Return to Transcripts main page

Quest Means Business

Tenuous Ceasefire Sparks Relief Rally on Wall Street; Oil Prices Plunge After Ceasefire Reached in Middle East; Trump Meets with NATO Chief as Iran War Strains Alliance; Iran and Pakistan Say Lebanon Part of Truce, Israel and Trump Deny; Iranians React to U.S.-Iran Two-Week Ceasefire Deal; Picasso Painting to be Raffled Off for $116 a Ticket. Aired 4p-5p ET

Aired April 08, 2026 - 16:00   ET

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

[16:00:27]

PAULA NEWTON, CNN INTERNATIONAL HOST: So the Dow closing very close to its highs for the day. Definitely, we are getting a sense of what the markets

think of the ceasefire. Those are the markets and these are the main events.

The White House says the fragile Iran ceasefire will continue if the Strait of Hormuz remains open.

Crude prices plunge, but don't expect relief at the pump anytime soon.

And you could win your very own Picasso, thanks to a charity raffle offering tickets for, get this, $116.00 apiece. We will tell you more about

that, live from New York. It is Wednesday, April 8th. I am Paula Newton, in for Richard Quest and this is QUEST MEANS BUSINESS.

And good evening.

Tonight, markets are rejoicing over a Middle East ceasefire that is being tested by the hour. The Dow soared 1,300 points, holding onto nearly all of

its early gains. And look at that, S&P and the NASDAQ also they both rose well over two percent.

Now, the optimism is fueled in part by hopes for lower energy prices. Oil plunged more than 10 percent on news of the two-week ceasefire between the

U.S., Israel and Iran. Brent crude and WTI now trading below $100.00 a barrel.

The terms of the ceasefire, though very much in dispute. Iran says it has closed the Strait of Hormuz to oil tankers because Israel is still fighting

inside Lebanon. The White House says Lebanon is excluded from the ceasefire, and Vice President J.D. Vance just a few moments ago said it

appears, though, in his words, that the Strait is reopening. Listen.

(BEGIN VIDEO CLIP)

J.D. VANCE (R), VICE PRESIDENT OF THE UNITED STATES OF AMERICA: Now, we actually think that we are seeing signs the Straits are starting to reopen.

I think you guys have probably seen oil prices have come down. So I think the oil markets, the gas markets are seeing the same thing.

But the President has been very clear. The deal is a ceasefire, a negotiation. That's what we give, and what they give is the Straits are

going to be reopened.

If we don't see that happening, the President is not going to abide by our terms if the Iranians are not abiding by their terms.

(END VIDEO CLIP)

NEWTON: Anna Cooban is in London for us. You've been following the markets all day. I am wondering how long they can hang on to this kind of a rally.

They are pretty much putting the odds that they will see a deal in the next two weeks, at least that's what we have seen so far.

ANNA COOBAN, CNN BUSINESS AND ECONOMICS REPORTER: Yes, Paula. Well, it is looking pretty good. These massive falls, in fact Brent and WTI, the global

and the U.S. oil benchmarks, they've fallen by the largest amount in a single day since April 2020, which I think will all remember was the

pandemic. But certainly, this is a relief rally.

But I do want to pour a bit of cold water on this. We are not back to where we were before the war. Brent was at $73.00 a barrel, WTI $67.00 a barrel,

and I think, Paula, that might be due to the stickiness of the terms of this ceasefire.

You know, Iran is saying that it wants to continue to coordinate vessels going through the Strait. Any sort of continued control by Iran is

something which is going to make all traders very nervous. And there are a number of other indicators here which just simply haven't returned back to

the levels we have seen before the war, only time will tell if that happens -- Paula.

NEWTON: Yes, and I think it has to be said that as of right now, as you and I sit here, absolutely nothing has changed in the Strait. We actually see

in terms of supply, nothing has changed in the global markets, in terms of supply.

COOBAN: No, not in terms of physical oil that's really getting out of the Strait. I mean, we saw earlier today Marine Traffic, a shipping data

company say that a couple of ships had passed through, a Greek owned ship and a Liberian flagged ship.

