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Quest Means Business
IDF: Dozens of Hezbollah Targets Hit in Southern Lebanon; Axel Springer to Split in Deal with Private Equity Firms; Protesters Target Citi Over Climate Financing; IDF Says Dozens of Hezbollah Target Hit in Southern Lebanon; New Poll Shows Presidential Race Remains Tied Nationally; Interview with Hard Rock CEO Jim Allen. Aired 4-5p ET
Aired September 19, 2024 - 16:00 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
[16:00:10]
RICHARD QUEST, CNN INTERNATIONAL HOST, "QUEST MEANS BUSINESS": Closing bell ringing on Wall Street. The market is on a tear today, open out of the
gate, like they pull up the gate, it rose sharply and never looked back. We off the tops of the day, but not much.
There you go madam, and one, two, three.
Well worthy gavels on a day that saw one-and-a-quarter on the Dow and across the board and the NASDAQ, we will show you as the program goes on.
Strong gains, over 42,000, records. Those are the main markets, and now the main events of the day.
Israel says it destroyed dozens of Hezbollah rocket launchers after its warplanes struck Southern Lebanon.
New polls from Pennsylvania, CNN's average shows Harris with 49 percent to Trump's 47 within the statistical error and a major deal at Axel Springer.
The owner of Bild and POLITICO plans to break itself in two.
What a busy hour we have, just as well, we are live in New York on Thursday. It is September the 19th. I am Richard Quest and I mean business.
Good evening.
We start in the Middle East where Israeli military says it struck dozens of Hezbollah targets in Southern Lebanon today and now pushing the region to
the brink of an all-out war.
Israel's Air Force says it hit dozens of launchers and a weapons storage facility, as well as what Israel is calling terrorist infrastructure sites.
Hezbollah says it used rockets and drones to attack several military sites in Northern Israel and the group's leader, Hassan Nasrallah is warning
Israel that the Lebanese front will not stop until hostilities end in Gaza.
Ben Wedeman is with me. Ben, talk of escalation is somewhat moot because it has escalated.
BEN WEDEMAN, CNN SENIOR INTERNATIONAL CORRESPONDENT: Indeed, it has escalated and it continues to escalate.
This evening, Richard, we are receiving reports that within the span of about 20 minutes, there were more than 50 Israeli airstrikes on Southern
Lebanon, that following earlier reports that you quoted from Israel of about 30 other strikes as well. So definitely escalation is well underway.
This, as Lebanon continues to reel from all the deaths and injuries caused by hundreds, perhaps thousands of exploding pagers and walkie-talkies.
(Begin VT)
WEDEMAN (voice over): Final prayers for a Hezbollah militant, one of many killed in the spate of pager and walkie-talkie blasts across Lebanon linked
to Israel.
Outside, others pay respects to the family.
The blast killed dozens, including children, and wounded thousands.
WEDEMAN (on camera): This is a memorial and graveyard for Hezbollah fighters killed in action and what the group has seen since the beginning
of this week is its highest death toll since the start of hostilities with Israel last October.
WEDEMAN (voice over): The group supporters, however, are putting on a brave face.
(MERIAM speaking in foreign language.)
WEDEMAN (voice over): "The enemy is terrified of us," Beirut resident, Meriam (ph) tells me. "They're afraid. They attack us with planes. We fire
back with rockets and bullets."
But there is no denying the attacks have taken a serious toll. Surgeon, Ghassan Abu Sitta has treated the war injured across the Middle East most
recently in Gaza.
GHASSAN ABU SITTA, SURGEON: So the problem is, we don't have enough equipment because of the sheer number and more importantly, these are
surgery -- these are injuries that will need between five and 12 surgeries in the next few years.
(HASSAN NASRALLAH speaking in foreign language.)
WEDEMAN (voice over): In a televised speech, Hezbollah leader, Hassan Nasrallah conceded the group had suffered a major unprecedented blow and
called it a mass terrorist event.
While the speech was broadcast, Israeli war planes roared over Beirut, adding perhaps insult to injury.
Yet, Nasrallah insisted, Hezbollah is unshaken.
(HASSAN NASRALLAH speaking in foreign language.)
WEDEMAN (voice over): "I say to Netanyahu, Gallant, the enemy army and the enemy entity," he declared, "You will not be able to bring the residents
back to the north."
[16:05:06]
He vowed Hezbollah will stop firing on Israel when Israel stops its war in Gaza. And then Israeli war planes returned breaking the sound barrier twice
over the Lebanese capital.
(END VIDEOTAPE)
QUEST: Ben, what's next? I mean, this is just deteriorating and Israel seems -- whether happy or not, to let it continue in that way.
WEDEMAN: Well, I think Israel is the locomotive in this current escalation, certainly with these pager and walkie-talkie blasts on Tuesday and
Wednesday and with this increase in the number of airstrikes.
