Return to Transcripts main page

Quest Means Business

Syrian Rebels Enter Aleppo For First Time In Eight Years; Macron Visits Notre Dame Cathedral Ahead Of Its Opening; Barnier Urges Stability After No-Confidence Motion Threat; Barnier Urges Stability After No- Confidence Motion Threat; Shoppers Out In Force On Black Friday; Qatar Grand Prix To Take Place Sunday. Aired 4-5p ET

Aired November 29, 2024 - 16:00   ET

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

[16:00:25]

RICHARD QUEST, CNN INTERNATIONAL HOST, "QUEST MEANS BUSINESS": It is the best month of the year for the S&P and the Dow. The market closed a few

hours ago, of course, because it's a shorter day on that Thanksgiving, after the Thanksgiving holiday. That's where the market closed. A little

bit of a tumble there, but nothing much. Those are the markets and these are the main events: A shock offensive by Syrian rebels as they enter

Aleppo for the first time in eight years.

The restoration of Notre Dame is unveiled. Best part of a billion dollars completed on time as President Macron dubs it the construction project of

the century.

And the boss of McLaren racing is with me discussing the F1 teams Cinderella season.

Live from New York, end of the week, Friday, November the 29th, last day, coming up to the end of November. I'm Richard Quest and this is QUEST MEANS

BUSINESS.

Good evening.

We start in Syria, where Russia has launched an aerial offensive against Syrian opposition forces around Aleppo and Idlib, according to Russian

state media. This is following the Syrian armed rebels, they entered Aleppo for the first time since the government, the Syrian government, that is,

took back the country's second largest city back in 2016.

So the rebel fighters have been filmed pulling down Syrian flags, for example, in Aleppo. Now, this video appears to show the Syrian regime tanks

leaving the city.

So Aleppo is certainly in pace, it's not entirely certain the exact -- what's taking place at the moment. The opposition forces launched a

surprise attack during the week, sweeping through several villages outside of Aleppo and reigniting a conflict that had been largely dormant for

years.

Ben Wedeman has been covering that conflict and many more. He joins me now from Rome, so look, as you -- well predicted in the last hour, now it seems

Russia is rushing to Assad's assistance with aerial assistance.

BEN WEDEMAN, CNN SENIOR INTERNATIONAL CORRESPONDENT: That's right, but they are bombing Idlib province, which, of course, is really the stronghold of

the rebel forces in Syria. But what we're not seeing is much in the way of resistance to the rebel advance inside the city of Aleppo.

Now, over the last few hours, we've been reporting, Richard, that the rebels had reached the western outskirts, but at this point, it appears

they've also reached the center of the city, and there are reports of rebel forces in the eastern part as well. The exact disposition of government

forces within the city of Aleppo is not at all clear. We have been hearing from residents in the western part of Aleppo that they have seen regime

forces fleeing that part.

But certainly, the reports we're getting is that it appears that the rebels are gaining more and more control of the city and not really running into

much in the way of resistance.

The Russians, of course, have had a military presence in Syria since 2015 mostly depending on air assets, and it does appear that, yes, they have

conducted a series of strikes, but it hasn't really impacted this rebel offensive that began just on Wednesday, and has just swept it's really been

a lightning advance through the Western part of Aleppo province.

Now, the last we heard was that they had gained control of 66 villages in the western part of the province. Now, they're in the city of Aleppo.

Aleppo is a very diverse city. You have Christians of various denominations. You have Sunni Muslims, Shiite Muslims, you have Druze and

other minorities. Now, the fear is that some of these rebels who are members of what's known as Hayat Tahrir al-Sham, which is a rebel faction

that was in the past affiliated with al-Qaeda, and certainly some of the slogans we're hearing coming from the rebels are reminiscent of al-Qaeda

and some elements of ISIS we've seen in Syria in the past -- Richard.

[16:05:08]

QUEST: Ben Wedeman is in Rome tonight.

To Haid Haid, he is the consulting fellow at Chatham House's Middle East and North Africa Program with me now. What's the game here? What are they

up to?

HAID HAID, CONSULTING FELLOW, CHATHAM HOUSE MIDDLE EAST AND NORTH AFRICA PROGRAM: Well, if you basically look at the official statements the

opposition forces have been saying that the whole purpose of the attack is to push region forces away from civilian areas in order to stop its

attacks, which have continued for the past years, and that's basically one step in the direction of allowing more IDP and more refugees to go back to

their areas of origin in that region.

