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Quest Means Business
Ceasefire In Question As U.S. And Iran Trade Fire; U.S. Average Gas Price Approaches $4.50 a Gallon; Intel Report: Kremlin Tightens Security Around Putin; United Plane Hits Truck During Landing At Newark Airport; GameStop Makes Daring $55B Takeover Bid For EBay; Bezos' Sponsorship Of 2006 Met Gala Sparks Backlash. Aired 4-5p ET
Aired May 04, 2026 - 16:00 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
[16:00:20]
JIM SCIUTTO CNN HOST: As you see there, the Dow now at session lows. Oil prices, on the other hand, are spiking as investors track a new escalation
in the Middle East.
Those are the markets and these are the main events: A series of attacks along the Strait of Hormuz threaten to plunge the region back into open
conflict.
GameStop makes an unsolicited takeover bid for eBay, a company four times its size.
And dramatic dashcam video captures the moment a United Airlines jet slammed into a bakery delivery truck. The NTSB says it is investigating.
Live from Washington, it is Monday, May 4th. I am Jim Sciutto, in for Richard Quest, and this is QUEST MEANS BUSINESS.
Good evening to you.
Tonight, the U.S. and Iranian militaries are trading fire as tensions in the Strait of Hormuz soar once again. U.S. Central Command says it, "blew
up six small Iranian boats in the Strait" in response to Iran launching cruise missiles, drones and small boats at U.S. Navy warships. The U.S.
military says that Iran also attacked commercial ships under its protection.
President Trump told Fox News that Iranian forces will be, "blown off the face of the Earth" if they target U.S. ships in the Strait or in the
Persian Gulf. The UAE says it has come under fire as well, condemning what it described as treacherous Iranian attacks on civilian sites. The UAE says
that three Indian nationals were hurt in an attack on an Emirati oil port.
Nic Robertson is in Islamabad, and Nic, this is still called a ceasefire, but it does not appear that the fire has ceased. What is the mood in the
region? Do they see this ceasefire falling apart?
NIC ROBERTSON, CNN INTERNATIONAL DIPLOMATIC EDITOR: I think there is a real effort underway to make sure that the ceasefire doesn't fall apart. I think
the diplomacy that Pakistan is trying to put in place is still ongoing, still conversations going on with the United States, with the Iranians.
Obviously, it is going to be up to both sides how things play out over the next few days. The escalation today, very clearly sort of taking out of the
conversation mode and really putting it into the kinetic mode, those numbers of strikes, cruise missiles, ballistic missiles, drones, incoming
to the UAE, Oman as well, also two people injured there when an Iranian missile hit a civilian residential building.
So the scene is set for potential more tension. Iran very clearly responding to Project Freedom and the implementation of Project Freedom.
The CENTCOM saying that two civilian vessels were able to exit the Strait of Hormuz. U.S. flagged civilian vessels able to exit the Strait of Hormuz,
a guided missile destroyer they say was able to get into the Arabian Sea.
So sort of proving in part, technically, the possibility of getting shipping in and out of the Strait of Hormuz, but it really is going to
depend on insurers and the willingness of mariners to take on that risk, and that is what Iran has attempted to demonstrate today, that any effort
to get by its blockade is going to be met with a military force.
So is there going to be an escalation of that on Tuesday, or are both sides sort of going to take a pause, take a beat and go back to their negotiating
conversations?
Really, that isn't clear. But I think it is fair to say that the ceasefire is not dead because those efforts to maintain that conversation still
continue.
SCIUTTO: Yes, although I suppose in the meantime, something of a game of chicken, right? To see how far each side can contest the ceasefire.
Nic Robertson in Islamabad, thanks so much.
Well, President Trump says that the U.S. will now guide ships through the Strait of Hormuz, calling that mission, Project Freedom. The U.S. military
says that two U.S. flagged vessels successfully transited the Strait earlier.
Iran's Islamic Revolutionary Guard called that a lie. The head of Iran's Army warns that U.S. aircraft carriers approaching the strait would face
cruise missiles and combat drones.
[16:05:10]
Earlier, the U.S. rejected claims from Tehran that a U.S. warship had been hit by incoming Iranian fire.
Joining me now, retired U.S. Navy commander, Sean Henseler. Commander, thanks so much for taking the time.
COMMANDER SEAN HENSELER (RET), U.S. NAVY: Thank you for having me, Jim.
SCIUTTO: So first of all, does this look to you like a ceasefire? Right. I mean, it is certainly being tested because fire is going in both
directions. In your view, has it fallen apart? Even if diplomatic talks are continuing?
HENSLER: I don't think it has fallen apart. I think to try to make sense of what you've seen over the last 24 to 48 hours, you have to see it in light
of the larger context of the negotiations between the two sides, where they are still obviously very far apart, and each side thinks they have leverage
to obtain their objectives.
And one of the key bits of leverage Iran obviously thinks it has is its ability to control the Strait of Hormuz. So I think the U.S. Project
Freedom, in conjunction with the announcement of a new U.N. Security Council Resolution focused on the Strait, is all an effort to try to reduce
the amount of leverage or the perceived leverage that Iran has over the Strait of Hormuz.