Today, we've seen for instance the Israelis are moving their 98th Division, which was active in Gaza to Israel's northern front. On the other hand, we
are not seeing others sort of preparations that one might expect from the Israeli side if there was going to be a full-on ground offensive.
I suspect that what Israel is going to do is intensify its airstrikes not only along the border with Lebanon, but deeper inside the country.
And as many people here are worried, Israel may have more surprises up its sleeves. The likes of which we saw Tuesday and Wednesday and therefore, I
think their ultimate goal at this point is probably to convince Hezbollah to stop firing on Israel and essentially calm the border down completely.
But what we heard from Nasrallah is that is not his intention. He made it clear Hezbollah will continue to fire upon Israel until the war in Gaza
comes to an end and that doesn't seem like it is going to be happening any time soon -- Richard.
QUEST: Ben, thank you. It is late for you. Thank you very much.
Fadi Nicholas Nassar is a US-Lebanon fellow at the Middle East Institute. He is with me now from Beirut. I am grateful, sir, for your staying up late
this evening.
You just heard Ben saying that it would appear Israel is the locomotive here and arguably one can say the booby trapped devices was sort of the
softening up, if you will to sort of -- the later activity of the last 24 hours. How do you see it?
FADI NICHOLAS NASSAR, US-LEBANON FELLOW, THE MIDDLE EAST INSTITUTE: Look, thank you so much for inviting me and putting a spotlight on an
increasingly concerning situation. As Hezbollah's secretary general delivered his speech, Israeli planes breaking the sound barrier over
Lebanon sent a loud message, actions speak louder than words.
Hezbollah finds itself in an extremely difficult position. Nasrallah tried to reassure his audience that Hezbollah remains a formidable force despite
those massive attacks you referred to that took place this week. But his speech wasn't just directed to Hezbollah's base. It meant to hit home,
Hezbollah's main talking point since the start of this conflict, that it has effectively turned Northern Israel into a de-facto buffer zone.
And that this week's attack, according to him, won't change that. He shows no sign of backing down or recalibrating Hezbollah's strategy to open a
limited front with Israel in support of Hamas, a war that the vast majority of Lebanese do not want.
QUEST: How weakened at the moment is Hezbollah because as you know from the demonstrations that we saw in Lebanon some years ago, there is no great
love lost in many parts of Lebanon for Hezbollah.
NASSAR: Look, scenes of thousands injured and widespread chaos that struck Lebanon, certainly undermine Hezbollah's claim that deterrence was restored
after the assassination of one of its most senior military commanders in Beirut earlier this summer.
Israel has effectively demonstrated its growing military and intelligence capabilities proving it can deeply penetrate Hezbollah's defenses and
escalate on its terms.
QUEST: But was anyone -- I mean, being honest about that, was anyone in any doubt that Israel ultimately is the superior military intelligence power
and to a large extent, Hezbollah is at best going to have to rely on its own being the proxy for somebody else.
NASSAR: Look, what I see at the heart of your question, perhaps is a sense of -- are the words that we heard from Hezbollah enough? Or has Hezbollah's
image taken a big enough hit to prompt Israel or even the United States to reconsider their next moves?
[16:10:10]
Now, I want to stress this -- does this --
QUEST: To what though? Sorry, let me interrupt you, sir. Let me interrupt you. Forgive me, but I just want to find out when you say Israel and or the
United States to consider their next move, that next move towards doing what?
NASSAR: Well, look, let us take -- it is a great opportunity to speak about the United States. The United States has been trying to stabilize this
conflict since October, balancing diplomacy and moving strategic military assets when needed.
But I think it is important to put into perspective what this conflict is about. Since October last year, Israel, Hezbollah and Iran have been locked
in a battle over this security balance established after the 2006 war, essentially that former security arrangement is being contested on the
battlefield.
QUEST: How does it -- I mean, this is a question can't answer, but I am going to ask it anyway. How does it end in a sense?
Israel now seems quite determined that if Hezbollah continues with its cross border attacks, Israel is just going to keep bashing away.
NASSAR: You know, you're asking the question, I can assure you that everyone is thinking about in Lebanon. This has been a conflict, as I said
earlier on, that has been, for the most part largely localized. Now, it is spiraling out of control.
But I want to stress this. This country it has already been batted by a series of crises over the past five years -- financial collapse, the
devastating Port of Beirut blast, and now the looming threat of war. I am here holding my breath just like the millions around me.
The vast majority of Lebanese do not want war, but what I would like to just end on this point right, millions of ordinary people are powerless
over such a fundamental and life altering decision if their country goes to war.
QUEST: I just want to ask you, just completely separately, what -- how are people on an hour by hour basis responding with mobile phones? Any form of
electronic devices. Do you see people in restaurants basically sort of just shutting them and just in case they happen -- if something happens.
