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Quest Means Business
Anthropic CEO Calls For A Slowdown Amid Safety Concerns; China's Top Spy Chief Warns A.I. Is A Threat To Communist Party; Iran-Gulf Talks On Hormuz Postponed; Israeli Minister Calls For Filmmakers' Citizenship To Be Revoked; Nigerian Oil Refinery Dangote Launches Historic IPO; Russia Strikes Train Near Ukraine Poland Border. Aired 4-5p ET
Aired September 14, 2026 - 16:00 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
[16:00:17 ]
ERICA HILL, CNN INTERNATIONAL HOST: Not the best start to the week on Wall Street. The Dow Jones closing more than a hundred points lower and turning
positive early in the afternoon, but that wasn't quite enough.
The S&P 500, the NASDAQ also finishing in the red on this Monday. The NASDAQ, though, may really be the story of the day here starting the
session deep in the red, only to claw back those losses. We are going to take a closer look at what drove a rather eventful session for tech stocks.
Those are the markets, these are the main events: The top names in A.I. calling for a slowdown in the technology's development. President trump
dismissing those calls, saying he is the only guardrail that is necessary.
New details from one of the two U.S. airmen who crash landed in Iran this April, leading to a daring rescue. Defense Secretary Pete Hegseth pushing
that airman to appear on "60 Minutes" this past weekend despite his initial reservations.
And Africa's largest oil refinery, Dangote, going public in what could be a landmark moment for big business in Africa.
Live from New York, it is Monday, September 14th. I am Erica Hill, in for Richard Quest and this is QUEST MEANS BUSINESS.
Tonight, a call by tech executives to slow the growth of A.I. is facing pushback in Washington and in Beijing.
Anthropic CEO, Dario Amodei warning over the weekend A.I. could soon outpace our ability to understand or control it, arguing that slower
development would let companies and governments ensure its safety.
His essay was promptly endorsed by two of Anthropic's biggest rivals, Elon Musk and Sam Altman, the head of OpenAI. Amodei welcoming their support.
He told my colleague, Anderson Cooper more about why he is concerned.
(BEGIN VIDEO CLIP)
DARIO AMODEI, ANTHROPIC CEO: Let's focus on our agency and our ability to take the right paths instead of the wrong paths, and I think that the way
to take the right paths is for the industry to work together.
If we go too slow, I still believe that the wrong people will be in charge of the technology. And you know, that again, will bring the probability of
things going wrong very high.
(END VIDEO CLIP)
HILL: Amodei's call for regulation was all but dismissed by President Trump, who posted on Truth Social: "The only guardrails that A.I. needs is
a strong and smart president." Vice President J.D. Vance warning regulations could amount to what he called a Trojan horse meant to benefit
industry leaders.
Hadas Gold joining us now from New York with more on this.
A lot of back and forth and still a lot of questions -- Hadas.
HADAS GOLD, CNN A.I. CORRESPONDENT: Yes, a lot of questions because when you have the industry that is essentially begging for something to be done,
and this, I have to say, the last week of this action that we've seen is not the first time that the industry has not only talked about the risks of
A.I., but also the need for some sort of standards and regulation.
And it is very rare to see Elon Musk, Sam Altman, Dario Amodei, who all, you know, have rivalries and hate each other for different reasons, all
agreeing on the same thing and having this Kumbaya moment and endorsing Dario Amodei's ideas, which include embedding independent third party
watchdogs into these A.I. companies in a similar way to the financial system and to banks and even nuclear agreements and the like.
So, it is very rare to see all of them agreeing on this, only to then have the President and others in Washington say, no, we are not interested.
I also have some reporting over the weekend that actually OpenAI, Google and Anthropic have already spent weeks having conversations about creating
their own industry standards body to set some sort of safety standards because there are no standards and no regulation when it comes to not only
building these A.I. models, but testing them out.
You know, when you test out any sort of dangerous material, whether it be a virus or nuclear material, you have to follow all sorts of different, both
industry and federal and state level regulations.
But when it comes to testing out an A.I. agent and seeing whether it can hack into something, there are no rules. There are no standards as to how
safe you need to create the lab environment, and we saw what happens when things go wrong. OpenAI agents created a swarm of more than a thousand
agents, who all talked to each other and hacked into a different company's systems.
You can easily see where that could go wrong the next time they might hack into a hospital or into a utility even if the humans didn't intend for that
to happen.
So there are these ongoing conversations with the A.I. industry, and we are hearing from people like Sam Altman, who says, you know, even if the
government decides not to step in and do anything, we, as an industry need to do something.
Obviously, there are a lot of hurdles there. These are very fierce competitors. They don't want to be sharing a lot of information with one
another.
[16:05:03]
But I do feel as though the vibe has shifted now, and there is a recognition that they need to do something now before there are some real
harms, and also before the public sentiment completely shifts against them.
Keep in mind, of course, OpenAI and Anthropic do want to have some of these, you know, monster IPOs within the next few months as well, so that's
hanging over them as well.
HILL: Yes, there's a lot at play here. I do think it is fascinating that you're reporting on what has actually been happening behind-the-scenes, but
what we see in public, as you point out, not the first time that there has been this call for, oh, hey, give us some regulations, help us here if
there is that behind-the-scenes concern and those efforts, in addition to what we are seeing publicly, why isn't something already in motion?
