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Quest Means Business
Markets Tumble Amid Concern Over Tariffs, A.I. Disruption; Former U.K. Ambassador The U.S. Peter Mandelson Arrested; Mexican President: Peace And Security Are Being Maintained; FlightAware: 10,000 United States Flights Canceled Through Tuesday; Northern Italy Gets An Economic Boost From Winter Games; Tourists Trapped In Mexico After Drug Gingpin's Death. Aired 4-5p ET
Aired February 23, 2026 - 16:00 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
[16:00:17]
PAULA NEWTON, CNN INTERNATIONAL HOST: Stormy day outside, stormy day inside on Wall Street. The Dow really having a hangover there, not just from A.I.
still, but also from those lingering tariffs from the President of the United States.
Those are the markets, and these are the main events: "A deal is a deal." Brussels urges the U.S. to stick to its trade agreement as Donald Trump
hikes global tariffs.
Former British Ambassador to the United States Peter Mandelson has been arrested on suspicion of misconduct in public office.
And U.S. tourists in Mexico continue to shelter-in-place at this hour as cartels cause chaos following the death of their leader. We will speak to
an owner of a hotel there.
Live from New York. It is Monday, February 23rd. I am Paula Newton in for Richard Quest and this is QUEST MEANS BUSINESS.
And good evening, tonight, new uncertainty over U.S. tariffs have rattled the markets. All three major indices dropped more than one percent. Now,
the losses also reflect investors' fears about how A.I. might disrupt the global economy.
Over the weekend, President Trump announced a 15 percent global tariff using a law never before invoked. Now, it is his response to a Supreme
Court decision that found most of his tariffs were, in fact, illegal.
Businesses want to know how those tariffs are going to be refunded. Treasury Secretary Scott Bessent told CNN's Dana Bash, the answer might
take a while. Listen.
(BEGIN VIDEO CLIP)
SCOTT BESSENT, U.S. TREASURY SECRETARY: We have other tariff authorities which have been functioning, Section 232: Tariffs, Section 301: Tariffs.
And Dana, when you say it is a big question, that's bad framing because the Supreme Court didn't even address that. The Supreme Court remanded it down
to a lower court, and we will follow what they say, but that could be weeks or months when we hear them.
So, the Supreme Court did not address refunds.
(END VIDEO CLIP)
NEWTON: Now the tariff uncertainty is also unsettling U.S. trading partners. The European Parliament is postponing a vote to ratify the trade
agreement reached with the U.S. last year. International Trade Committee Chair Bernd Lange wrote: "More clarity and legal certainty are needed
before those votes."
Now, the E.U. Commission said in a statement, "a deal is a deal" and that it expects the U.S. to honor its commitments as the E.U. stands by its
commitments.
Anna Cooban is in London for us, Kevin Liptak is in Washington.
Anna, I do want to begin with you. I mean, look, where do these trade deals stand? And do trading partners believe that those are the best they can get
right now? Are there better trading deals still to be had with the United States?
ANNA COOBAN, CNN BUSINESS AND ECONOMICS REPORTER: Well, these deals, Paula, have really been thrown into doubt because countries are questioning, you
know, does Trump even have the authority to impose the tariffs that he has been threatening, which is why they came to the negotiating table in the
first instance, and I mean, let's remember, this is the second time this year and it is only February that the E.U. has put this particular deal on
ice. They did so in January after Trump was making threats to annex Greenland.
And this deal, which was struck last summer, this is a deal that many people in the E.U. don't even particularly like. This happened in the last
summer, we saw many people basically say that this was a capitulation. They bemoaned the fact that they believed that the deal was more favorable to
the United States than to Europe.
But even so, many in the E.U. still want to see this go ahead because of the certainty, because businesses need the certainty to plan, to invest.
And so this is why we are seeing the E.U. say a deal is a deal, and they're urging the U.S. to continue to fulfill their side of the agreement --
Paula.
NEWTON: And to you now Kevin, I mean look, the President upped these from 10 percent to 15 percent on the weekend. We just saw what the markets did.
And I would imagine there is, at least privately, if not publicly some blowback from businesses as well.
What more is the President saying about how much further he might go with tariffs? He certainly continues to have a devotion to them.
KEVIN LIPTAK, CNN SENIOR WHITE HOUSE REPORTER: Very much so and the President seems very intent on trying to use all of these other
authorities, aside from the one that the Supreme Court said was illegal, to try and replicate the tariff regime. And you hear the words like continuity
inside the administration as they try and sort of resuscitate what had been stricken down.
But I think that it is clear and the administration acknowledges this, it is going to be much more of a patchwork structure to try and get these
tariffs in place.
[16:05:01]
The President wont essentially be able to put them on at-whim, which is what he was doing using these emergency authorities, and when it comes to
that global tariff, which is now at 15 percent according to the President, that is also limited. You know the statute that the President is relying on
to put that in place only allows for those tariffs to be enacted for 150 days. And that only brings us to about the end of July.
The administration is going to have to come up with other authorities if they want that tariff to remain in place. And so they have started, for
example, these various investigations that the different authorities would require, whether it is through a national security or unfair trade
practices, they have begun the process of doing that.
But I do think it is clear that nothing that they are going to now be relying on is going to be as essentially easy as what the President was
doing before. Of course, the other step, if the President wanted to make this easier on himself, would be to go to Congress and to get Congress to
approve some of these tariffs.