NASSAR: I haven't seen that myself, but I can certainly say there is panic. There is fear. You know, something that is very important to stress is that
there is a lot of -- you know, a lot of uncertainty, confusion of what this means? Is there a wider supply chain that has been infiltrated?
There is a lot of uncertainty for certain.
QUEST: It is late for you at night. I am sure you've got much more work to do, but I am grateful for you for staying up and speaking to us. Thank you,
sir.
It is QUEST MEANS BUSINESS live from New York.
The German media empire, Axel Springer has announced it is going to split the two sides, the more valuable -- a classified business or the publishing
assets.
Now some a sexy, some make more money than others for the moment. Brian Stelter, our chief media.
(COMMERCIAL BREAK)
[16:15:56]
QUEST: The German media company, Axel Springer has announced a deal. It is going to split the media empire from its classifieds business. The German
company's chief executive will control the assets including a media, POLITICO, Business Insider, Bild.
The investment firms will control the majority of Axel Springer's classifieds business. It is brands like Stepstone, an online recruitment
company, AVIV, a digital real estate marketplace, similar to Zillow and Awin, a marketing platform.
(Speaking in foreign language) as the Irish would say, CNN's chief media analyst returns to join me. It is good to see you, Brian.
BRIAN STELTER, CNN CHIEF MEDIA ANALYST: Good to see you, too. Thank you.
QUEST: I know you've been told this by a million of my colleagues, but we missed here and I am just glad you're back where you belong.
STELTER: Thank you.
QUEST: Now, look, so now let's get to it. Why are they doing this? I mean, the largest part is the classifieds business. Why would you not keep the
two together just as a nice balance and a hedge?
STELTER: Well, Mathias Dopfner, he has had this dream for quite some time to grow the publishing business, especially in the United States. He is a
German billionaire who has been running this company for years, and he has had private equity support from KKR. There have been times where it has
been unpleasant or uncomfortable for KKR to be in the publishing business, to be, for example, the owner of POLITICO and Business Insider and Morning
Brew.
Recently, for example, Bill Ackman was written about by Business Insider, Ackman didn't like it, and he targeted KKR. So this is essentially a split
that might be a win-win, KKR taking the classifieds business also, when we think classifieds, we also mean real estate ads, automotive ads, some
really valuable a marketing businesses but now Dopfner can go out and spend some money investing and buying more publications.
I've had some meetings with these folks from Axel Springer. They've established a company here in the United States, an office here in New
York. They want to buy startups and new brands, that's the strategy. And we will see you in the next few years what they buy and whether it is
successful.
QUEST: You know, the problem with a lot of German companies is that they are very big and they're very powerful, but they often seem to lack now
some strategy. They just used heft as they'd go around the world in terms of -- because they all sort of very dogmatic about the way they do it.
Do you see strategy at Axel Springer?
STELTER: You know, I am really interested in the acquisition they made called Morning Brew. It is a newsletter platform. It has a number of very
popular newsletters. They took Morning Brew and they've tried to use some of the learnings from that startup and shared them with POLITICO and shared
them with Business Insider and other brands.
To that extent, maybe that is some strategy, there is some logic there. There's also been some recent investments in some AI startups, some AI
platforms, but you know what I often hear from media bankers is that there is not a lot to buy out there right now.
So that is why I am so intrigued about what Dopfner's next move will be, what will he try to acquire? How will he try to expand in the United
States? At the same time he does that, it is important to keep brands like POLITICO strong and healthy and vibrant and sometimes, it can be as hard to
do that as it can be to merge and acquire new assets.
QUEST: "Reliable Sources," I am glad to say you're back at the helm of the newsletter.
STELTER: Yes, that's ReliableSources.com. So if viewers are not signed up, they can sign up right now, ReliableSources.com. Thank you, Richard.
QUEST: We will show that on the screen before the hour is up, ReliableSources.com. Brian Stelter, I am grateful. Thank you.
STELTER: Thank you.
QUEST: Now, the World Bank says its climate financing grew 10 percent from the previous year. It comes up to $42 billion last year, that's 44 percent
of the bank's total. It is in line with the World Bank's annual goal. Though it is far short of the trillions needed for clean energy transition.
One of the world's biggest commercial bank, Citi, is providing the finance for major projects in the energy sector. Zero net emissions is the goal
associated by 2050.
A group of New York climate activists said that is too little, too late.
Paula Newton reports, they want Citi to pull all financing of new fossil fuel projects immediately.
[16:20:10]
(BEGIN VIDEOTAPE)
PAULA NEWTON, CNN INTERNATIONAL HOST AND CORRESPONDENT (voice over): Through a long, hot and combative summer --
(PROTESTERS chanting)
NEWTON (voice over): Climate protesters raise their voices --
OFFICER: You will be placed under arrest and charged with disorderly conduct.