Now, it is not certain if they would have gotten through anyway, because there was still a trickle going through. But this is not exactly the kind

of gush of ships that we would like to see. I think only time will tell.

And, you know, analysts are saying that a two-week ceasefire is not enough to really get this backlog of ships through the Strait.

NEWTON: Anna Cooban for us in London, appreciate the recap there.

Now, the ceasefire is a relief for governments hoping to avoid the economic impact of a long war. Our next guest says many of them had little room to

mitigate this fallout.

Deficit and debt levels, as we remind you on this show, have never been higher, which may have prevented certain governments from cushioning the

impact.

Countries like the U.S., the U.K., Japan and Canada face high debt and GDP ratios, giving them less room to help their citizens in an economic

emergency.

Ruchir Sharma is chairman of Rockefeller International.

His latest book, "What Went Wrong with Capitalism" argues that a century of expanding governments has distorted financial markets, fueled inequality

and buried American in debt.

Mr. Sharma now joins us from Miami.

[16:05:20]

Good to have you on the program on what is a momentous day from the market, but there is one data point that you highlight that caught my attention

that despite the dramatic drop in energy prices today, futures give a better indication of the long lasting expectations of this shock.

I mean, you say that, look, December futures are up. What does that tell you about the tail of this thing?

RUCHIR SHARMA, CHAIRMAN, ROCKEFELLER INTERNATIONAL: Well, I think that we pay too much attention to the spot price, which gets a lot of the media.

But what the equity market and other market participants discount is really what is happening at the longer end of the curve as far as oil prices are

concerned.

Now, the longer end prices are still up 15 percent from when the crisis first broke out, but it also explains why we did not get a sharper reaction

in the equity markets when we saw such a large spike in spot oil prices, because spot oil prices nearly doubled, as you know at the height of this

crisis.

But the futures always kept telling us that, yes, there is a supply disruption, but it is likely to not last and that oil prices will end the

year higher, but nowhere close to what the spot prices are doing.

So therefore, I keep a firm eye for what the December futures in particular are doing for both WTI and Brent, and even those today are little changed,

partly because they've been correct in sort of saying that this is a temporary dislocation. It won't last. But prices will settle higher from

where they were before the crisis.

NEWTON: Yes, and the point is, there is no returning to where we were before this conflict.

You also write that a few days ago, the global economy, that even a few days ago, the global economy remains extremely vulnerable. Can you explain

that? How so?

SHARMA: Well, I wrote this op-ed for "The Financial Times" on Monday, essentially arguing that this oil shock is different, that so far we've

heard a lot of analysts tell us that the oil sensitivity of the global economy has reduced, basically meaning that the global economy now is more

energy efficient. It takes less oil to grow at the same rate.

And also the fact that oil consumption in general, because of that, has come down as a share of GDP. So that means that higher oil prices don't

hurt the consumers or even the businesses as much as they used to.

I had a slightly different take on that, that while that is true, this oil shock is also different because there is very little policy ammunition left

with policymakers that we have never entered any crisis with such high debt and deficit levels, and also that many Central Banks around the world, led

by the Fed, had been running the very high on their inflation targets, much higher than whatever the inflation target was, meaning that there was very

little room for maneuver here, that if the governments wanted to spend more to cushion the economic impact of this oil crisis, they wouldn't be able to

do much.

And that's why unlike past crises, this time, in fact, interest rates, bond yields around the world rose quite sharply. There was no real safe haven

bid for bonds this time. And that is mainly explained by the fact that you have concerns about the debt and deficit looming. And the longer this

conflict went on, more pressing would be those, concerns and then on the bond market.

NEWTON: Ruchir, I am not exactly sure that any governments are listening to you right now in terms of the dangers of this, but that is then to the

Central Bankers, most of which are independent, right?

If we are in this context of higher for longer, does that, though, really handicap the Central Banks as well? Because if we assume a bumpier recovery

from all of this, how can these economies run this out? Are you looking to the Central Banks or is it really going to take what you say, which is more

insulation, more insurance on the energy shock?