But it seems clear that in this midterm election year, and as tariffs remain relatively unpopular even among some Republicans, that that just
isn't really an avenue that is feasible at the moment.
NEWTON: And, Anna just before we leave the issue here, there has been a feeling that perhaps retaliatory tariffs could be in the offing. Is Europe
saying anything more about that?
COOBAN: Well, Europe at the moment is just trying to sort of keep calm with the situation. They are saying they are really waiting for clarity before
they do anything. The biggest thing they've done today is really put this deal on ice, and I think that this is yet another sign as I've said
earlier, this is the second time they've done this in the past few weeks, and this is really quite a clear indication that Europe is prepared to sort
of go for the jugular in a way, and just sort of put this deal on ice in defense of its own interests.
And you mentioned markets there earlier. We've seen markets slide in a big way today. The Dow down by over 850 points. Both the S&P and the NASDAQ
down over one percent and these markets are sliding in the U.S. far more than they are in Europe, although European markets were down today.
And I think that that's to do with the obvious fact that this tariff chaos impacts all of the trade deals that the United States has negotiated. We
include the U.K. with that. Japan and Switzerland, whereas for the E.U., it is just this one trade deal, albeit with a very important trading partner
that is being thrown into doubt.
Also, we've seen markets slide because of A.I. fears, too. It is not just tariffs, but again investors and businesses are finding themselves, Paula,
in a very unstable and uncertain situation.
NEWTON: Yes, and it should be pointed out, the U.K. and Europe are looking to make deals, whether it is in South America or Asia and they continue
with that. It is the United States that is the holdout here. I am trying to find some kind of tariff peace.
Anna Cooban for us in London, Kevin Liptak in Washington, grateful to both of you.
Ben Butters is the CEO of Eurochambres. He joins me now.
Ben, good to see you. I want you to weigh in here, and I apologize right off the bat for -- forgive me for putting you on the spot.
Do you have any predictions at this hour on what will happen to the E.U.- U.S. Trade Deal?
BEN BUTTERS, CEO, EUROCHAMBRES: Wow, yes, that really is putting me on the spot, Paula. No, I am afraid not. As your reporters said we are really
seeking clarity at the moment ourselves just as the members of the European Parliament mentioned in relation to their vote today. It is the same from
the European business community. We are a bit puzzled about the situation.
We don't yet have full clarity on the implications of the Supreme Court ruling and the response from President Trump. Firstly 10 percent, then 15
percent tariffs that may expire after 150 days. So, this overall really adds up to a massive sense of uncertainty that many European export
oriented businesses were already experiencing, and it seems to just be exacerbated now.
NEWTON: Yes, and you know, the ECB President Christine Lagarde made a point of really getting to the heart of the problem what you just articulated. It
is the uncertainty.
How much do you believe this will continue to impact investment and business? I mean gaming this out isn't easy, is it?
BUTTERS: No. Definitely not. Businesses crave certainty and that applies in particular to international trade, and in fact recently at the turn of the
year, we conducted some analysis which really showed that there is a very strong correlation between trade policy uncertainty and low levels of
investment confidence is undermined by trade policy uncertainty, and that has a trigger on effect on investment, and that's not just a short term
effect, it carries on over time.
So we don't really yet know the full consequences even of last year's tariff disputes, and now we are seeing another round of it now, so it is
really quite worrying.
NEWTON: Yes, it is a good point and I also say if comes to any kind of import or export between any countries, it is that trade friction, right?
You get to the border, businesses don't know what they are going to pay when, and there is still a lot of confusion in the offing just with what
was just announced.
[16:10:18 ]
Given all this, though, I want to ask you, the U.S. still maintains much leverage despite the Supreme Court ruling, especially in wielding geo-
economic threats, right? Is it wiser at this point to just get some kind of a durable deal in place? And I ask you, do you believe that's possible with
this administration right now?
BUTTERS: Well, that would certainly be wise. Yes, and that was what our hope was until Friday that despite it not being a perfect deal, that the
Turnberry Deal would be ratified and would be in place and that would provide the trade certainty our businesses crave, and as you alluded to,
help with broader geopolitical challenges which we hope that the transatlantic partners will continue to face together, and we are speaking
on the eve of the fourth anniversary of Russia's full-scale invasion of Ukraine.
So, there is clearly a lot of broader issues at play here. And for us, ensuring that we have a stable trade relationship with the U.S. and we hope
that that has a positive effect in terms of international trade more generally, that would be very beneficial and we are quite concerned that
the last few days has really put that in in reverse.
NEWTON: All right, Ben Butters, we will leave it there for now. Thanks so much. Appreciate it.
Now former British ambassador to the U.S., Peter Mandelson has been arrested by British Police on suspicion of misconduct in public office.
Police have not said what specifically led to the arrest, though Mandelson has been accused of passing market sensitive information to Jeffrey
Epstein.
The veteran Labour politician has already resigned from the party over his ties to the late sex offender. The scandal has threatened to take down
British Prime Minister Keir Starmer over questions about how much he knew when he appointed Mandelson as ambassador.
Max Foster is here with us from London.
You know, we just talked about what they're investigating, possibly at the time he was Business Secretary, but it is important to say here, he hasn't
been charged with anything. So I am wondering again, are we in a situation where this investigation could go on for quite a long time and perhaps
never result in charges?