QUEST: But why now? I mean, there has to be a catalyst. Is it because the various actors are all preoccupied elsewhere, with other conflicts,

regional and Ukraine and this, that and the other? Why do you think it takes place now?

HAID: Well, it's definitely one of the factors, but you also have other factors. If you look at the way the international community and governments

in general in the region, or even in Europe have been looking at the conflict in Syria, although the country is still divided, many of them,

they see the conflict there as over, done and dusted, and that's why you see more and more sort of efforts to normalize with the same regime who is

considered, from their view, to be the main winner.

So you have that, but for many people in that region, the conflict is far from over. They are still basically under attack, and their main political

sort of demands have not been addressed.

QUEST: There is always a deep, repulsive fear with Syria that if they if they're losing, if Assad is losing, he can resort to and what has in the

past resorted to non-conventional, in other words, chemical weapons of one description or another -- is that, would that still be a concern now?

HAID: I think it will definitely be a concern by allowing Assad to continue to threaten the international community with those sort of tools and means,

you are not only allowing him to stay in power, but you are also emboldening other dictators to do the same. What we are seeing now in

Ukraine is a direct result of what we have seen in Syria in the past, and the Russian intervention in Syria led to the Russian intervention in

Ukraine because it was not addressed there, and because Putin there feels that he can do what Assad is doing in Syria.

QUEST: So does the allies, for want of a better phrase, and you know, I mean US and all usual suspects, do they go and assist where they can to

assist the rebels in either moving further forward or holding the gains? Or do they sort of take a hands off approach?

HAID: Well, they've been taking a hands off approach for years now, even before this war started, even Turkey, which is basically still considered

one of the world's closest allies in the region, has not been directly involved in supporting rebel forces in their current attacks against

reaching controlled areas.

So in a sense, if you look at the leverage the international community has on those forces, it is quite minimal, because they have not been able to

coordinate with them, and they have not been able to support them.

QUEST: So what's your feeling? How is -- this is obviously serious, but how does it play out? Where do we go next, if you will?

HAID: To be honest, it's still difficult to imagine what the day after will look like in that region, mainly because the rapid defeats we are seeing

among regime forces, no one was expecting, even among the opposition forces, who have basically started the attack. In their wildest dream, they

did not imagine a scenario in which they will be able to go and basically capture a big part of Aleppo City in a number of days.

So I think what will come next will depend on few factors. One of them is when and how that campaign will end; two, if those forces are able to

defend the military gains, they have been able to quickly achieve; and three, if they are able to translate those gains into political sort of

leverage to reach some sort of agreement, not only with Assad, but with its allies as well.

[16:10:27]

QUEST: I'm grateful to you, sir. Thank you very much.

QUEST MEANS BUSINESS tonight: Notre Dame in France has been restored after the devastating fire five years ago. Now, you know I saw it five years-- I

saw it, the reconstruction this spring. And it turns out the president of the Republic and the president of the project was right to be optimistic.

(BEGIN VIDEO CLIP)

PHILIPPE JOST, PRESIDENT, REBUILDING NOTRE-DAME DE PARIS: A lot of people said, you will need 20 years to rebuild this Cathedral.

President Macron said, he spoke with General Georgelin, and they said, we will do it in five years, for 2024 and we are doing it.

(END VIDEO CLIP)

(COMMERCIAL BREAK)

QUEST: What a glorious day. The world got the first real glimpse of the restored Notre Dame Cathedral five years after it went up in flames.

President Macron visited the Cathedral and was there to do the official reopening with his wife, Brigitte. He told workers that they were the pride

of the nation.

CNN's senior Paris correspondent, Melissa Bell reports from Paris.

(BEGIN VIDEOTAPE)

MELISSA BELL, CNN SENIOR PARIS CORRESPONDENT (voice over): A new dawn for Notre Dame Cathedral, more than five-and-a-half years after a fire tore

through parts of the Gothic structure in the heart of Paris.

Sparkling stonework highlighting the stunning results of the estimated $737 million restoration, as it was unveiled to France's President Emmanuel

Macron on Friday.

After the 2019 blaze, the president had vowed to rebuild Notre Dame, even more beautiful than it was.