SHARMA: Well, I don't think the Central Banks can do much either, because the Fed, of course, is the most dovish of them all. It has missed its

inflation target now for 60 months in a row, six-zero. And I think that the Fed now is in no position to cut interest rates this year. So I think the

Fed is out.

The ECB and the Bank of England, we are talking about possibly raising interest rates if this oil shock had persisted and many other emerging

market Central Banks like Philippines and all, were also talking a very similar language. So, this is very different.

In the past, when you got any shock to the economy, the Central Banks would rush to the aid of the economy the slightest hint of trouble. I don't see

that happening this time and if the shock lasts longer, therefore you don't have much policy ammunition to deal with because even the fiscal side. I

think there were countries trying to give some subsidies, but the bond markets this time aren't tolerating that.

This time, bond yields are rising.

[16:10:10 ]

So that's the big difference. As you know well that the doomsayers have been around a long time worrying about the debt and the deficits and the

question many people ask is, so what? Uh, that the bond is not really reacting to any of this.

That's changing now, which is that this year, this crisis we saw that bond yields actually rose during the crisis. They did not fall and the rise

could entirely be attributed to concerns about the debt and the deficit, because long term inflation expectations were pretty stable, so those

didn't move.

Obviously, there was some other concern, and the only concern that can explain the rise in bond yields since the crisis began is the mounting cost

of the debt and deficit coming directly from the war spend, but more, from the fear that governments are going to spend more and that is not something

they can afford to do in a situation where the debt and deficit levels are so high.

NEWTON: Yes, there has been zero talk of really trying to get any of those budgets in line or to shrink them at all. In fact, there has only been

announcements about more spending.

Ruchir Sharma, we do have to leave it there, but I thank you for your insights.

SHARMA: Thanks, Paula.

NEWTON: Now, we are waiting because at any moment, President Trump is expected to welcome NATO Chief Mark Rutte to The White House.

Even though the two have a very good relationship, the war in Iran has deepened cracks in the Alliance. The President has threatened to withdraw

from NATO and has criticized other members for not helping with Iran. Listen.

(BEGIN VIDEO CLIP)

DONALD TRUMP (R), PRESIDENT OF THE UNITED STATES OF AMERICA: No, NATO is a paper tiger.

It was NATO stepping in our way because they are not -- they are a paper tiger.

I said 25 years ago that NATO is a paper tiger, but more importantly, that we will come to their rescue, but they will never come to ours.

(END VIDEO CLIP)

NEWTON: Betsy Klein is at The White House for us. I am not sure if you can tell us whether or not the NATO Secretary General has arrived yet, but in

prelude to his visit, Karoline Leavitt, The White House Press Secretary had some pretty stern words again, for what President Trump thinks of NATO.

BETSY KLEIN, CNN SENIOR WHITE HOUSE REPORTER AND WRITER: That's right. The Secretary General arrived just about an hour ago. We don't know the exact

start time of that meeting, but we are waiting to see if it is possible that they do bring in reporters to see it. But as of now, it remains closed

to press.

But President Trump has made no secret of his distaste for the NATO Alliance, but interestingly, he has cultivated a close relationship with

its Secretary General Mark Rutte.

Trump has repeatedly said that he is considering withdrawing from the Alliance. He has criticized a lack of support for his war with Iran, but

then offering a very stark message via his Press Secretary earlier today. He said: "They were tested and they failed." And Leavitt said that this is

going to be a very frank and candid conversation. So it could be a little uncomfortable there.

But this meeting comes against the backdrop of this very fragile ceasefire between the U.S. and Iran. There is still not a lot of clarity on what has

been agreed to, but both sides are claiming total victory, even as Iran is claiming that the U.S. has agreed to provisions that President Trump has

said are red lines.

Now, The White House position and stance on that is that they say there is a disconnect between what we are hearing publicly from Iran versus what

they are telling -- what Iran is telling The White House in private conversations.