MAX FOSTER, CNN LONDON CORRESPONDENT: Yes, he may well not answer any questions today, he doesn't have to answer questions today, but clearly,
there is some evidence that has appeared. We know that they have been searching his homes in London and in the Wiltshire countryside.
So has something come out of that? He has denied broadly, any wrongdoing, but he hasn't addressed these latest allegations yet, so it is difficult to
know where he is going into this, but this is his home in North London. It is quite a grand home there.
And this is a grandee, as you know, Paula, from the Labour Party. He has been around for decades. He is very well connected, and there is clearly
something they are investigating here that warrants a very high profile arrest. There were cameras outside. The police knew that, but it will be a
long process because these are old allegations and they are complex allegations.
But the thing we should probably point out, that we are referring here to the period after the Financial Crisis in 2008, where Europe was scrambling
to fix their part of the global economy, and there were lots of different financial documents moving through government. At the time, it was a
particularly sensitive time. So any of those documents that were leaked would have had financial sensitivity and that's really where this
investigation started we know, at least, which was at the beginning of the month.
NEWTON: Max, can you help calibrate this for us? I mean, look, Keir Starmer has already taken quite a few blows over all of this. Now, the fact that
there is this investigation, the searches of these two properties, how much more critical, how much more high stakes is this for the Prime Minister
himself?
FOSTER: Well, it became pretty critical at one point, and people were talking about him being forced out because he was accused of not doing
proper vetting on Mandelson when he gave him the U.S. job and Parliament is actually looking into that vetting process.
But he -- Starmer did know about his relationship with Epstein at the time, so his judgment was called into question, as it has been many times on
policy issues recently. But he confronted his backbench M.P.s and he managed to survive that.
What happens now actually might help him politically let's say, because now that we have a police investigation taking place, Parliament isn't going to
be able to get their hands on necessarily and certainly not publish what they would have been able to if there wasn't a police investigation.
[16:15:10]
Because there are all sorts of rules that surround that, so for now at least, I think there won't be much progress on the investigation into
Starmer, simply whilst this investigation into Mandelson takes place.
But certainly, it is, you know, put at the top of the headlines again and it does reflect on some.
NEWTON: Yes, it was already all over the British press, you know for a while, and then with this news this afternoon that ramped up again.
Max Foster for us in London, thank you.
Now Mexico is gripped by retaliatory violence after the killing of a powerful cartel leader. The president of Mexico says order is being
restored as thousands of trapped tourists scramble to find a way out.
A report from Mexico, next.
(COMMERCIAL BREAK)
NEWTON: The killing of a powerful cartel boss in Mexico has set off a wave of retaliatory violence. The narco-kingpin, known as El Mencho, was killed
on Sunday in a Mexican military operation, aided by U.S. intelligence. Suspected gang members responded by torching cars and businesses and
clashing with Mexican Security Forces. Mexico's President said today that order is now being restored.
(BEGIN VIDEO CLIP)
CLAUDIA SHEINBAUM, MEXICAN PRESIDENT (through translator): And the most important thing right now is to guarantee peace and security for the entire
population of all of Mexico and that is what is being done.
Today, there is already more calm, and there is a government. They are Armed Forces and there is a Security Cabinet, and there is a lot of
coordination.
So people can be assured that peace, security and normalcy are being maintained in the country.
(END VIDEO CLIP)
NEWTON: Valeria Leon is in Mexico City for us and, you know we were just looking at video from a Costco and what people were saying went on there
and how terrified they were is really stunning. And now, we hear from the President that she is trying to restore calm.
What is the latest here and how challenging will it be for them to restore security in those areas in just the next few days?
VALERIA LEON, CNN EN ESPANOL CORRESPONDENT: Exactly, Paula. The message from President Claudia Sheinbaum right now is very clear, try to restore
order, contain the violence and project control.
[16:20:00]
She says the situation is under control, but on the ground, the reality is more complicated. After the military operation and the death of one of the
country's most powerful criminal leaders, we've seen this retaliation, burnt vehicles, attack some businesses, and disruptions to airports in key
states and security forces have been deployed in large numbers particularly in Jalisco and other neighboring regions to prevent further escalation.
So this is part of what the federal government is doing to try to contain the violence, but the immediate challenge is stopping the violence from
spreading, and these groups are trying to demonstrate strength and send a message that they can paralyze cities if they choose to.
So, the next few days are critical, but the coming weeks may be even more difficult because this isn't just about restoring calm, it is about what
happens inside the criminal organization.
Now, security forces will likely stay on alert, and also intelligence operation will intensify, and there will be pressure, both domestically and
also internationally, to ensure tourist areas, economic hubs and also World Cup host cities remain secure.
Now, we are hearing that Mexico's Defense Secretary is shedding light on how authorities were actually able to find El Mencho and here is part of
what the Defense Secretary said today.
(BEGIN VIDEO CLIP)
GEN. RICARDO TREVILLA TREJO, MEXICAN DEFENSE SECRETARY (through translator): Once the situation was under control, military and medical
personnel went to the location where El Mencho and his security circle were along with his two wounded bodyguards.
They determined it was necessary to evacuate them. They were in very serious condition. A helicopter was requested to land and transport them to
a medical facility in Jalisco.
