this is Becky Anderson of the Mohammed bin Rashid Space Center in Dubai. How do

you read?

SULTAN AL NEYADI, EMIRATI ASTRONAUT: Becky, this is Sultan Al Neyadi from the International Space Station. I have you loud and clear.

ANDERSON: Terrific. It is fantastic to be speaking to you today. How are you?

AL NEYADI: I'm doing great, Becky. It's a -- it's a -- the dream becoming true living on board the International Space Station, it can be better.

ANDERSON (voiceover): This is an out of this world interview. Al Neyadi dubbed the Sultan of Space is the first Arab to be deployed on a long-term

mission in the cosmos.

UNIDENTIFIED MALE: Two, one, and in full power and --

ANDERSON (voiceover): He launched to the ISS for a six-month mission in partnership with NASA and the exploration company, SpaceX.

AL NEYADI: The first time I saw Earth, it was a profound moment. We're flying almost 400 kilometers on top of this planet and you see --

everything you see, the mountains and the forests and the desert and everything that you know of. And it's really great to see this magnificent

planet.

ANDERSON: Sultan, show me around, that looks like a really busy environment that you're in. So just explain where you are, and what this all means as

you float upside down.

AL NEYADI: So, on the first month here, Becky, we had a cargo mission. It was full of science. So we had a lot of scientific experiments. We tested

medication, we tested the technologies, we tested a lot of things that we are maybe testing for the first time and it's a cutting-edge technology. So

I was sequencing DNAs. I was applying some medication to heart tissues. And on top of that we are subjects ourselves. So we have experiments and

sensors, just running on our bodies throughout the mission to be able to understand how the microgravity is affecting the human body.

When we think about going back to the moon or further into space to Mars and so on.

ANDERSON (voiceover): Apart from the scientific experiments, Al Neyadi spent his days making repairs both inside and outside the space station.

UNIDENTIFIED FEMALE: Emirati astronaut Sultan Al Neyadi has engrafted the crew up portion of the quest airlock.

ANDERSON: Tell me about the spacewalk, Sultan. Amazing or terrifying as an experience?

AL NEYADI: Both. And actually, the name is spacewalk but we don't work. We use our hands. So we need to have a very strong forearms to be able to move

from one place to another. So it was amazing. It was seven hours Continuous.

[15:55:00]

I didn't feel it because I was really focusing into the mission and it was -- it was really, really great feeling just to see that you are floating in

a spacesuit. It's just like a small spacecraft. They provide oxygen and CO2 scrubbing and cooling. And what is preventing you from dying is just like a

small layer of glass.

ANDERSON: Tell us how do you exercise and give us some examples of living in zero gravity.

AL NEYADI: So, in zero gravity, we just float. We are literally in like free float. We don't move a lot. So it is important to keep our muscles

working we have a treadmill, we use bungees to tie ourselves to be able to run. If we run without any bungees we'll be just like floating like this.

And we have another resistor device which is simulating weights. And we use vacuum cylinder to simulate the weight and work out just simulating lifting

dumbbells and so on.

UNIDENTIFIED MALE: This is Houston ACR and that concludes the event.

AL NEYADI: Thank you.

UNIDENTIFIED MALE: Thank you, Becky Anderson.

(END VIDEOTAPE)

QUEST: O'LEARY: hope we didn't get the bill for that. Imagine how much it cost to make a phone call to space. Well, we'll pay it anyway. Profitable

moment after the break.

(COMMERCIAL BREAK)

QUEST: Tonight's profitable moment from the USS Intrepid. Why do we do summer Fridays? Well, we do them A, because they are fun and we get the

opportunity to bring to your close attention. All of this. We get a chance to show you some of the more interesting and different aspects of New York

and do so in a lively and interesting way. Well, that's the theory anyway. It's also good fun.

But also, it reminds us that during the summer, this is an opportunity for us to all go a little bit slower. Take it a bit easier. Smell the roses.

For instance, at our company, many people are told you don't have to work on a Friday afternoon. We are discouraged from having any sort of meetings

on Friday. That is not available for those of us who are in 24-hour news, otherwise I wouldn't be talking to you now.

But it is a reminder to you and to me that Fridays in the summer is a chance to go. Which is why I'm away next week because finally, I've decided

it's time to take a break.

The markets up strongly. It's been a good week, a good day, a good show. And that's QUEST MEANS BUSINESS for tonight. First summer Friday.

[16:00:08]

I'm Richard Quest aboard the Intrepid. Whatever you're up to in the hours ahead, I hope it's profitable. I'll see you (INAUDIBLE)

END