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Quest Means Business

U.K. Prime Minister: Zelenskyy Could Accept Majority Of U.S. Proposal; Wall Street Gains In Anticipation Of December Rate Cut; Lavrov Signals Russia Could Reject U.S. Proposal; Italian Tomato Growers Beat Back Competition From China; Colombia's President Says Pressure On Venezuela About Oil, Not Drugs; U.S. Transport Secretary Launches Civility Campaign. Aired 4-5p ET

Aired November 25, 2025 - 16:00   ET

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

[16:00:22]

RICHARD QUEST, CNN INTERNATIONAL HOST, "QUEST MEANS BUSINESS": There's a bell ringing on Wall Street. Just a few seconds of the bell by Boston Omaha

ringing the bell. Very strong day, but on to the course of all matters. That's a hefty gavel that brings trading to a close, and the market is up

strongly across the board.

Those are the markets. The main event that we are talking about. Ukraine appears ready to accept a U.S. peace proposal. Now, President Trump is

sending his special envoy to Moscow to convince Vladimir Putin.

Colombia's President tells CNN the U.S. pressure on Venezuela isn't about drugs, it is about oil.

And no slippers and pajamas on planes. The U.S. Transport Secretary urging flyers to restore some civility in the skies.

We are live in New York, on Tuesday, November the 25th. I'm Richard Quest, and yes, I mean business.

Good evening.

Four years of war, and it would seem that tonight were at a pivotal moment in the push for peace in Ukraine. Have we been here before? Well, Ukraine's

President has indicated he could accept the majority of a U.S. proposal to end the war. That's according to the British Prime Minister, who took part

in a coalition of the willing meeting.

Ukrainian sources telling us that significant differences remain. No final text has been agreed. The White House says further talks are needed to

finalize the delicate details as they describe it, between the three parties, the U.S., Russia and Ukraine.

President Trump has directed his Special Envoy Steve Witkoff back to Moscow to meet President Putin, and he says he is confident a deal can be reached.

(BEGIN VIDEO CLIP)

DONALD TRUMP (R), PRESIDENT OF THE UNITED STATES OF AMERICA: I've also ended eight wars in nine months, and we are working on that final war. It

is not easy, but I don't know. I think we are going to get there -- 25,000 soldiers., Ukraine, Russia in the last month 25,000 soldiers have died.

So I think we are getting very close to a deal. We will find out. I thought that one would have been gone quicker. We did eight. I thought that would

have been an easier one. But I think we are making progress.

In less than one year, we've accomplished more than most other administrations have accomplished in eight years.

(END VIDEO CLIP)

QUEST: Now, Paula Hancocks is with me. She is in Abu Dhabi, where the U.S. Army Secretary has been meeting with a Russian delegation. From what we

know, Paula, how does this differ from the original 28 proposal?

PAULA HANCOCKS, CNN INTERNATIONAL CORRESPONDENT: Well, as far as we know at this point, Richard, and we have not been shown a draft. We don't know if

there is a significant draft that is going round at this point. But we believe there's 19 points now.

So according to the U.S. President, it is being fine-tuned. So he is talking in the current tense, the present tense. So it is certainly not a

done deal, which we are hearing from many sides, but he has said that there is tremendous progress that has been made. The positive sentiment we are

hearing from everybody within the Trump administration who has anything to deal with this.

Now, they are sounding more positive than the Ukrainian side, certainly, but we are also hearing from the Ukrainian side that progress has been

made. We hear from a source very familiar and very close to these negotiations, a consensus has been reached on most points, but there is

still three crucial points which are the tripping points at this point. They are the tricky elements that we knew all along were going to be red

lines for both sides, that the fact that this original plan said that Ukraine could not join NATO, the fact that there was going to be a limit on

the military of Ukraine, and also talking about what territory Ukraine would surrender.

But it is interesting. We've also heard from the U.S. President talking about Dan Driscoll, as you mentioned there, Richard, the Army Chief who is

here in Abu Dhabi, he has been here for two days talking to the Russian delegation. President Trump says he will now talk to the Ukrainian

delegation.

So everything we are hearing from a number of different parts that are moving at this point in different countries suggests that there is progress

being made, but significant sticking points still.

[16:05:08]

QUEST: You see, we sort of know, don't we, the areas. They were so egregious in the original proposal, but it does come down to NATO

membership. It does come down to land in the Donbas that hasn't already been taken by Russia. And this limit of -- I mean, because the original

proposal would have even prevented the Coalition of the Willing, the European force in Ukraine.