NEWTON: -- and raise the stakes. Week after week, provoking Citi, one of America's largest banks, rallying, trespassing, blocking doors, storming
the entrance tactically, and unapologetically displaying civil disobedience and inviting arrest.
NEWTON (on camera): Did you expect to get arrested today?
KATHERINE ALFORD, ACTIVIST, THIRD ACT: Yes. If that's what it takes to get people's attention, we are willing to do that. We are willing to put our
bodies on the line to save the planet for our grandchildren.
NEWTON (voice over): Conceived as the summer of heat, activists have targeted Citi, emblematic, they say of an industry that is the lifeblood of
fossil fuels. The tactics are deliberately aggressive.
ALEC CONNON, ACTIVIST, SUMMER OF HEAT: We've never done anything like this before, and we hope that our actions are provoking the conversation that
will ultimately force Citibank and other Wall Street financial institutions to address their grave injustice of their role and worsening the climate
crisis.
NEWTON (voice over): Cellist and activist, John Mark Rozendaal typifies the new strategy. In defiance of a restraining order, he plays on.
JOHN MARK ROZENDAAL, CELLIST AND ACTIVIST: We needed it to demonstrate our nonviolent intentions on that day.
NEWTON (on camera): And yet it was against a restraining order. Why do that?
ROZENDAAL: The intent of the restraining order is to intimidate us. The intent of the restraining order is to suppress non-violent protest.
NEWTON (voice over): Citi says it was not involved with the restraining order. It was requested by a member of Citi's security team and has since
been dropped. Citi denies it is intimidating anybody and points out that there plaza in front of their New York City headquarters is a place where
peaceful protest is allowed.
EDWARD SKYLER, HEAD OF ENTERPRISE SERVICES AND PUBLIC AFFAIRS, CITI: We respect their passion, but there is a way to express that consistent with
the law and we have the space for them to do that.
NEWTON (voice over): Organizers with Summer of Heat, say the climate crisis is so urgent they must pivot to civil disobedience because nothing else has
worked.
CONNON: And there is a reason that we are blocking the doors to Citibank's headquarters because it is a laser targeted campaign with the intention of
getting those who are responsible for this crisis to do something about it.
NEWTON (on camera): At issue here is whether or not protests like this are effective. Citi says, they won't be.
SKYLER: There is no middle ground because their position is, you need to stop financing fossil fuels. Right now, we think, and that is not possible.
We think that's really more idealistic than pragmatic, and so what we've done is embark upon a strategy of being net zero by 2050 and making a $1
trillion commitment to sustainable investments.
NEWTON (voice over): Beyond the drama of a heated summer of protest lies another crucial question: Why target those who finance the fossil fuel
industry?
LUCIE PINSON, FOUNDER AND EXECUTIVE DIRECTOR, RECLAIM FINANCE: It won't be possible to achieve the Paris Agreement target without a change in the west
of financial sector operate. What we need from big banks, including Citi is a clear stop in the financing to fossil fuel expansion.
NEWTON (voice over): Pinson is with Reclaim Finance, an NGO tracking the money that goes into fossil fuels.
Under the Paris Agreement, many countries and companies agree to substantially reduce global greenhouse gas emissions to enable the long-
term global average surface temperature to increase to no more than 1.5 degrees Celsius.
Citi says it has pledged to "help drive the transition to a net-zero economy and make good on the promise of the Paris Agreement."
But the UN now says despite those pledges, the world is heading for a temperature rise far above the Paris Agreement goals, which is why
activists say they are bringing the problem to the doorstep of banks and Citi in particular.
Paula Newton, CNN, New York.
(BEGIN VIDEOTAPE)
QUEST: We have a lot more to go through to see evening. QUEST MEANS BUSINESS.
Israel struck dozens of Hezbollah targets inside Lebanon. A look at whether they are part of the larger strategy, and if so, what that strategy might
be.
(COMMERCIAL BREAK)
QUEST: Hello, I am Richard Quest. Together we have a lot more QUEST MEANS BUSINESS.
New polls, same result, the US presidential contest is an effective dead heat. Harry Enten will with you or with me, as you, in a moment with the
numbers.
The chairman of Hard Rock International joins me expanding sports betting. So what is Hard Rock now? We will find out, but only after the news
headlines because this is CNN and on this network, the news always comes first.
The US Coast Guard has released new video showing the wreckage of OceanGate's Titan submersible on the ocean floor. All five people on board
were killed during the exploration to the Titanic last year when the vessel imploded.
The Marine Board of Investigation is in Canada, and is currently holding a hearing into what went wrong.
US officials say Iranian hackers sent materials stolen from the Trump campaign to people working to reelect Joe Biden. The unsolicited e-mails
were sent out this summer before the president dropped out of the race. The officials say, there is no indication that Biden campaign workers have a
reply.