GOLD: So, from the administration's point of view, the big fear is that the moment we slow down, put any sort of rules, boxes around the development of
A.I. that will slow down the pace, China is only a few months behind. That's the large belief that, you know, these Chinese models are not far
behind the capabilities of the American models and the moment that we slow things down, just for a moment, they will race ahead and they will beat us
in the A.I. race, and there is a very much belief that this, you know, similar to a nuclear arms race that America and the West needs to stay
ahead.
And that's why, you know, for President Trump, he has people like former A.I. czar, David Sacks in his ear all the time saying, we cannot do
anything to slow this down. I won't be surprised if, you know, The White House does end up convening a meeting and The White House gets all these ai
leaders together and says, okay, come up with some, you know, rules and regulations, but nothing can slow you down and we won't hear anything about
any sort of pacing the development or slowing things down.
I think that might have actually been a mistake from the A.I. companies' perspective, to call it slowing us down, because that immediately will get
a no from this White House and this administration.
HILL: Yes, words matter as we know. Hadas, really appreciate it. Thank you.
Well, when it comes to any new restrictions or limits on A.I., that, of course, would also require international cooperation, particularly from
China. And of course, we've been talking about that issue.
Beijing, meantime, dismissing safety concerns as an attempt to block China's growth, the Chinese Foreign Ministry actually called Anthropic's
warning counterproductive.
(BEGIN VIDEO CLIP)
GUO JIAKU, CHINESE FOREIGN MINISTRY SPOKESPERSON (through translator): The development of artificial intelligence concerns the common well-being of
all humanity. All parties should work together to advance A.I. in a manner that is open, inclusive, beneficial to all, and oriented towards the good.
Spreading various threat narratives and engaging in confrontation and malicious competition will only disrupt the global A.I. governance process
and serve the interests of no one.
(END VIDEO CLIP)
HILL: China's top spy chief is more concerned about the threat that ai poses to the Communist Party, warning over the weekend, U.S. models could
be used for cyberattacks.
Daniel Hulme is the chief A.I. officer at advertising firm, WPP. Daniel, it is good to have you with us.
There is a lot happening and there is a lot, I think, that is giving people pause in this moment. It is interesting in my conversation with my
colleague, Hadas Gold, it seems that there are two camps here, right? There is the world of this is a major safety threat, we need to slow things down,
we need to have some guardrails; and then there are concerns about slowing of competition.
Can both be addressed at the same time?
DANIEL HULME, CHIEF A.I. OFFICER, WPP: I think they can. So A.I. is perhaps the most powerful technology that humanity has ever created and like any
technology that has a material impact on humanity like aerospace and pharmaceuticals, automotive, they have been regulated.
So we do need to make sure that we have combined policies, industry standards, independent oversight to make sure that these systems are
behaving safely. But I think people are confuse that there is a long-term challenge, which is, you know, the macro impact that these technologies are
going to have on society, but then there are short term practical implications about how we develop and deploy these technologies safely.
And if we get the short term right, it will mitigate the risks associated with the long term.
HILL: Obviously, it is in your interest, right, to get this figured out. I mean, you have literally a vested interest in this technology, but when we
look at this, do you see enough of an interest in those short term -- in addressing the short term, not just from leaders, but also from government?
It seems, you know, there is plenty being said, and yet it doesn't seem that there is a real incentive to act or to act first.
HULME: Well, I am on the ground both deploying A.I. across WPP, one of the world's biggest marketing agencies, but I am also the CEO of an A.I. safety
company, both investing in foundational frontier technology, but also building A.I. safety solutions.
And whilst, yes, we are deploying systems perhaps faster than we can regulate, there are many organizations out there building systems to
mitigate those risks.
Governments do need to regulate outcomes and not technology, so they need to be ensuring that these technologies are safe, auditable, accountable,
but also companies are starting to put governance processes in place to make sure that these systems are tested. They're transparent, and they have
human oversight.
[16:10:10]
HILL: I think for a lot of Americans specifically, it is what I can speak to, when they look at this, there are concerns that, you know, maybe,
right, that this ship has already sailed.
There are concerns that, you know, maybe, right, that this ship has already sailed. There was a recent NBC news poll that found 70 percent of
respondents are more worried than excited by the technology. Do you believe these companies actually still have a handle on it at this point?
HULME: I think they do. I've been building A.I. solutions for almost two decades, and I know that when you build A.I. solutions, you have to spend a
huge amount of time testing them. And now what I am seeing both in the frontier companies, but also in industry and government, there is now a lot
more emphasis on making sure that these systems are tested.
And I do think that regulation is going to come in to make sure that we are mitigating some of the risks that we might be predicting.
HILL: So in terms of that regulation coming in, you know, looking specifically at what we are seeing here in the U.S., are the lawmakers who
would be poised to do that well equipped enough to make those decisions? Do they understand the technology?
HULME: I think we do need to make sure that we are advising governments, business leaders, governmental leaders in the right way and that we do need
a global perspective of experts that make sure that we are making those good decisions.