El Mencho, his two bodyguards and the wounded officer were transported. Unfortunately, they died enroute.
(END VIDEO CLIP)
LEON: So, according to officials, this breakthrough came when Intelligence teams began tracking the movements of a woman described as being
romantically linked to the cartel leader, and that trail led investigators to his inner circle and to the location where he was hiding.
And then Security Forces will likely stay on high alert as this Intelligence operation will intensify -- Paula.
NEWTON: Valeria, grateful to you. As we continue to watch that situation, we will speak to someone on the ground in Puerto Vallarta shortly.
But first, we do want to turn to other news.
Tuesday will mark the fourth anniversary since Russia's full scale invasion. The years of pressure and heartbreak taking a very visible toll
on Ukraine's president.
Clarissa Ward sat down with Volodymyr Zelenskyy ahead of this very grim milestone.
(BEGIN VIDEO CLIP)
VOLODYMYR ZELENSKYY, UKRAINIAN PRESIDENT: For me, still is not clear that if Russia will begin again aggression against us, what I wanted very much
to have in the security guarantees, my question is how partners will react on the aggression of Russia, if it will be? The answer is that it will not
be. It is not the answer to me, I am sorry. I am so sorry.
CLARISSA WARD, CNN CHIEF INTERNATIONAL CORRESPONDENT: So you want a very specific in writing guarantee?
ZELENSKYY: I want very -- we have good things in this guarantees, it is true between us. It is true. But I want very specific answer what partners
will be ready to do if Putin will come again?
And I think this is what Ukrainians want to hear -- just want to hear. I am sorry, it is not pressure, it is just to understand.
WARD: If you get those security guarantees, would you be willing to accept a frozen front line whereby Russia keeps the territory that they have
already seized?
ZELENSKYY: We already said that we are ready for the compromise to freeze the points where we stay, the places. It is a frozen contact line. We are
ready for this. It is not very good position for us, but in any way, we have defending lines. We have these fortifications. But if Russians or
partners in dialogue with Russians want just to withdraw our Army from our fortifications, I mean, this, we can't be such -- sorry -- foolish guys.
We are not children.
WARD: What would you like to hear from President Trump tomorrow at his State of the Union Address?
ZELENSKYY: I want him to stay on our side.
(END VIDEO CLIP)
NEWTON: Thanks to Clarissa Ward there for that interview.
Now, a massive winter storm is slamming parts of the United States. The so- called bomb cyclone wreaking havoc on air travel in the Northeast despite how beautiful that looks, we will have a live report from Newark Airport,
next.
(COMMERCIAL BREAK)
[16:28:12]
NEWTON: A winter storm in the United States has forced airlines to cancel more than 10,000 flights, and that number comes from the tracking site,
FlightAware.
New York and surrounding areas in the Northeast, they were among the worst hit areas. You can see why from that video from Sunday night. I want you
now, though, to take a look at the airspace over Newark Airport in new jersey this past Saturday. Flights coming in and out a few hours before the
blizzard hit. Now, here is the airspace earlier today. Very nearly empty. Nearly every flight was cancelled on Monday and for very good reason.
Jason Carroll joins us from Newark Liberty International Airport. I am thankful you are inside. I am looking at the security lines, nothing
happened behind you.
Now, I know from experience right now that exactly, but that flights are already cancelled tomorrow. When you know the storm is supposed to improve.
So, what more are you hearing about how long it is going to take to get back to normal here?
JASON CARROLL, CNN NATIONAL CORRESPONDENT: Yes, it is going to be a few days. I mean, look today was such a nightmare. I mean, the basic bottom
line is, I mean you can look and see what the situation has been like for us out here all day, basically no one coming in, no one going out. And that
is why you have an empty Newark International Airport.
You were talking about FlightAware, that flight tracking website. I mean, they put it this way, they said basically for the past 12-plus hours or so,
no flights have basically been taking off from Newark, JFK, LaGuardia, Boston. I mean we used to include Philadelphia in that as well, but over
the past hour or so, one flight did take off from Philadelphia, headed to Denver.
But you look at the board here, this also tells you the story. Cancellation after cancellation, some of those that you do see showing up on time,
that's not true, this board hasn't been updated. Those flights aren't taking off on time. There is no way.
I mean we've been talking to people out here all throughout the day, many of them telling us experience after experience basically cancellation after
cancellation, some of them having to make other plans, some of them having to use Newark International as their hotel.
[16:30:25]
(BEGIN VIDEO CLIP)
JUNE CONKLIN, PASSENGER: I was dropped off at 6:00 yesterday morning, because who was going to ride you during the day? So, our flight was
supposed to leave at 11:45, it got delayed twice. And then, finally, I guess they fixed the plane, and they were sending a rescue plane, but they
winded up. We winded up going on the original plane that was delayed coming in.
CARROLL: Oh, boy.
CONKLIN: So, we got on the actual plane. They were de-icing it, and by the time they de-iced it, it was the winds, I guess, picked up.
CARROLL: And what time was that?
CONKLIN: Maybe around -- we were supposed to board. We board at 6:00. Maybe 6:30, 7:00. So, we all got off the plane, and then, winded up sleeping
here. So, this is something I'll check off my bucket list.