Storm Boris has brought heavy rain and flooding to parts of Northern and Central Italy and a thousand people in the Emilia-Romagna Region have been
evacuated from their homes. Landslides have closed roads and disrupted rail services in several provinces.
And so to our top story of the Middle East. Israel's Air Force now says it has hit dozens of launchers and a weapons storage facility in Lebanon, as
well as what Israel is calling the terrorist infrastructure sites.
Hezbollah says it has used rockets and drones to attack several military sites in Northern Israel. These cross border attacks follows Israel's
military saying a top commander has approved plans for the northern arena, and we are learning that security consultations involving the Prime
Minister Benjamin Netanyahu are underway at Israel's military headquarters.
Cedric Leighton is with me, CNN's military analyst, a retired U.S. Air Force colonel.
What's going on? What do you make of these multifarious events?
COL. CEDRIC LEIGHTON, CNN MILITARY ANALYST: Yes, there are quite a few multifarious events, Richard, in this case and one of the things to look at
is what the Israelis were really doing here. Taking out the pager system and now the walkie-talkie system for Hezbollah is basically cutting off the
communications links for them.
The very fact that they went into, at least according what we can ascertain so far, went into the actual supply chain for these devices, at least for
the pager, probably for the walkie-talkies as well, that really indicates a degree of penetration from the standpoint of an intelligence operation that
is almost unprecedented in modern history.
QUEST: Right.
LEIGHTON: So the Israelis, you know, have -- you know, kudos to them on the intelligence side of things. Of course, for Hezbollah, this creates a major
problem because there are really no alternative communications means except going to back to smartphones, which are of course quite vulnerable, or
going to couriers which are quite inefficient.
QUEST: Now, how do you view today's attacks and today's air force moves? Is it part of a strategy? Is it a case of you think they intended to do the --
for whatever reason, they intended to do the devices, and now they're following up? Or this whole thing was planned as a one-off?
LEIGHTON: Well, I think they really have this as part of a larger strategy, Richard, and I think the timing may be a bid unplanned at this particular
point in time. There is a possibility that the Israelis thought their operation to compromise the pagers was being compromised and that forced
them to act sooner than they otherwise would have. That's a possibility. We're not sure if that's 100 percent correct.
But either way, they did this now and what this means is the first stage of the game for them is to take out the communication system, and in effect,
decapitate the leadership of Hezbollah. Both the upper level as well as mid-level. And then the next step would be Israelis going in with their
aircraft. That is kind of a second stage so that then gives them an opportunity. Either Hezbollah cries uncle or they continue then with other
means potentially including a land incursion.
But I think neither the Israelis nor Hezbollah really wants to do that. But if the Israelis soften up the target, they can potentially do that. So they
have a potential of going that way.
QUEST: So is Israel's military equipped in size, strength and force to fight the war on two fronts?
LEIGHTON: That would stretch the Israeli military capabilities quite a bit. However, we do know that the 98th Division has been moved from Gaza to the
northern border. However, right now they are not undergoing the types of preparations that would be in line with a major land invasion. So they're
kind of -- there is a holding force at the moment. But the Israelis can do several things where they can do one and a half front or almost two-front
war.
It will tax their capabilities, but if pressed, they could do something like that and what they will probably do is move forces from Gaza to the
north.
QUEST: Cedric, why? Why are they doing it? I mean, why would you willingly want to inflict -- let's assume just for the purpose of the question that
all business with the walkie-talkies and the pagers, you know, they were opportunistic in the sense that they used it before losing it. But why
would you want to continue with this?
LEIGHTON: Yes, I think the way the Israelis are looking at this, they see this as a war of annihilation basically. They believe that they have to
eliminate either Hamas in the south or Hezbollah in the north, preferably both of them. At the very least what they want to do with Hezbollah is
neutralize it to the extent where they can return the civilian population that has been forced to evacuate the northern towns. And Israel, they want
to return them to those northern towns.
QUEST: Right.
LEIGHTON: And then move that buffer zone from Northern Israel to Southern Lebanon.
QUEST: OK. I've got one quick question for you. You said this is a war of elimination. Have you ever known a war of elimination to succeed?
[16:35:02]
LEIGHTON: No. Wars of elimination never succeed especially when it involves an ideology. And this ideology is really pervasive throughout the Shiite
community in Lebanon so the answer is no. There is no way that they will succeed in the long run.
QUEST: I'm always grateful for your frank analysis. Thank you, sir. Grate to you.
Now to the White House, we'll get more frank answers. Vice President Kamala Harris is to hold an online rally tonight hosted by Oprah Winfrey. And the
former president Donald Trump will attend an event calling Fighting Antisemitism in America.
The polls show the race is still a tossup. The latest numbers from "The New York Times" and Siena College says that Kamala Harris and Donald Trump are
essentially tied. The same poll gives Harris a slight lead in the crucial state of Pennsylvania, but it is within the -- well within the statistical
margin of error.