HANCOCKS: Well, exactly. I mean, this original plan that was leaked last week, this 28-point plan, I think everybody can agree was hugely favorable

to Russia and what we are seeing now is what President Trump called the fine tuning. It has to be made more palatable to not just Ukraine, but also

to the European allies.

We saw the Coalition of the Willing meeting this afternoon. We heard from the U.K. Prime Minister suggesting that President Zelenskyy could agree to

much of what was currently on this plan. We don't know exactly what it is, but we know that whatever has been changed to make it more palatable to

Europe and Ukraine is likely to make it less palatable to Russia, so that's the sticking point.

QUEST: And then it goes backwards and forwards. Thank you, Paula, grateful to have you with us tonight. Thank you.

A good solid day for the markets. As I showed you at the beginning, 664 points up and stayed there and it is on growing hopes of a December rate

cut. Some new economic numbers showing signs of potential weakness that might lead the Fed to move in the direction. The Fed has been split on what

to do next and many economists are divided.

So this really is a case on the one hand, on the other hand. So for instance, Nouriel Roubini in today's "FT" says that the U.S. tech sector is

strong enough to overcome the headwinds from tariffs. No reason to fear a market crash anytime soon; however, Ken Rogoff, also a regular on our

program, he says to "The New York Times," investors are ignoring growing risks and that stock valuations have outpaced future growth.

Andrew Hollenhorst is the chief U.S. economist at Citi, do not for one second, Andrew, think you're going to get away with this. Not for a second.

Where are you on this question?

ANDREW HOLLENHORST, CHIEF U.S. ECONOMIST, CITI: I think it is easy to say on the one hand, on the other hand, but look, a remarkable thing about

human beings, I think what has caused us to continue to advance the technological frontier is we get very excited about new technology. And so

this new technology that is bubbling up that is affecting markets. And I think there is a lot of money and investment that's chasing that technology

story.

But on the rate cut, I think I would come back to the economic fundamentals. We have inflation that is above target, but has been cooling.

We have a labor market with very low hiring and an unemployment rate that is moving up. So on that one hand, on the other hand, I think yes, there is

a balance that has to be struck. But to me, those downside risks to employment are really the dominant risk that the Fed should be worried

about and a cut is warranted at the upcoming meeting, and I think they will cut at the upcoming meeting.

QUEST: When you look at the numbers and you do the on the one hand, on the other hand, how much of your final decision or your view is made up on a

gut? And I don't just mean a whim. You know, the number feels one way versus the number feels the other way.

HOLLENHORST: It is a great point, Richard.

I mean, you take all of these numbers in and you try to put them together and you try to understand what is actually happening in this economy.

That's always a difficult task. It has been especially difficult because we've had a government shutdown, which means some of the data are not

available, and what I try to do and what our team tries to do is look through all of the numbers on the labor market, all of the numbers on

inflation, and really say, what do we feel? That's where the gut comes from, I think.

And the gut feel that we have is that these labor numbers are showing us that we do have a cooling in the labor market, and that warrants a rate

cut.

QUEST: Is there any evidence in the numbers that the consumer is wearying and, and sort of flagging a bit because that would be not just the canary

in the mine, I mean that that would be the dynamite.

HOLLENHORST: This is where it gets very messy in the data, because most of the data that we have are about total spending in the economy, and total

spending in the economy is holding up okay. Consumer spending overall is holding up okay, but we have lots of anecdotes. We have lots of suggestive

data that that consumer spending is really being held up by those at the upper end of the income spectrum, those at the upper end of the wealth

spectrum who have done very well in this economy that are benefiting from higher equity prices, like we were talking about, from higher home prices.

[16:10:02]

And then think about the rest of the economy where people are experiencing higher rents, higher food costs. That is probably where were getting a

slowdown in consumer spending, and when you look at prices, I think one of the surprises is that we haven't had more pass through from tariffs and

costs into final consumer prices.

One of the reasons that firms don't pass through those cost increases is because they're sensing that weaker demand.

QUEST: Yes, okay. But this then comes back to the Fed Chair's point that he has made repeatedly after the meetings. Is it a one shot shock or does it

feed in into something more systemic? I mean, most or a lot of people are surprised that there hasn't been a higher level of inflation as a result of

tariffs.

But I do question whether that's just because the uncertainty, you dare not put your price up because you don't know how it is going to affect it, and

you don't know what the tariff might be a week next Thursday.

HOLLENHORST: I think there is an element of that, and I think what we've seen are prices that have gone up a bit and maybe will go up again further

into even 2026. We hear about some retailers that are going to try to be safe over the holiday season and not raise prices during the holidays, but

then maybe come back in 2026 with some price increases.

