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Quest Means Business

Novo Nordisk CEO Touts GLP-1 Made Entirely in the U.S.; Moscow Set to Scale Back Its Annual Victory Day Parade; Apple Prepares for John Ternus to Become CEO in September; Chinese Automaker Says It Doesn't Need U.S. to Remain Market Leader. NASDAQ, S&P 500 Close Best Month Since 2020; Trump to Hear Military Options for Iran; King and Queen Departing U.S. After Four- Day State Visit. Aired 4:00p-5p ET

Aired April 30, 2026 - 16:00   ET

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

RICHARD QUEST, CNN INTERNATIONAL HOST, "QUEST MEANS BUSINESS": Closing bell ringing on Wall Street. If I sound jubilant and ebullient, that's because

that's exactly what the markets are. I will give you data on the morning in just a minute. The triple stack shows just what sort of a good day we are

having across the board.

Bring trading to a close, Sir or Madam. Come on, number two, and one. Oh, dear! We've only got two gavels on that. Well, I actually think we should

have had a few more because the NASDAQ is at a record. The best performance on the NASDAQ since April 2020 for a month, best monthly performance. I

will have many more data, a lot more nonsense because those are the markets and these are the events.

It is tech that is driving those market gains today. We will talk about it and why.

Forget TACOs, instead the NACHO trade. What does it mean?

Energy traders are betting in for prolonged closure of the Straits of Hormuz, and the CEO of Novo Nordisk on this program. Tariffs, pricing and

the cultural impact of Ozempic.

We are live in New York, well, I am, anyway. You're where you are, but it is still Thursday, April the 30th. I am Richard Quest and I mean business.

Good evening.

Tonight, you've just seen the close of the market where U.S. stocks rallied the best months in years. The Dow was up nearly 900 points higher at one

point during the day. You have an S&P that's up 10 percent on the month and the NASDAQ that's at a record, emphatic finish. The NASDAQ has climbed

about 15 percent in April alone hasn't done that for six years.

The S&P -- I mean, just the superlatives are everywhere and all against a backdrop of uncertainty of the war in Iran.

Brent briefly traded today at a $126.00 a barrel. Now, it is down at $113.00. David Goldman is with me.

David, I mean, just a raft of superlatives about the market. But it -- you know, why? What is -- what is it? Is it divorced from the reality of a war

that's taking place and economies under strain because of higher oil prices?

DAVID GOLDMAN, CNN BUSINESS SENIOR REPORTER: Yes, it sure seems like that. I mean, it seems like markets are living in this alternate universe, but I

would say that they are not living in an alternate universe. They are living on an alternate timeline because what is happening is they are

looking ahead.

So they feel -- investors feel like they have appropriately priced in the war in Iran, and so despite all of the headlines about the economic

consequences, the rising oil prices, the rising gas prices that affect real people, they said, we got that, we understand that, we will take a look at

other things like tech earnings. Those were big. That is a huge factor in what is going on right now.

A.I. development, all of that is now being factored into these higher prices.

QUEST: But David, before we had the war, the talk was about A.I. and whether it could sustain these upper valuations and whether or not --

whether we call it a correction, a crack, whatever, have those reservations gone away as a result of earnings? Is there concrete under this market?

GOLDMAN: Well, it depends on which company you're talking about. I mean, certainly Microsoft and Meta didn't impress Wall Street yesterday. They are

both down, you know, in the high single digits today. Alphabet did, and so a lot of this is about how much money do these companies realistically need

to spend in order to, you know, get this A.I. competition that they so feverishly want?

QUEST: Okay, but --

GOLDMAN: Yes, go ahead.

But you're right. But Caterpillar was also one of the stocks today, which begs the question, are the gains that we are seeing still Mag Seven

predominantly? Is it still Mag Seven driving this?

GOLDMAN: Well, today, certainly the Dow is, you know, boosted by Caterpillar. That is absolutely the case. And I think that you know that's

a relief to a number of folks who are looking at construction in particular. That's a good bellwether there for the economy.

So, you know, yes, that is a good thing today, but remember those Mag Seven stocks make up a very, very large percentage of the S&P 500.

[16:05:10]

And so we need those stocks to do well for the stock market to do well. They are doing quite well over the past several weeks.

As you mentioned, the NASDAQ is up what -- 15 percent in the span of a month. So, that's given a nice floor to the market.

QUEST: David, I am so grateful. David Goldman joining me. Thank you, sir.

GOLDMAN: Thank you.

QUEST: Well, stock prices are rising. Energy investors are still concerned about what is happening in the Middle East.

A source telling us, commanders are briefing the President on new military options on Iran. The administration is trying to pressure Tehran back to

the negotiating table.

Nic Robertson is in Islamabad.