Now, as an example of that, Leavitt says that there were two plans put forth by Iran. The first one she described as fundamentally unserious. The

second ten-point plan, she said, was more workable and we still don't know exactly what is in that second plan, but it is that workable framework that

is going to be the topic of very intense discussions in Islamabad, Pakistan, beginning on Saturday.

And we know now that those conversations will be led on the U.S. side by Special Envoy Steve Witkoff, the President's son-in-law, Jared Kushner,

along with Vice President J.D. Vance, and his attendance at this meeting, have been somewhat of a question mark. The President casting doubt on

whether it was safe for him to go, but he is expected to attend those talks on Saturday that are expected to continue for many days.

Now, Karoline Leavitt also underscored that President Trump's red lines have not changed, specifically as it refers to not letting Iran continue to

enrich uranium. We also just heard from Iran's Parliamentary Speaker who said that that was not part of what was agreed to.

So all of that, the mixed messaging, the contradictions, underscoring just how much work those negotiators have cut out for them in the coming days --

Paula.

NEWTON: Betsy Klein for us at The White House, we await to see that meeting between the NATO Secretary General and the President. Appreciate it.

Now, a ceasefire has been reached between the U.S. and Iran, but the status of the Strait of Hormuz is still very much in question. We will bring you

the latest, next.

(COMMERCIAL BREAK)

[16:17:33]

NEWTON: The status of the Strait of Hormuz remains unclear. Iran says it has halted oil tanker traffic because of the fighting in Lebanon, that

continues.

The White House says shipping through the Strait has now picked up. Data from Marine Traffic shows just a few ships going through. U.S. Defense

Secretary Pete Hegseth says the Strait though is now open. Listen to him.

(BEGIN VIDEO CLIP)

PETE HEGSETH, U.S. DEPARTMENT OF WAR SECRETARY: A lot of people are going to say a lot of things, claim a lot of things. What has been agreed to,

what has been stated is the Strait is open.

Our military is watching. I am sure their military is watching, but commerce will flow and that is what you saw the markets react to is that

reality.

(END VIDEO CLIP)

NEWTON: President Trump says the U.S. will help get traffic moving through the Strait, perhaps in cooperation with Iran.

Jakob Larsen is the head of Maritime Security at BIMCO, and he joins us now from Copenhagen. Very good to see you.

As we continue to try and figure this out, can you give us the very latest? I've got the map up right now, and when I went to refresh, it did look like

there was some activity in the Strait. But you tell me, what do you see?

JAKOB LARSEN, HEAD OF MARITIME SECURITY, BIMCO: Yes, what we are seeing is really the usual pattern we've seen over the last few weeks that each day,

a few ships manage to pass through. Some of them apparently in coordination with Iran, while others, they take their chances and hug the Omani Coast

and make their way out.

But right now, we are not seeing any signs of any sort of significant volumes of shipping starting to move out.

NEWTON: And that is interesting. We just had J.D. Vance tell us in the last hour that he says more traffic is moving, but you judge that, no, that is

not true. It has been what it has been for a few weeks now.

LARSEN: To me, it looks like the usual pattern. I am not aware of which data the Vice President is referring to.

NEWTON: Now, even if the Strait is open, you point out the navigation risks here to try and get more vessels that are currently stuck there. Can you

just go through some of those risks? And again, that is if the diplomacy works.

LARSEN: Yes. That's right. I mean, subject to an agreement really coming through and that we will see a transit regime unfold here, there are risks

involved obviously, if -- right now there are approximately 1,000 ships in the Persian Gulf waiting to get out through the Strait of Hormuz.

The Strait of Hormuz is confined waters. It is around 20 miles wide and lots of navigational obstacles and imagine you have a large quantity of

ships trying to make their way out on the same time. That could present navigational hazards, risks of collisions and groundings and the like.

[16:20:16]

So this is why we have encouraged authorities to try to coordinate any exit from the Persian Gulf so that it happens in a coordinated and safe fashion.

NEWTON: So you mentioned the risk of grounding, the risk of collisions. So how do you see this playing out operationally? And again, we point out

there has to be a ceasefire, a good one and Iran has to agree to open the Strait beforehand.