So this is taking time to work its way through the economy. But I would agree with I think it is the mainline consensus view of economists that

this should be a one shot issue. This is not something that we are seeing affecting inflation expectations. It is not going to cause persistent

higher inflation.

QUEST: Finally, Thanksgiving on Thursday. I wish you and your family well for that, but let's put you to work. How significant is it now? The

retailing from Thanksgiving to Christmas?

HOLLENHORST: This is a very important season for retailers. There is a reason they call it Black Friday. You're trying to get back into the Black.

At least that's one of the possible explanations of how we got that name.

QUEST: Interesting. I never thought of that.

HOLLENHORST: So this absolutely critical period for retailers, it is a critical period for labor markets. We typically see lots of hiring in the

holiday season as those retailers are trying to move their goods. So we will be watching that data. That's going to be very important in terms of

assessing how were handing things off into 2026.

QUEST: I am grateful for you, sir. Thank you very much indeed.

HOLLENHORST: Thank you.

QUEST: The chief executive of ON, O-N, that's the new extremely popular fashion sneakers, sportswear and now apparel says his company doesn't need

to discount, bearing in mind what we've just been talking about there for its shoes and sportswear at holidays.

Martin Hoffmann said his company is focusing on creating the most premium product. So far, the strategy would appear to work. Look at the sales, up

more than 50 percent since the start of the year, and its sneakers have gained traction amongst the top runners.

Earlier this month, Hellen Obiri ran the New York City marathon in record time, wearing ON sneakers. So look, you see the logo. It took me a long

time to work out what that logo was all about, and then I realized it had a little nodule on it. So I asked the chief what was the ON logo all about?

(BEGIN VIDEOTAPE)

MARTIN HOFFMANN, CEO, ON: So ON was born with a revolutionary technology that really revolutionized the way of running and it is called cloud tech,

and what it really does is, it activates your body so it turns you on. This is where the name comes from and this is also the logo with the little

switch here, which really shows it turns you on.

QUEST: It is impressive the way things are going. You must be pleased. What's the main factor, do you think?

HOFFMANN: What sets us apart is our focus to be the most premium global sportswear brand? So what do we mean with premium? In the end, premium is

something that you as a customer perceive towards a brand. So it is an emotion, it is a feeling. It can be identity. It can be a desire.

And what we are focusing is on is to curate this feeling. This starts with innovation, with the design and the quality, the sustainability of the

products. It continues into the experience that you have when you shop in our stores, when you see the brand in our wholesale partners and when you

see the brand in your daily moments, when you see our athletes performing on the highest stages.

QUEST: I am old enough to have been around a few cycles, business cycles, and I've seen various sportswear products making similar claims. And sort

of, it is a wheel that turns and I guess that's what always -- you know, whenever I hear the sort of claims that you're making, I always sort of

say, yes, but I've heard in some shape or form, I think I've heard this before.

So why am I wrong?

[16:15:01]

HOFFMANN: Because we are an innovation company, so everything starts with the product. It is the focus on innovation, and when we talk about

innovation, this is both on the performance side, on the design side and also on the sustainability side.

And everything starts with the product, but then we have built a strong business model around that globally. And with that, if we look at our

historical growth, ON has grown because we attracted new customers into the sportswear, we have not fished in the same pond like everyone else.

And this is a momentum that continues and at the same time, if I look at our product pipeline for next year and the years to come, it is incredibly

strong, with many exciting products in running, in tennis, in outdoor, in every day.

QUEST: Why does being a premium position mean you don't discount, say, for example, on the Black Friday sales and things like that? I've heard this

argument before. It is an interesting one. I think it was Prada that notably decided to stop all sales because it felt it cheapened the product.

Is that your rationale?

HOFFMANN: You need to focus on the product, and with that, you earn the pricing power. You earn the desire from your customers. And I think this is

part of the DNA of the brand being born in Switzerland. We were set up right from the beginning as a premium brand.

And so when we look at discounting, this is not, for us a strategy to drive sales. Our strategy is to invest into the brand, invest into the consumer

experience and with that drive that desire.

QUEST: The tariffs. Now, I know they have sort of hit you in some ways, but not in others because the tariffs come from the countries of manufacturer

and not from, say, Switzerland, the country of the company. But even so, the uncertainty and the shifting change of tariff rates for a company like

yours with multiple manufacturing streams must be very challenging.

HOFFMANN: And is this really where our business model and the power of our business model now really shines. So through our premium position, we earn

the pricing power, and with that, the margin power.