Yesterday, it was just nonstop President Trump saying he wasn't going to have his negotiators flying 18 hours for a piece of paper that they could

just as easily send over telegraphically. This doesn't bode well for talks.

NIC ROBERTSON, CNN INTERNATIONAL DIPLOMATIC EDITOR: Richard, I have to say, this is an incredibly serious moment. I mean, you and I have had some

conversations where news has broken around us and I think very much, this is the moment that everyone is waiting to see.

It is very, very serious right now. It is all eyes on Iran. The rhetoric coming from the Iranian leadership has been very strong today. The message

-- written message purporting to come from the Supreme Leader, Mojtaba Khamenei was very strong, saying that the United States Navy would be at

the bottom of the sea because they were just another set of greedy invaders coming to the region.

And he pointed out to regional countries that, having American bases didn't make them safe. He again reiterated what the Iranians have been saying. It

doesn't fly with any leader around the world that they want a new administration in the Strait of Hormuz and he said that would economically

benefit the people of Iran.

We've had any number of hard line messages from the Iranian leadership, you know, the President there saying that a U.S. blockade isn't going to work.

It is a blockade on a blockade. Each side thinks they can inflict more pain on the other. That's been the rhetoric to this moment.

But I think we are now in the hours where the expectation is that Iran will have to provide an answer. I think President Trump, we've seen has not been

putting on Truth Social messages as strong and perhaps apocalyptic as he was indicating yesterday, "No more Mr. Nice Guy." It hasn't been that

today.

But I think that sense that he is waiting, that this is the moment, we are coming up on it, Richard, right now.

QUEST: Okay, but this idea of military commanders giving more options and no talks, as you say, an extremely serious moment. Now, many of us, I

think, I put myself in that category, had thought that once fighting had stopped, it would be quite difficult psychologically, if not militarily, to

get it started again.

But if I am hearing you rightly, that's not really a -- that's not the case.

ROBERTSON: Yes, the ceasefire was all about trying to find a way to have negotiated talks and J.D. Vance flew over here and it didn't work out and

there was a real sense from the Iranians that the U.S. was moving the goalpost and a sort of a sense of disappointment, even I sense in the room

with J.D. Vance, the Vice President himself, a sort of sense of surprise on his part.

It didn't work then, but there has been back and forth over the more than two weeks since then, and at some point, you give talks only a certain

amount of time.

Look, President Trump is not particularly known for his patience. He likes to get things done and as you've been discussing, although the markets are

doing tremendously well, the people at the gas pump are noticing that they are paying more for their gas and it is set to potentially get worse.

So there is pain on both sides, there is a limit of patience very much in the U.S. and I think, you know, I think that's where we are. You can only

talk for so long, you know, in this kind of environment where there is an Army waiting in one place and military forces waiting in another.

Look, we've all been watching the air traffic move throughout the region over the past half a week or so and seeing the increase in heavy military -

- U.S. military aircraft moving into the region, the pieces are in place -- three aircraft carriers. The scene is set.

QUEST: I am grateful. The message is particularly serious, but I am grateful you're with us tonight, Nic Robertson. We will talk more. Thank

you.

This uncertainty, the whole area of the Strait of Hormuz has prompted a new acronym on wall street. Now, you are familiar with, let's see if I can get

it to stand up properly.

[16:10:10]

The TACO, well, it is not going to stand -- there we go.

The TACO, which of course, Trump Always Chickens Out. Now, let's go from TACOs to NACHOs. And the NACHO stands for. Of course, Not A Chance the

Hormuz Opens -- Strait of Hormuz opens. It reflects a fear that the Strait's closure will not be short lived, particularly as the

administration is pressuring foreign governments to help support freedom of navigation in the Strait.

Andrew Lipow is the president of Lipow Oil Associates with me from Houston, Texas.

The sort of variant of the NACHO is that the market has pretty much accepted that the Straits are not going to open any time soon. Is that a

fair assessment or not?

ANDREW LIPOW, PRESIDENT, LIPOW OIL ASSOCIATES: Well, I think that oil prices could continue to go up the longer that the Strait is being closed.

After all, we are losing a net of about 14 million barrels a day of crude oil and refined products, the total loss since the war has begun is in

excess of 750 million barrels.

And the problem that the market has is once we run through the Strategic Petroleum Reserves that have been released by various governments and the

commercial inventories that are available, what do you do then to make up the shortfall?

QUEST: Well, I guess the answer is you don't, and that's where you get the shortages and that's where you get to -- but the economic damage that is

taking place now, you know, with tariffs, you talk about tariff substitution. Eventually human behavior buys other goods. They shop

elsewhere. The tariff ceases to have as much power as it did.