But just operationally, do you believe there needs to be an escort? Does there have to at least be communication with Iran? What do shipping

companies and shipping operators want to see? What do they have to see?

LARSEN: Yes, I think right now the industry is waiting for some assurances from Iran that the Strait is open, and we haven't got that yet. Iran is

actively communicating currently in the Strait via VHF radio that the Strait is closed unless transit is specifically permitted by Iran, and only

a very few ships are allowed to go through.

So we are waiting for some assurances from Iran. And you ask whether escorts will be necessary. It depends on how these assurances are given,

you know, what level of assurance we can be given, and it be that it is okay to transit without escorts, but it may also be that, that it could be

nice to have escorts tagging along. At least, it will provide a level of assurance to the merchant ships out there. You know, that in the event

that, for example, a mistake happens and a missile is launched in error from Iran, then there will be someone to defend the ship against that.

So escorts would be nice. But on the face of it, I don't think it is very likely any time soon.

NEWTON: Right. And Jakob, I have to ask you, if you're a large shipping company right now and you're either looking to go into the Strait or you

already are in the Strait and are needing to go out, what are you looking for? We had a lot of discussion in the early days of this conflict about

things like insurance.

At this point in time, if you get those assurances from Iran and from a deal, is that enough for these large shippers to get things moving?

LARSEN: Yes, I think it will be enough for them to at least try to get through. And as always, in shipping, some ship owners are more averse to

risk than others. So there will be those that are willing to go first and test the waters, so to speak and if they are successful, then others will

follow That is how it works.

So, we are now waiting for the assurances. We are waiting for a more firm concept on how this should take place and I sure that the ships will be

ready to start to move.

NEWTON: Especially if they are already stuck there, they will take the risk, of course, to try and leave.

I want to ask you about this issue of tolls and whether or not anyone can charge tolls here. Do you see any kind of system, especially if it involves

Iran, a system of tolls working? Is it needed? Would the shippers ever go for it?

LARSEN: I think in practical terms, it is doable. And you know, whether we want to go down that route or not is not really a question for shipping to

answer. It is more really a political question.

So if there is general political agreement that this is what shipping should do, shipping will do as they are told and the amounts that I have

heard was around $2 million per ship going out. And to me, that sounds like, you know, roughly $1.00 per barrel in tolls and while it is perhaps

unpleasant for consumers, I think it is still within what is manageable.

NEWTON: Interesting. Jakob Larsen, really grateful to you. We always learn so much when you give us the status report on the shipping conditions right

down the Strait. Appreciate it.

LARSEN: Nice to see you.

NEWTON: Now, European leaders are welcoming the announcement of the two- week ceasefire, but many are also flagging their concerns about the continued fighting in Lebanon.

Now, earlier, my colleague Christiane Amanpour spoke to Greek Prime Minister Kyriakos Mitsotakis. He was clear that in order to talk about a

complete ceasefire in the region, it needs to extend to Lebanon as well, calling the Israeli offensive right now, "completely counterproductive."

(BEGIN VIDEO CLIP)

KYRIAKOS MITSOTAKIS, GREEK PRIME MINISTER: We have a strategic partnership with Israel. But, you know, friends need to speak truth to friends.

And my view on Lebanon has been very clear. For the first time in decades, I think we have a competent government in Lebanon. If these attacks

continue, you will have a humanitarian catastrophe. It is already evolving, but you will also end up illegitimizing -- delegitimizing completely the

Lebanese government. I don't think this is in Israel's long term interest.

And, you know, I would hope that these operations stop as quickly as possible, not just for humanitarian reasons, but also for making sure that

we maintain, you know, a general framework of a ceasefire that encompasses the whole region.

(END VIDEO CLIP)

[16:25:10]

NEWTON: Now, Donald Trump is describing Israel's strikes on Lebanon as "a separate skirmish" with Hezbollah. The U.N. Commissioner for Human Rights

says Israel's strikes across Lebanon today are "nothing short of horrific."

Nada Bashir is in Lebanon and brings us this report.