And at the same time, we are still a young company. We still have a lot of economies of scale, opportunities to drive operational efficiency and both

combined allows us to not only digest the tariffs, but to invest in our product, invest in the brand experience at the same level that we have

invested before and at the same time, drive incremental profitability for our shareholders, which we have demonstrated over and over again.

(END VIDEOTAPE)

QUEST: Interesting. And now you know a little thing on and that ON stands for. QUEST MEANS BUSINESS. In a moment.

(COMMERCIAL BREAK)

[16:20:33]

QUEST: Russia is signaling it could still reject the amended U.S. proposal on Ukraine. The Foreign Ministry Minister Sergey Lavrov says the revised

peace plan must reflect "the spirit and letter" of the talks between the presidents Trump and Putin in Alaska. He has accused Ukraine and Europe of

trying to twist that proposal and says nothing has been officially communicated so far.

Jill is with me. Jill Dougherty, CNN contributor, former CNN Moscow Bureau chief.

My heart, I mean, we've been here before. I don't want to be depressing about it, but we've been here before. We've had -- we've had the Alaska,

whatever that was all about. We've had whatever happened with the Moscow- Witkoff proposal, and now we've got this.

But the fundamentals, Jill, don't change.

JILL DOUGHERTY, CNN RUSSIAN AFFAIRS CONTRIBUTOR: At least when it comes to Vladimir Putin, Richard, I think the Ukrainians are, you know, coming to

the table and changing or at least willing to change things. But you've seen no sign of that from the Russians. In fact, you just quoted Lavrov,

and I think the Russians are furious.

You know, go back a few days when there was that 28-point proposal that was described as an American deal that was influenced or even maybe written by

Russia, and the Russians were very happy with that, obviously, because it gave them a lot of what they originally demanded.

And now this -- the Europeans ran in, jumped in and started working with the Americans and with the Ukrainians and now there is a different

proposal, and it is not as Russian friendly.

And so I think the Russians are, they are obviously furious and they also are saying that that proposal, the original 28-point was leaked in order to

torpedo Trump's plan.

So what they're going to do next, obviously, they're digging their heels in and saying, were not going to accept it. But, you know, we will have to

see. This is a pretty wild week and things are changing very, very rapidly.

But right now it is very negative and very angry.

QUEST: Of all the issues, from your experience, which is the one that Putin will really dig in on. Limit on military, European -- sorry, I don't want

to make it sound like a quiz show, but you know what I mean.

Limit on military, European presence in a peacekeeping force, no NATO, which is the one he will really balk?

DOUGHERTY: Well, I mean, NATO is always the go-to, but I think that that can be worked out, but it gets more complicated when you try to define what

NATO can do. I mean, it is one thing to say Ukraine will never be a member, although, you know, in their Constitution, they have to -- they are -- they

want to become -- it is part of their Constitution to become part of NATO, so that would get complicated.

But I think, you know, it is a basic sticking point. But I also, Richard would mention territory because Putin wants Donbas -- the Donbas region,

which is crucial, and then, of course, he believes that he is entitled, although legally he is not to Crimea. And then I think the security

guarantees, you know, will there be European troops with some type of backup by the United States who will actually be somewhere in Ukraine to

make sure Russia can't run in and attack again?

These are all really crucial issues, and one of the problems here is that this doesn't just affect Ukraine, it affects Europe in general and NATO in

general. Putin wants to dictate that NATO cannot expand anywhere, not let alone Ukraine.

QUEST: Gut feeling, Jill, are we closer or not really?

DOUGHERTY: I think one of the problems is this deadline, you know, saying we have to get it done by Thanksgiving, which is what two days from now?

That is a problem that obviously can slip. You know, maybe there is some type of you know, happy note that comes out of The White House on Thursday,

but I think realistically, this is going to go on.

[16:25:01]

And, you know, with Vladimir Putin, you can never really totally predict what he is going to do. So I think he has already given an answer by

attacking last night, Kyiv and it was really a major attack and that seems to be we are not going to do anything and we are just going to buckle down

and hit even harder. That seems to be his answer so far.

QUEST: I am grateful to you. Thank you so much, Jill. Jill Dougherty, joining me.

Now, Europe has turned its back on tomatoes from China after a backlash from the producers. The chief executive of Mutti is next and tomato --

excellent organic tomato paste, why are they getting themselves all excited about it? We will talk about it after the break. QUEST MEANS BUSINESS.

(COMMERCIAL BREAK)

QUEST: Hello, this is Richard Quest. There is a lot more QUEST MEANS BUSINESS in a moment.

A food fight between Beijing and Brussels over reports of Chinese tomatoes masquerading as Italian ones. I will speak to one of Italy's biggest tomato

producers.

