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Quest Means Business

Funeral To Be Held Saturday In St. Peter's Square; Cardinals Expected To Start Voting In Sistine Chapel In May; IMF Expects Slower U.S. And Global Growth Due To Tariffs; Tariffs Force Bike Maker To Halt Some Imports From China; U.S. Defense Secretary Pushes Back On Signal Controversy; Tesla's Deliveries, Revenue And Production Fall In Q1. Aired 4-5p ET

Aired April 22, 2025 - 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: Closing bell ringing on Wall Street. It has been a bump, a bit of a bumper of a day, as you'll see when you see

the numbers in just a second or three. It is NASA ringing the closing bell. The market is up sharply. I think were at the best of the day or certainly

very close to it.

There we go. One, two. Good old NASA giving three solid gavels. Trading is over. Let me show you the triple stack with the best gains. In fact, that's

pretty Even Stevens across the main indices. Those are the markets and the main events we are following.

Mourners are now visiting the casket of Pope Francis as attention soon turns to who might replace the Pope.

The International Monetary Fund says President Trump's trade war will weaken global economic growth.

And Tesla's earnings are moments away. They're expected to reveal whether and how the political backlash is damaging Elon Musk's car maker.

We are live tonight from Dubai. It is Tuesday. It is April the 22nd. I am Richard Quest, in Dubai, as elsewhere, I mean business.

Good evening. The funeral for Pope Francis is beginning to take shape, and we are now starting to get some of the details from the Vatican. The

ceremony will take place on Saturday, with thousands of mourners expected to fill St. Peter's Square in Rome.

In attendance will be President Trump, the Ukrainian President Volodymyr Zelenskyy, the French President Emmanuel Macron and Sir Keir Starmer, the

British Prime Minister.

The Pope's body is currently in an open coffin in the chapel of Casa Santa Marta, and the body will be there until Wednesday, when it will be moved to

St. Peter's Basilica, where the Pope will lie in state.

Isa Soares is in Rome joining us now.

I mean, we are getting details bit by bit because although this is a very well-known process and the Pope had been ill, I guess they weren't quite

expecting to have to do it quite so quickly once it seemed like he was making a recovery.

ISA SOARES, CNN ANCHOR AND CORRESPONDENT: Indeed, especially during a period, Richard, good evening, when it is so pivotal in the Christian and

the Catholic calendar, that's Easter, though, of course, we saw the Pope passing away on Easter Monday, and we saw him address the crowds on Easter

Sunday.

So I think the fact that there were so many mornings and preparations underway for Easter to mark that special day in the Christian calendar took

many by surprise. But what we are starting to see yesterday when you and I spoke, we were talking about how solemn it was.

Today, we are starting to see the machinations, the preparations, of course, for the funeral. Cardinals have been meeting already today, looking

very much not at the Conclave, we are not there yet, but looking at the logistics.

We know that Pope Francis right now is lying in rest at the chapel in Casa Santa Marta. We showed you some of those -- some of that video yesterday.

He had close family visiting him today, private visitations. We were able to see our Christopher Lamb, our Vatican correspondent, was there telling

me earlier today he saw, you know, people who worked at the Vatican laying flowers and how emotive that was. A man who is normally full of life, lying

there and that was incredibly special for those who worked with him, who have interviewed him, who worked with him on a daily basis.

Tomorrow, Richard, what we are going to see is the procession. His coffin will be transferred from the chapel, the very simple and very modern chapel

in Casa Santa Marta, where he resided all the way to the Vatican City, to the Basilica.

And so that will be incredibly emotive, and I think you'll start to see, Richard, the crowds turning out in large numbers from tomorrow.

QUEST: I saw you earlier, you were outside on the street. The mood, how would you describe -- obviously, somber and sad, reflective. But how would

you describe the atmosphere in Rome?

SOARES: I think -- yes, I think its moved out in St. Peter's Square and I think it has changed somewhat, you know, from when I arrived, even many

people here in Rome were incredibly saddened and the streets were very empty.

[16:05:02]

I think today there is a moment of celebration, of taking stock, Richard, but also deep and deep gratitude for what he has done and for how he

changed the perspective and how he brought the church so much closer to so many right around the world.

I was able to speak to some of those at St. Peter's Square, have a listen to what they told me.

(BEGIN VIDEO CLIP)

UNIDENTIFIED FEMALE: He was a good pope. I just hope that we have someone that's just as good that takes his place. We were lucky to have him for as

long as we did.