But the challenge is making sure we find the balance between innovation and oversight. We don't actually need to reinvent these laws. There are many
industries that have, you know, been building and deploying complex systems in the past, and we can learn a lot from those industries.
HILL: What do you think is the best model? I mean, in terms of those things that you mentioned, right --
HULME: Yes, I think we need a combination of public policy, industry standards and independent oversight, as I've mentioned, but I also think
that companies are going to start to put much more emphasis on verification. So testing, you've already mentioned this transparency, and
human responsibility.
So I think both governments have a responsibility to accelerate regulation. But companies need to start to implement rigorous governance solutions.
HILL: I am sure you're well aware with what we saw last week from Jacob Coxon, the researcher who had resigned from Anthropic, who was warning
that, you know, we could all die in a matter of years and there are a lot of questions about whether or not this technology is indeed a threat to
humanity. What is your sense on that? Where do you fall?
HULME: I think these concepts of P Doom or probabilistic of existential risk are actually oversimplified. We actually have control over our future.
It is within our gift to make sure that we create a future that is safe, and that means getting it right now, which is why it is fantastic that we
are having this debate.
HILL: All right, really appreciate you taking the time to join us. Thank you.
HULME: Thank you.
HILL: Well, this call to slow the growth of A.I. helped to send chip stocks lower today. Micron and Intel both down more than four percent as you can
see there. That's outpacing losses on the NASDAQ.
Stocks overall finishing lower as U.S. borrowing costs climbed higher. The benchmark 10-year yield briefly touching five percent for the first time
since 2023.
Now, the U.S. Treasury has tried to calm the bond market by increasing the size of its buyback operations, but so far that has had little impact.
Julia Coronado is the president and founder of MacroPolicy Perspectives.
It is good to have you with us.
So when we look at this and when we look at bond yields, right up to their highest level in years, this has investors worried as we know about
something. What do you think though that something is? Is it really just one factor or is it a number of concerns adding up?
JULIA CORONADO, PRESIDENT, MACROPOLICY PERSPECTIVES, LLC: I think it is a number of concerns adding up and one of the new kids on the block in the
last few months has been the voracious appetite by A.I. hyperscalers for debt. They just cannot build this scale of infrastructure without debt
financing.
And so they come in seeking a lot of money and they are competing with governments who are running very, very large deficits. So, worries about
and pricing of fiscal deficits can ebb and flow in markets, but when you have this competition between governments that need a lot of funding and
the private sector that needs a lot of debt financing, money just gets more expensive and that isn't even talking yet about some of the chaotic
elements and the reduction of trust in governments, and in particular, the United States.
HILL: But let's stick with that for a minute, right? That reduction of trust in the United States.
CORONADO: Okay.
HILL: In addition to, right, in addition to, as you pointed out, the massive debt that we see from a government perspective here in the United
States. Is there anything you see, especially looking at the way things are going in this moment and even just hitting that five percent number, is
there anything that you see that may actually compel leaders in the U.S. to finally address that issue?
CORONADO: Well, we've seen that a bit. One of the catalysts in July, you know, this this backup in yields, this rise in yields has been happening
for several months, you know, with different intensities.
[16:15:10]
But in July, one of the catalysts was a press conference by the new Fed Chair in which he sounded a little not so focused on inflation, maybe not
willing to put his money where his mouth is, maybe a little bit too beholden to the Trump administration. That's been a big focal point for
investors is will the new Fed Chair act like Fed Chairs we have grown accustomed to in the U.S. where they will act in the best interests of the
medium-term economic stability of the U.S. and global economies or will this Fed Chair be trying to find excuses to lower interest rates at Donald
Trump's request?
He leaned more towards the latter in the July press conference, and then he came back in August at his Jackson Hole speech and sounded a lot more like
somebody who had listened to markets, watched the reaction and was willing to put his money where his mouth is and raise interest rates.
So that provided some comfort, I think, around monetary policy independence in the U.S. But in the meantime, you cited the Treasury Secretary kind of
gaming markets, you know, the yen intervention, maybe playing some games with issuance and buybacks, you know, acting more like a hedge fund manager
than the U.S. Treasury Secretary. I think that's rattled some nerves, too.
HILL: Yes, it may not instill confidence in some investors.
These higher bond yields too, obviously could raise interest rates for consumers. I mean, we are talking about not just credit card rates, but
also housing. Housing is a major issue. We look at mortgage rates. As we watch all of this unfold, what does that say to you about what could
potentially lie ahead if we continue on this path?
CORONADO: Well, we have a pretty unfortunate trade off and the Fed is certainly facing this unfortunate trade off. A.I. is -- it is so big, the
A.I. investment is so big and it is going so fast that its adding pressure to borrowing costs, but that is hurting housing, which has already been
hurt.
So housing has been stagnant and you know, the source of an economic drag rather than growth for a couple of years now. This is definitely going to
make it worse. This is one for one very interest rate sensitive sector. So, in some sense, the A.I. build out is crowding out other interest sensitive
sectors.
So you get this very narrow driver of growth in the build out of the data centers and the hyperscalers almost at the expense of other sectors.
HILL: Yes, when we talk about this five percent number, right, there have been concerns that this could really trigger a meltdown. Didn't see that
today obviously. But do you share those concerns?