GRACEMERCY ODUSINA, PASSENGER: Yesterday, we was out in New York, and then, we got received an e-mail, saying that our flight had been canceled. That's
fine. They are going to rebook it. So, they rebooked the flight for today. No way, our flight was meant to be for today, at 6:00 p.m. And then, they
canceled that, then they rebooked it for 10:00 p.m.
And we're on our way in our EBA (PH), right? And then, we get a number --
(CROSSTALK)
CARROLL: A notification.
ODUSINA: Yes, a notification, another e-mail saying that our flight has been delayed.
(END VIDEO CLIP)
CARROLL: And so, you hear it there, another flight delay. That young woman, who you heard from again now, she now won't be flying until the 25th.
So, I think you were talking about that at the top of this. You know what's going to happen tomorrow? What's going to happen the next day? Well,
because so many flights were canceled today, Paula.
You can't then shove all those flights to the next day, otherwise you are going to overload the system, right?
And so, what these carriers are going to have to do is sort of try to stagger some of those flights out, which is why you now are going to have
some people who were supposed to fly today, who now won't be able to fly until the 25th. The nightmare continues. Paula.
NEWTON: The nightmare continues. And just fair warning, because I know you see people there at Newark this all the time. I remember the last storm,
people couldn't get an Uber, they couldn't get a hotel. And like you said - -
(CROSSTALK)
CARROLL: Yes.
NEWTON: Newark Airport sometimes is it for hour after hour after hour. So, just think about that next time any international travelers as well got the
forecast for the Northeast, otherwise in the United States. Jason Carroll for us, appreciate it.
Now, the Olympic flame has been extinguished in Italy, but the region is still basking in its glow after Sunday's closing ceremony.
New numbers from visa are offering a glimpse of how the region's economy performed during the Winter Games. According to Visa card holder data,
visits to Northern Italy rose 60 percent during opening weekend. That's compared to the same period last year. The largest share of those visitors
came from the United States.
Now, during the first 10 days of the games, shopping by international travelers jumped -- get this, 110 percent.
Chris Newkirk is the president of Commercial and Money Movement Solutions at Visa, and he joins us now.
I mean, look, I don't have to tell you this is the region -- reason that countries want to host the Olympics. What did the data show from these
Olympics? And what I'm interested in is not just the wrong numbers, but what was good in the execution here, in terms of really trying to get the
momentum behind these cities and these businesses?
CHRIS NEWKIRK, PRESIDENT, COMMERCIAL AND MONEY MOVEMENT SOLUTIONS, VISA: Hey, Paula. It's great to -- it's great to be here.
Look, I think, the success of the Milan-Cortina Winter Olympic Games really shows the power of, you know, when an iconic global platform like the
Olympics comes together with Visa, we can really create meaningful experiences for the fans, for our clients, for their customers, for
athletes, and so on.
And, you know, you mentioned some of the numbers, and it's really cool to dig in. And actually, you know, understand those numbers from like, OK,
well, where did, you know, where did those folks come from? You mentioned, you know, the US was very, very strong, with visits up 160 percent.
In Europe, travel is also very strong, with visitors coming in from Germany, from Switzerland, from the U.K. Those were sort of the biggest
travelers across Europe, and then, seeing where they spent, not just in Milan, which, of course, was the headline location, but up in the mountains
as well, where spending was up even more strongly than it was in Milan.
And you asked about what it takes for --
(CROSSTALK)
NEWTON: Yes, and --
NEWKIRK: Sorry, Paula, go ahead.
NEWTON: No, you go ahead. You go ahead.
NEWKIRK: Yes, for to execute to your question. You know, it's really a tight partnership between Visa and our partners on both sides in the
network.
So, that, just to give you one, you know, example of that with our partners, we enabled across 13 venues, more than 800 points of sale, to be
able to take Visa cards in a contactless and seamless way.
[16:35:03]
So, that the fans could really be on their way, either through the venue or with their shopping.
NEWTON: Right.
NEWKIRK: And that's the kind of thing that it takes to bring this together.
NEWTON: So, now, what I'm wondering is, what kind of a tailwind could Milan, Cortina, Italy, in general, get from this kind of spending when you
see this data. The Olympics are over, but obviously, they want -- they put their country, their cities or mountain towns, on display here for two
weeks. What can they expect on the back end?
NEWKIRK: Yes. And I think, you know, again, hats off to the -- to the local, you know, to the Italian team and to the Olympic Committee for
pulling off just a seamless and terrific event.
You know, I think they can expect to see, you know, a couple of things when it comes, you know, to our business and payments. We saw, for instance, a
40 percent increase in contactless payments during the games. Now, that fits the global trend that we see where now Visa payments are over 80
percent -- over 80 percent of face-to-face payments with Visa credentials are made in a contactless way, whether that's tapping your card or tapping
your phone or --
(CROSSTALK)
NEWTON: Right.
NEWKIRK: Or, you know, even your smart device. And I think we can continue to see that momentum sustained through as that's really how consumers and
merchants want to interact with the Visa network.
And I think, speaking for myself, you know, I got to see parts of Italy that I hadn't seen before, and it was absolutely stunning and breathtaking
and welcoming. And I can't wait to take my family back.
NEWTON: Right.
And the less friction there is to being able to book anything or pay for anything, the better. I hear you.
I do want to ask you, Chris, look, Mexico offers a perfect juxtaposition here at the moment, unfortunately, though, a concerning one. Now Visa is a
sponsor of the World Cup as well. Is there a risk that the events that we are talking about now in Mexico could hurt the financial dividend that
places like Guadalajara are looking for in Mexico?