UNIDENTIFIED FEMALE (through translator): Two of the Pope's sayings that always stayed with us were pray for me and he called for young people to

not stay still, to not be boring youngsters like the others, and to go and meet others.

UNIDENTIFIED MALE: I am not a very Catholic person, not a very religious person, but for me it was the Pope for the people because he helped to open

the church to all the people. That's my opinion.

UNIDENTIFIED FEMALE: For me, myself, I would really like to have a Pope that would be a bit more progressive. Probably, that's not --

SOARES: We shall see.

UNIDENTIFIED FEMALE: We shall see what comes next.

(END VIDEO CLIP)

SOARES: And there was one commonality, Richard, about, you know, from all the people I spoke to, many of them, that lady there who wasn't Catholic,

wasn't Christian, was saying what we loved about him is the fact that he is a man of the people. We would like to see the continuation of that -- the

humility, the compassion, the simplicity, and talking to us in not liturgical terms, but as one-on-one, I think that's so important.

So the next question really is at this point, Richard, is not who the next Pope will be, but what direction the Church will go?

QUEST: And that is where we will take our discussions.

Isa, it must be time for you to get some sleep. When I woke up, you were broadcasting from Rome and as we finish our day, you're broadcasting and I

suspect you'll be back early tomorrow morning.

SOARES: I will be, yes.

QUEST: I am very grateful for the hours that you're putting in. Thank you, Isa Soares in Rome tonight.

Now, Isa elegantly led us to talk about what is next. And as the Vatican prepares for the funeral, so who will succeed Pope Francis?

The reforms he implemented make the decision especially uncertain. After all, he appointed several cardinals from nontraditional places, places

where there hadn't been one before, and so it is going to be difficult to predict how and for whom they will cast their votes.

CNN's Ben Wedeman, who is an expert on all of these things, has more on the top contenders.

(BEGIN VIDEOTAPE)

BEN WEDEMAN, CNN SENIOR INTERNATIONAL CORRESPONDENT (voice over): One of the top candidates to succeed Francis is the man who served as his second

in command, the current Vatican Secretary of State, Cardinal Pietro Parolin.

From visiting war-torn Ukraine to brokering a deal that saw the Holy See mend ties with China. The 70-year-old Italian is seen as a skilled diplomat

and a conciliatory figure who could appeal to both conservatives and progressives.

His election, however, could lead to clashes with the Trump administration, as he has rebuked the U.S. President's Gaza plan.

Another top contender is Cardinal Fridolin Ambongo Besungu of the Democratic Republic of Congo, a strong defender of democracy and human

rights, Ambongo has been Cardinal since 2019.

CARDINAL FRIDOLIN AMBONGO BESUNGU, DEMOCRATIC REPUBLIC OF CONGO (through translator): I am happy. I am aware of the responsibility this appointment

brings.

WEDEMAN (voice over): That responsibility has seen him stand up to warlords and corrupt leaders, becoming a respected moral voice.

The 65-year-old is also the leader of a massive local church of more than seven million people, and represents the growing church in Africa.

A surprise candidate may be Cardinal Robert Prevost from the United States. America's global influence has made electors shy away from choosing a U.S.

Pope in the past, but the 69-year-old from Chicago spent many years working in Peru before leading the powerful Vatican Office for Bishop Appointments,

and he shouldn't be ruled out.

The top contender, though, may hail from one of the corners of the globe where the church has been growing and few cardinals are as charismatic as

Luis Antonio Tagle from the Philippines, often dubbed the Asian Francis.

CARDINAL LUIS ANTONIO TAGLE, PHILIPPINES: We believe that Jesus is alive and he was born and he ministered. He died and rose from the dead in Asia.

WEDEMAN (voice over): The 67-year-old led the Church's charitable arm, as well as the Vatican Department of Evangelization, and he may be well-

positioned as the church pivots towards parts of the world where it is expanding.

Still, it is impossible to say which, if any, of these candidates will be chosen. If there is anything we can glean from past Conclaves, it is that

usually the favorites don't get picked.

Ben Wedeman, CNN, Rome.

(END VIDEOTAPE)

[16:10:11]

QUEST: Now, as they choose a successor, they will have to decide whether to build upon the legacy of Francis or face a more rigorous, stricter

traditional interpretation of the Bible.

Pope Francis appointed 80 percent of the College of Cardinals, some say this could lead to a successor that will follow in his path.