(BEGIN VIDEOTAPE)

NADA BASHIR, CNN REPORTER (voice over): Homes destroyed, the air filled with smoke: The site of yet another deadly attack.

BASHIR (on camera): This is the aftermath of an enormous Israeli military strike here in Beirut. This is one of the more than a hundred targets,

according to the Israeli military, that they believe to be Hezbollah targets struck today.

But you can see behind me, these appear to be residential buildings, apartments. This is a very busy area full of shops and a busy roadway.

There would have been many people at this site and around the area at the time of the blast, and emergency services are working to dig through the

rubble for victims.

BASHIR (voice over): The Lebanese Health Ministry says hundreds have been killed and wounded, adding to the more than 1,500 people killed over the

course of this war.

Hopes that the ceasefire between the U.S., Israel and Iran would extend to Lebanon were quickly dashed on Wednesday.

RASHA, LOCAL RESIDENT AND WITNESS (through translator): We were sitting drinking coffee like normal and then we heard a very loud noise. Three

blasts at the same time, and then we saw the smoke, but we couldn't tell where it was coming from.

What kind of life is this? We don't know what will happen in the next hour. The last thing we could imagine is this kind of attack occurring in the

center of Beirut.

BASHIR (voice over): Both the U.S. and Israel have claimed Lebanon was never part of the agreement, despite claims to the contrary from Pakistan's

Prime Minister who helped broker the deal.

Now, fears of a further escalation, including a possible retaliation from Hezbollah-ally Iran, has left many fearful over what now lies ahead for the

people of Lebanon.

Nada Bashir, CNN in Beirut.

(END VIDEOTAPE)

NEWTON: Even as the ceasefire appears to be holding, strikes have still been ported right across the region. One hit a key Saudi pipeline used to

transport crude oil to the Red Sea and in that sense, it is supposed to bypass the Strait of Hormuz.

Clarissa Ward is in Riyadh for us tonight.

Clarissa, you know, we just had the marine traffic expert on security tell us that, look, first off, they don't see any difference in the Strait right

now. And they need far more assurances before anyone is going to make any moves.

I am wondering how that is landing there in the region, a region that really has gone through so much in the last few weeks of this conflict.

CLARISSA WARD, CNN CHIEF INTERNATIONAL CORRESPONDENT: I think there are fears across this region, particularly here in the Gulf about a number of

issues. Number one, the Strait of Hormuz, as you said, Iran appears to be implying through all their messaging that they are effectively still in

charge. That is a red line for Saudi Arabia and a number of other Gulf countries.

Number two, Iran's capacity to launch ballistic missiles. We heard earlier on from Secretary of Defense Pete Hegseth that the U.S. has severely

diminished Iran's capacity to build missile launchers, but as recently as today, Paula, during the ceasefire, at least 17 ballistic missiles were

intercepted in the UAE.

Number three, Iran's regional proxies, which are continuing to operate, whether that be Hezbollah in Lebanon, whether that be the Houthis in Yemen,

though, for the most part, they have adopted what one source here called a humbler approach during this last conflagration.

And so the real fear, not just in Saudi Arabia, but in other countries in the Gulf, is that if the U.S. is determined to kind of railroad this thing

through and then pull out without really assuring that a substantive, layered peace agreement that addresses all of the Gulf's very real security

concerns is agreed on by everybody that they then will be the ones left to contend with a weakened, destabilized, but also emboldened Iran.

So as much as people here in Saudi Arabia absolutely want to see a ceasefire and very much felt a sense of relief this morning, they also want

to be sure that the U.S. is going to embark upon this next two weeks, which is going to be very complex, Paula, we have seen the glaring chasm between

Iran's version of reality and the U.S.' version of reality.

We heard from Vice President J.D. Vance a little bit earlier, and he was really adamant that the U.S. thinks that this is in a good spot, that the

U.S. has the momentum to really try to push this forward. That will be music to the ears of many in this region who have been growing increasingly

concerned throughout the course of the day as we have seen, Israel's devastating attacks on Lebanon, as we have seen Iran's continued attacks

across the Gulf and as the precarious nature of this ceasefire has become increasingly clear -- Paula.