So I think this is very much in line with trying to continue the negotiations, but there is quite a bit of risk that attaches to this move
by the United States.
SCIUTTO: Well, the behavior of shipping through the Strait would seem to indicate that Iran does have leverage, right? Because it does not appear --
I mean, shipping has certainly not returned to prewar levels here. I mean, is Iran correct that it maintains leverage?
HENSLER: So, I think right now, the United States is trying to decrease what de facto seems to be Iran's ability to control the Strait and the big
risk -- so, there is obviously risk to U.S. forces, you know, U.S. Navy ships going through. There is a risk of escalation, for sure. But the
biggest risk to me is the risk that the merchant shipping industry, as was just pointed out, does not see this risk to, you know, brought down to the
level where it is willing to go through, which then almost proves that that Iran does have this leverage.
So, there is a risk that attaches to, to this for sure.
SCIUTTO: Okay. So in terms of an answer to this, President Trump is proposing not an escort, but guidance helping those ships through, I
imagine using Intelligence, right, to find the safest pathway. But he is not, you know, you know, sending the destroyers in, as it were, to get them
through. Is that an equivalent?
HENSLER: I think you're right. I think that the U.S. today did send two destroyers through. They had done mine countermeasures previously to try to
suggest that the -- there was at least open lanes through what Iran claimed to be areas where they laid mines, and they try to get U.S. flag merchant
ships out today, all in an effort to try to lead from the front, if you will, and convince others that the risk is brought down.
But I think the report -- it is not going to happen any time soon, Jim.
My knowledge of the merchant shipping industry, it is going to take weeks of sustained, you know, peaceful -- you know, in that area before they are
willing to take the risk.
SCIUTTO: I mean, are we seeing here the success in effect of an Iranian asymmetric strategy? I mean, they certainly can't contend with the U.S.
Navy there, small boats, et cetera, drones. But the trouble is, they don't have to have anything close to a hundred percent success rate, right? They
just have to have the threat of getting a few mines or a few drones or a few missiles through.
HENSLER: That's right, Jim and that's why I don't think this idea of it was never intended to be a convoy escort type of mission. The idea was to
suggest that there was this, you know, defensive umbrella, and if you if you went close enough to the Omani side of the Strait, that defensive
umbrella. The air superiority that we have the ability to take out, you know, IRGC and Go Fasters and drones and the like would be, you know,
sufficient enough for the merchant shipping industry to say the risk is brought down.
But as you pointed out, it only takes one to get through and it just happened today to the South Korean ship, and a couple of drones, you know,
fired in the vicinity of UAE. And I think Iran has proven that, like you said, it only takes a few leakers, to let the shipping industry and the
insurance industry know it is not safe yet to go through.
SCIUTTO: Does this suggest to you strategically that there is no military solution to this problem, right, that you need a negotiated solution? You
need Iran to remove the threat?
Because, I mean, if the ships don't buy the assurances of the U.S. Navy today, I mean, will they over time or do you have to negotiate your way out
of this?
HENSLER: Everything that I have heard from the merchant shipping industry, it has to be a negotiated settlement.
[16:10:10]
Followed up by some type of mine countermeasures that are proven and an escort type of mission that is an internationally approved mission, and so
it has to be negotiated.
And, you know, another risk that the U.S. is buying here is that U.N. Security Council Resolution. You know, last time it was vetoed by Russia
and China, and so if it is vetoed, again, this two-pronged effort of Project Freedom and the U.N. Security Council Resolution, you know, may not
be sufficient, and we are right back to, you know, Iran having that leverage that they thought they had going in, so there is a lot of risk
here, but I understand why the United States is trying to do it.
I mean, they want to break the impasse at some point in these negotiations.
Commander Sean Henseler, good to have you on.
HENSLER: Thank you, Jim. I appreciate it.
SCIUTTO: The United Arab Emirates said that its air defenses engaged 19 Iranian missiles and drones today alone. In a statement, the country's
Ministry of Defense said its air defenses engaged 12 ballistic missiles, three cruise missiles, four UAVs or drones launched from Iran, resulting in
three moderate injuries.
It was not immediately clear how many of those projectiles managed to get through those air defenses.
Oil prices? Well, they are sending their own indicators. Today. They rose in the wake of renewed fighting in the region. Brent crude trading around
$114.00 a barrel, now up more than five percent from its previous close. The average price of gas here in the U.S. is now close to four-and-a-half
bucks a gallon.
Prices have been moving up steadily over the past week. They've soared since February. With today's fighting, it is harder to imagine that, well,
that price pressure disappears anytime soon.
David Goldman is in New York. You know, David, we asked these questions about the success of U.S. efforts to open this blockade, open the Strait.
But the oil market seems to be giving its answer to the question, because price of oil is going up.
DAVID GOLDMAN, CNN BUSINESS SENIOR REPORTER: Yes. That's right. They don't believe that this is actually a solution, right? I mean, Project Freedom
has, as you heard in that last segment, which was great, a lot of positive, I guess, intentions, right?