CORONADO: It certainly is a risk. It is not what we've seen so far. You've seen stocks get a little bit more sensitive. There are other news that
you've talked about the A.I., you know, regulation and speed of the build out and now the midterm elections pose risks to the sector.
So, you know, there is a number of factors that are driving this, but you know, I think it is -- so far, you'd have to step back and say, look, the
stock market in the U.S. is still up double digits on the year. That's hardly a terrible performance.
Every year typically features a few ebbs and flows and corrections. So, so far, it really hasn't derailed the U.S. economy. The U.S. economy is
certainly different than it has been in the past. Again, the A.I. is the main driver. The labor market, you know, with no immigrants and an aging
workforce, you really don't need to create a lot of jobs to keep unemployment low. And that has been -- you know, that is one reason the fed
is going to be potentially raising interest rates this week is that the unemployment rate is just very low, very stable, despite ebbs and flows in
job gains, because we really don't need to create a lot of jobs because there is no labor supply.
So, you know, it is a different economy, despite this kind of steady two percent growth, the composition of the economy has changed rather
dramatically, but it looks resilient. And the markets, you know, they have their wobbles, but overall, they look pretty resilient, too.
HILL: Yes, Julie, I really appreciate your perspective. Thank you for joining us.
CORONADO: My pleasure.
HILL: When we return here, new details about the mission to save two U.S. airmen after they were shot down over Iran and the role Defense Secretary
Pete Hegseth may have played in pushing one of them to tell his story on a news program.
(COMMERCIAL BREAK)
[16:23:50]
HILL: Tehran is criticizing a postponement of diplomatic efforts to reopen the Strait of Hormuz. Shipping through the crucial energy chokepoint
remains about 90 percent below pre-war levels.
Iran and the Gulf States were due to meet in Oman today over a potential deal to manage ship traffic, but that meeting was suddenly postponed by
Saudi Arabia due to developments in Yemen. That's according to Iran's Foreign Ministry. Tehran reporting it may now move forward on a new
arrangement with Oman governing the waterway.
For the first time, we are hearing dramatic new details about the rescue of two U.S. airmen shot down over Iran in April. One of those airmen,
identified only by his call sign, "Bravo," spoke with CBS "60 Minutes" describing a damaged parachute and a harrowing free fall to the ground.
The other airman who was aboard that F-15 when it was shot down, identified only as "Alpha" opted out of that interview.
Sources tell CNN, both airmen were pushed to do the interview by U.S. Defense Secretary Pete Hegseth and others at The Pentagon, and both
reportedly expressed reservations, including concerns about revealing classified details.
Brian Stelter joins us now with more on that.
It is interesting to hear that there was this push to put them out there, perhaps not totally out of the realm, right? It could happen. But the fact
that they were so concerned -- Brian.
[16:25:10]
BRIAN STELTER, CNN CHIEF MEDIA ANALYST: Right, right.
Yes, that's absolutely right. This report is led by our colleague Zach Cohen. Sources tell us that both airmen initially had reservations about
speaking publicly in sharing their experiences, but political appointees in Pete Hegseth's office were pushing hard for these interviews to happen.
Let me back up and say it is obvious that every news outlet worth its salt wanted to interview these men, CNN and CBS and all the rest. CBS was
lobbying hard for these interviews as soon as this rescue mission happened in April. And ultimately, CBS and the news magazine "60 Minutes" landed
this interview, but with only one of the airmen, not with both and that's because after a meeting with Hegseth, again, a very unusual meeting to have
happen, one of these pilots agreed to participate, and the other decided not to.
So, what explains that? Well, there is an ethos in the U.S. Military that is discouraging sometimes of this kind of publicity. It can sometimes be
hard to go back to your day job once you've gone out and spoken and done an interview about a rescue mission.
In this case, both these men were on a plane that was shot down, so there is a reputational issue that comes with that even though this story that
was broadcast on "60 Minutes" was all about the resulting heroism.
It was a riveting story, and it did speak volumes about the U.S. Military's efforts inside Iran, but it also underscores the struggle that The Pentagon
has had, that the U.S. Military has had in order to fight this battle, to fight this war in Iran and it comes at a time when the war remains deeply
unpopular in the U.S.
I looked at the most recent poll by IPSOS for Reuters at the end of August, 59 percent of Americans said they are opposed to the war in Iran; only 36
percent said they support it. That overlaps very nicely, maybe too nicely with President Trump's approval ratings.
So it would seem that Hegseth was pushing for these interviews, pushing for this "60 Minutes" segment in order to present a positive and heroic
portrayal of the U.S. Military during the war, as he is aware, better than anybody else, probably, of those low approval ratings for the war overall.
HILL: Yes, it is interesting too, Brian, because needing to have the U.S. Military out there as heroic, that doesn't seem to be an issue for the
American people, right? Generally, very supportive of the military, it is the war, which is totally different that they don't support.
STELTER: I think that's a critical point here. You know, I was watching the "60 Minutes" broadcast on Sunday night, and I was amazed by the experience
of the pilot and awe-struck by the description of the rescue effort. It was remarkable also to see the unclassified video of that man being whisked
away from that ridgeline in Iran, out of enemy, out of harm's way when he was behind enemy lines.