Entering the cathedral with his wife, Brigitte on Friday, it was clear that France had achieved just that.

"It was at the same time, repaired, restored and rebaptized," Macron said.

Millions had watched in shock and horror as Notre Dame's 96 meter spire tumbled into the church during the 2019 blaze.

[16:15:10]

Now, its renaissance is complete. Touring the epicenter of the blaze, the medieval roof structure known as the forest, Macron saw the beams rebuilt

by hand from 1,200 oak trees from across France.

Among the highlights of Macron's tour, a mural in the north enclosure of the choir that was badly damaged in the fire and the Virgin of Paris, a

14th Century statue that became a symbol of resistance when it was found standing resolute surrounded by burnt wood and collapsed stone, and the

beautiful San Marcel's Chapel, one of 29 chapels that have been lovingly restored.

Viewing the 12-meter wide grand organ, Macron described it as sublime.

More than 1,300 people involved in the restoration were invited inside as the French president wrapped up his final visit to the site before its

formal reopening.

(PRESIDENT EMMANUEL MACRON speaking in foreign language.)

BELL (voice over): "You have transformed ashes into art," he told them. "The whole planet was upset that day in April, the shock of the reopening

will be as big as that of the fire," he said, thanking the crowds.

(END VIDEOTAPE)

BELL (on camera): Richard, this was all about thanking the more than 2,000 men and women who were involved in the restoration of Notre Dame, but it

was also a moment to have a think about everything that went into this restoration, the 2,000 oaks that were used to restore the roof, remember

where the fire had taken hold as quickly as it had, they have really sought and managed to get back to the original structure, to restore every corner

and every detail of Notre Dame as it was, except that now it is cleaned, it is opened, it is light, and you really get a sense of what the Cathedral

must have looked like, not five years ago, it was relatively dark when you went inside, but way before, originally, as it was first built many

centuries ago -- Richard.

QUEST: Melissa Bell in Paris.

Now the reconstruction and the money that had to be raised to actually build it, a huge amount, a total of 846 million euros was donated by people

from 150 countries. So put it into $740 million

The fascinating part about it, when I visited it, the president of the building rebuilding specifically thanked American donors for their

contributions.

(BEGIN VIDEO CLIP)

JOST: Forty thousand Americans gave money for restoring Notre-Dame de Paris, and gave almost $40 million.

(END VIDEO CLIP)

QUEST: Now, Michele Picaud is the president of the Friends of Notre-Dame de Paris. The group raised millions for the rebuilding.

The fascinating part about this, first of all, welcome sir, thank you. The fascinating part about it is I would have said it would have been billions.

I would have said it would have been over budget, and I would have said there would have been some scandal about the amount of money that was

wasted.

But it's not. This thing has been on time, on budget, and many nations joined in, haven't they, Michele?

MICHEL PICAUD, PRESIDENT, FRIENDS OF NOTRE-DAME DE PARIS: Yes, exactly.

So we had -- we were lucky enough, I would say, to convince tens and even tens of thousands of international donors to donate to the reconstruction

of Notre Dame and we are very lucky. And I thank them very much, because, as you said, we have today, 45,000 donors in the US, for instance, plus

donors in 66 countries. So it's very impressive and sincerely, I am very grateful for this support we had from all over the world.

QUEST: The government paid for a lot of the things that were, if you like, related to it, roads, sewage, and those sort of things that were part of

the bigger project, but they didn't actually pay for the reconstruction of the building itself. And I think that's the beauty of it, isn't it? This

really was a grass roots not a government funded project.

PICAUD: Yes, exactly. So it was effectively 100 percent privately funded and I think this is also a reason why we had this success in the

restoration and you need to know that in France, the government owns not only Notre Dame, but also 93 other Cathedrals all over France and the

government was, I would say, smart enough to dedicate the public funds to the restoration of the other Cathedrals.

QUEST: What do you feel when you went in and when you look at it now?

[16:20:05]

PICAUD: So I was lucky enough to be invited to this pre-reopening by President Macron, and I thank him very much. And I think it was really

stunning when we -- when I entered the Cathedral to see the beauty of the nave, and actually there was -- there were no seats yet inside the nave, so

we have a very nice view of the wall building and the wall nave and choir, and I think this is very impressive now that it has been restored.

QUEST: The thing I found particularly impressive, I had a tour with the lead architect and the lead project manager, and the thing I found

particularly impressive was, in many ways, the things that you don't see.