And hearkening back to a bygone era of travel, why the U.S. Transport Secretary wants us all to smarten up, before that, this is CNN and here on

this network, the news always comes first.

President Trump says there will be no meeting with the Ukrainian President or his Russian counterpart until a deal to end the war is final.

A Ukrainian source tells us, no final text yet has been agreed. Russian Foreign Minister Sergey Lavrov says an amended peace plan must reflect the

spirit and letter of the Trump-Putin Summit in Alaska back in August.

U.S. officials say President Trump is considering direct talks with Venezuela's President Nicolas Maduro. One of those officials says nothing

has yet been set up. The Trump administration recently designated Maduro and his government allies as members of a foreign terrorist organization.

They are accused of running a drug trafficking cartel.

The FBI wants to interview six Democratic lawmakers who urged U.S. service members to disobey any illegal orders. The video prompted a furious

response from President Trump, who said -- he called the action seditious, punishable by death.

The lawmakers accused the President of using the FBI as a tool to intimidate and harass members of Congress.

[16:30:21]

OK, got to be a bit careful here. I'm certainly not going to open it and risk it. It is Mutti's organic double concentrated. Spare no expense, with

no salt added tomato paste. And of course it is certified organic, manufactured in Italy, in Parma in Italy, produce of Italy.

Mutti, the company that makes it, is glad to see Italy turning on its back on tomatoes from China. China's tomato paste exports fell sharply, nearly

82 percent this year, according to one analyst. It's because of a backlash against companies blending the inexpensive Chinese tomato paste into

products and labeling them all as Chinese. Who'd do such a thing? China has also been accused of using forced labor to grow tomatoes in Xinjiang

Province, something that Beijing denies.

The CEO Mutti is Francesco Mutti. He joins me from Parma in Italy.

I'm grateful for you, sir. Thank you. How big a problem was this?

FRANCESCO MUTTI, CEO, MUTTI: Well, good evening, everybody, from Parma. It was a significant problem because in some way the Italian standards are

extremely different from the Chinese one. And having a mix of products will dilute the quality of the Italian tomatoes worldwide, and Italy is really a

very important exporter in particular of canned tomatoes that reach 70 percent of the global export of this product.

QUEST: So what was happening? The Chinese were, or rather, some unscrupulous, traders were mixing the cheap Chinese with the -- with a few

slightly more expensive Italian and calling it Italian?

MUTTI: Well, let's say that China had an unbelievable raise of production in the latest years. And in 2024, they became the first producer worldwide

beating also California. That is, has been always the biggest in the world. Trying to enter particularly in Europe. And they were doing it selling

particular to some company that they were mixing the product in part exporting to Africa. So as a direct Chinese product or vice versa selling

in other countries, mainly out of Italy, as a mix of the two.

So there was an Italian part and a Chinese one, but was not again Italian quality. The big difference of the quality of the tomatoes in Italy is

extremely important. Our production practice is by far different means. Much, much lower than the one in California, but makes a different product.

QUEST: Now that's interesting. Tell me -- I asked this question with great worry. A tomato is a tomato, isn't it?

MUTTI: Absolutely not. It's like a music is a music or an opera is an opera. No. There are completely huge difference in terms of the carefulness

you take versus the fruit versus you cultivate it in the way you process them. So it's something like saying a wine is just a wine. Unfortunately,

this trend in terms of knowledge of this quality between the tomatoes is not so well known as for the wine, but I don't think that necessarily

champagne or Barolo are exactly just the wine.

QUEST: Yes, well, listen, I'm just grateful you didn't just switch the computer off when I asked that question in disgust. Quick question. Has

tariffs hit you? If we look, I mean, we bought this in the shop here in New York. How's tariffs actually hit you?

MUTTI: Well, definitely tariffs hit us significantly. Consider that in general tomato is already a quite poor product. We absorb most of these

price increase I would say more than two-thirds. Unfortunately, we had to raise slightly our price list to the export into the U.S. market. Consider

that nowadays the U.S. counts approximately for 10 percent of our export, being the leader in Italy and also in Europe.

[16:35:06]

QUEST: Right. So if it's 10 percent to the U.S., obviously a huge amount to within Italy and in Europe itself, within the E.U. What new -- I'm always

curious. When you talk about tomatoes and all these products, how you grow your business, pardon the pun, when I say that new products that you can go

into, value added products that you can add to, you must be constantly thinking of trying to do new things.

MUTTI: Well, it's more than 125 years that as a family, we continue to study two things from one side how to ameliorate the product itself and

from the other, what are the innovation we can bring to the market. And I can just mention a couple of it. In 1951, we create the tube for the -- for

the paste, for the tomato paste, or in 1971, a new product called Polpa chopped tomatoes, we can say is born in Mutti.