Gustavo Garcia-Siller is the archbishop of San Antonio, Texas. The Archbishop joins me now.

Good to see you, sir. I am grateful.

Let me ask you a -- you can plead the Fifth Amendment on this question. If you had a vote, do you have a preference how you would vote?

MOST REVEREND GUSTAVO GARCIA-SILLER, ARCHBISHOP OF SAN ANTONIO, TEXAS: Well, I will join the decision of the Holy Spirit through the Cardinals.

Otherwise, it will be difficult to pronounce myself in any way at this point as we are trying to close the circle with Pope Francis.

QUEST: I guess the decision now for the Church and for the Cardinals is it is not really a binary system of do you continue with the reforms of

Francis, or do you reverse? I guess it is more a question of how you balance those two options and make the best of both of that in some shape

or form. Would you agree?

GARCIA-SILLER: Well, the reform of Pope Francis, I hope you will continue. I think he opened doors, and hopefully, with God's grace, the future Pope

will be able to even open new ones.

What will be tragic is that if they are closed, and I thank Pope Francis, thanks to his upbringing, being a son of immigrants and someone who had a

deep faith, multilingual and multicultural expression, he has been a great enabler, helping the Church to see Gospel values in a broader and global

context.

Also you know, his experience in the CELAM as a Hispanic, candidate years ago, he was with a great experience of all those conferences of bishops in

Latin America to the fact that even the Document of Aparecida that was kind of the synthesis of the conferences, he brought it to the global world.

QUEST: Do you think the gap, Your Excellency, do you think the gap between those who want a more conservative church versus those who want a more

liberal, a more modernizing church although quite often in Francis' time it became clear, is that gap very large?

GARCIA-SILLER: I believe the gap is, but I truly understand, more and more that the work of the Holy Spirit is to bring about a continuum, a

continuum. So, I will not measure it in through liberal or illiberal, but how, for example, all the work of mercy will be then extended.

The sense of hope and light in the midst of darkness and very stormy waters, how to navigate in the world today. And, Francis' work pretty much

with a sense of reality, first you know, and how reality shapes our ideas and brings about our principles, but it is reality.

We need someone that will see the reality not of the last few years, but the reality in the next years where that person will be leading the Church

and the world in many ways.

QUEST: Can I ask you? Can I ask you -- as an Archbishop in the United States, where the Catholic Church in the last six months has enjoyed or has

had a more difficult relationship with the secular administration, the White House, have you found that to be somewhat difficult in your own

ministry, particularly as the late Pope was very clear in his criticisms of the administration on migration and such issues, to the point where

Catholic Bishops didn't attend many cases, for example, the Easter Prayer Breakfast.

[16:15:42]

GARCIA-SILLER: Well, I think your introduction is accurate. We have been in a very difficult situation with the present administration because

precisely the values of Pope Francis, based on the gospel regarding respecting the dignity of every human person, and in this case, in a

country that was founded by immigrants that has been sustained by immigrants, who has been built up what it is by immigrants in not only, but

in great part has been a tremendous, tremendous difficult waters.

And Pope Francis went against the tide, including inside the Church, and we are going through that as well. The mission doesn't stop, though.

QUEST: Your Excellency, final, final question, in a sense, obviously, your attention is focused very much on the memory and the reflection of the work

of the late Pope. But we are human, sir and as humans, we are all talking about who is next?

So between all of your archbishops and all your bishops and on your e-mails and texts to each other, are you all sort of saying, I think it might be X,

or do you think it could be Y? Is the rumor mill going strong yet?

GARCIA-SILLER: Well, I think the, the Church of the United States and the leadership of the United States is very strong, and in spite of the

different tendencies we have worked in many occasions to be united and to be as consistent as possible and to show unity.

And so I think our voice has been heard and will be heard and we need to know that people in people's minds is very strong, the sense of what will

happen in the next Conclave.

But to try to figure it out now or to try to even show any direction is even though it is understandable, the anxiety and understandable, the

concern we need to give room to close the circle of Pope Francis well with his funeral and then also to start, seeing if we are really open for new

leadership, whoever is going to come and then in the process to be able to express with a peace heart and clear mind also our own tendencies and

ideas.

But to say the truth now, it has been such a short time that it is very difficult to think who could be at this point, but for sure we will have

and it is part of being human, as you said, but also it is part of being responsible as people of faith and leaders to start saying, what are the

characteristics of that new candidate for the papacy?