Except the problem is, is that until the Strait is fully reopened, we are just not going to see a solution to this problem. The thing is that there
are 166 tankers that are stuck in the Strait of Hormuz. Now, they have 170 million barrels of oil on them. That's not nothing.
But when you think about the amount of oil that we have lost already, almost one billion barrels of oil, it is just not enough to make up the
difference.
And so we need not just those tankers to get out and we don't just need them to get out fast, but we need the free flowing movement of tankers,
both in and out, so that the empty tankers can come in and fill up and then take their oil to where they need to go. That's the problem.
SCIUTTO: Now, you wrote a piece analyzing potential next steps, and you talk about things, Big Oil companies diversifying beyond the Mideast,
right, where you have this chokepoint. To other places, you even talk about refining capacity here in the U.S., having kind of hit its upper limit
here. The trouble with those fixes, right, if I am correct, is that they that's not going to happen overnight, right? I mean, this is stuff that
takes place over years. It is not going to do a lot about where the oil price stands today.
GOLDMAN: Yes, you've got it. There is no easy fix to this problem. If you struck oil today, you wouldn't actually be able to make any use of that
well for five to 10 years from now and that's why oil companies need the price of oil to stay where it is for a long period of time.
Well, Goldman Sachs no relation says that it is going to have or it is convinced that oil is going to stay at $90.00 a barrel for at least the
rest of the year. That might be enough for oil companies to start exploring and drilling again.
But again, this isn't a near-term solution. This is a long term problem that needs to get solved.
QUEST: And just very quickly before we go, the President has said multiple times gas prices are going to come down very soon. This is all short term,
not a lot of evidence of that in the market, is there?
GOLDMAN: Yes. That is that is not how it works, Jim. So unfortunately for us, gas prices take off like a rocket, but they fall down like a feather
and the reason for that is, well, there is a lot that needs to happen until gas starts to fall.
Wholesale gas prices, but even when that happens, if you're a gas station owner, you are struggling right now. I know that might be confusing to a
lot of folks because gas prices are so high. You think my gas station owner is really benefiting from this? No, they can't make as much profit right
now because they are selling less gas.
[16:15:10]
And so when gas wholesale prices start coming down, that's when they start to lower their prices very slowly.
David Goldman, thanks so much.
GOLDMAN: Thank you.
SCIUTTO: Well, there is growing concern in the Kremlin about the safety of Vladimir Putin.
Stunning details from a new Intelligence report ahead on QUEST MEANS BUSINESS.
(COMMERCIAL BREAK)
SCIUTTO: An attack in Moscow is highlighting security concerns just days ahead of its May 9th Victory Day Parade celebrating the defeat of Nazi
Germany in World War II.
Moscow's mayor says a drone hit a high rise apartment building in an upscale part of the Russian capital. Video appears to show damage to the
building. Authorities say there were no casualties.
Such drone strikes are becoming more common as Russia's war on Ukraine stretches on, and now we're learning about the Kremlin's efforts to step up
security around the man at the top, Vladimir Putin.
CNN has obtained a security report from a European Intelligence Agency, which details new steps the Russian authorities are taking to protect the
Russian President.
Our Nick Paton Walsh has more.
(BEGIN VIDEOTAPE)
NICK PATON WALSH, CNN CHIEF INTERNATIONAL SECURITY CORRESPONDENT: It is a rare, pointed insight into one of the starkest secrets in Russia. President
Vladimir Putin's security protocols. In it, a detailed Intelligence Report given to CNN by a source close to a European Intelligence Agency portrays,
predictably, a Kremlin in deep crisis.
Cooks, bodyguards and photographers working with Putin must have surveillance systems installed in their homes, it says. Putin has stopped
visiting military sites this year entirely, it says, in contrast to last year, often spending time in fortified bunkers and keeping clear of some of
his main lavish residences like Valdai.
A tactic aided by many of his appearances and he is in the media a lot, being prerecorded. His staff cannot use smartphones or public transport,
the report adds. Visitors must be searched twice.
Not all of this information is new, some of it rumored or evident before, but the massive detail is striking, as is the decision by a European
Intelligence Agency to release a report like this.
WALSH (on camera): Clearly, an information salvo designed to stoke strife and paranoia at a time of perceived weakness in the Kremlin.
[16:20:07]
WALSH (voice over): The dossier also suggests something staggering that the measures may be designed to protect Putin from a potential coup, something
he had a narrow miss with in June 2023, when mercenary boss and former chef to Putin, Yevgeny Prigozhin, led a failed march on Moscow.
The risk of a coup, it says, now is from another former confidant Sergei Shoigu, once his Minister of Defense but now Secretary of the Security
Council. He retains significant influence within the military high command, it says. The report says a coup is more likely after Shoigu's former deputy
and close associate Ruslan Tsalikov was arrested in March, which it calls, "a breach of the tacit protection agreements among elites."