So, for example, the new fire suppression equipment. Now look, I know that sounds terribly practical and terribly boring and tedious of me, but

they've given a lot of thought to how to prevent this happening again.

PICAUD: Yes, no, exactly because we wanted to avoid any dramatic blaze as the one we have experienced and I think we took advantage of the experience

of other cathedrals, like, for instance, Saint Patrick's in New York. And now you have a sprinkling system below the roof, and you have firewalls as

well.

So even if I would say it has been restored exactly as it had been built in the Middle Ages, we have added, evidently, security and safety systems to

avoid any dramatic event like the one we experienced in 2019.

QUEST: The French people need this, in a sense, don't they? I mean, let's just not -- let's not put it into party political matters, but the French

have been through a lot in 2024. A referendum, elections, this, that and the other.

This coming Christmas is a great moral boost, I would say to not just to the Parisians who love it, but I think to all people in France. Would you

agree?

PICAUD: Yes, yes, I would certainly agree so and after the Olympics, which we was also a kind of gathering of French people and also people from all

over the world in France, I think the reopening of Notre Dame is certainly one of these peculiar moments where everybody is happy and congratulate

each other on something which has been achieved.

But once more, not only by the French, but also by the support we have from the US and from all over the world.

QUEST: Sir, it is a Friday night. It is nearly half past 10 for you at night. I wish you salute and hope you're having an appropriate glass of

something to celebrate the events of the day, sir. I wish you well.

PICAUD: It must be champagne, yes, okay. Thank you very much.

QUEST: Of course, and the real stuff, none of this sparkling stuff, the real stuff. Thank you, sir. Put it on my bill. Put it on my bill. Thank

you.

PICAUD: Thank you.

QUEST: As we continue tonight on QUEST MEANS BUSINESS, my bill is getting pretty hefty by the way, in case you've noticed, over the course of the

program.

The left and the right don't agree on much on France, but they have come together to tear apart the Prime Minister Michel Barnier's budget proposal,

and it is pushing his government closer to collapse. Is that cause for celebration or not? That's an interesting question. We'll answer it after

the break.

QUEST MEANS BUSINESS.

(COMMERCIAL BREAK)

[16:26:50]

QUEST: Hello, I'm Richard Quest. Together, we will have more QUEST MEANS BUSINESS.

The French prime minister is facing intense backlash over his budget. Marie Le Pen is threatening a vote of no confidence.

The McLaren racing chief tells me what gives his Formula One team the edge all the changes that he's made, engines and drivers and the like, but only

after you and I have talked about the news, because this is CNN and on this network, the news always comes first.

The British lawmakers have approved a bill to legalize assisted dying after hours of debate today. The Lower House, the House of Commons, voted to

support it. High profile figures gave emotional first time testimony.

Under the legislation, terminally ill people would be able to take a substance to end their lives. The bill must still now go through

Parliamentary Committees and also go through the Second Chamber, the House of Lords.

The World Trade Organization has appointed Ngozi Okonju-Iweala to a second term as its DG. The organization is facing broad challenges due to the rise

of tariffs under the protection measures. The WTO called her reappointment a recognition of her exceptional leadership and strategic vision. She will

now lead the organization until August 2029.

Protesters clashed with police in Tbilisi in Georgia for the second day over the government's decision to suspend membership talks with the

European Union. The country has been in turmoil since last month's disputed elections in which the pro-EU opposition said the results were falsified.

Michel Barnier, the French prime minister is calling for stability after the far right leader, Marine Le Pen threatened a no confidence vote because

of a budget dispute. Investors are noticing French bond yields are now on par with that of Greece, and even briefly surpassed that on Thursday.

German bunds, by comparison, the yields are much lower, as you can see.

Michel Barnier's budget includes 60 billion euros worth of tax hikes and spending cuts. It faces opposition from the far right and the left has

managed to get both together.

The tax increases would hit France's right, as the Eurozone inflation is heating up.

Christian Schulz is the Deputy Chief European Economist at Citi with me now.

' Always good to see you sir. I am grateful for it.

So can he get this budget through? I mean, at very best, Michel Barnier's government is unloved by all, and is a marriage of possible inconvenience.

Now, this is the test of the budget.

CHRISTIAN SCHULZ, DEPUTY CHIEF EUROPEAN ECONOMIST, CITI: Yes, good evening.