Is there anything equivalent in terms of our behavior that we will adapt so that this oil, this lack of oil becomes less relevant?

LIPOW: Well, there are two choices in the near term. Either prices go up and that encourages demand destruction, or you have rationing, which is a

form of demand destruction put in by governments and we are actually kind of seeing both.

You see lower demand through many countries in Southeast Asia, and you see cooking gas or LPG being rationed in India and China as countries take

steps in order to try to cope with the shortfall.

QUEST: Is there an unrealistic reality here in the United States? I am in New York, you're in Houston, where at the moment the only effect seems to

be gas prices have gone to four to four-and-a-half dollars a gallon, and people are getting hot under the collar. But there is no talking of

rationing, fuel supplies both for jet fuel and for others are there and they are not likely to be affected seriously for months, though it is the

rest of the world that's bearing the brunt here.

LIPOW: Well, that's certainly true. I mean, you saw, you know, the jet fuel crisis, if you will, spread from Asia to Northwest Europe and to a lesser

extent here in the U.S. because the airlines are canceling flights and reducing schedules, but what is really concerning is if you were to look at

diesel inventories in the U.S., down 17 percent since early February.

Gasoline inventories, as we go into the driving season, down 14 percent since early February, and so, this does not bode well as the U.S. is

exporting record amounts of crude oil and refined products to satisfy shortages elsewhere, and you simply cannot continue the drawdown

indefinitely.

So there is going to be a crunch point and I am very concerned about diesel inventories reaching a critical level over the next month.

QUEST: The President believes that people will be prepared to pay higher gas prices. It is a price that will have to be paid. However, have a listen

to what he said today on the question of when prices might fall and I would like to hear your thought.

(BEGIN VIDEO CLIP)

DONALD TRUMP (R), PRESIDENT OF THE UNITED STATES OF AMERICA: The gas will go down. As soon as the war is over, it will drop like a rock. There is so

much of it, it is all over the place, sitting all over the oceans of the world and it will go down.

But what won't happen is, if Iran had a nuclear weapon and used it, then the whole world is a different place.

You're not going to have to pay a little bit more for gasoline. The gasoline and the oil will go down rapidly as soon as the war is over.

(END VIDEO CLIP)

QUEST: Do you go along with that? The price will go down the moment the war is over?

LIPOW: Well, I do. I think the market would react to the end of the conflict, and you'd certainly see crude oil prices drop $10.00 to $15.00 a

barrel, that doesn't mean supply is going to immediately be replaced throughout the logistics system, but I think the market will react and that

would cause the gasoline futures and wholesale prices to drop as well.

[16:15:14]

But where I do disagree is it is not necessarily true that gasoline is just floating all over the place and it is just waiting for someone to buy it.

There is in the normal course of business, gasoline is moving amongst the different continents.

The U.S., we are moving gasoline to Australia.

QUEST: I am grateful.

Andrew, look, lets agree, you and I that we will talk more on this because I need your insight. You are well plugged into the markets and how this is

going to move forward. Thank you, sir.

It is QUEST MEANS BUSINESS live tonight from New York. King Charles and Queen Camilla are wrapping up their State Visit to the United States. They

will be flying back to the U.K. today. We will you about the last public appearance in the state of Virginia, in a moment.

(COMMERCIAL BREAK)

QUEST: All right, any moment now, the King and Queen will leave the United States. They are heading to Bermuda. It is the last day of their visit.

They are in Virginia, where they laid the wreath and flowers at the Arlington National Cemetery, of course, commemorating the fallen and honor

the military partnership between the two countries.

Afterwards, they went to a community block party celebrating the 250th anniversary of American Independence.

Max Foster is in Front Royal, where the block party took place. We are keeping an eye, Max, on the pictures of the Royals. I must admit, I am very

impressed by your country chic that you've drawn out for us today. Looking suited --

MAX FOSTER, CNN ROYAL CORRESPONDENT: Is that what you called it, Richard? What did you call it? What did you call it?

QUEST: All right, middle age crisis, but there we go.

Listen, talking of it, we are about to see Their Majesties coming off the helicopter. Give us an assessment on how you think the visit has gone. You

are very close to the whole thing. You know what the palace is thinking. Their Majesties are coming off the helicopter. Tell us what you think.

FOSTER: Well, I did want to -- I was very keen to come here because this was the small town America event, meeting regular members of the public. I

wanted to know what they thought of it all, because we've obviously been talking about what President Trump thinks and members of Congress, but

actually we obtained a video from someone who was in the crowd, and you could hear people saying, "Thank you for the congressional speech."

[16:20:10]

So I thought it was really interesting that a lot of people in America looked at that speech, which was pretty punchy in places, and thank you for

addressing that to the President. Someone who -- he listens to Charles.