But the report doesn't provide any evidence or explain why it has made this risk public warning the Kremlin. It claims the new security measures came
after a series of assassinations among the Russian top brass, likely by Ukraine, at an urgent meeting last year after the killing of Lieutenant
General Fanil Sarvarov in Moscow on December the 22nd.
The release of the report has convenient timing for years into Russia's invasion of Ukraine, at a time when doubts about Russia's ability to
sustain its war effort and its economic impact are growing, of major internet blackouts, growing internal criticism of Putin himself and
continued successful Ukrainian bombardment of targets deep inside Russia especially ahead of the May 9th Victory Day Parade scaled back dramatically
this year for security.
There are plenty of reasons European Intelligence would seek to destabilize the Kremlin, and much of this is hard to corroborate, but it is rare detail
and a confident presentation of a Kremlin in crisis that matches a moment of peaking criticism of Putin internally.
Nick Paton Walsh, CNN, London.
(END VIDEOTAPE)
SCIUTTO: As Russia's invasion of Ukraine drags on, the U.K. is now in talks to help the E.U. lend a financial lifeline to Kyiv. Britain is reportedly
ready to join a $105 billion loan approved by the E.U. That money aims to cover two -thirds of Ukraine's expenses over the next two years. Most of
the money earmarked for defense spending.
Joining in on the loan could bring new business as well to Britain's defense industry. Joining me now from Kyiv is Kira Rudik, a member of the
Ukrainian Parliament from the Holos Party.
Kira, good to speak to you again.
KIRA RUDIK, MEMBER OF THE UKRAINIAN PARLIAMENT FROM THE HOLOS PARTY: Hi, Jim. Thank you so much for having me.
SCIUTTO: Curious. I wonder your reaction to this loan from the E.U. It is more important now as the U.S. has reduced its assistance to Ukraine to
virtually zero. Is it enough? Is it what Ukraine needs or is Ukraine largely relying on itself at this point for its own defense?
RUDIK: Well, this loan is critical for Ukraine, and it is important to remember how it will be spent. So of those $90 billion, the $60 billion
will go on to the military procurement and this amount will be spent within the countries that supplied and provided the loan.
So, when the United Kingdom is joining or trying to join this loan, they are not only investing money, they are also getting into this scale of
military procurement and the money that we are getting will be also spent in the United Kingdom. Plus, right now, when the United States are
definitely pulling the influence, pulling the representation in Europe, in Ukraine, it is a chance for the United Kingdom to restore some leadership.
Right now, Europe is trying to find like, this new model of collaboration between the countries security schema of things and obviously, United
Kingdom doesn't want to be left behind.
SCIUTTO: How about the U.S.? Is the U.S. still in Ukraine's view, a credible leader, not just for Ukraine's defense, but for Europe's defense?
Or have you given up on the U.S.?
RUDIK: I think at this point, it is clear that European security is first and foremost Europe's responsibility, and President Trump was very clear
about that, so though we really appreciate the United States' support and ability to purchase weapons from the United States, it is clear that we
should be looking for the stronger allies within the European Union, especially that for all of those expenses, they are paid by European Union
and not by the United States.
[16:25:11]
SCIUTTO: Does the U.S. recover that leadership? Does it Ukraine's trust and confidence once President Trump is gone from office? Or is it lost for
good?
RUDIK: I think that would be a rather long path, because the trust is very long to get and easy to lose. But what I can tell you for sure, Jim, is
that there is a difference between politicians who understand that these things change and people here on the ground in Ukraine who keep asking me
those questions about President Trump's statements -- constant statements about Ukraine starting the war, or Ukraine losing the war, which is
completely untrue.
By the way, look at us right now. In 2022, Putin wanted to have military parade in Kyiv; right now, 2026, he is asking Ukraine about being able to
have military parade in Moscow. And I think that's very significant. We are definitely not a country on our knees. We are a country that is fighting.
And to explain to Ukrainian people why American President is saying something like that is very hard and will be very hard to repair.
SCIUTTO: Before we go, you may have heard our story leading in, and that is that security around Putin has increased significantly. Do you believe he
fears, in part, that Ukrainian forces might threaten his life?
RUDIK: Of course, and I think he should be. When you are starting the war, committing all kinds of the war crimes, you should be expecting that at
some point, this war will come back at you, and the amount of pain and suffering, the amount of killings and stolen children that Putin and his
surrounding and Russia have committed in Ukraine gives us all, all the rights to fight back and this is what we are doing, and we will continue
doing that until Russia stops.
And this is why we are offering a ceasefire even before the military parade.
SCIUTTO: Kira Rudik, good to have you on. Thanks so much.
RUDIK: Thank you, and glory to Ukraine.
SCIUTTO: A cruise in the Atlantic is now turning into a nightmare for passengers and for crew. Three people are dead, at least three others sick
amid a suspected outbreak of hantavirus on board, the respiratory virus typically comes from contact with infected rodents, but one rare variant
can pass between humans.
Our Larry Madowo has the story.