It's a very tense situation. It's really in Marine Le Pen's hands, whether she's going to support one of those likely three no confidence votes which

will come up next week. The left seems hell bent on voting against Mr. Barnier, so it is really in her hand. Is she happy bringing down the

government and all of the consequences that brings with it?

[16:30:16]

The most important of which is probably that there will be no budget for next year if a vote of no confidence passes, and you mentioned the tensions

in the bond market, that wouldn't help.

QUEST: Where does it leave, Macron? I mean, to talk to people in France, he's essentially a done deal over and done with it. The next (INAUDIBLE) is

sort of not going to go anywhere. Is that what the markets believe as well?

SCHULZ: Look, a headline here in Germany today was Macron as bankrupt as the Greeks were. This is bad for France's reputation. This is bad for Mr.

Macron's ability to influence the decisions that Europe will have to make with -- especially with the upcoming new U.S. administration. Europe is

facing challenges now from the U.S. It's facing structural challenges. We've had the Draghi report out.

The Ukraine situation, we don't know how it goes. Europe needs leadership. Macron has provided leadership in Europe. You could argue over the last

years, over the last seven years, but this is clearly undermining his political capital.

QUEST: I was -- I was talking to Mario Draghi earlier this week in Portugal. About the Draghi report, his message is -- and very similar to

the one from Christine Lagarde only yesterday. The message is, Europe, get your act together. Europe, you have to use tools like, for example,

majority voting to get things through on innovation. You can't do everything by consensus. Do you believe -- does the market believe that the

current presidency, the new one under -- the new presidency of the council and under von der Leyen, can actually do this or is it just weaken wishy

washing?

SCHULZ: Do in Europe, things don't happen in one goal with a sweeping reform and a leader that takes everybody with them. Draghi is, of course,

has been a leader. Draghi has, maybe more than anybody else achieved this once in 2012. In Europe this time, I think things will happen one by one.

Not in a coordinated fashion. I think there are some hopeful signs. The Draghi report is now the agenda of Ursula von der Leyen, the E.U.

Commission president.

All the commissioners will work on to implementing it. So, it is very serious. What is missing at the moment is the support at the member state

level. We've talked about France and the parallel paralysis that countries in. Germany is facing an election but that's maybe where things are

starting to improve. The next government thing will probably come in with bigger political capital and perhaps give this a little bit of a push.

QUEST: Is the danger here? Let's talk about Donald Trump and his tariffs. Is -- eventually they will come towards Europe as well. But is the danger

that these -- let's stay with Germany. Follow my logic here. The tariffs come in. German manufacturing is already sclerotic and in some difficulty.

The tariffs make things difficult. The far-right makes gains because manufacturing suffers and the economy gets worse at a time of political

turmoil.

Now look, that is an arguably -- I've taken a more extreme measure, but is it out of the realms?

SCHULZ: No, this asks -- you're absolutely right. This asks a serious question of Germany and of Europe. It's no longer just the question, are we

competitive? Are we -- are costs low enough, the taxes low enough, the energy costs low enough, the bureaucracy lean enough. The question is

increasingly, even if we are competitive, who's going to buy all that stuff? The Americans aren't going to, they are imposing tariffs.

he Chinese are trying to make everything themselves. So, we also have to create demand. And I think that's where the European Central Bank, that's

where the German government come into play. They are the ones that have the deep pockets. They are the ones that can lower tariffs. They are the ones

that can still run bigger deficits to stimulate the demand the we also need in Europe. We don't need to be competitive.

QUEST: Careful, Christian. You're talking heresy language. Bigger deficits in Germany, good lord, man. I don't know what you've been drinking on this

Friday evening.

[16:35:01]

But there will -- I think you're probably right, but we'll certainly see what happens. Good to see you, sir. And thank you for joining us from

Frankfurt tonight. Have busting. Good of you to stay up late.

You heard me there talking about what was happening in Portugal, and Portugal is one of the strongest performing economies in the E.U. I was

talking to the Portuguese central banker Mario Centeno earlier in the week at the CNN Portugal International Summit. The governor says the labor

market has been key to Portugal's economic success.