This is from the innovation point of view, and we can continue for a while with other innovation. More recent if you want. And from the other side is

how to make a better product and to make a better product in an extremely simple product because in our tomatoes there is just tomatoes as a small

hint of salt. Well, the only way is having a better tomato. Consider that despite the fact that Mutti is quite a large company, at least for Italian

standards, we pay the tomatoes more than a 10 percent above the market.

Why that? Because we want to select the best farmers. We want the best farmers that decide to come to bring their best tomatoes to Mutti. And this

is something that is totally the opposite of what usually happens in the market. So in the market, all the efforts are concentrated in cost

reduction. We pay more than the market. And this is a crucial point for achieving quality.

QUEST: You just can't beat sliced tomatoes, fresh olive oil, a bit of basil on the top, bit of pepper. Perfect.

Sir, I look forward to the next time we speak in Parma with some of your tomatoes. Thank you sir.

MUTTI: With great pleasure, we wait for you.

QUEST: Thank you.

Now we should just note, China is denying all the allegations. A spokesperson said last year there is no forced labor in Xinjiang. The

Chinese government stands firmly against forced labor and has taken tough measures against it.

In a moment, Isa Soares is in Bogota. She's been talking to Colombia's president and discussing the situation between the U.S. and Venezuela. The

issue is not drugs, says the president. It's oil.

(COMMERCIAL BREAK)

[16:41:05]

QUEST: President Trump is now considering direct talks with Venezuela's Nicolas Maduro. A source is saying that one option on the table after

Donald Trump recently decided to reopen some form of communication with Venezuela's leadership. Official says nothing has been set up. And on

Monday, the U.S. government formally declared Venezuela's president a member of a foreign terrorist organization.

Now the Colombian president, Gustavo Petro, says U.S. pressure on Venezuela is not so much about democracy or drug enforcement strategy, but it's all

about oil.

Isa Soares is there and sat down with him a short while ago. Earlier this month, President Petro ordered Colombian authorities to suspend

intelligence sharing over the boat attacks in the Caribbean.

It is all extremely complicated, Isa, particularly these sanctions on the president himself. So good evening to you from Bogota tonight. Lovely to

have you with us. What's he been telling you?

ISA SOARES, CNN CORRESPONDENT: Good evening to you, Richard. We're still, in fact, inside Casa de Narino. This is President Petro's residence just

behind me. I just finished just over an hour or so ago, Richard, a pretty wide-ranging and fiery interview with President Petro in a wide range of

subjects. The rice accusations under his administration, drug distribution and growth of drug narcotics has grown under his administration. He's got

about seven months left of his presidency.

His relationship with President Trump, which you know very well, has been very rocky. But also the situation to its neighbor, of course, Venezuela.

We have seen the strikes on Venezuela, on those drug boats, 84 people also have died. But critically, I asked him whether he thought were the

interests of President Trump and what relates to Venezuela. This is what he said to me. Have a listen.

(BEGIN VIDEO CLIP)

GUSTAVO PETRO, COLOMBIAN PRESIDENT (through translator): Maduro's problem is called democracy, and I recognize it like this. Lack of democracy and

dialogue. No Colombian investigation, and this is independent of the president and carried out in years that I have not been president shows us

a relationship between Colombia and drug trafficking and Maduro.

(END VIDEO CLIP)

SOARES: So let me just add some meat to what we're saying. President Petro said to me that President Trump's interest, Richard, in Venezuela are not

about democracy and not about drugs. They are about oil. He said you just have to look at Ukraine, where U.S. interests in Ukraine. He says U.S.

President Trump's interest in Venezuela is about oil.

When I then asked him about, you know, President Maduro, whether he was a dictator, narcotrafficking, of course, in the last 48 hours, the U.S.

administration has labeled him the head. Of course, designated him the head of a foreign terrorist organization. He said, no, the problem, as you heard

there, is about a lack of democracy, but fell short of calling him of course the head of a narcotic leadership and the head of Cartel De Los

Soles, which we've heard from the U.S. administration.

QUEST: When you say it's about oil, is this a case of the U.S. trying to get its hands on Venezuelan oil? I mean, let's face it, the U.S. has got

more than enough of its own, other than as a strategic reason. I mean, there's plenty of oil, gas in the U.S. So why do they want the Venezuelan

stuff?

SOARES: Well, this is what he said. Venezuela, as we all know, has the world's largest oil reserves. Yes. It hasn't been used under President

Maduro. In fact, even just before Chavez, we have seen the fact that has been funded, a lot of it cannot produce. Its crumbling infrastructure

stories that we have repeated.