(BEGIN VIDEOTAPE)
LARRY MADOWO, CNN CORRESPONDENT (voice over): A suspected outbreak of hantavirus on board this cruise ship crossing the Atlantic Ocean. The MV
Hondius, operated by Oceanwide Expeditions, departed Ushuaia on the southern tip of Argentina over a month ago.
Details of the suspected outbreak emerged as it was anchored in Praia, the capital of Cape Verde, an island nation of the coast of West Africa, on
Sunday.
One American travel blogger on board issuing this tearful message.
UNIDENTIFIED MALE: We are not just a story. We are not just headlines. We are people. People with families, with lives, with people waiting for us at
home.
There is a lot of uncertainty, and that's the hardest part. All we want right now is to feel safe, to have clarity, and to get home.
MADOWO (voice over): Cape Verdean authorities have refused to allow anyone to disembark. However, local health authorities visited the ship and
assessed two symptomatic crew members requiring urgent medical care.
Oceanwide Expeditions said in a statement there are 17 Americans among the 149 people on board, according to Oceanwide. The company told CNN it is,
"... currently focused on the health and safety of passengers and crew."
MADOWO (on camera): Humans most commonly get infected with hantavirus through contact with rodents like mice or rats, especially their urine,
droppings and saliva, according to the Centers for Disease Control and Prevention, CDC. Early symptoms include fatigue, fever, and muscle aches,
as well as headaches, dizziness, chills, and abdominal problems.
Human to human transmission is rare, the World Health Organization says.
DR. SCOTT MISCOVICH, PRESIDENT AND CEO, PREMIER MEDICAL GROUP: To have this many people clustered together on a ship, most public health officials
would be looking and looking for human to human transmission and I am sure this is going to be investigated tremendously, but that would be where the
arrows are pointing right now.
MADOWO (voice over): So far, it is not clear how the suspected infections on the ship occurred. The first death on board this ship happened April
11th. The body of a 70-year-old Dutch man was taken to the Island of Saint Helena, a remote island in the South Atlantic, according to South Africa's
Department of Health.
His wife later collapsed at an airport while trying to fly home and died in hospital. At this time, it is not confirmed that these two deaths are
connected to the current medical situation on board, the operator said.
The World Health Organization says it is facilitating between member states and the ship's operators on a full public health risk assessment, but
added, "The risk to the wider public remains low. There is no need for panic or travel restrictions."
Larry Madowo, CNN.
(END VIDEOTAPE)
[16:30:36]
SCIUTTO: The National Transportation Safety Board says that Sunday's terrifying moment near the airport in Newark, New Jersey has now been
classified as an accident, captured by the dashboard camera of a bakery delivery truck.
(BEGIN VIDEO CLIP)
UNIDENTIFIED MALE: Oh!
(END VIDEO CLIP)
SCIUTTO: Good lord, that's a close one. The United Airlines jet struck a light pole and the truck while that jet was coming in for a landing. The
Boeing 767 was flying in from Italy. It was able to land safely. No one on board was hurt. The truck driver is now recovering from non-life-
threatening injuries.
Pete Muntean is in Washington, D.C.
Boy, Pete, I mean, that was a close, close call, not just for the driver, but for those passengers.
PETE MUNTEAN, CNN AVIATION CORRESPONDENT: More than a close call, because it hit the truck. You know, Warren Boardley is the driver of the truck
there, driving that delivery truck of Baked Goods, delivered this huge blow by this Boeing 767. It's going to be a pretty interesting one for
investigators, because I cannot really find a case ever before where a U.S. commercial flight has hit something on a highway below it.
Here are the circumstances. United Flight 169, arriving from Venice, coming into land on Newark's Runway 29. That's Newark's shortest runway. Was only
favorable late Sunday due to strong winds out of the west, used pretty sparingly. The approach path there goes right over about 12-lanes of I-95,
also known as the New Jersey Turnpike.
And in that video of Warren Boardley's truck, you can see out of his left window what appears to be the left wheel of that 767, flying by that bread
truck that was damaged. So harrowing, and clearly, a case of too low on the approach path here in a Newark.
The question now for investigators is why? Usually, pilots flying the guidance here use their instruments down to about 400 feet, then, continue
solely by looking out the window called a visual approach.
There, you can see the wheels making contact with that truck so incredibly close. This could have been so much closer to disaster. It's exactly why
pilots are cautioned, by way of published procedures that there are obstacles in the way of this approach. There is not much tolerance if you
are low.
I want you to listen now to the air traffic control audio here, in which the tower has an exchange with a vehicle that's going out to inspect the
runway. And what became clear is that it wasn't obvious immediately to all of those on the plane, 221, people on board, that damage had actually
occurred. Listen.
(BEGIN VIDEO CLIP)
UNIDENTIFIED MALE (via telephone): Did you get the report for what the issue was?
UNIDENTIFIED MALE (via telephone): I got different conflictions on the turnpike.
UNIDENTIFIED MALE (via telephone): Yes, they felt something over the threshold, and they -- there is a hole in the side of the airplane. So, I'm
going to get you on the runway here in a moment. They said it was right at the threshold. So, it will just be a minute.