(BEGIN VIDEO CLIP)

MARIO CENTENO, BANK OF PORTUGAL GOVERNOR: It's amazing the speed at which the labor market in Portugal grew lately. And also in Portugal, 600,000 are

migrants. We have been a very open economy. We had -- we have space for all the talent. We just saw in the in the last panel how many talent we have in

Portugal. We need to believe in this talent and the labor market must absorb all this talent.

QUEST: When I said I was going to be interviewing you, you know what everybody said, don't you?

CENTENO: No.

QUEST: No. Everybody's gone.

CENTENO: No, no, no, that -- my name is Mario.

QUEST: They said he's going to run to be president.

CENTENO: Oh, God.

QUEST: Is there anybody in this room that doesn't say that?

CENTENO: Did they tell you so? I don't know. I don't know where they did.

QUEST: So, I will -- I'm familiar with (INAUDIBLE) if my country wishes, I'm familiar with the politicians' answer. So, I'll give you an easy one

here.

CENTENO: OK.

QUEST: Are you running -- are you intending to run for president next year?

CENTENO: Well, you know, changes happen. Sometimes they are unexpected, sometimes they are expected. Changes occurred in my life in the last 10

years. Some of them were not expected to happen. I was in a different path. So, I don't fear change, but believe me, I am really focused on my job

today. You interviewed me as Minister of Finance, president of group, Governor. So, my answers were always the same.

And I am always focused on what I'm doing at the moment. It is a good question from your side, but my answer is the same as I already answered

before. My focus is on getting my job done. And I don't -- I don't -- honestly, honestly, I don't think about it.

QUEST: What needs to change within Portugal? Do you think in the investment community, in the business environment, in your area, what do you think it

needs to change?

CENTENO: We need to believe more on ourselves. This is -- this is something that is very deep rooted into Portuguese mindset. We are always the last

one to believe on our capacities. That's why today, when we have the largest labor market ever. The greatest volume of wages and salaries paid

in the country ever. That we enjoyed one of the strongest fiscal positions in Europe in the last year.

I mean, we were at the podium of this. When the country is converging with the euro area average, as it never did in the last two, three decades. All

this is what we need to believe in to make progress with Portugal.

(END VIDEO CLIP)

QUEST: That is the Portuguese central bank governor. Will he, or won't he run to be president of Portugal?

Coming up next. The season for shoppers, Black Friday is well and truly underway. And the bargain hunters are out in force and it could be a bumper

bargain hunter time.

(COMMERCIAL BREAK)

[16:41:47]

QUEST: Today is traditionally the busiest shopping day of the year in the United States of this Black Friday, the day after Thanksgiving. And it is

the unofficial or the official Christmas rush starts now. And on the minds of many, it's not only Santa. It's Donald Trump. The President-elect's been

promising sweeping new tariffs on foreign imports to try to put American manufacturing first. 25 percent imports from Canada and Mexico.

Up to 60 percent from China, and 10 percent for everyone else. It means the price of a basic fridge, refrigerator could jump from 650 to 776, according

to the National Retail Federation. Although I'm not sure how many people go out and buy a fridge for somebody on Christmas. Anyway, with more shoppers,

maybe they are. Maybe that's exactly what Meena Duerson has on her list. She wants a new refrigerator or a microwave or something.

No, you don't look like the sort of woman who would actually put that on her Christmas shopping list, but you are in one of the largest shopping

malls in the United States, and it's heaving up the doors, isn't it?

MEENA DUERSON, CNN CORRESPONDENT: Yes. It is packed. And it has just gotten busier and busier by the hour in here. And I don't think anyone is asking

for a fridge for a gift for Christmas, but people are on the lookout for deals for those big items this Black Friday. And this, you know, holiday

weekend shopping as they're looking, you know, they're looking ahead to maybe what the new year will bring, as far as these bigger household

appliances and kind of bigger ticket consumer electronics, as far as what might happen to the pricing of those things under the next administration.

QUEST: When you look at that and how -- what's the look on people's faces? Do people look happy? Do they look worried? Do they look concerned? Is

there a -- is there a joyous feeling or a feeling of all good grief, here we are again?

DUERSON: You know, the mood has changed a little bit over the course of the day. I would say some shoppers we spoke to earlier in the morning or maybe

not as enthused, but there is -- there is a joy out here today. I think, you know, people are feeling maybe a little bit better. They have been

pretty cautious with their money all year. And I think they are -- they're -- they have saved up for this moment.