Our senior data reporter, Harry Enten, is here.
The polls aren't telling us anything. So what can you tell me?
HARRY ENTEN, CNN SENIOR DATA CORRESPONDENT: I think the polls are telling us something. It's telling us that it's the closest race for president
since either you or I were born. In fact, you can go back since 1964, you've never seen a consistently close race such as this. Neither candidate
has ever led by at least five points or more. That is the first time that has ever happened.
In fact, usually during this cycle, one of the candidates leads by five points or more for at least three weeks. In this particular cycle even when
it was Trump versus Biden, no one has led for at least five points more. So the bottom line is this, my dear friend, is that you better hitch up, you
better put on your helmet, because the next, what is it, 45 plus days, are going to be absolutely nuts. And election night 2024 is, could very well be
a nice long one. So fill up on some coffee.
QUEST: All right. So how do you play out this? How does it -- in Pennsylvania, in Michigan, in all these states that are crucial, and the
arguments are well-known. Unless somebody makes a terrible mistake or whatever suddenly one candidate or the other is not going to become more
likeable or otherwise. This cake is baked in terms of the policies, the philosophies, the characters of the candidates.
ENTEN: Yes, absolutely right. You know, when you -- you know, you can look at any of those states, you can see right in that particular poll, 4
percent of the electorate is undecided. There are fewer undecided voters at this point than in any cycle in the 21st century. So they're fighting over
this sliver, tiny, tiny sliver.
Now you will note in that Pennsylvania poll, the margin of error is plus or minus 3.8 percentage points and Kamala Harris' lead is four, so, you know,
it's right sort of on that margin of error. But if you average the polls in Pennsylvania, you have Harris up by two, way too close to call. The same in
Michigan, the same in Wisconsin. But that being said, if you add Wisconsin, Michigan, and Pennsylvania, and you say you give it to the poll leader who
is Kamala Harris and all three of those states.
QUEST: Right.
ENTEN: And you add in Nebraska's Second Congressional District, which that state allocates its votes to the winner of the state, and one of each
winner of the congressional districts, that would in fact get her to exactly 270 electoral votes. So at this particular point, I have said over
and over and over again, of those three states, Pennsylvania is the closest. It's the one that has 19 electoral votes. The most of any of those
three states.
That is where I ultimately think this election will be decided. So don't be surprised the thing that they do more than anything else is visit the
Commonwealth of Pennsylvania.
QUEST: Right.
ENTEN: I've heard Pittsburgh and Philadelphia are quite lovely this time of year.
QUEST: OK. The Teamsters not endorsing anyone despite the fact that Donald Trump says they have done. The Teamsters Union has not endorsed anybody.
But a poll of Teamsters members show more than, one would expect for a union to be strong Donald Trump's supporters.
ENTEN: Not really much of a surprise because if you look at workers, those who have a vocational degree, which obviously there are plenty of them
outside of the Teamsters, what you see is I believe in an average of "New York Times" polls taken this year Donald Trump leads by something like 31
or 32 points. That is extremely high. In fact, if you go back 30 years ago, you got back to Bill Clinton's campaign back in '92. He won that group by
seven points.
That is the big shift that we have seen in this country, especially under Donald Trump, is that people who work with their hands, working class
voters, those who work with their hands, have shifted tremendously to the right. And so the fact that you have those Teamsters polls showing great
support for Donald Trump isn't really surprising.
QUEST: What if the polls are wrong? What are the poll -- I mean, don't look at me like I've asked, you know, is the world flat, that type of question.
ENTEN: No.
QUEST: What if the polls are just wrong?
ENTEN: I mean, there are few things that keep me awake at night, Richard Quest. One of them is that the polls could be wrong. Remember the polls
underestimated Donald Trump in 2016 and 2020. It wouldn't be surprising to me if they did again, but keep in mind in 2022, the polls, if anything,
underestimated the Democrats running statewide in those Great Lake battleground states.
That's why we average the polls. That's why we note the margin of error. But the bottom line is this. I'm going to end this segment the same way I
started it.
[16:40:02]
This race is the closest in a generation. It really would not be surprising to me if either candidate won. And honestly it wouldn't be surprising to me
if either candidate won by a perhaps more significant margin than you might expect given that margin of error. The margin of error is real. If that's
one thing you take away from this segment, it is that the margin of error is real, my friend.
QUEST: There's lots we take away from it, sir. Don't be so modest. I'm grateful for you.
ENTEN: Thank you.
QUEST: As I said, not an accusation that's often leveled at me. All right, sir. I'm grateful to you. Thank you.
ENTEN: You're welcome.
QUEST: Well, now, the chairman of Hard Rock International will be with me next to talk about the latest travel trends. Hard Rock and how it's
positioned to make the most of what's happening particularly in (INAUDIBLE).