QUEST: Yes.

GARCIA-SILLER: And I think Pope Francis has said the direction. Mercy -- mercy and hope in a turbulent world.

QUEST: I am very grateful to you, Archbishop, tonight for joining us. Thank you, sir, for taking time on what has been very difficult days and indeed

busy days for you.

GARCIA-SILLER: Thank you very much.

QUEST: Thank you, sir. I am grateful.

Now we turn our attention as indeed we must to the way the business world has been moving, because the days leading up to, of course, the Pope's

passing have been turbulent in terms of the financial world, so we need to update you.

And now, apparently, the U.S. Treasury Secretary has come out with comments that he expects the trade war with China to cool down. Welcome news,

certainly, particularly for companies like the bicycle maker, Kent International. The chairman of Kent International will be with me after the

break, and what splendid bicycles they are, too.

(COMMERCIAL BREAK)

[16:22:46]

QUEST: U.S. markets have bounced back on reports that the Treasury Secretary of the United States expects that a trade war with China will, in

his words, de-escalate. It sent it out more than a thousand points. The S&P 500 and the NASDAQ both popping over two-and-a-half percent. In fact, the

NASDAQ had the best session of the day.

We are told that, Scott Bessent said that the current standoff with Beijing is unsustainable. He was speaking to a private gathering on the IMF, World

Bank sidelines, the meetings, the spring meetings, I assume the tulips are out. They are taking place in Washington, D.C.

Now, the IMF says that the trade tariffs are a major negative drag on the global growth, and the changes to their forecasts are not pretty. The Fund

expects the U.S. economy will grow just 1.7 percent. It is nearly one full percentage point lower than it was saying in January, and also expecting

global growth to be lower as well, down, as you can see from the screen, from 2.8 to 3.3. The trade, of course tariffs are the main culprit for all

of this.

Anna Stewart is with me in London.

I mean, I guess, I am not surprised at what the IMF is saying. Bearing in mind we've had similar from OECD, we've had the WTO and they are all

working off the same core economic numbers. But as each one gets later into the cycle, so we get clarity or more certainty. And I think that's what the

IMF numbers give us.

ANNA STEWART, CNN REPORTER: Yes. If anyone was in any doubt on what tariffs would do to the global economy, this is it. It was a good read, Richard,

particularly Chapter One. I hope you got through it, it was pretty chunky, but what was so interesting is they talk about the reference forecasts,

which are the numbers you just spoke about and that was how the world stood on April 4th.

They also make mention of how it sort of stood a few days before that and they make mention of the fact that on April 9th, tariffs were paused for 90

days. But the forecast they've gone with is April 4th. And you know what? It is that sort of policy uncertainty.

[16:25:04]

In addition to the actual tariffs themselves, in addition to the fact that U.S. consumers have very bad consumer sentiment right now and don't want to

spend money, it is all of that that is feeding into this picture, which was particularly interesting. And inflation for the U.S., three percent this

year.

QUEST: Do they come down one side or the other on the question of recession?

STEWART: So interestingly, they don't think clearly the U.S. is going to fall into recession this year, but they do have a change in guidance. They

now think it is much more likely. They say 40 percent probability of a recession this year for the U.S. and it was only 25 percent in January. So

that is quite a big jump.

QUEST: You see, the real difficulty for all of this is that the headwinds are there already in the economy. You know, these tariffs, the global 10

percent, the 20 percent, whatever, the 25 percent steel and aluminum, 145 percent X electronics to China.

These -- we sort of tend to forget these are headwinds that are present now regardless of what happens with the reciprocals in 60 odd days' time, 70

days' time.

STEWART: Tariffs are here. Global trade is already being impacted. You will start to see that in supply chains, and we are going to see it more and

more I think in earnings forecasts going forwards and that's without this huge threat of more tariffs down the road, and let's not forget, you know,

this trade war between China and the U.S. is huge, and Treasury Secretary Scott Bessent has apparently said that it is unsustainable. Well, yes it

probably is.

But at this stage, while comments like that might lift equity markets, who is going to blink first? Because as far as we understand it, there doesn't

appear to be many conversations between Beijing and D.C.

QUEST: Anna in London, I am grateful.

Now, my next guest is the Chairman of Kent International, which imports bicycles and bicycle parts into the United States. It is Arnold Kamler and

his company, South Carolina factory has stopped doing business with China, which is where they used to get most of the parts.