It was an incredibly dramatic story, but as a viewer, I don't know how it would have changed anyone's point of view about the actual war effort
itself.
HILL: Yes, it is such a great point. Brian, appreciate it. Thank you.
Israel's Culture Minister is calling for the citizenship of two Israeli filmmakers to be revoked after their documentary, "Naza" received the
Special Jury Prize at the Venice Film Festival on Thursday.
The documentary, which challenges official accounts of the war in Gaza, received a 24-minute standing ovation.
CNN's Jeremy Diamond has more.
(BEGIN VIDEOTAPE)
JEREMY DIAMOND, CNN JERUSALEM CORRESPONDENT: Well, it has certainly not been well-received here in Israel, where they have faced a backlash of epic
proportions from the general public, from a number of Israeli Ministers. You referenced Israel's Culture Minister, who called this action treasonous
and called for their citizenship to be revoked.
It is important to look at why there is such a backlash here in Israel. Obviously, first of all, it doesn't make Israel look good because the
central premise of this documentary is the notion that Israel tolerated, accepted, allowed for whatever term you want to use for the killing of
large numbers of Palestinian civilians in Gaza in order to kill a much smaller number of Palestinian militants.
It goes after this notion of "Naza," which is an Israeli military term, used to talk about collateral damage, basically, the number of civilians
that would be killed in a given Israeli strike.
I do have a short clip from the documentary to show you. This is one of the Israeli soldiers who testified, gave an interview anonymously to this film,
describing the targeting system that they used and how they would determine the number of civilians that might be killed.
(BEGIN VIDEO CLIP)
[16:29:33]
UNIDENTIFIED MALE (text): This is the scene. This is a map of the neighborhood. I got a full map of every building in Gaza. I can click on a
house and see how many people will be hurt when I bomb it.
UNIDENTIFIED MALE: You have this for all of Gaza, right?
UNIDENTIFIED MALE: Yes. You see it like this: Apartment six, floor five. Ahmed and his family will die.
It shows how many kids he has, his wife. Some strikes killed 20, 30, even 300 people.
(END VIDEO CLIP)
JEREMY DIAMOND, CNN JERUSALEM CORRESPONDENT: And that soldier is one of 24 Israeli soldiers who were interviewed as part of this film, all of them
actively involved in the war in Gaza. Many of them intelligence officers who were involved in these targeting decisions.
That same soldier describes another incident when he's asked, you know, what the maximum number of civilians was that was allowed to be killed in
one of these strikes. He said that number was 500 civilians approved to be killed in a single strike that was targeting one Palestinian militant in
the Gaza Strip.
Now, the Israeli military, for its part, has said that it categorically rejects these allegations, reiterating that it takes steps in Gaza to
minimize harm to civilians. We have also just learned that the Israeli military's chief of staff held a meeting about it today, calling all of
these deliberate distortions of reality, and he called for investigations into the film and any of the soldiers who may have spoken to the filmmakers
as his course of action going forward.
ERICA HILL, CNN NATIONAL CORRESPONDENT: All right. Jeremy, appreciate that.
Still ahead here on the show, a historic day in African business. How the continent's biggest initial public offering on record is playing out, and
why it's being dubbed the People's IPO.
(COMMERCIAL BREAK)
HILL: Hello, I'm Erica Hill. There is more QUEST MEANS BUSINESS in just a moment.
America's largest oil refinery, Dangote, going public, poised to be the biggest initial public offering in African history. We'll discuss how it
could impact Nigeria and the continent as a whole.
And champions crowned at the 2026 U.S. Open. We have a closer look at the winners and the unpredictable year we have seen in tennis.
But first, the "HEADLINES" this hour.
Donald Trump dismissing new A.I. warnings about the pace of development, posting on social media, the only guardrail A.I. needs is "a strong and
smart high I.Q. president," adding, the U.S. has that in spades.
This comes after the CEO of Anthropic called for slowdown in how fast the technology is advancing.
It appears Sweden may be bucking a Europe-wide trend of governments shifting to the right. Preliminary results in the country's election
project a lead for the center-left opposition. If those results hold, the new government would be expected to be pro-Western and would likely be
supportive of Ukraine. Immigration played a major role in the hotly contested vote.
Hollywood ready to honor the best of the best in television. The 70th Annual Emmy Awards start in just a few hours. The top-nominated dramas,
"The Pit" and "Pluribus", the comedy front runners are "Hacks" in its final season and the very first season of "Widow's Ben".
A historic development in Africa, the continent's biggest ever IPO, as the continent's richest man, Nigerian billionaire Aliko Dangote, takes his oil
refinery public.
(BEGIN VIDEO CLIP)
[16:35:08]
ALIKO DANGOTE. CHIEF EXECUTIVE OFFICER, DANGOTE GROUP: Three! We are making history today.
(END VIDEO CLIP)
HILL: You just heard there, Dangote framing the launch as making history, also being framed as the people's IPO, marking the share sale to ordinary
Nigerians. So, in other words, a unique chance for the middle class to invest.
In fact, demand was so high; it was high so soon after the offering, it actually crashed some Nigerian investing apps.
The IPO puts the value of the company at around $49 billion. If fully subscribed, it would raise 1.6 billion. People can buy as few as 10 shares
for a minimum investment of about $4.