(COMMERCIAL BREAK)
QUEST: Decades of civil unrest in Angola has decimated its wild animal population and that includes a species considered to be a national symbol,
which is of course the giants sable antelope. Well, today on "Call to Earth," I'm going to show you how a team of dedicated scientists have
rediscovered it and fought to restore its population.
(BEGIN VIDEOTAPE)
PEDRO VAZ PINTO, DIRECTOR, KISSAMA FOUNDATION: The giant sable, very few countries can boast of having such a remarkable animal. That's at the same
time is beautiful. It's unique. It's rare. Angola really is fortunate to have such a magnificent animal as a national icon.
ZAIN ASHER, CNN CORRESPONDENT (voice-over): Conservationist Pedro Vaz Pinto played a key role in bringing Angola's giant sable antelope back from the
brink of extinction.
VAZ PINTO: The giant sable is threatened because basically its human persecution. They were poached soon after the species was discovered in the
early 20th century, then it's destabilized. With the civil war, as you may expect, the poaching was totally uncontrolled.
ASHER: Angola gained independence from Portugal in 1975 after years of armed resistance. But civil war was already brewing. The 27-year conflict
that followed devastated Angola's wildlife. And the giant sable was no exception.
VAZ PINTO: Initially, no one really knew if the giant sable had survived the civil war. As a biologist, someone who is Angolan, I couldn't believe
that no one was really looking into this method.
[16:45:04]
I just pulled together a small team to do a car trip to Cangandala and see what was going on. And that's how it started. This was 2003.
ASHER: Pedro and his team set up cameras inside Cangandala National Park. And photo evidence revealed that a few of them was still alive. Soon after
he established the Giant Sable Conservation Project to help protect species and boost its population.
VAZ PINTO: The whole population was down to one single herd of females. We needed the bull. So we actually went to Luando Reserve. We brought one bull
back to Cangandala. We released it with the females and we had to revive this population. And this we did starting in 2009. We have now reached
about 100 animals in that sanctuary in Cangandala. The animals really are relatively well protected in the sanctuary and increasing at a good rate.
ASHER: But Pedro is cautiously optimistic. The giant sable is still classified as critically endangered on the IUCN's red list of threatened
species.
VAZ PINTO: If we stop, if we do nothing, it can all go down.
VLADIMIR RUSSO, EXECUTIVE DIRECTOR, KISSAMA FOUNDATION: Apart from the conservation efforts, we really want or tried to raise awareness about the
sable and for that, we do run workshops, work with the communities, work with different -- other institutions. But produce a number of materials,
you know, from posters, flyers, books, games.
ASHER: Pedro's colleague Vladimir Russo is also a giant sable ally and the executive director of the Kissama Foundation, an Angolan institution that
focuses on wildlife conservation and environmental education across the country.
RUSSO: That's what I like to do environmental education is to plant a seed in younger ones, the younger generation that in the future might be the
game rangers or might be just a villager that knows that, you know, the sable and other animals should be protected.
VAZ PINTO: It's a bit of a rollercoaster and lots of setbacks, but lots and lots of achievements as well. We need to really, really step up management,
funding. Of course, we need to train people and I really hope that, you know, what we're doing with the giant sable is replicated at a larger scale
for the whole country.
(END VIDEOTAPE)
QUEST: For more on "Call to Earth," go to CNN.com/CalltoEarth.
QUEST MEANS BUSINESS, we'll be back in a moment.
(COMMERCIAL BREAK)
[16:50:12]
QUEST: Some news I must bring to your attention. Nike CEO John Donahue is stepping down. He's been at the helm nearly five years and the brand has
been in a slump, faced with growing competition in both shoes and apparel. The shares are down 24 percent year to date. He'll be replaced by the Nike
veteran Elliott Hill. Nike spent more than 30 years, like retiring in 2020 as its president of consumer marketplace. Investors like what they're
seeing, The shares are up nearly 10 percent after hours.
Hotel is up to adapt. New generation of travelers. It's all about experiences. And now a new study from Ibis says 58 percent of Gen Z'ers and
millennials say experiences are preferable to objects. It's good news for brands like Hard Rock International, distinctive music centered look. It's
now more than 250 cafes, hotels, casinos, and shops, in more than 70 countries.
Jim Allen is with me, the chairman of Hard Rock International. He joins me from Florida.
I'm grateful, sir. Just reading the development and reading where the growth is, it's casinos, isn't it? That's where the good books are being
made.
JIM ALLEN, CHAIRMAN, HARD ROCK INTERNATIONAL: Yes, Richard, thank you so much for having us. Certainly the casino division is doing very well with
massive expansion on a global basis. But, you know, we haven't forgotten about our world famous Hard Rock Cafes.
QUEST: How many more can you put up then? You know, I know saturation is often overused, but you're in so many destinations, cities with the cafes
and the restaurants.