NEWKIRK: Yes, I don't think we see anything in the data that would suggest that, you know, that, that risk is manifesting. I think, you know, we
operate in a world where there is new events, you know, happening every day that you are keeping us apprised of, but we don't see anything yet in the
data that would cause us to believe that there is going to be anything other than a fantastic World Cup this summer across the three nations.
NEWTON: OK. Chris Newkirk, we'll leave it there. Thanks so much for being with us.
Appreciate it.
NEWKIRK: Thanks for having me.
NEWTON: Now, as we were just talking about, right, flights to and from parts of Mexico have been canceled amid a wave of cartel violence there.
That includes tourist destinations at Puerto Vallarta, and we were just talking about it, right? The city of Guadalajara, which I remind everybody,
will host games in the World Cup in June.
Now, violence near that city's airport set off quite a panic among passengers trying to leave the airport. You see some of the video there.
The U.S. State Department has urged American tourists in parts of Mexico still, at this hour, to shelter in place. One Chicago area man described
the eerie situation. Listen.
(BEGIN VIDEO CLIP)
DAVID MIRANDA, UNITED STATES TOURIST: If you love your life, stay here. Don't go anywhere. The only worry is food, food, water. Everything is
closed. Everything is -- it's like a ghost town. It's like there is no Ubers, no taxis, no busses. It's a tourist place, something that's supposed
to be beach therapy ended up being traumatizing for a lot of people here.
(END VIDEO CLIP)
NEWTON: Otto Andreadis is the proprietor of the Riviera Del Rio hotel. He joins us now from Puerto Vallarta, and he does run three hotels there.
Good for you to be with us, Otto.
I mean, look, we just heard something that was so alarming. People need to still stay in place if you want to stay safe. What has been your experience
with your guests and with your employees?
OTTO ANDREADIS, PROPRIETOR, RIVIERA DEL RIO PUERTO VALLARTA, MEXICO (via telephone): Well, today -- yesterday was a very, very touchy go. I mean,
such a situation, and it was a good idea to stay in place, not to -- not to go out on the streets.
However, today, things have normalized. For the sake of the guest, I went out this morning and walked the streets, and there was a little bit of
looting left, but not much. I looked at all the devastation, and there were people that were coming out slowly, but surely, it seems to be normalizing
again very quickly.
I think, by tomorrow we'll be back to, you know, seeing the regular Puerto Vallarta, maybe not the regular but people will start to be opening up
those house, the restaurants, the grocery stores. But as far as shelter in place, it's not a necessity at this point. It's the situation is over now.
(CROSSTALK)
NEWTON: Now, Otto, we -- Otto, we are looking at video that you sent in. I mean, there are fires right outside one of your establishments there, and I
understand that there were quite some tense moments for your staff as well.
ANDREADIS: Oh, yes, it was very tense. In fact, that's where I had to hand credit to, you know, the Mexicans and the Americans working together.
[16:40:01]
A lot of the -- a lot of the staff was stranded. They could not make it. They could not get to the hotels, the proprietors ourselves, we could not
get to the hotels. And yet, the -- whatever staff we had at our places, and the guests that we had staying there, they all work together to help each
other out, and, you know, get food on the table for each other, and to calm each other's nerves. It was a wonderful thing. I mean, real heroes here on
both sides of the coin. It was -- it was a wonderful thing. A very wonderful thing -- here.
NEWTON: Otto --
ANDREADIS: Yes.
NEWTON: Otto, I'm so glad -- I'm so glad to hear that. But obviously, alarming that you needed heroes at this point.
We are looking at overhead shots from Puerto Vallarta right now. I mean, it was quite a war zone, and yet you say --
(CROSSTALK)
ANDREADIS: Oh.
NEWTON: You say as well that, you know, you had to kind of have confidence in the fact that at least tourists and civilians weren't being targeted.
How so?
ANDREADIS: They were not. In fact, Puerto Vallarta has always been known for that. There is an unwritten agreement, I guess, between the cartels and
the police and whoever are involved that targets are not part -- they should never be targeted.
They are very important to the economy of Mexico, and especially to the economy of Puerto Vallarta. And they went out of their way, actually, the
cartel went out of their way to remove civilians. I'm not saying only the tourists, but civilians, Mexicans, anybody that was not a military
associate.
In fact, the military and the soldier -- the military and the police were nowhere to be found. But they, let's say, if they stopped the car, they
made sure you got out of the car (INAUDIBLE) flames in it.
If you were in a store, they got everybody out of the store before they (INAUDIBLE) it.
So, there was some -- there was some, I don't know what to call it. There was some thought, some orders that were given not to harm civilians.
NEWTON: Now, we would all -- we would all like to think that that's possible, and yet, Otto, I have to ask you, this is truly unprecedented
what happened in Puerto Vallarta. It took everyone by surprise. Do you worry that this is really going to affect your business going forward?
ANDREADIS: That's -- yes, of course. I mean, this is going to have a detrimental effect on the tourism. People are going to be afraid to come
down here, and I -- and I rightfully so. And that's one of our biggest concerns, because there is a lot of Americans that live down here. Expats,
and there are a lot of expats have doing business down here, and everybody is in fear of what the future holds for them now.