Mr. Kamler, who joins me in a second, says all the U.S. tariffs on China add up to 175 percent and Kent would have to raise prices 90 percent from a

year ago if it didn't adjust its supply chain.

He is with me now.

It all begs the question, so what are you doing to accommodate this rather dreadful and deteriorating situation?

ARNOLD KAMLER, CHAIRMAN, KENT INTERNATIONAL: Well. Richard, we really have no choice. I mean, the handwriting has been on the wall that we need to

exit China as soon as possible, and we've been working as vigilantly as we can to get out of China, but it is not easy.

China has been the main supplier of 80 to 90 percent of all the bicycles sold in the United States for the last 20 years, and so -- but we've

already moved half of our business out, but still we have 50 percent more that we've got to take care of and it is just -- it is a very difficult

challenge for us.

QUEST: I was particularly interested to hear this number of 175, and I know -- percent -- and I know that because I've seen the way these calculations

are done, because it is all about getting into the nitty-gritty of which parts make up which part of the export, which then becomes, whether it is

part of the steel and aluminum, which then becomes -- and one is amazed at the way in which these tariffs do cumulatively add up.

KAMLER: Yes, I mean, look, Richard, these are a tax on the American people. There is no two ways about it. A bicycle that we would have -- would have

sold and retail for $150.00 a few years ago is now if these -- if the 145, which actually for us is 175, because we were already paying 25 percent

tariff plus the import duty, but it would mean a price of more than double.

And so were hoping that they will come to some kind of a compromise. Look, we are trying to get out of China as soon as we can, but you can't just

snap a finger and it is just -- it is not fair to business, our business and many businesses to have to get out in two weeks, three weeks, four

weeks. It is just not enough. It is just not enough time.

QUEST: And regardless, sir, regardless of which country you have shifted production to, you have the knowledge that that country could fall foul, I

think it is perhaps unlikely, but it could fall foul of the reciprocal tariffs, which are only on a 90-day pause.

So you're constantly looking at what could be your downside risk in any of the other countries.

KAMLER: Yes, I mean, the biggest challenge right now is, you know, our customers want us to quote prices for now through the end of the year,

including Christmas, and I don't know what my cost is going to be tomorrow.

[16:30:10]

You know, we're looking at the reciprocal, the 90-day pause, and some of the countries had 48 percent reciprocal tariffs, some have 20 percent. And

-- but then they all became 10 percent. So now we're paying a 10 percent reciprocal tariff.

Look, we can we can deal with any strategy, but we don't really feel there is a strategy. We feel there's just more tactics going on. And we really

would like the Trump administration to define their strategy more clearly.

QUEST: Let me ask you then, on a purely -- if the strategy is to try and bring manufacturing back into, the manufacturing of the parts, back into

the domestic United States, is that a realistic possibility for the parts that go into making bicycles like the sort you sell?

KAMLER: No, it's really not. You know, when people look at a bicycle, they see about six or seven parts. They see a frame and a fork and a handlebar,

but there's actually 42 separate manufactured parts. And that -- there's like 72 spokes in one bicycle. So that only counts as one part in our book.

And each of these -- one part not being of excellent quality will render the whole bicycle defective. And so we can't allow that. And so it's no, we

don't expect it to happen without a lot of help.

Now there is the possibility of help, but we need more help than that. We need full relief from tariffs in the United States and duty and tariffs if

the manufacturing business is going to grow.

QUEST: Sir, I'm very grateful. Thank you, Arnold, for joining us. And I shall take the liberty of checking in on you at various points as this

progresses because obviously we're very keen to know how you and your bicycles are doing. Splendid bicycles that they are. And we'll be talking

to you again, sir. I'm grateful to you for your time tonight. Thank you.

KAMLER: Richard, thank you very much. A pleasure.

QUEST: It's QUEST MEANS BUSINESS tonight, and Pete Hegseth is accusing top Defense officials of leaking information to the press. Well, that much

we've sort of heard before, but we're going to discuss the accusations, his leadership style and the extraordinary accusation by the White House press

secretary that the entire Pentagon is against Hegseth. The retired U.S. general, Wesley Clark, will have some thoughts, and we need to hear them

after the break. QUEST MEANS BUSINESS.

(COMMERCIAL BREAK)

[16:35:48]

QUEST: So the defiance continues of the U.S. Defense Secretary Hegseth in the face of reports that he shared military plans with a group on a chat on

Signal that included his wife, his brother and his lawyer. Now Mr. Hegseth acknowledges the chat existed, but he insists he did not share any

classified information. He's also accusing several former senior advisers of leaking the story to journalists, and warns the aides could face

prosecution. The White House says it still supports Hegseth.