QUEST: Right.

SOARES: But he was pointing at the interest there, Richard, that President Trump, who of course, believes himself as a dealmaker, who's transactional,

like he's seeing out of Ukraine, has big interests in Venezuela.

[16:45:11]

And they're not about drugs and they're not about democracy. Very fiery. He also called the U.S. president an oppressor, Richard. Really words and

comments regarding the U.S. administration. I thought that he would want some sort of olive branch to this administration, given, of course, the

pressure that is growing off the Caribbean.

QUEST: Yes. Yes.

SOARES: But, Richard, this was quite the opposite. This will only intensify that rocky relationship.

QUEST: So on the Caribbean, on the Caribbean, where, I mean, who knows? We, you know, A, whether or not these are drug dealers or drug traffickers, and

B, even if they are international law requires you to try and apprehend not to annihilate from the sky, how worried was the president that the U.S. is

basically committing what some say as murder across the Caribbean?

SOARES: Oh, very clear. And this is something -- his position has been very clear right from the beginning. Hence why Colombia has stopped sharing

intelligence with the United States. We have seen the president hit out at President Trump, President Petro hit out at President Trump, because he

thinks that these people should be given due process of course. There should be arrest and given a process.

The other thing he said is that a lot of these people are not the heads of any kind of criminal organization. They're basically the drivers or so

forth when it comes to drug cartels. So he thinks that this -- it goes against every sort of human rights law. And he didn't hold back when it

came to that. It's a position that he's held throughout. We've now, what, 84 people dead? Colombians involved two.

QUEST: Right.

SOARES: That's when this all started to escalate between both of these presidents, Richard.

QUEST: Is he not worried that a destabilization from the U.S. will now start to hit his own country?

SOARES: Yes, indeed. And look, we have seen already the destabilization with Maduro, right? Since he's been in power more than seven million

Venezuelans, if plus, in fact, have left. The majority have come to neighboring Venezuela. So we've seen the impact of that.

When I have spoken to analysts about this, Richard, is the other side, flip side of the coin is any sort of strike on Venezuela, this idea that

democracy can happen overnight, is really just a dream because this will actually just ignite the region and force many people out. Why? Because the

democracy cannot happen overnight. Because there are so many factions within Venezuela that play a huge role.

It's not just about removing Maduro, but other organizations. I'm talking drug organization, criminal activities and players. And so he's very clear

on that. But also this idea, this, the CIA history of, you know, in the United States and the role its played is very, very negative.

QUEST: Right.

SOARES: And he's worried about the implications long term for not just his country, but for South America.

QUEST: Wonderful city, Bogota. Absolutely. I'm very -- I'm envious that you're being there. Such a phenomenal city. The food, the people. It's just

a great place to visit. And we're very glad that you're with us for tonight from there. Thank you very much, Isa Soares in Bogota tonight.

SOARES: Thank you.

QUEST: Now, coming up on QUEST MEANS BUSINESS, from airport queues to minding the (INAUDIBLE). The new campaign aimed at bringing back the golden

age of travel.

(COMMERCIAL BREAK)

[16:51:17]

(BEGIN VIDEO CLIP)

UNIDENTIFIED MALE: This is the atmosphere on a Jet Clipper flight. Delicious food adds to the enjoyment. It's prepared and poured

simultaneously operating galleys where dishes can be cooked in five minute ovens.

(END VIDEO CLIP)

QUEST: A Pan Am commercial from the 1950s shared online by the Pan Am Museum Foundation. It's from the golden age of travel. Flying -- look at

it. You put on your Sunday best. You look decent, elegant, style. Far cry from the stress of travel today, especially around about holiday season.

Now, the Transportation secretary in the United States wants to revive a bygone era. His civility campaign calls on passengers to dress with respect

and behave more courteously. No more pajamas and slippers, he says.

Sarah Kopit is the editor-in-chief at Skift.

You know, look, here's the problem, Sarah. Here's the problem. We know what he means. He might not have expressed it the best way, but we know what he

means. Flip flops and baggies when you could be just looking a little bit smarter because that create -- or am I wrong?

SARAH KOPIT, EDITOR-IN-CHIEF, SKIFT: So, you know, this may be an unpopular opinion but I'm kind of -- I'm with Secretary Duffy here for a little bit

of this.

QUEST: Yes.

KOPIT: I always think, you know, we want to control what we can control in our own lives. Right? So when I get on a plane, maybe, you know, it would

be nice to look a little better. But the thing is, is that Secretary Duffy, he controls the Department of Transportation. So when we're talking about

what is maybe wrong with travel in the United States, as we come to the holiday season, I think there's a little bit of a disparity between who

controls what. And I think that's probably where we're getting a little bit of the smugness and the snark at least online.