Dangote spoke with CNN last week about his vision for the company.
(BEGIN VIDEO CLIP)
DANGOTE: The IPO is going to open. I think, each and every -- you know, African has an opportunity to have a stake in this great refinery.
After we have gone to 1.4 million in the next 2-1/2 years, we will now list in you know in the U.S. and I believe a lot of other people to join because
by that time we are going to be the biggest refinery ever in the history of the world with a massive petrochemical complex, and I think, it is going to
be something that people would definitely rush by in.
(END VIDEO CLIP)
HILL: For a closer look at the significance of this launch, I'm joined now by Temi Popoola. He is the group managing director and CEO of the Nigerian
Exchange Group.
It's great to have you with us. You know, Dangote has called this the People's IPO. Can you put in --
(CROSSTALK)
TEMI POPOOLA, CHIEF EXECUTIVE OFFICER, NIGERIAN EXCHANGE GROUP: Thank you, Erica.
HILL: Can you put in perspective for us, Temi, what this actually means for the average Nigerian investor? What kind of an opportunity could it be?
POPOOLA: Erica, thank you very much. The way I'll address that is to maybe step back for a second and look at this, you know, from a broader African
context, perhaps even a broader frontier context.
First and foremost, you know, some transactions come; they bring scale. Some of the transactions come, and they just change the way that the market
participants, the market operators look at that market. And this is a combination of both.
If you look, by African standards, this is going to be the largest IPO ever in the history of the African capital markets. If you look in frontiers as
well, if the green shoe is exercised on this offer, it probably will be arguably the largest IPO in the frontiers universe as well. So, it's quite
a material transaction.
But closer to the question that you asked as to what this means for the average retail investor in Nigeria. I've always said that, you know,
Nigerians, we do contribute to economic growth typically through consumption.
You can argue so that the average Nigerian, you know, contributes through consumption, through salaries, through wages. But a transaction like this
helps us to change that narrative, where for the first time, Nigerians can also become owners, and that's really what this sort of transaction, you
know, demonstrate.
I should step back though and say, of course, in my role as the Group CEO of the exchange, it's not necessary to look at this as one transaction.
What excites us even more than that really is the opportunity that this brings.
This idea that we have been working on for a very long time around digital transformation of our markets, this idea around democratization of, you
know, markets and ownership, and this idea that frankly speaking, Africans can you know really support and fund African businesses. These are the
things that really excite us at this time.
HILL: So, to your point, then, you -- do you see this then as opening the door to democratizing ownership and to growing ownership across multiple
sectors?
POPOOLA: Absolutely, absolutely. I mean, one of the things that we have done with this transaction really is also to change the way that securities
are distributed, not just in Nigeria, but across the continent.
So, there are a few things that we are doing here. You know, there is this job of plumbing, of infrastructure of markets. They are not necessarily the
most exciting. They don't make the headlines.
We have quietly spent the last three years doing precisely that, and this opportunity with this listing has really brought the ability to test that.
I think one of the things that Aliko Dangote has said is really this is not a test of the ability to raise capital. We did a private placement and
raised several billions of dollars.
So, really, that's not what this is about. It's really the ability to test those rails, the ability to distribute digitally and electronically for the
first time in the history of our markets. It's an end-to-end digital offer. We have also made sure that really, unlike prior ways of distributing,
where investors in this side of the world have to go out and look for a broker, look for forms to fill, we are doing that differently.
Think of it like we are inverting that model now, where we are bringing this transaction closer to people.
[16:40:00]
So, you look at any way that you consume financial sort of services in Nigeria today. You would find this transaction, whether that's with
financial technology companies, with traditional banks, with brokers. You know, with USSD channels, with WhatsApp, so, there' is that picture in
Nigeria, and then, across the continent today.
For example, we are joined by CEOs of several exchanges of Kenya or Botswana. The idea also being that, you know, when you have large African
businesses like this, they should be able to mobilize capital across the continent, which is another sort of ethos that we are trying to test with
this transaction.
HILL: Yes. Temi Popoola, appreciate you joining us tonight. Thank you.
POPOOLA: Thank you, Erica.
HILL: Still ahead here, the U.S. Open crowning two new singles champions over the weekend. Don Riddell recapping an adrenaline-filled weekend on the
courts.
(COMMERCIAL BREAK)
HILL: The Kremlin is welcoming Donald Trump's call on Ukraine to stop targeting Russia's diesel fuel.
The U.S. president blaming those attacks for a diesel fuel shortage across the world. Take a listen.
(BEGIN VIDEO CLIP)
DONALD TRUMP, PRESIDENT OF THE UNITED STATES: I've asked President Zelenskyy not to hit the diesel plants refineries.
UNIDENTIFIED MALE: Is it potentially that Ukraine war could end? Is it potentially that --
(CROSSTALK)
TRUMP: Diesel is being driven up by the fact that it's having a hard time coming out of Russia, and that's a case that hurts the world.
(END VIDEO CLIP)
HILL: So, it's important to note here: diesel prices jumped after the U.S. and Israel carried out strikes against Iran, kicking off that war in late
February.
Diesel prices are up more than 55 percent in the U.S. since the war began. Regular gasoline is up 40 percent over that same period.