(BEGIN VIDEO CLIP)

KAROLINE LEAVITT, WHITE HOUSE PRESS SECRETARY: The president stands strongly behind secretary Hegseth, who is doing a phenomenal job leading

the Pentagon. And this is what happens when the entire Pentagon is working against you and working against the monumental change that you are trying

to implement.

(END VIDEO CLIP)

QUEST: Yes, she really did just say the entire Pentagon is against you. Well, inside the Pentagon, Hegseth has faced criticism of his leadership. A

former Pentagon spokesperson claims the building is in disarray under Hegseth leadership.

The retired General Wesley Clark is the former Supreme Allied commander of NATO.

General Clark, now, look, you still, you've still got lots of contacts within that building without leaking, sir. What are you hearing is actually

going on inside?

GEN. WESLEY CLARK (RET.), FORMER SUPREME ALLIED COMMANDER, NATO; Look, the military is going to do everything it can to comply with the direction and

the orders of the commander in chief and the secretary of Defense. It's just the way it works. But there's a process that you go through and you --

if you ask for advice, they're going to tell you. They're probably going to tell you it's a big mistake to cut the army. Big mistake to not support

Ukraine. Not going to help you if you use up all your precision munitions against the Houthis. You don't have enough in the stockpile, and on and on

and on.

So, you know, the thing is, this is not people who are against the president. These are people who are trying to help the president and help

the country by providing sound military advice. If you were in secretary of Defense's position, you might think they're not on your side because

they're giving you contrary advice. They're not jumping up and down saying, yes, yes, yes, lets increase lethality.

Look, the United States Armed Forces are the most lethal armed forces in the world. We are good at hitting things. What can be seen can be hit, can

be hit, can be destroyed. But it's the logistics, the strategy, the operations, the procurement system. All of that needs improvement.

QUEST: Were you surprised, though, to the point of eyebrow raising when you do get the White House press secretary saying the entire Pentagon is

against, and thereby then rubbishing the people that supposedly, that he put in. I mean, it's a bizarre situation this.

CLARK: Well, yes, it was strange. She was just trying to defend the secretary of Defense. The thing about it is, Richard, the secretary of

Defense did make a mistake, and he did deceive and he's not confessing to the public the fact that the information he texted on Signal is classified.

The exact times and targets are classified. You don't even put that out to the press in advance in a private meeting, much less texting it out there

to the world to have it eavesdrop off your private phone.

So that's a mistake. Now what should he do? He should apologize. He put the pilots at risk. Admit you made a mistake. Nobody is perfect. Everybody

makes mistakes. President Trump picked someone for his loyalty rather than his experience or his strategic judgment.

QUEST: Right.

CLARK: So he's in a learning phase. Let him learn. But don't indict the department. They're just doing what they've been trained to do. They're

loyal. They support the United States of America.

QUEST: Right. I'm grateful to you, sir. Always good to have you. Thank you for coming on QUEST MEANS BUSINESS tonight, General Clark.

[16:40:03]

Now, Tesla says its automotive revenue fell 20 percent in the last quarter. The company shares are slightly higher, mainly because the profit margin

shrank less than expected. And the numbers weren't as bad as they could have been. But the brand has been facing a tremendous backlash over Elon

Musk's involvement with the Trump administration.

Paula Newton joins me from New York.

The numbers were bad, but they were not as bad as perhaps they could have been.

PAULA NEWTON, CNN CORRESPONDENT: No. And many people say that, look, this is not a stock that trades on its fundamentals anyway. And if you look at

those fundamentals, Richard, they are pretty awful. It's 20 percent revenue on the automotive business but 10 percent overall as well. Earnings per

share, let's not even talk about it. $0.27 a share versus 49.

OK, I'm going to give you the good news here. This is interesting, Richard. It says that plans for new vehicles, including more affordable models,

remain on track. Look at your calendar, Richard, start of production in the first half of 2025. That's a little bit more than two months from now. So

investors hanging on to that.

I do want to bring up the one-year chart for Tesla right now. I think investors saying that, look, we have priced in all of the bad news now. We

are basically starting this year. Fresh page, we will hear from hopefully Elon Musk within the next hour. And he will give them an indication about

where he goes next, because right now they want him out of Washington, out of DOGE, and back on the job full time at Tesla.