And we're seeing people this is when they're choosing to spend their money, around this time of year, and we're seeing them buy things for themselves,

buy gifts for other people, and get excited about deals, you know, on various items. So, it's not all doom and gloom. I think there were some

people who expressed caution about, you know, what may -- what the next few months or the next year may bring.

But overall, you know, people do seem to be spending hundreds of dollars, you know, if not more, here in the mall today.

QUEST: I promise you the refrigerator I buy you will have an -- its own ice dispenser and cold freezing water. Now are you interested? There we go.

Good.

DUERSON: Yes. That sounds great. That sounds dreamy.

QUEST: Good to see you. Thank you for joining us from New Jersey.

[16:45:04]

We are of course talking F1, Formula One. In a moment, the boss of McLaren racing when we return.

(COMMERCIAL BREAK)

QUEST: Formula One is in its for -- in the home stretch for this year's season. The penultimate race is in Qatar this Sunday and the main battle is

for the constructors Championship, which is awarded to the F1 team with the most championship points, not the drivers. This is for the actual team

itself. McLaren's in the lead with 608 points. Ferrari is hot on their tail, only 24 points behind.

The insignificance about this, of course, is the way in which McLaren has dramatically improved its performance over the last few years, and

particularly this year. So, I turned to the boss, Zak Brown and wanted to know more about the team, the edge, and how McLaren has a quest literally

of its own.

(BEGIN VIDEO CLIP)

ZAK BROWN, CHIEF EXECUTIVE OFFICER, MCLAREN RACING: All the Formula One teams have fantastic technology. So, it's all about your people, your

teamwork, your culture. And so, if I look at the journey that we've been on, that we actually use the word quest because the journey is kind of

point A to point B. Quest is flying to the moon and winning the Formula One World Championship is high degree of difficulties.

QUEST: But what changed within that to make that team perform better? Because there have been leadership changes and certainly the new engine

gave you, if you will, a different direction and gave you arguably more power. What do you think was the turning point? Pardon the pun.

BROWN: We did improve our technology then our drivers have done an outstanding job. I've said for quite some time now, I think we've got the

best diver lined up on the grid. Both drivers have won races. We've had the second most amount of consecutive podiums in the history of McLaren. Our

drivers are getting the job done. Our pit stops. We have the fastest pit stop of the year last year, we broke the record for the fastest pit stop

ever.

And just every day, we're trying to go a little bit faster than we were yesterday. So, when you put that all together, that's why we've had, what

some people are saying, the biggest turnaround in the history of Formula One because at the start of 2023 we were the ninth, 10th

best. Actually, you could say worst team on the grid.

[16:50:07]

And here we are less than two years later, leading the world championship.

QUEST: How does your two drivers, Norris and Piastri, do they interact so that they are competitors at one level but not competitors to the point of

detriment to the team overall? Which is the exact -- which is the killer in F1 when the two drivers basically slit each other's throats in a -- in as

in an orgy of competition?

BROWN: Yes. Well, you're exactly spot on, and you can look back in history, and there's dozens of examples of Senna and Prost and Rosberg and Hamilton

and Mansell and P.K. And so, it's a luxury challenge to have when you have two drivers that are capable of winning every weekend, that both want to

win the drivers World Championship, and only one can do it.

QUEST: One final point, because it is QUEST MEANS BUSINESS. When you are more successful like now, how does it translate into a better ability to

attract more sponsors, higher revenue and base -- I mean, look, F1 is never going to be a great profit earner and it's always going to be a deep pocket

for anybody. But being at the top is more commercially successful.

BROWN: For sure. We're going to have record revenues this year if you look at our corporate partner portfolio, it is the best in Formula One, more

into brand, 100 companies support us than any other Formula One team. The - - and our sponsors contribute, not just economically, but they help us build our fan base if they're a consumer brand, and they help us go faster,

if they're a technology-based company or help us operate more efficiently.

So, our sponsors are integrated into our team. And I think what's important for us, the view we take, is we may not always be leading the world

championship. So you need to put partnerships in place that, you know, of course, you got to seize the moment when you're having the success we're

having. But it's not always going to be like that, so you got to play the long game with your partners.

But Formula One is hot. Tons of companies coming in not just to McLaren, but other teams and the league and that long may continue.