(END VIDEO CLIP)
MUNTEAN: Right at the threshold, meaning, the very start of the runway, the east end of it, bordering I-95 in the New Jersey Turnpike. The data will be
so telling here.
And right now, we only have the open-source data, which shows the plane flying over the highway at 160 miles per hour. That's the rough data. But
what investigators will want to look at is the flight data recorder to get better information. Also, the voice recorder.
Did the pilots realize they were too low, and was there a discussion about the risk posed by obstacles in the highway? The NTSB says it's arriving on
the scene. Wants to pull those recorders. Also interview the pilots here. Former investigators I've talked to say this will be a pretty open and shut
case. It will be quite easy for investigators to determine what went wrong here. Preliminary report due in about 30 days, we are expecting a lot more
detail then.
SCIUTTO: Yes. Yes, you don't want to hear hole in the side of the plane. First of all. Second of all, I have driven on that driveway many times.
(CROSSTALK)
MUNTEAN: Yes.
SCIUTTO: For that -- the highway, many times, and you see the planes coming in, but you don't -- well, you don't imagine they are going to hit you.
Pete Muntene, thanks so much.
MUNTEAN: Heads up.
SCIUTTO: GameStop is making the ultimate bid for eBay. It wants to buy the entire online marketplace for nearly $56 billion. We'll discuss the
proposal coming up.
(COMMERCIAL BREAK)
[16:37:53]
SCIUTTO: GameStop CEO Ryan Cohen is making a daring bid to take over the online marketplace eBay, a company nearly four times the size of his own.
Shares of eBay gained 4-1/2 percent on the nearly $56 billion offer that comes out to $125 a share. GameStop shares fell more than eight percent
Cohen wants to combine GameStop struggling brick and mortar stores with eBay's online presence. He told The Wall Street Journal that the resulting
company could become a legit competitor to Amazon. It's quite an ambitious claim.
Clare Duffy is in New York.
So, first of all, I mean, this would be quite a leveraged buyout. Would it night -- not? GameStop is a quarter the size of its target, eBay.
CLARE DUFFY, CNN TECH REPORTER: Yes, this is a fascinating offer, Jim.
You've got GameStop worth around $11 billion, eBay worth around $46 billion and GameStop is offering $55-1/2 billion to buy this company. And so, you
have to wonder how they are going to make the math, math here.
Now, we do know that this GameStop offer would be in cash and stock. So, presumably they are $11 billion in stock. They have got $9 billion of cash
on their balance sheet. They say they have received a highly confident letter from T.D. securities that could provide them another $20 billion in
cash.
That still leaves them with about a $15 billion hole that they would have to fill here. And GameStop CEO, Ryan Cohen did this kind of strange,
contentious interview on CNBC this morning in which he implied that the company could issue additional stock that, of course, could dilute existing
shareholders value that they have now, but that's one way that they could do this.
And I think the share price reaction today tells you what you need to know about how investors feel about that. eBay stock up, GameStop shares down, I
think a reaction of how investors are feeling about this audacious bid.
But CEO Ryan Cohen of GameStop is known for making this sort of bold bets, and as you said, he sees this as a way to combine two sort of struggling e-
commerce and retail companies to create a competitor to Amazon. His vision is to take the brick-and-mortar GameStop stores and use them for intake and
fulfillment and authentication for the goods that are sold on eBay.
[16:40:02]
So, really fascinating offer here, eBay's board did say that they are considering this deal, and we'll see what happens next.
SCIUTTO: Clare Duffy, thanks so much.
Well, it is the first Monday of May, and fashion's biggest night of the year, the annual Met Gala. The Celebrity filled event is a fundraiser for
the Met Museum's Costume Institute. And this year's theme is perhaps not surprisingly, "Fashion is Art". Host Anna Wintour is praising the
participation of Jeff Bezos and Lauren Sanchez Bezos as its main sponsors, but some fans of the event are criticizing that choice. They are even
calling for a boycott.
CNN's Rachel Tashjian is with me now. Are people responding to that call for a boycott?
RACHEL TASHJIAN, CNN SENIOR STYLE REPORTER: Well, this is an interesting issue, Jim, because, of course, you have to be invited to the Met Gala in
order to attend. So, I think when we are talking about a boycott, what we are really talking about here is a lot of conversation on social media that
is going to drive the coverage of this event for the next several days. And, of course, people talk about these outfits and analyze them for days
to come.
Now, we have seen protests and these call for boycott -- these calls for boycotts across New York City over the past couple of weeks. These posters
were coming from an organization called, Everybody Hates Elon. And I really think that you have a number of activists and organizations who are trying
to drive the narrative of this event, to highlight the sort of income inequality in the worker issues that exist at Amazon, and to really drive a
different narrative than just the mere celebrity spectacle.
SCIUTTO: Rachel Tashjian, we will be watching. Thanks so much.
TASHJIAN: Thank you.