QUEST: Paula, I'm grateful. Paula joining us from Washington with the Tesla results.

And just before I leave you for the moment, just perhaps a little chance for a small "Profitable Moment on the question of Pope Francis.

Pope Francis managed to give us a very different perspective of the world when it came to capitalism and when it came to the way in which things move

forward. He reminded us that profit isn't everything, that greed is never good, and that sacrifice for the greater good is what really we should all

be aiming for.

Now, of course, we all have to do it. And perhaps that truly is the message of the Pope.

And that's QUEST MEANS BUSINESS for tonight. I'm Richard Quest in Dubai. I'm off for the rest of the week. Whatever you're up to in the hours ahead

spend a moment of thought.

(COMMERCIAL BREAK)

(BEGIN VIDEOTAPE)

QUEST: Oh, my goodness.

I'm Richard Quest. I love traveling the world. And I'm not done yet.

It's time to embrace new adventures.

This is magnificent.

Seize the moment in this WORLD OF WONDER.

There is a form of travel in Manila that is uniquely Filipino. This is the king of the streets. The road warrior to beat all. It is of course the

jeepney. That portmanteau of jeep and jitney. Surplus American military jeeps post-Second World War, then transformed with local ingenuity. They

have their roots, picking up passengers, charging less than $0.25 a ride.

Where are you going?

UNIDENTIFIED MALE: Baclaran.

QUEST: Where am I going?

KEVIN, THE CAMERAMAN: Not there.

QUEST: Right.

I am fascinated.

Look, it's full. Is this going our way? They're all full. OK, fine. Hello. These were not designed for six-foot-two.

On board, I'm sitting shoulder to shoulder with strangers. I help pass the fares up and down the line.

Make yourself comfortable.

This is a humble commute that's filled with social grace.

Have you had a good day? I think this is an excellent way of travel. It's fast, it's efficient, it's cheap. It's cool. Yes. Bye-bye. Enjoy.

UNIDENTIFIED FEMALE: See? We're getting off on the same spot.

QUEST: Oh, we're getting off. After you, madam. After you. Oh, that was great, wasn't it? I have no idea where we've just got off.

When I said I wanted to see Manila.

RODGIL FLORES, FOUNDER, KAGANDAHANG FLORES: Right. Left, right, left.

QUEST: I wasn't expecting to make such moves.

FLORES: Forward. Back.

QUEST: I'm turning, twitching and thrusting. Surrounded by real beauty queens who are making me feel old.

My knees are twinging.

KEVIN: Hey, Richard, what are we doing now?

QUEST: So they're now going to do the duck walk.

KEVIN: Do you know what that is?

QUEST: We're going to find out. I mean, duck walk.

There is a reason why I'm here. I want to find out why the Philippines is obsessed with beauty pageants. There are the big international

competitions, of course, like Miss Universe. But there are also pageants that are massively popular on all levels. Every carnival, every school,

village, city, province. And winners are celebrated with pride.

FLORES: Lock the back knee and show the hips.

QUEST: And so to the duck walk. A must to perfect poise.

KEVIN: How was that?

QUEST: Hard Very difficult.

For three decades. Mentor Rodgil Flores has been the circus master, transforming both men and women into pageant kings and queens.

There are beauty pageants all around the world, but there's something about them here in the Philippines.

FLORES: It's a symbol here. You know the admiration of the people and the whole Philippines rallying for you.

QUEST: Here at my very first and probably last beauty boot camp.

UNIDENTIFIED FEMALE: You have to lock it.

QUEST: How on earth they let me in is still a mystery.

UNIDENTIFIED FEMALE: Like this.

QUEST: Right?

UNIDENTIFIED FEMALE: Like this. And then lift your foot.

KEVIN: Yes, that's the secret.

QUEST: Right, Kevin. Would you like to give us your --

And now to learn to walk with that poise and elegance. I'm wondering, is it easier for men? After all, we don't have to wear heels.

FLORES: First our basic position. Chest out and roll your shoulders to the back. I want you to connect with your audience, Richard. So smile, genuine

smile.

[16:50:02]

Smile with your eyes. Show emotion. Smile more, Richard. Smile more, Richard. Richard, move this. We go one. Let's do it from there. Again. You

have to stop there. Smile, smile, smile. Smile. No. Again. Again, again. Let's do it again. One more.

QUEST: Gentle, manly poise.

FLORES: Manly poise.