[16:30:39]

NEWTON: Yes. Again, tense time there, especially as those economies have been so hard hit.

Clarissa Ward, for us in Riyadh, appreciate it.

Now, a Picasso painting worth more than $1 million is being raffled off for a little more than 100 bucks a ticket. Does it sound too good to be true?

Picasso's grandson is going to tell us why it's not too good to be true. We'll speak to him after the break.

(COMMERCIAL BREAK)

NEWTON: The two-week ceasefire agreement between Iran and the U.S. is bringing some measure of relief to people in Iran, but some worry that this

war has only strengthened the hard line regime.

CNN's Leila Gharagozlou spoke with civilians in Iran to try and get their perspective.

(BEGIN VIDEOTAPE)

UNIDENTIFIED MALE: As the war went on, we realized that this war is really against Iran and not in a benefit -- for the benefit of Iran.

LEILA GHARAGOZLOU, CNN PRODUCER: In the final hours of his own deadline, President Donald Trump announced a two-week ceasefire with Iran. CNN spoke

to some Iranians who have mixed feelings. We aren't disclosing their identities for their safety.

UNIDENTIFIED MALE: I feel relieved that the escalation did not happen. That the people of Iran will not suffer. This war has brought the sort of unity

that we didn't have at the beginning of the war.

GHARAGOZLOU: The unity for many Iranians comes from their ability to survive the U.S. and Israeli military operation.

[16:35:05]

UNIDENTIFIED MALE: It's a different feeling and atmosphere from the days right after the 12-day war. When I speak to people today, there's a sense

of pride in the country that we too were able to survive this war.

GHARAGOZLOU (voice-over): After nearly a month of attacks and promises of regime change by the U.S. and opposition groups, some feel that the war

made the Iranian government stronger.

UNIDENTIFIED FEMALE: I feel that we, the regular normal people, are the ultimate losers in this. Nothing has changed. Everything is worse. I hope

at least we get some sanctions relief. How are we even going to move on?

GHARAGOZLOU: There's also skepticism about whether ceasefire will even hold.

UNIDENTIFIED FEMALE: I hope the ceasefire is genuine and not a pretext to get all the ships out of the Persian Gulf and Strait of Hormuz and then to

rearm and restart. The fact that J.D. Vance is involved and Mr. Ghalibaf is involved gives me hope that this will be a very, very serious discussions,

not like the waste of time the previous times the U.S. used as a pretext.

GHARAGOZLOU (voice-over): For others, the war continues, while still under the current rule.

UNIDENTIFIED FEMALE: Honestly, unless there are big changes they make, I think we'll keep protesting because even if they stay for now, they have to

eventually go. This can't continue.

GHARAGOZLOU (voice-over): As a fragile peace looks to take hold, some Iranians hold out hopes about the new faces in Iran's government.

UNIDENTIFIED MALE: I hope that the new leadership in Iran, which are -- is a lot more in touch with the younger generation, a lot more in tune with

what's going on in the world, more open to the idea of being part of the rest of the world and participating in the global economy.

(END VIDEOTAPE)

NEWTON: So when we talk about art, we always talk about things that are priceless, right? And art enthusiasts will often spare no expense, but they

do have to put a price tag on it for classic paintings.

Now, Claude Monet's "Nympheas" sold for, wait for it, $65.5 million in 2024. "Romans Parisiens" by Vincent van Gogh went for $62.7 million last

November, and a Picasso portrait of his partner, "Dora Maar" was bought for about $37 million in October.

Now, next week, one lucky winner could nab this Picasso piece for just under 100 euros. Think about it, that's about 116 bucks here. "Tete de

Femme" is worth about $1.2 million, although we have no way of knowing what it would actually fetch on the open market. But it's being raffled off

instead as part of a charity event for Alzheimer's research.

Pablo Picasso's grandson is supporting this initiative.

Olivier Picasso joins us now, and I want to give you a warm welcome to the program. It's good to see you.