SCIUTTO: Well, Wall Street closed lower after reports that the U.S. and Iran exchanged fire once again in the Strait of Hormuz. The Dow dropped 557
points to close near a session low. Looking at the Dow components, Amazon on top, up nearly 1.4 percent. It announced a new supply chain service that
will open up its own logistics network to other businesses. Retailers, the Home Depot and Nike are down three percent. Chevron up nearly one percent.
Its CEO told Bloomberg that global energy supplies are now being drawn down, and that's a concern.
That is QUEST MEANS BUSINESS for today. Coming up next, "CONNECTING AFRICA".
(COMMERCIAL BREAK)
[16:46:02]
VICTORIA RUBADIRI, CNN INTERNATIONAL CORRESPONDENT: Welcome to CONNECTING AFRICA. I'm Victoria Rubadiri, coming to you from Abuja, Nigeria.
This month, we are at the Afri-Caribbean Investment Summit to explore the budding trade links between Africa and the Caribbean, and how it's creating
lots of economic opportunities.
(BEGIN VIDEOTAPE)
RUBADIRI: Through a shared history, culture and heritage, leaders, executives, and entrepreneurs have gathered here to share ideas, negotiate,
and strike deals that could potentially unlock billions in trading opportunities between Africa and the Caribbean.
VIKELL EDWARDS DOUGLAS, TEACHER, MINISTRY OF EDUCATION, SAINT KITTS AND NEVIS: We are bridging the gap, creating that bridge where we can connect.
If we continue to integrate more, we can make things so much easier.
So, I guess the summit for me is the opening. So, this being used as a catalyst could also create other opportunities.
UNIDENTIFIED FEMALE: Why is this connection between the continent and the Caribbean so important?
TURQUOISA HENRY, YOUTH LEADER AND ADVOCATE, SAINT KITTS AND NEVIS: This is the motherland, of course, and you guys have a significant influence on the
Caribbean community. So, many things are similar, and I think that once we are integrated, the community can definitely be stronger in culture,
history, food, agriculture, and so many other things.
RUBADIRI (voice over): Aisha Maina is the brains behind this summit. Having led delegations to the Caribbean, she believes providing the opportunity to
meet face to face is the pathway to creating a tangible trade link.
AISHA MAINA, MANAGING DIRECTOR, AQUARIAN CONSULT: When you go to the Caribbean or you go anywhere in the world, they talk about African drums,
they have the African dances, but because they are so far away from Africa, it's what has been handed down, and I wanted them to see the real thing.
You know, what we still have.
So we went, now in St. Kitts and Nevis, there was business expo. So, the business people were able to showcase their ways, and they sold out. It has
become a flourishing relationship, and that's why I keep saying that the bridge is built, right? Because they have connected. So, that's why I did
it, because we have to do more than talk about a problem.
RUBADIRI (voice over): The International Trade Center says, if the right opportunities are tapped into, Africa and the Caribbean could be trading
$1.7 billion per year with each other by 2030.
From agriculture to financial services, the organization of Eastern Caribbean States says no sector should be overlooked if new partnerships
are to be formed.
SANYA ALLEYNE, LEGAL ADVISOR, TRADE, DEVELOPMENT AND STANDARDS POLICY: The discourse really has been centering around agricultural trade. All right.
And agro-processed goods trade. Also, the potential for the services sector in the area of tourism and financial services.
In terms of the agricultural sector, there is an opportunity for the Caribbean to show up its food and nutrition security by being able to
import grain and other agricultural products from the continent of Africa, and also act as a transshipment hub for Central and South America as well.
In terms of the trading services, it is great opportunity for tourism, right? Bilateral tourism, whether it be from persons from the continent
coming to the Caribbean, and person the Caribbean coming to the continent, and being able to explore more in terms of the cultural and heritage
aspects of tourism, as well as benefiting also from the ecological tourism that exists.
RUBADIRI: Some MOUs trade deals have been already signed, but that trade link is still quite subdued, as you said earlier, what's really getting in
the way, do you think?
ALLEYNE: There have been MOUs. That doesn't necessarily facilitate trade.
What we are missing is a either a partial scope agreement or a full trade agreement, whether it be that we do bilateral investment treaties or we, in
fact, have a full-on investment chapter.
[16:50:05]
But then, we also have to be realistic. We have to look at the barriers. And I think that's what we were trying to get at. And one of those key
barriers would be logistics. Being able to move goods and serve and persons between the continent and the Caribbean, whether it be via air or sea.
RUBADIRI: If you are looking ahead 10 years from now, what does success look like for you? I think 10 years from now, success would be regular
commercial flights between the continent and the region. I think success would be being able to trade in our indigenous currencies to settle
payments. And I also believe success would be the ability of our peoples to understand each other, become closer, and see ourselves as one.
(END VIDEOTAPE)
RUBADIRI: Coming up, how the Caribbean nation of Trinidad and Tobago is expanding its footprint on the continent.
(COMMERCIAL BREAK)
RUBADIRI: Welcome back. Trinidad and Tobago previously sent a cohort of entrepreneurs and officials to Africa to strengthen its trade ties with the
continent. Eleni Giokos reports on how the country is working to ease the movement of people and goods between the two regions, and hopes other
countries will follow.