I don't think that this situation is going to escalate any further. I think it's over. They made their statements, and I think things will be going
back to normal. They feel relatively normal right now, and the only time will tell, but I think, it's pretty much over. They did make their
statement.
And they have a lot of (INAUDIBLE) if I could intercede here. We do have a lot of guests that are staying over --
(CROSSTALK)
NEWTON: Right. Right. Otto, I have to -- Otto, I have to leave it there as we've got to run.
ANDREADIS: Yes.
NEWTON: But I really appreciate you giving us that insight as to what's happening on the ground. Otto for us in Puerto Vallarta. And that is QUEST
MEANS BUSINESS. Up next, Richard Quest, "WORLD OF WONDER".
(COMMERCIAL BREAK)
(BEGIN VIDEOTAPE)
[16:46:23]
JAMES, CAMERAMAN: I spoke that ahead. Oh, that was a big hit, wasn't it? This is not going to plan pal.
RICHARD QUEST, CNN INTERNATIONAL ANCHOR (voice over): Row the boat around Seville's Plaza de Espana, I was told.
QUEST: Oh, the wind is getting up. Whoa!
JAMES: It pushing it to right. Right to U-turn. Let's go back.
QUEST: No, no, we are not turning.
QUEST (voice over): James will sit quietly and film it all.
JAMES: What's going on here, Rich?
QUEST: And we'll have no back seat rowing from you. Captain Pugwash over there.
QUEST (voice over): The plaza with its magnificent backdrop, was built for the Ibero American Exposition of 1929.
And while I'm enjoying it --
QUEST: One, two, three. One, two, three.
QUEST (voice over): I'm not sure about the other boaters.
QUEST: Oh, sorry.
JAMES: I'm not very good with the directions, am I?
QUEST: Are you really pathetic?
QUEST (voice over): A maritime adventure seems fitting to kick off this visit to Seville.
After all, the city in southern Spain was once the shipping and trade capital of the Spanish Empire and a starting point for some famous and
infamous global expeditions.
Today's Seville is less oceanic adventures and more city break travelers. And in this city, at the right time of the year, there are oranges and
oranges and even more of the eponymous oranges.
QUEST: And then, Seville has got this rather quaintness about it. Look at the color, the colors of the buildings. I'm amazed by the oranges.
JAMES: Yes, I wasn't expecting that.
QUEST: Every time I come to Spain, I remember the whole tapas business, but I'm never sure what to order. And when I do order it, I always feel
somebody else has got something better. I've always got FOMO.
What's this one? What is that?
REMY PUENTE, SPAIN FOOD SHERPAS, SEVILLE: But you see here is where it gets tricky.
QUEST (voice over): I understand the concept of tapas, but what's classic? What's a light bite snack? And does it matter?
QUEST: Mexican tacos or chicken masala?
PUENTE: No. I mean, when you read Mexican somewhere for the name of the dish, you can already guess it's not from Spain.
QUEST (voice over): Remy Fuente is a local food guide, and he stands ready to help me with my tapas turmoil.
QUEST: Everybody wants the classic tapas experience.
PUENTE: Yes.
QUEST: But the menu for tapas has become so complicated. And the other table, particularly, the Spanish table, they always seem to have ordered
better than me.
PUENTE: We look at what everyone has, and we ask what it is and what's the specialty of the house.
QUEST: So, you wouldn't order a hamburger.
PUENTE: No, I would never order a hamburger.
QUEST (voice over): Back to basics then. How did tapas ever get started?
PUENTE: You will ask 10 Spanish people, what is the origin of tapas? You will have 15 different stories,
QUEST (voice over): Not helpful. The classic version harkens back to medieval times, when people needed to cover drinks to prevent flies from
getting in.
PUENTE: So, this cover would be originally a circle of breads, a circle of cheese, a circle of meats that you would put at the top. OK?
QUEST: So, it didn't matter that the food got at by the flies.
PUENTE: No, it didn't matter, because you wouldn't drink the flies if it was on the foods.
QUEST: So, we are going for five classic --
PUENTE: Tapas or croquetas.
QUEST: How about the beer and ham?
PUENTE: Papas bravas, potatoes, pimientos de Padron, peppers, the tortilla, like Spanish omelet.
QUEST: Yes, let's do cheese, because that's classic.
QUEST (voice over): OK, Pedants, technically six tapas.
[16:50:01]
PUENTE: This is what we eat here all the time.
QUEST: I know you don't normally do it like this, but I am doing it the classic way.
PUENTE: All right.
QUEST: The lid.
PUENTE: As long as you eat what you have in front of you, no one will say anything.
QUEST: They are very good. Now, this is tapas.
QUEST (voice over): Finally.
QUEST: I am loving just being here, the oranges, the mood. People are really going for it, enjoying just being out and about.
Oh, wow. Oh, look at this. We are Gemini, isn't we?
UNIDENTIFIED FEMALE: Yes.
QUEST: OK.
QUEST (voice over): For Seville, we have chosen Gemini as our main A.I. tool to enhance the travel experience.
QUEST: Do you know who I am?
QUEST (voice over): An easy question to warm up Gemini's engine (INAUDIBLE).
QUEST: You are currently in the Plaza de San Francisco in Seville. Now, obviously it's taking information from the phone, and the phone knows where
I am.