So that's -- I thought that was really interesting and overriding impression.

QUEST: Now we are seeing the King now walking across the apron and am I right, the King -- are they both going to Bermuda or is Her Majesty

returning back to the United Kingdom and he is going on his own to Bermuda?

FOSTER: Yes, that's does quite often happen. The Queen will do the key elements of a visit and then go back and they will go their separate ways.

It is an interesting visit that they are going to address the slavery issue in the Caribbean, which is a very hot topic, so more politics as they head

over that way.

There has been word that perhaps J.D. Vance is heading to the airport as well, so let me know if you see him. I think that that really indicates, a

sign from the president about how important this visit has been, you know, to get that ultimate sendoff really.

QUEST: We did see one helicopter arrive, but I can't see the Vice President there. Overall, I think people have been incredibly impressed with how

dignified he has done it. I mean, those of us who cover and are used to it are used to this sort of thing, but he managed to hold it all together

quite brilliantly.

FOSTER: Yes, well, he took a lot of risks in that speech, didn't he? A lot of the things that could be interpreted by President Trump as criticisms,

but it wasn't received as criticisms and that's probably the genius of that big speech and I think he probably saw moments like, you know, when he was

talking about holding the executive to account that was actually addressing Congress, you know, do your job when lots of people felt it was pointed at

the President.

So I think the President actually saw some of the nuance there. This is clearly someone he is committed to and gets along very well with, and is

willing to receive criticism from, which is I can't really think of anyone else on the global stage who really has that presence with the President.

So, it is a very powerful position to be in. I think a lot of people around the world looked at what he was saying and said, he speaks for us.

QUEST: Trisha Goddard is with me, Royal watcher, British T.V. presenter, Trisha, we are looking at the pictures of His Majesty now going down the

red carpet towards the aircraft of the Royal flight, which I think, the plane that was originally called Blair Force One, but anyway, Trisha, what

do you make of the whole business?

TRISHA GODDARD, ROYAL WATCHER: I agree with Max and it is interesting, Max, you were just saying about how people in New York were applauding the

King's speech.

I can tell you, as you well know, before the King came, there was what -- close to 50 percent of Brits against him visiting the USA.

I would be interested to see another poll, because just talking to my friends back in the U.K., a lot of them were really pleased and surprised

at King Charles' speech to congress, and the little pushback, you know, like when President Trump talked about how the British would be speaking

German if it wasn't for the yanks, so to speak and Charles pushed back, well, you would all be speaking French.

He did it in such a brilliant way. He made points that I think people scream into their pillows about, as Max mentioned, checks and balances, but

also the environment, don't you think? I mean, that slipping about from the melting polar ice caps. You know, I just thought it was brilliant.

QUEST: And there is the last wave of the King as he goes on board and the Royal cipher there you can see C.R. on the side.

Max, I will let you get on with your duties. When are you returning back to the U.K., Max? Tonight?

FOSTER: In the morning, Richard, I will see -- well, I won't see you tomorrow, but will be back in London tomorrow.

GODDARD: Oh! Night off.

QUEST: All right, safe flight to you, Max. I will continue and thank you. I will continue with you, Trisha. Stay with me for a second, Trisha.

The Carolean Age that is now underway. The core point about what we've seen is, you know, at one level, Trisha, the King did his job. This is what he

is paid to do, but he showed the decades of experience that got him to this point.

GODDARD: I couldn't agree with you more, and the other thing is that, I mean, having met Charles myself and Camilla a number of times, they make

you feel like you're the only person in the room and I think that's a quality that not many people have. Of course, Her Majesty had that and I

really think that beam of camaraderie and what have you has really worked with President Trump.

[16:25:10]

And as you said, I mean, if you took exactly the same script of what King Charles said and put it in those -- let's say, had the Pope say those

things, you know, when you think back to some of the things that the Pope talked about, not dissimilar from King Charles, you know, about peace and

coming together and the President didn't like that.

But as you said, he has, you know, accepted that criticism from the King.

QUEST: You really did just sum it up, the late Queen, it is that ability she had -- and he has the ability to make you feel you're just the person

they were hoping was going to come through the front door and talk to them.

GODDARD: There is nobody looking over you. They're not looking over your shoulder, the next person, and there are lots of next people who want to

talk to Royalty.

QUEST: I am going to just throw this in and this is the last question, Harry and Meghan not joining. I understand if they brought the

grandchildren over, it would have completely overshadowed everything else. So we shouldn't read anything into it.

Harry would have been very aware that anything he did with the kids and the King would have overshadowed the important constitutional work that had to

be done.

GODDARD: Yes, and you would have had lip readers trying to work out what they were saying. It would have turned very much against Harry and Meghan.