ALLEN: Yes. Number one, we actually have over 300 and some global locations now. And we're not expanding our company owned Hard Rock Cafes. We are
definitely in a period of reevaluating that business model and candidly similar to our hotel brand where we've had amazing success with Hard Rock
Hotels, but we now -- we have the secondary brand called REVERB.
QUEST: Right.
ALLEN: And that frankly has exploded with literally hundreds of opportunities on a global basis. On an annual basis back to the cafes we're
doing like 10 or 15, but they are through our license and franchisees more on the international footprint.
QUEST: The idea of the hotels and the REVERB brands and all of these. We talked about experiences. We know that's what people want. That is the
fighting ground, for experiences. But what, how do you create a different experience with a brand that's been around a while now?
ALLEN: Well, I think that's one of the beauties of the Hard Rock brand because of the fact that we own the world's largest collection of music
memorabilia that we have the ability to navigate a marketing plan, you know, frankly, anywhere in the world. We're were virtually, you know, we're
in 70 plus countries as I mentioned. So we could go back to the original roots of a particular geographic region, focus on what music used to be
then, but certainly, you know, bringing into today's environment where, you know, Taylor Swift is playing at three places in the United States. And one
of the three is at Hard Rock Stadium. So we really look historically, geographically, and educationally. But then always tie it back into today's
artists, whether it be Post Malone, you know, (INAUDIBLE), digital, commercial, which we think is very important.
QUEST: The fascinating part, of course, with a brand like yours is how you can squeeze the asset, i.e., the name, but not squeeze it to the point
where the juice runs out, that, you know, the standard has to be maintained. The experience has to live up to the promise.
And you know, Jim, over years of being in the business, too many people expand too fast. They think there's never ending opportunities to squeeze.
I mean, it's not true, is it?
ALLEN: No. You're 100 percent right. And I think we are fortunate in one way because we're privately held.
QUEST: Right. Yes. Yes.
ALLEN: So, you know, we don't have the pressure of an earnings call. you know, that frankly my, you know, counterparts, you know, need to go through
on a quarterly basis. We can be a little bit more strategic, looking, you know, three, five years out, you know, not just what, you know, the next
quarter earnings call is. And certainly, frankly, what the investment great ratings that we've had for 15 plus years from Moody's, Fitch and Standard
and Poor's, we obviously can borrow capital, you know, frankly, at the most economic rate if you will in the hospitality and gaming space.
QUEST: We will talk more, Jim, in the future. Thank you.
[16:55:00]
And next time, I think we've got to do it to one of your hotels or restaurants or cafes rather than being apart. So next time, next time
you're in New York, or I'm down your way, let's do it face to face, how's that for a deal?
ALLEN: I would love to, Richard. They do have Hard Rock Hotel in New York. It's just spectacular, really getting rave reviews. So we actually have our
own studio in there with Odyssey. So we're happy to --
QUEST: What -- I would love -- when we do that, I'll find out what the yield must be on that property because the rates in New York are just
through the roof at the moment.
ALLEN: Thank God. We have weathered the storm as they say.
QUEST: Good to see you, sir. I'm grateful. Thank you.
ALLEN: Thanks, Richard.
QUEST: We will take a "Profitable Moment" after the break. It's QUEST MEANS BUSINESS.
(COMMERCIAL BREAK)
QUEST: Tonight's "Profitable Moment," it's worth just taking a moment to think about the Fed's decision on interest rates and how that now factors
through the markets. If you take a look at the way the Dow has performed yesterday and then today, it was confused. It didn't know what to make of
it, but you get to today and the message is absolutely clear.
We are off to the races. Why? Because we know there's got to be more interest rate cuts this year. Jay Powell told us that. And we've got an
idea that rates are going down to around 2.75 percent to 3 percent. The trajectory is now clear all things being equal, even with geopolitical
risks and unrest.
And so investors are now pricing in the Dow 30, shows a good broad range of stocks that made good gains and particularly the growth stocks are doing
well. There you see P&G, Coca-Cola, the values at the bottom of it. The biggies at the top. Because people know that's where if you're going to
make money, you're going to have to take the risk. And so a risk on portfolio is probably the message for the next few years.
Is that a foolish technique? Are people buying into a fool's gold of a market that's priced to rally but long term going to collapse? I'll be
clear. Could there be a correction? Of course, there could be. We had one a few months ago. We'll have another one maybe in a few months' time. It
would be perverse in the current environment to think that suddenly the market is going to collapse, which is why even at frothy levels, the game
in town, like Hard Rock was saying, is with value and it's going to be with equities.
And that's why I would say if you take a look out, and I'm not saying what you should or shouldn't buy, the market is set.
And that's QUEST MEANS BUSINESS for tonight. I'm Richard Quest in New York. Whatever you're up to in the hours ahead, I hope it's profitable.
END