QUEST (voice over): Now, let's actually learn something.
JAMES: So, if you take a photo there.
QUEST: It will note --
JAMES: Just that.
QUEST: Right.
JAMES: Let's see what it --
QUEST: OK.
QUEST (voice over): I take the photo. Gemini thinks for a second or two and spits out my mission.
QUEST: Now we are on the search, James, we are on the search for NO8DO, the city's motto. But we haven't found it yet.
QUEST (voice over): It's called a Rebus. It's a puzzle of symbols and letters that make up a phrase. It translates to mean Seville has not
abandoned me.
JAMES: Oh, there up there.
QUEST: No, it's not that.
QUEST (voice over): Gemini tells me these symbols are everywhere.
QUEST: So, we are going to find this.
(END VIDEOTAPE)
(COMMERCIAL BREAK)
(BEGIN VIDEOTAPE)
QUEST: Oh, this is interesting and very different.
Wow, it gives me some perspective on where we are.
QUEST (voice over): Where we are is 28 meters in the air. You see, I'm winding my way around this topsy turvy landmark, the Setas de Sevilla, or
the Mushrooms of Seville.
QUEST: The cathedral and all of that over there.
HOLLY, PRODUCER: No, I think it's behind us.
QUEST: It's got the wrong bloody direction. I say, looking south, right, looking west.
HOLLY: We are only at the entrance. Let's keep going, Richard.
JAMES: We need to fill up there. Right?
HOLLY: Yes.
QUEST (voice over): I can't find the cathedral, and James and producer Holly are growing impatient already.
QUEST: It's all very, very elegant, isn't it? I still would like to touch one of these things, but you can't get close to them.
QUEST (voice over): The texture and shape resembles giant mushrooms, hence, the name.
QUEST: I think the most fascinating part about this is why it was built in the first place. This part of town was derelict and almost abandoned, and
they wanted something to create, so-called Guggenheim effect. It succeeded in regenerating this part of the city, and it gives me a phenomenal view
360.
QUEST (voice over): There is the cathedral, and you would find it.
QUEST: The weather, unfortunately, has decided not to cooperate today. You just got to take the good with the bad.
[16:55:01]
But you know something? The cathedral is still there. The oranges are still on the trees.
I found it. There it is.
QUEST (voice over): And NO8DO sighting.
QUEST: Oranges. Where is Paddington?
UNIDENTIFIED MALE: Why do they use Seville oranges to make marmalade, Mr. Gruber?
UNIDENTIFIED MALE: There is only one way to find out, Mr. Brown.
QUEST (voice over): The beloved Paddington Bear, is obsessed with orange marmalade, as seemingly as most of Britain, and that includes me. And the
good stuff starts with Seville oranges.
QUEST: You grew up with oranges all around you.
JOSE GAHONA, OWNER, AVE MARIA ORCHARD: Pretty much. I mean, we used to come here always for Christmas.
QUEST (voice over): Jose Gahona knows his oranges, if you will. He is the fourth generation of his family to run Ave Maria Orchard.
QUEST: How old you think this tree is?
GAHONA: 150 years old, probably.
When they started making marmalade at the beginning of the 19th century, which was in Scotland, it became a huge business, and a lot of farms in
Seville planted these civil oranges.
QUEST (voice over): These oranges are simply too tempting, but only the foolish or the brave eat them straight from the tree. And I'm not sure
which am I.
QUEST: Can I?
GAHONA: Yes, yes. You are not supposed to, but you can give it a try.
QUEST: Smells nice.
GAHONA: Rough.
QUEST: Oh.
QUEST (voice over): And that is why you don't eat a Seville orange straight from the tree.
QUEST: So, that was very bitter, but perfect for making marmalade.
UNIDENTIFIED MALE: Put this thing on.
QUEST: Marmalade.
QUEST (voice over): In the family farmhouse kitchen, there is a batch already simmering.
QUEST: That's a lot of sugar.
GAHONA: This is key. We thought this is not going to work. This is what has all the -- all the pectin.
QUEST: Pectin.
QUEST (voice over): Of course, it's what sets the marmalade. Except I'd never heard of pectin before now.
GAHONA: Once it's boiling hard, it's 50 minutes.
QUEST: You are going to have to send me the recipe.
GAHONA: From Delia Smith, whose cook.
QUEST: From who's recipe is Delia's?
GAHONA: It's Delia Smith.
QUEST: Oh, Delia. Dear Delia.
QUEST (voice over): Delia Smith, that famous British cook. And here I thought we were using an old family recipe.
GAHONA: My mom used to make marmalade every year.
QUEST: But you didn't use her recipe.
GAHONA: No, no. No, no. I didn't because it's old fashioned, and the pieces are very chunky. They have too much sugar.
Now, we're going to do the taste the test here.
QUEST (voice over): If we've done it right, the marmalade is setting nicely.
GAHONA: That's perfect.
QUEST: But what a wonderful taste of breakfast to have your own marmalade.
There we go. We all done.
Now that hopefully, as it cools will set.
QUEST (voice over): Now, a taste just to be sociable, of course.
QUEST: (INAUDIBLE)
GAHONA: It's very mild.
QUEST (voice over): This is a taste of Seville, Paddington would approve.
QUEST: Perfect.
(END VIDEOTAPE)
(COMMERCIAL BREAK)
END