QUEST: With kingly --

FLORES: Steps. Richard, alone, from here. Just a little patience. You'll get it.

KEVIN: Big smile. Big smile, Richard.

FLORES: Big smile. Look at the camera.

KEVIN: Big smile.

FLORES: Your position. Go, move.

KEVIN: Go on.

QUEST: Every detail, the smile, the turn, even the hand placement. It looks easy. I assure you, it's not.

FLORES: Look at your camera.

QUEST: I spend my life looking at the camera.

FLORES: Yes. And the proper way of stopping. Yes.

QUEST: (EXPLETIVE DELETED).

So now I'm walking between Mister King of the World and Mister Tourism World. Real beauty kings. To realize I am a thorn between two roses.

I'm ready. Handsomest man in the world.

My eyes are stinging. My legs are burning. I can neither walk nor pose no more. But now I see my new pageant family. And they are determined to go

for the crown. And that to me is an inspiration.

Come on, look lively.

(COMMERCIAL BREAK)

QUEST: Manila is teeming with life. A flurry of cultures, activities on every corner. But for me, I enjoyed my jeepney ride so much.

KEVIN: Where are you going?

QUEST: I have no idea. I just want to ride a jeepney.

I decided I had to try it again.

All aboard. Does he not pick up anybody else?

UNIDENTIFIED FEMALE: No one is hailing him.

QUEST: How many years have you been driving?

UNIDENTIFIED MALE: Since 1979.

QUEST: No. And do you drive the same route every day?

UNIDENTIFIED MALE: Yes.

QUEST: I think what I really love is that a ride in a jeepney assaults all the senses. You've got the noise of the machine and the traffic. You've got

the smells of the diesel and the fumes, and all the cooking along the roadside. Then holding on for dear life. The touch of the machine and the

smiles of the people. It's got the lot.

Here even cooking at home is a sight to behold. Now remember our traditional Kamayan feast where I was out shopping for all those

ingredients. To actually make the meal requires the whole family working together as one.

MAUI MANAHAN, IN CHARGE OF KAMAYAN: Hold on.

QUEST: I'm getting involved.

KEVIN: I saw that.

QUEST: And Maui is in charge.

MANAHAN: You need to wash this first.

QUEST: Yes, yes. This is hard. This is hard.

KEVIN: Maui, how's he doing?

QUEST: Will you shut up?

MANAHAN: He's just making a mess.

QUEST: At the heart of the Kamayan, copious amounts of food served on a bed of banana leaves. All to be eaten by hand.

Who is going to teach me how to eat this thing?

MANAHAN: Look, this. And a little bit push.

QUEST: So you --

MANAHAN: Push to your mouth.

QUEST: Press. Push.

MANAHAN: You're moving like this. Don't move your body.

[16:55:06]

QUEST: It's liberating. No. You just see it. Grab it. Press it. Push it. Eat it.

Today Kamayan has another name. More modern. The Boodle Fight. It was thought up by the Philippine military as a way to break down the ranks

amongst the soldiers, symbolizing camaraderie as the name suggests. It encourages fighting for food. If you're slow, you may starve.

You weren't here a minute ago. You've interloped into this section very quietly. He's moving his way down the table. My amateur status here is

obvious. They're all moving in on my section.

I'm just happy to be here fighting or not.

Cheers.

CROWD: Cheers.

QUEST: Then it arrived. As I knew and feared it would. Because it wouldn't be a proper Filipino get together without a karaoke machine.

MANAHAN: Try to find a song.

QUEST: Which one should it be? Does anybody know? Does anybody know the movements?

Why, yes, of course they do. You can probably guess the song, but I'm too mean to pay for the rights to the original music. So suffer instead. Just

imagine the dulcet tones. Singing away, away. Away, away. Imagine. Noddle. So don't because were singing songs together. You get the idea.

CROWD: One more. One more.

QUEST: Here everyone is always singing. You don't need a reason to burst out into song and dance. Friends and family sing along is guaranteed. And

it's so worth it even if I end up on my own.

When the music stops, you know it's time to begin the washing up. The Kamayan Boodle Fight is an absolute institution here. And you can see why.

It brings together family and friends in this wonderful spirit of friendship and unity. And you'll want to come here and enjoy your own

Boodle Fight. As they say, love Manila and the Philippines. Definitely part of our WORLD OF WONDER.

(END VIDEOTAPE)

(COMMERCIAL BREAK)

END