So there was no -- I mean, people are reading into it all sorts of things. But as you say, let's not confuse family matters with matters of the state.

They are two very different things and they are kept well apart.

QUEST: So when he gets back, he gets back to a country that is in some difficulty at the moment. The antisemitism at the moment, you know, I mean,

Charles has always talked about being defender of faith. The whole antisemitism is absolutely in an uproar at the moment in the U.K.

Keir Starmer made some very strong statements today, but the King will be very troubled by all of that.

GODDARD: Exactly. And of course, he comes back to a country where things like they are worrying about fuel prices again and you know, and stability.

And I think -- they are two very different things, don't you think, Richard? Because the States has never had a war really on its soil. It is

not as close to Iran, if you like, as the U.K. It probably won't suffer as much as the U.K., and the King is coming back to all of that uncertainty.

And as you say, the antisemitism. Can he do what he has done in the U.S.? You know, talk about coming together. Can he sort of work the same magic in

the U.K. because I think, you know, they could do with every drop of a rousing speech that he has got possible, you know, that's left in him.

And can I just add, as a fellow person living with cancer, we shouldn't forget how taxing all of this is --

QUEST: Yes!

GODDARD: -- and has been on king Charles and he has been up early, he has worked relentlessly. So I think it is even more -- I mean, yes, the Queen

did such things, but living with cancer and being in treatment still and doing that, I am telling you, it is -- for people like myself and the

millions, the six million people in the U.K. going through some sort of chronic disease, seeing King Charles do this is like, whoa, maybe I can put

one foot in front of the other and get out of bed this morning.

QUEST: Trisha, I hope you'll take the compliment that tonight, you are on sparkling form, sparkling, ma'am, if I may say so.

GODDARD: Oh, bless you. I love working with you. It's you.

QUEST: Lovely to see you. Thank you very much indeed.

GODDARD: I love working with you.

QUEST: Oh, Trisha Goddard joining me.

Now, talking of sparkling form, you may think the weight loss drugs would hurt the food industry. Well, Hershey and Magnum say they've adapted and

even benefited from drugs like Ozempic, in a moment. It is QUEST MEANS BUSINESS. We may just -- if we are lucky, see the King's plane take off.

(COMMERCIAL BREAK)

[16:32:39]

QUEST: Hello, I'm Richard Quest. Together well have QUEST MEANS BUSINESS. A lot more.

The CEO of Novo Nordisk tells us the company is protecting itself from U.S. tariffs. Apple is going to release its quarterly results as it prepares to

move on from Tim Cook. And we'll get to only that when we've had the headlines because this is CNN, and here the news always comes first.

U.S. House lawmakers have approved funding for the Department of Homeland Security. It's ending a more than two month shutdown at the agency. The

funding bill reopens key parts of the DHS, and that includes the transportation security, the TSA. It lacks funding for federal immigration

enforcement. The bill goes to President Trump for his signature.

The state visit of King Charles and Queen Camilla has concluded. They met briefly with President Trump and the First Lady Melania Trump at the White

House. They then were at Arlington National ceremony, where they laid a wreath. The king is now about to return to -- the king is going on to

Bermuda, where he will have more talks and meetings.

I beg your pardon there.

FIFA's president confirms that Iran will compete in the 2026 World Cup and play matches in the United States, saying, we have to unite. President

Trump had suggested it would be inappropriate for Iran's team to compete. He says now if it's OK with FIFA, then let them play.

Two major food companies that say weight loss drugs have not been bad for business. Magnum shares were up 14 percent after it said that sales grew

4.5 percent. The company says people are moving towards bite-sized ice cream, calming fears that weight loss drugs would hurt demand. Hershey says

Ozempic has actually been good for business. One of the side effects, bad breath, helped boost gum and mint sales.

Ozempic has become synonymous with weight loss drugs, although it's hardly the only one. Novo Nordisk produces Ozempic is facing stiff competition.

Eli Lilly reported blockbuster results. Now Eli Lilly is Mounjaro and Zepbound.

[16:35:03]

Novo Nordisk's CEO Mike Doustdar told Anna Cooban that his company has an advantage -- protection from U.S. tariffs.

(BEGIN VIDEOTAPE)

MIKE DOUSTDAR, CEO, NOVO NORDISK: Tariffs impacts us as well but to a lesser extent, I would say. Think about our latest launch of Wegovy pill in

the U.S. It's the only GLP-1 product that is right now produced in the U.S. from end-to-end. And if you think about this Wegovy pill from the creations

of the raw material all the way to tableting of the product, to packaging it, and of course, to shipping it, it's all made in the U.S. by Americans,

for Americans. That's very unique.