(BEGIN VIDEOTAPE)
ELENI GIOKOS, CNN ANCHOR (voice over): Warm waters, lush forests, and a booming industrial footprint. The twin island nation of Trinidad and Tobago
is an economic powerhouse, as it's one of the main energy producers within the Caribbean region.
SEKOU ALLEYNE, CHIEF EXECUTIVE OFFICER, GLOBAL TRINIDAD AND TOBAGO: Trinidad and Tobago is primarily an oil and gas and energy services
economy. About half or a little bit more of our economy is based on oil and gas exports as well as downstream energy.
GIOKOS (voice over): The country is paving the way when it comes to trading with Africa. The International Trade Center, a joint agency of the U.N. and
WTO, says Trinidad and Tobago accounts for a third of all Caribbean exports to Africa.
ALLEYNE: Trinidad and Tobago is exporting around $232 million into Africa, again, primarily in the oil and gas, and chemical sector. Given that the
strength of our economy and primarily into North, South, and West Africa. We are importing just around $16 million of goods. Some hard goods, like
vehicles, iron and steel, plastics. But also, some agricultural products like coffees and teas as well.
GIOKOS (voice over): Global Trinidad and Tobago, the island's trade and investment agency helps facilitate and attract trade and new investments
for the country. Its CEO says they are now focused on growing non-energy sectors to expand global exports, which includes partnerships with Africa.
ALLEYNE: We are looking at growing those other sectors of the economy, like manufacturing agro-processing, tourism, ICT, digital services, film,
fashion, music, et cetera.
GIOKOS: In 2024, more than 50 people representing various sectors from Trinidad and Tobago went on a trade mission to Ghana.
ALLEYNE: Africa presents a brand-new opportunity for us, obviously, given the large population in Africa and the growth of that population, the young
nature, the demographic and the growth. And, of course, lots of persons moving into the middle class that need to consume goods and services.
There was just a very strong feeling of comfort. And giving people that exposure and that experience, I think, brings that historical and cultural
connection a lot closer, and brings it up to modern times. And so, we then identify very specific areas and sectors that we can trade and co-invest in
through the bilateral investment treaty, so that you can build on the foundation of our historical and cultural connections, and then, increase
that trade and collaboration as we move forward.
[16:55:11]
ISMAHIEEL ALI, HEAD OF TRADE MISSIONS, TRINIDAD AND TOBAGO MANUFACTURERS' ASSOCIATION: It was an eye opener to our companies.
GIOKOS (voice over): One of the trip's organizers, the Trinidad and Tobago Manufacturers' Association, or TTMA, says Ghana is a natural entry point to
the continent at large.
ALI: It opens up not just Ghana, but also that Western Pacific of Africa. We are talking about Nigeria. We are talking about Congo, and it's both
ways.
We are part of a very -- a change in landscape of global trajectory where we are looking for new markets for source -- sourcing of raw materials.
So, getting into Africa and Ghana is very -- is very much important to us.
GIOKOS (voice over): TTMA works with its 750 members, including companies like farm and function, to help them break into new markets.
RACHEL RENIE-GONZALES, CO-FOUNDER, D MARKET MOVERS LTD: It's about market perception. And you know, I think the globe has an idea of the Caribbean,
or they have an idea of the continent or African countries. And, you know, we have to dispel those preconceived notions. And with that more
information and more opportunity, I'm getting actual data and consumption. And, you know, where the opportunities are.
GIOKOS (voice over): Farm and function says it works with more than 300 local farmers and has expanded its product line to 120 different types of
food offerings.
To accommodate this growth, the company is opening a new packaging facility.
RENIE-GONZALES: It's about expanding our R&D pipeline, getting that compliance. But we were able to scale in the last three months, let's say
what we would normally sell in a year, we have actually sold in the last three months.
GIOKOS (voice over): While Trinidad and Tobago has an international airport and vast porter access, business leaders say, they still need to overcome
shipping and logistic hurdles.
ALLEYNE: Two of the major challenges in trading with Africa are the lack of direct air and maritime connectivity. And so, it's difficult to get there,
it takes a long time. You have to go through either North America, Europe, both in shipping lines and in traveling ourselves.
The last Ghana trade mission we would have traveled through Amsterdam at that time. If there was a direct flight, it would be a five to six-hour
flight, and you would be in Accra in Ghana.
GIOKOS (voice over): As the country explores bilateral trade agreements with Ghana, they are hopeful Afri-Caribbean trade will flourish and be
replicated across the Caribbean.
UNIDENTIFIED MALE: We are small, however, we have such experience and brilliant minds that are always looking for new markets, always looking to
be able to produce more, to be able to put our products out there a bit more. So, I do foresee great things within the next five years.
(END VIDEOTAPE)
RUBADIRI: And that's it for this month's CONNECTING AFRICA. Coming to you from Abuja, Nigeria. I'm Victoria Rubadiri. Until next month, let's keep on
connecting.
(COMMERCIAL BREAK)
END