Rising diesel costs typically hit businesses first. Gas prices, of course, are felt directly by consumers.
Keeping our focus on Eastern Europe, Russia now stepping up its attacks on Ukraine, striking targets along the Ukraine-Poland border. Ukraine says a
Russian drone hit a passenger train about two kilometers from the Polish border on Sunday.
Ukraine's foreign minister posting on social media, "This is Putin's terror knocking directly on the doors of the E.U. and NATO.
Two separate trains carrying former CIA director David Petraeus and former British Prime Minister Boris Johnson nearly missed the drone attack.
CNN's Clare Sebastian has more.
CLARE SEBASTIAN, CNN CORRESPONDENT: It is an extraordinary moment. You know, foreign dignitaries and leaders have traveled in and out of Ukraine
throughout this war, and there have been sort of a few close calls before.
[16:45:01]
But look, Ukrainian railways have come right out and said that at the very moment this attack happened, David Petraeus, the former CIA director, was
on a train, on another train in this station area, not the train that was hit, but he then told the Financial Times that he had to evacuate his
train.
So, he was extremely close by. Not only that, but shortly before the strike, another train had departed that station and crossed over the border
into Poland, and that was carrying former British Prime Minister Boris Johnson as well as other European officials.
They had all been attending a major security conference in Kyiv over the weekend. So, this could have been very different. It could have been a
major international incident if Ukrainian railways are right about this.
And I think, look, in the context of the broader escalation that we are seeing from Russia in terms of air attacks, it's yet more evidence that the
target list has broadened with it. European officials, though, coming out today and saying, "look, this was a message intended to frighten us, and it
will not work." So, coming out swinging.
HILL: All right. Our thanks to Clare for that. This is QUEST MEANS BUSINESS. Stay with us. We will be right back.
(COMMERCIAL BREAK)
Well, the U.S. Open is officially a wrap. Two brand new champions triumphed in New York. Germany's Alexander Zverev winning the men's singles titles,
defeating American Ben Shelton in four sets to cap a breakthrough year in Grand Slam competition.
Elena Rybakina, representing Kazakhstan, defeated the top seed, Aryna Sabalenka from Belarus. This win, actually gives Rybakina her third career
Grand Slam title, and she is now replaced Sabalenka atop the women's tennis rankings.
Don Riddell joining me now from Atlanta with more. It's one of my favorite times of year in New York. It is one of the best sporting events to go to,
and I had to watch on my couch, but it was worth it.
DON RIDDELL, CNN SPORTS ANCHOR: Yes. I mean, the matches were great, the tournament was great, and for both those players that you mentioned-they've
just had absolutely wonderful years.
You know, it wasn't that long ago that Alexander Zverev was just begging to be a Grand Slam champion, and the most bizarre situation at the end of the
final on Sunday, everybody in the stadium knew he was a champion before he did.
Quite remarkable, massive occasion for him, huge occasion for Ben Shelton, the home favorite playing for the Americans.
Of course, he had all the support. He looked like he was kind of out of his depth at the start of the match, but he gave a good account of himself. And
this is very at the end, as you can see, everybody in the stadium is rising to celebrate his victory, and it took him a good 10-15 seconds to even
realize it.
[16:50:06]
Our Patrick Snell caught up with him afterwards and asked him what was he thinking?
(BEGIN VIDEO CLIP)
ALEXANDER ZVEREV, CHAMPION, UNITED STATES OPEN SINGLES: I thought it was 5- 1. I thought it was 5-1 instead of 6-2. So, I thought I have one more game left. So, I was quite focused. I was quite calm. But then, I was luckily on
the side of my team, and they are all screaming that it's over. So, very happy that it was.
If you would have given me a paper at the beginning of the season for one grand slam title, I would have signed it. That's for sure. But standing
here with two is absolutely amazing, and I couldn't be happier.
(END VIDEO CLIP)
RIDDELL: Yes, before this season, Zverev was kind of labeled the one thing that tennis players absolutely don't want: best player never to win a
major. But he's changed all of that. He's completely ripped up the script. He won the French Open in Paris. He got to the final in Wimbledon, and now,
is the U.S. Open champion as well.
So, he ends the year with two of the four Grand Slam titles, and the same for Elena Rybakina. And Aryna Sabalenka must be absolutely sick of the
sight of her because Rybakina beat her in the Australian Open Final. She beat her again on Saturday in New York.
And not only that, she also snatched Sabalenka's world number one ranking during the tournament by making it to the semi-finals. So, literally,
Rybakina leaves town with everything, and of course, she now absolutely loves the Big Apple.
(BEGIN VIDEO CLIP)
ELENA RYBAKINA, CHAMPION, UNITED STATES OPEN WOMEN'S SINGLES: Yes, that's a proof that you can achieve so many things just if you believe. And yes, you
do the right things, you work hard. And yes, that's amazing, and still doesn't feel real for now.
(END VIDEO CLIP)
RIDDELL: Yes, it doesn't feel real, Erica. It kind of feels as though she is just quietly under the radar, crept up, and just taken over the women's
game.
HILL: Yes.
RIDDELL: As I think you mentioned in the lead-in, she is now won three of the four slams, three quarters of the way to the career slam. That is
remarkable.