Many of my competitors take their raw material from China, often to Ireland or somewhere else. Cheap produce that and then bring it to the United

States. We have never done that. And it was before this administration that we started on this endeavor. But the dialogue about let's have a more

affordable price is a very valid one and music to my ear. The counterpart of that is that when the price comes down, you expect the number of the

patients and the so-called volume to increase. So you can actually have also a good financial situation for your shareholders.

Think about Medicare, elderly people that probably my product is the best product for them because coming back to the best GLP-1, is it the one with

the highest magnitude of weight or the one that protects your heart? You can do your own research and tell me, for a Medicare population that

actually is 65 and older, which product might be more beneficial. It was very dear to us to open up that population. And if that meant we need to go

down on our prices and make it more affordable, that's OK.

ANNA COOBAN, CNN BUSINESS AND ECONOMICS CORRESPONDENT: These drugs, they're not just medications. They, or Ozempic especially, has become part of a

cultural conversation around diet culture, body image issues. I just wonder what you make of all of that. I mean, it seems that people are going to

their doctors asking for this medication, whereas before you would imagine that it would be the other way around. A doctor would be recommending to

the patient the kind of medication they want. What do you make of all of this?

DOUSTDAR: Obesity is synonymous in many cultures still with shame, bullying, being made fun regardless of your age. People want to solve their

problem and they want to solve their obesity problem fast. That's why they go through the cash channel and not wait for the insurances to pay for it.

And that's why they sometimes get help from one another on social media and go through the e-health channels rather than the traditional pathway.

Our job is to make sure we, of course, echo that these are serious medications, echo what the label is all about. Make sure that basically

people understand the pluses and the minuses of taking these drugs, making sure people do not replace them for diet and exercise, but also be there

for the patients where they want to be. That's why we are increasingly working with our partners, be it Amazon Pharmacy or Ro or Hims and Hers or

LifeMD or Costco.

COOBAN: Does it concern you that people may have to take this for the rest of their lives, though, that if they stop taking it, the weight comes back

on?

DOUSTDAR: Not at all. I actually wish people would recognize that obesity, unfortunately, is a chronic progressive disease. It's not their fault.

There is something basically different hormonal inside their body, misbalances that we're trying to help and solve, but we have not yet

unfortunately found a cure to obesity. It's not a cure. It's a treatment.

COOBAN: So you've got a very international market and we can't, you know, extract geopolitics from what's happening. You've got a war between the

U.S. and Israel with Iran. How is that impacting your business? Energy costs, supply chains. Take me through the impact.

DOUSTDAR: We are probably less impacted if you are a consumer, a direct consumer or direct producer of oil, but indirectly that hit us. Obviously,

we buy raw materials, we ship our goods around the world. And all of those, of course, can be further delayed or become more expensive. Novo Nordisk

produces half of the world's insulin, which means we're bigger than all of our competitors combined.

And every country has a lot of insulin users, and it is good for us to focus on those patients and make the patients our politics and try to be

there and making them healthy.

COOBAN: But on the personal side of things, you were born in Iran. What are your reflections on what's happening right now?

DOUSTDAR: I left Iran as a young teenager and of course I still have vivid memories of that country and a special connection also due to my parents

coming from that place. But nevertheless, I really try to stay unbiased and feel bad for any innocent person that is a victim of war. And because of

that, I hope for quick remedy.

[16:40:03]

I want the whole thing to go away. But of course, I have as a responsibility managing Novo. We have an office in Iran. I really want to

make sure that our employees are safe.

(END VIDEOTAPE)

QUEST: So that's the CEO of Nordisk.

Now, that is a live picture of Andrews -- Joint Base Andrews. Basically the king's plane has taxied out to the end of the runway. Now we're just

waiting for it to turn around and taxi back down again, or at least do its takeoff run, which we may or may not see in the next few minutes or as long

as I'm talking to you on this.

The king is leaving for Bermuda. The queen will return to the United Kingdom. Their four-day visit coming to an end. So we can't see the plane.

If we do see it in the next few moments, then we'll -- well, we could always turn the tape and we'll show you what it looks like. Not that you

haven't seen a plane taking off before, but it's always nice to see his majesty's plane going on to Bermuda.

The Russian economy could get a major boost from higher oil prices. Moscow could use a windfall. The war in Ukraine has taken its toll. Fred Pleitgen

has a report coming up after the break.

QUEST MEANS BUSINESS.

(COMMERCIAL BREAK)

QUEST: Pictures from a few moments ago. There is the king's plane and A-330 taking off from Joint Base Andrews. His majesty heading to Bermuda, where

he'll be -- where as Max Foster was telling us it could be the issue of slavery that will be very much on, or form of slavery could very much be on

the agenda and what his majesty will say about that. Her majesty, the Queen Camilla wasn't with him. She's going to be doing some other things and then

heading back to the United Kingdom.