QUEST: Yes. Yes, yes. But, I mean, you know, there is a huge lack of civility now from checking when you can't get the seat.

KOPIT: There is. I --

QUEST: Boarding, boarding. That's another really -- and getting stuff into the overhead compartments.

KOPIT: They're very tiny now, aren't they? I would -- I would argue that alcohol may have a little bit more to do with that than passenger dress,

but I don't know, Richard, what do you wear when you fly?

QUEST: I'm glad you asked. Pair jeans and the same, when I say the same, you know, same type of sweater. But here's the thing. If it's a redeye to

Europe or to Asia, I changed into my JimJams on the plane. I don't walk around the airport in my JimJams. Any flight over four hours, I'll change.

What about you?

KOPIT: I also wear jeans and a sweatshirt on domestic flights. On an overnight flight, I actually have a fancy pair of, like, travel pajamas

that I do wear. I do wear them in the airport, though. I have never been accused of any sort of, you know, mismanagement.

QUEST: Right. But do you remember the days? Do you remember -- do you remember the days when we used to be told to dress up and you might get an

upgrade.

KOPIT: Absolutely.

QUEST: Now there's no upgrades to be had these days or space because they go to elites or they go to things. So dressing up to get an upgrade doesn't

work.

KOPIT: Yes. No, that will never work. Only money works now or points.

QUEST: My husband has never forgiven me when he once saw me about to change the channel on the inflight entertainment with my foot. My bare foot.

KOPIT: Oh, yes.

QUEST: He was nearly a make or great moment.

KOPIT: Put a slipper on it.

QUEST: Yes, absolutely.

KOPIT: Yes.

[16:55:01]

QUEST: How do you deal with, how do you deal with somebody who has reclined their seat and you need them to recline it back up again?

KOPIT: Oh, see, its actually really nice for me as most, most of the time the benefits of being a short person are not, are not very many. But in

this case it is. I just kind of grin and bear it. I just deal with it. I never engage, I would never do that.

QUEST: Crying babies in business class?

KOPIT: Oh, I had one of those coming home, coming home on my last long haul flight. I felt really bad. I remember those days. I remember, actually, the

baby was in economy. And you could hear -- the poor mother. Oh, my goodness when the baby cries.

QUEST: No, enough. No. Stop it. Enough with the poor parents. They're the ones that are -- I don't know. Where are you traveling --

KOPIT: Babies can fly, too.

QUEST: Just not next to me. Where are you -- listen, I am the president of BIB, an organization I've started. BIB. Ban Babies in Business. Right. I

think it's got a membership of one person.

KOPIT: Richard.

QUEST: I know. I know. Are you traveling for Thanksgiving?

KOPIT: I am, but we're driving. We'll be stuck in traffic with everybody else going from New York to Connecticut.

QUEST: I cannot tell you. Talk about school boy era. I'm flying to London on Thanksgiving night for work. Can you believe it? I didn't realize.

Anyway, lovely to have you. Thank you very much for joining us.

KOPIT: Rookie mistake.

QUEST: Thank you very much.

KOPIT: Thank you.

QUEST: Have a lovely time. Right.

We'll take a "Profitable Moment" after the break.

(COMMERCIAL BREAK)

QUEST: Tonight's "Profitable Moment," I was being deliberately provocative when I suggested to Francesco Muti that all tomatoes are alike and why

should we get so excited about them. I actually adore a homegrown tomato. I remember growing up, growing tomato plants by the dozen. Why we had so many

tomato plants I have no idea. 1976 it was the drought in Britain and I had to water them all by hand.

That's another story for another day. But even now we grow some tomatoes during the summer and there really is nothing more beautiful than a freshly

picked tomato with all the smell. Quite different from forced grown tomatoes, which may look beautifully big, red and plump. And then you eat

and bite into them, it's all water and disgusting.

Now I know what he means when he says that tomatoes are just like wine. You've got to pick them, choose them, squeeze them, look at them, and

thoroughly enjoy them, which makes a great difference since we're talking about it from celery. I'm sorry I ever mentioned yesterday that I don't

like celery. That set you all off. Anyway, tomatoes galore. We'll have more of them.

And that's QUEST MEANS BUSINESS for tonight. I have no idea why I went on that dungeon. I'm Richard Quest. Whatever you're up to in the hours ahead,

I hope it's profitable. It's Thanksgiving. I'm off to Norway. I'll see you in Oslo next week.

END