HILL: It is interesting in watching the match, right? She seemed so chill the whole time throughout it.
(CROSSTALK)
RIDDELL: She is an ice -- she is an ice queen, and such a contrast with Sabalenka, who is so combustible.
I mean, Sabalenka is brilliant, but she is also brittle. And here we had Rybakina, just like ice in her veins, just nothing fazed her at all, and
that --
(CROSSTALK)
HILL: Yes.
RIDDELL: That was how she won it.
HILL: I mean, there is a lot of great tennis to watch, not just this weekend, but throughout the entire tournament.
RIDDELL: Yes.
HILL: Can't wait for next year. Don, appreciate it. Thanks.
RIDDELL: All right.
HILL: Television's biggest shows and performers set to vie for the industry's highest honors tonight at the Primetime Emmy Awards. CNN
entertainment correspondent Elizabeth Wagmeister breaks down this year's top contenders and the categories that could bring some surprising results.
ELIZABETH WAGMEISTER, CNN ENTERTAINMENT CORRESPONDENT: T.V.'s biggest night is being hosted by one of T.V.'s biggest stars. Mariska Hargitay from "Law
and Order" is the host for this year's Emmys.
Now, it's going to be a showdown between some of television's biggest series. "The Pit" leads all nominations with 25 nominations going into the
night. "Hacks" not far behind with 24.
But let's first talk about "The Pit", which is expected to dominate in the drama categories. "The Pit" won for best drama last year, and it's expected
to win in that category again, as well as its star, Noah Wyle, who of course Emmy voters have known and loved since his days on "E.R.". Now, in
his next medical drama, The Pit", he won for Best Actor in a Drama last year, likely is going to win again.
His co-star Katherine LaNasa, who won last year in her category is also expected to win on Monday night.
Now, when we go over to the comedy category, here is where we could get some more surprises. "Hacks" has the most comedy nominations with 24, and
this is Hack's fifth and final season.
Typically, Emmy voters will award shows that are saying farewell with their final season. But this year, Apple's show "Widow's Bay" has been a late in
the game hit, drawing a ton of fans both online, but also becoming a huge critical darling.
So, "Widow's Bay" could beat "Hacks" in the big comedy category, but Jean Smart is expected to take her fifth and final trophy for "Hacks" in her
category.
Now, fun fact: If Jean Smart wins, she will make Emmy history. She will become the only woman to ever win for every single season of the same show.
So, a lot to come. I will be on the red carpet, and I'll be backstage interviewing the winners all night. So, make sure to stick along with us
for all of our Emmy's coverage. Back to you.
HILL: After six long years, Celine Dion is finally back on stage. The superstar making her comeback Saturday, kicking off a series of shows in
Paris.
In 2022, she was forced to step away from the mic amid a diagnosis of a rare neurological disorder. Melissa Bell has more on her emotional return.
(BEGIN VIDEOTAPE)
MELISSA BELL, CNN SENIOR INTERNATIONAL CORRESPONDENT (voice over): Celine Dion fever has hit Paris hard.
[16:55:00]
Ahead of the Canadian superstars' first concert in six years, a giant karaoke was organized over the weekend, full of the songs that the French
know by heart.
UNIDENTIFIED FEMALE: For me, it's like it's all what Paris is about. Just gathering people in open spaces and having a moment together, singing
together.
BELL (voice over): The hotel that will serve as Celine's base throughout her 26-concert residency has turned into a place of daily worship for her
fans.
UNIDENTIFIED FEMALE (through translator): It's not every day that we get to see Celine Dion up close like this, so this is amazing.
BELL (voice over): With more than 200 million records sold. Celine Dion is the biggest-selling Canadian artist of all times, and in the French-
speaking world, an icon.
But a rare neurological disorder had forced her to cancel her last tour.
BELL: Which is why her first performance here on Saturday night was so keenly awaited. I was lucky enough to be inside, and the emotion was
unbelievable. It was a performance full of energy with that tremendous voice of hers, but she could feel at the end of her first song the emotion
of the crowd, and she then started crying, really struggling for a moment to regain her composure.
And for that moment, there really wasn't a dry eye in the house.
BELL (voice over): It's expected that overall, Celine Fever could bring as much as a billion-dollars of revenue to the French economy. 9 million fans
joined Laufey for access to tickets, and all of her shows were sold out in a matter of hours.
And for those fans who didn't get a ticket, there are still those daily hopes outside her hotel for a glimpse, a smile, and even a kiss from the
star who is finally returned to them.
Melissa Bell, CNN, Paris.
(END VIDEOTAPE)
HILL: Wall Street closing lower after A.I. executives said the technology is developing too quickly. The Dow struggling to get out of the red,
finishing 152 points lower as you see there.
Take a look at the Dow components. Salesforce, a traditional software stock, up almost five percent Alphabet, which competes against Frontier
A.I. models, gained nearly three percent. Caterpillar, though, down more than four. Its equipment helps, of course, to build A.I. data centers.
Goldman Sachs down nearly 4% as well, on fears that higher rates could dampen corporate deal making.
That is QUEST MEANS BUSINESS. "THE LEAD" is next.
(COMMERCIAL BREAK)
END