The conflict in the Middle East has pushed oil prices to a four-year high. Brent briefly over $126. Now it's $114, give or take. West Texas also

trading at more than $100 a barrel.

More expensive oil can cause a deep amount of pain. High oil prices should, however, some relief to Russia's economy. Obviously, the war in Ukraine is

taking a huge toll. But of such a massive exporter, then Russia will gain enormously. Russia is planning a scaled back parade on May 9th, marking the

defeat of the Nazis in World War II.

However we put it, President Putin is facing some serious problems on the economic front. And it gets worse as Ukraine hits Russia's oil refineries.

[16:45:08]

Fred Pleitgen reports.

(BEGIN VIDEOTAPE)

FREDERIK PLEITGEN, CNN SENIOR INTERNATIONAL CORRESPONDENT (voice-over): Another day, another massive fire at a Russian oil refinery, this time near

Perm in the Ural Mountains the installation hit overnight by Ukrainian drones.

Kyiv has launched a massive aerial war of attrition against Russia's main economic lifelines, oil and gas. A few days ago, drones struck a refinery

in Tursi in the south, leading to a massive toxic blaze that took days to extinguish.

Drone strikes against civilian infrastructure are becoming more frequent, Russian President Vladimir Putin admits. The latest example involves

strikes on energy facilities in Tursi, which could potentially lead to serious economic consequences.

And serious security consequences as well. Moscow announcing it's drastically scaling back the annual May 9th Victory Day Parade

commemorating the defeat of Nazi Germany just as first rehearsals get underway in the Russian capital. Vladimir Putin even offering to observe a

ceasefire on that day as the Kremlin acknowledges Ukraine's bombardment makes securing a large event unfeasible.

Against the backdrop of this terrorist threat, all measures are, of course, being taken to minimize the danger, the Kremlin spokesman says.

Russia's ongoing combat operations also taking an increasing toll on Moscow's economy. Recently contracting. Videos like these springing up on

social media. Olga Sidorova from Chelyabinsk saying she's forced to close down her clothing stores after 16 years.

"I started selling clothes in my apartment. Now it's a chain of stores. Everybody knows my stores in the city, but now the time has come to say

goodbye to my so-called child. This is like a little death for me."

Tatiana Semkina in Omsk in Siberia saying she's shutting her cafe after 20 years. "We've run out of energy and no longer have the financial means to

continue," she says.

The Kremlin, though, says it still has both the means and the energy to continue what it still called its special military operation. Vladimir

Putin telling U.S. President Donald Trump all of Russia's goals will be achieved.

Fred Pleitgen, CNN, Moscow.

(END VIDEOTAPE)

QUEST: Apple has just released second quarter earnings as it prepares for the John Ternus era, and we'll look at the numbers in a moment.

QUEST MEANS BUSINESS.

(COMMERCIAL BREAK)

[16:50:28]

QUEST: Apple has just released quarterly results only 10 days after announcing Tim Cook was stepping down as CEO. The shares are down.

Clare Duffy is with me.

Huge numbers involved here. $111 billion in revenue. So what do the results show?

CLARE DUFFY, CNN TECH CORRESPONDENT: Well, Richard, this was a solid quarter for Apple. And the question coming into this report was what are

the state of iPhone sales. How is demand for the iPhone 17 lineup. And outgoing CEO Tim Cook reporting that there was extraordinary demand for the

iPhone 17. This is the second consecutive quarter where iPhone sales have been up 20 percent year on year.

That's a big deal for Apple, given the fact that over the past few years, we've seen some rocky ups and downs in terms of Apple's iPhone sales. I

will also note that services are growing at a healthy clip as well. Things like Apple TV Plus up 16 percent year on year. That is going to be

especially important for Apple, given the fact that Apple is going to have to be dealing with this shortage in memory chips.

Apple is competing with the big A.I. data center builders for those memory chips, and that could start to weigh on its margins and make components

more expensive for its devices. Its services business helps to sort of smooth out the growth curve, given that it's not as reliant on that

hardware business. But of course, the numbers are only part of the story here. We're going to be watching in just a few minutes for what they say on

the call about this leadership transition at Apple.

QUEST: And as that transition takes place, it's a solid way for Tim to leave, Tim Cook to leave, not the world's most dynamic speaker or CEO, but

by far and away he solidified Apple's position.

DUFFY: He is an operational mastermind. He has proven that this is a company that can print money. He has built this ecosystem around Apple's

gadgets. I think the question for the John Ternus era and what Apple is signaling it wants to do is to get back to being a hardware innovator. And

so I think that's the -- that's the thing that investors are hoping to learn more about is where is Apple going to start pushing the envelope in

terms of its gadgets? And can it really get ahead in terms of developing A.I. gadgets that will give people access to the A.I. software that so many

other builders are focused on?