OLIVIER WIDMAIER PICASSO, GRANDSON OF PABLO PICASSO: Thank you for inviting me, Paula.

NEWTON: You know, I am so intrigued by this whole concept that anyone, even someone who doesn't know a lot about art and isn't a collector, but, you

know, can buy this kind of a ticket and own a Picasso, you know? How did this idea come about?

PICASSO: A friend of mine got the idea about more than 10 years ago for the first edition. This one is the third edition. And she thought it was

important vision of charity by offering people the option to get a real artwork of my grandfather and to participate to humanitarian operation. So

this year you can win a beautiful artwork of Dora Maar. And if you don't win, you will participate to the research against Alzheimer's. So you will

be winning on both ways.

NEWTON: And I want to get to that redeeming nature of all of this. It is intriguing, but it is also for a great cause. And Alzheimer's itself, a

disease that is so misunderstood and there can be so much more research behind it. What do you hope to change in the path of that research with

this kind of a lottery, really?

PICASSO: And the fact is to motivate people in a different way, which is more attractive. But, you know, the Alzheimer's disease is something that

all of us will know one day for ourselves, for our siblings, family, or maybe with friends. And the research is not yet to the point to win the

battle. And the French Foundation Against Alzheimer is working internationally with researchers and doctors to find solutions.

So having the chance to contribute and to support this action is very important for us, the family. And it also contributes to the souvenir of my

grandfather, who was also helping a lot people around him.

NEWTON: And that is my next question. What do you think your grandfather would have thought of this kind of a venture?

[16:40:01]

PICASSO: You know, my grandfather was a pioneer in many ways. He has totally changed the work, the art of the 20th century. He has interest for

different mediums like ceramics, drawings, sculpting, and I think that he was always very interested about participating to new things. I will say

that it would interested by video or maybe today with the artificial intelligence, but medically I think it would be a great support in bringing

the maximum of his of his efforts to support the action.

NEWTON: Yes. It is so interesting that you say that in terms of him being a pioneer in how he view the modern world today. I have a cheeky question.

Whoever wins, can they then just go ahead and auction it off, perhaps make even more money than, you know, the investment would be a few hundred

bucks? But, you know, it's worth $1.2 million right now apparently.

PICASSO: I mean, we got these artwork from an international gallery, Opera Gallery, which has made a very special price. But I can tell you that not -

- a portrait of Dora Maar of 1941 made in the studio in Paris where my grandfather painted "Guernica." It's worth much more than $1 million. So it

will be really a big surprise. The first winner in 2014 decided to exhibit the artwork in a museum. The second one was -- it was an American guy. And

the second one five years later was from Italy.

So anyone can do what they want. They can keep it in the living room, they can show it in an exhibition, or they can resell it. And to me, the price

will be higher than the value that they are trying to get today.

NEWTON: And you say it's their choice. Your grandfather would approve of that as well. They can do what they want with it.

PICASSO: Yes. When my grandfather was giving out works, and especially, for example, to my grandmother Marie Therese, it was forever. It was a

decision. You do what you want with it. And in the case of Dora Maar, Pablo gave a lot of artworks to his lady and she kept everything until she died.

So I'm offering all options.

NEWTON: Olivier, well, we thank you. We'll keep track of what's happening again. Alzheimer's can really be such a mystifying and frustrating disease

for those who suffer from it and their family members. So we will wait to see what the outcome of this is. Appreciate it, Olivier.

PICASSO: And I must just mention that the raffle will take place next week, the 14th. So there are very few days left.

NEWTON: But there is still time. So I'm glad you pointed that out. I appreciate.

PICASSO: Yes. Thank you.

NEWTON: And thank you so much, Olivier. Thank you again.

Now, as we were saying, U.S. stocks surged on news of a ceasefire agreement with Iran. The Dow gained more than 1300 points, its best day in a year. We

will wait to see what these markets make of a ceasefire tomorrow.

And that is QUEST MEANS BUSINESS. Up next, "CONNECTING AFRICA."

(COMMERCIAL BREAK)

[16:46:06]

(CONNECTING AFRICA)

END