QUEST: You've left me -- you've let -- you've led me beautifully to G.M. potentially joining next year through Cadillac. Are you looking forward? I

mean, all competitions good, they will be worthy competitors with good engineering experience. You're looking forward to that?

BROWN: Yes. 100 percent. I think any time a new Grand Prix announced, everyone's excited about the new Grand Prix. When there's a new driver,

there's a new team, a new manufacturer, just additive to the excitement. It'll take them some time to get competitive. This is an unbelievably

competitive sport, so when you see new teams enter, it takes them a while to get competitive. But they've got great racing heritage.

They're very successful in everything they've raced. And so, they will be a competitive entry. It'll take them time, but they'll add value to our great

sport. And again, it just shows how much interest there is in Formula One.

QUEST: Zak, it's always good to chat to you. By the way, just tell me where to send the copyright royalty invoice for using my name in your training

and in your quality control.

BROWN: We will make sure, if we can get this championship done, we will do something to honor you.

(END VIDEO CLIP)

QUEST: He said it on television. It must be true. Look at that spectacular. It's almost 5:00 and almost fully dark here in New York. It means Christmas

is around the corner. Jolly fellows are earning their suits and combing their beards, and Santa school is about to open.

Anna Stewart shows us what it's like.

(BEGIN VIDEOTAPE)

UNIDENTIFIED MALE: One, two, three.

SANTAS: Ho, ho, ho.

ANNA STEWART, CNN REPORTER (voice-over): Some people prepare for the holidays with Christmas lights and decorations, but these Santas have a

more detailed preparation ahead.

UNIDENTIFIED MALE: Welcome to the 2024 Fiji Mermaid (ph) Santas training.

STEWART (voice-over): As you can imagine, being Father Christmas is a big feat.

But at Santas school in London, they start their training months in advance. These jolly fellows are given the tools needed to be the most

authentic Santa Claus.

JAMES LOVELL, CHIEF TRAINER OF SANTAS: This year, there are a lot of not very nice things going on in the world, and I think people are looking for

Father Christmas to bring them a little bit of joy. People just need more jollity this year. They need more magic in their lives. That's what Santa

brings.

STEWART (voice-over): James Lovell has been a chief Santa trainer for over 25 years, and says his bookings this year are up a merry 20 percent.

[16:55:10]

From learning all the reindeers' names.

SANTAS: (INAUDIBLE)

STEWART (voice-over): To the history of Christmas and even how to interact with your elves. These Santas students are taking notes, making sure kids

and adults have the best Christmas experience.

Lovell even has a surprising rule, don't ask kids what they want for Christmas.

LOVELL: You shouldn't actually ask them what they want for Christmas because most children have written you a letter. And if you're asking them

what they want for Christmas, you're basically saying you haven't read their letter, which is rude. You read the letter and you know.

STEWART (voice-over): And you can't be an authentic Santa without the perfect, ho, ho, ho.

LOVELL: Give them a ho, ho, ho.

SANTAS: Ho, ho, ho.

LOVELL: Give them a bigger ho, ho, ho.

SANTAS: ho, ho, ho.

SANTA: You can go ho, ho, ho. And some people can go, ho, ho, ho. But it's when you go, ho, ho, ho, that you find that it sounds a bit more authentic.

Because that's what people hear on Christmas eve when they're looking up at the sky.

STEWART (voice-over): Anna Stewart, CNN, London.

(END VIDEOTAPE)

QUEST: No. I'm not going to do a ho, ho, ho. No, I'm not. I promise you I am not cleaning up ho,

ho, ho. But a profitable moment after the break. QUEST MEANS BUSINESS. We got (INAUDIBLE)

(COMMERCIAL BREAK)

QUEST: Tonight's profitable moment. France is in a terrible mess, political crisis, budgetary crisis, perhaps even a financial crisis before too long,

which is why the pictures from Notre Dame and President Macron, the reconstruction after the fire are just so uplifting. Even for somebody like

myself of a different faith, the ability to go in there and see the majesty of the restoration, the craftsmanship that has been put into rebuilding,

reconstructing Notre Dame to its former glory.

In many ways, it is now a building for the 21st century and beyond, because it has been put into that position of Phoenix. Out of the ashes has risen

something quite beautiful. And that's QUEST MEANS BUSINESS for tonight. I'm Richard Quest in New York.

[17:00:04]

Whatever you're up during the hours ahead, I hope it is profitable.

END