Apple hasn't been investing as heavily in that space. So can it build gadgets to sort of create a business for itself in this A.I. era? That's

what I think people are wondering.

QUEST: Quick, quick one on Meta. Shares down quite sharply. You know, Meta just does not have the B2B relevance as the other Mag Seven do. And they're

trying to get there and they're spending a small fortune to do so.

DUFFY: That's the big problem with Meta. It is investing so heavily in A.I. data centers. It raised its full year capital expenditure guidance by

another $10 billion last night. And yet investors are saying what exactly are you doing this? It is benefiting Meta's core ad business. But it

doesn't have the Cloud computing business that the other big tech companies have. It's not renting space on those data centers.

So I think investors are still waiting to hear more clarity on what the future business model is. Mark Zuckerberg is talking in these lofty terms

about building personal superintelligence for everyone, but it's not clear what that looks like and what the monetization strategy is going to be yet.

QUEST: I'm grateful for you. Thank you very much, Clare Duffy.

The world's largest electric car company has told us it doesn't need the United States to stay on top. The Chinese automakers remain largely shut

out of American markets because of tariffs and national security concerns.

Simone McCarthy spoke to BYD's executive vice president, who said even without the U.S., they're doing just fine, thank you.

(BEGIN VIDEOTAPE)

SIMONE MCCARTHY, CNN INTERNATIONAL CORRESPONDENT (voice-over): These three letters have the world's car makers quaking. BYD. The Chinese car

manufacturer seems to have cracked the code on producing affordable batteries for electric vehicles and now sells more EVs than any other

company. But thanks to Washington's heavy restrictions on Chinese automakers, U.S. consumers won't be able to buy a BYD anytime soon.

STELLA LI, EXECUTIVE VICE PRESIDENT, BYD: Without the U.S. market, BYD is still the leading position.

MCCARTHY: You're confident.

LI: Very confident.

MCCARTHY (voice-over): A quick look at the numbers tells you why BYD feels so secure. It bested Tesla in global EV sales last year. Even without

access to the world's largest economy. The U.S. government has effectively barred Chinese EV makers from importing their cars into the country, eyeing

their expansion as a threat to domestic production and national security.

[16:55:07]

LI: My best wish is with President Trump's visit to Beijing, then you start a dialogue, then you see the business opportunity. This U.S.-China

relationship is a win-win.

MCCARTHY (voice-over): At this year's Beijing Auto Show, BYD put on a show of force. An entire hall dedicated to its brands. There's clamor for all

those cars overseas, especially as the Iran war drives up prices at gas pumps.

LI: We have more global Chinese brands, and for sure.

MCCARTHY (voice-over): BYD needs its overseas growth to offset fierce competition in its home market.

LEI XING, FOUNDER, AUTOXING: BYD, right, they were flying up until 2024 and then '25. So far this year they've had a lot of pressure.

MCCARTHY (voice-over): The company reported its first annual profit drop in four years in 2025, amid a brutal price war, and its net profit more than

halved year on year in the first quarter of 2026. Its answer to driving forward, tech, including super-fast charging. Batteries that can charge

from 20 percent to 97 percent in 12 minutes, even in cold temperatures.

BYD is also racing carmakers globally to develop more advanced assisted driving systems and investing in hardware and software to roll that out.

LI: This will make us more powerful in the future when the A.I. more mature.

MCCARTHY (voice-over): Simone McCarthy, CNN, Beijing.

(END VIDEOTAPE)

QUEST: And you and I, we'll take a "profitable moment" after the break.

(COMMERCIAL BREAK)

QUEST: Tonight's "Profitable Moment," on this show, we were talking about oil and how the market will adjust as the crisis of the Straits of Hormuz

continues. And nacho, that the never going to open the Straits of Hormuz, as that seems to become more of a reality, the one aspect is what does

happen. Well, countries like the Philippines and elsewhere in Asia are having some serious difficulties and having to ration fuel.

Europe is wondering what's going to happen over the long, hot summer for jet aviation fuels. And here in the United States, there's almost a

surreal, as if it's not hitting the economy yet, which to some extent it's not, except for gas prices. The rest of the world is bearing the cold from

the U.S. having adopted the war in Iran.

That's the way things look at the moment. But with no talks in play, as Nic Robertson said to us tonight on the program, the situation is getting

beyond serious.

And that's QUEST MEANS BUSINESS for Tonight. I'm Richard Quest in New York. Whatever you're up to in the hours ahead, I do hope it's profitable. You

and I will be here tomorrow, we'll have more. It's a Friday night.

END