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Quest Means Business

Europe Scrambles To Respond To New COVID Strain; "Wonder Woman" Takes Off In Asian Cinemas; Britain Cut Off For Christmas To Contain COVID Variant; Britain's Food Supply Chain From Europe At Standstill; Insects On The Menu; New High-End Protein Source In Japan. Aired 3-4p ET.

Aired December 21, 2020 - 15:00   ET

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

[15:00:21]

RICHARD QUEST, CNN BUSINESS ANCHOR, QUEST MEANS BUSINESS: The market plunge this morning has been warded off on Wall Street. Sixty minutes

towards the end of trading. Europe wasn't so lucky. We'll see how the day moves, but Europe --

The U.S. market has gone positive for the day, but as you can see, we're seeing what they saw in Europe as a result of COVID.

The markets so far and this is the day. The ports are blocked. The tarmacs are empty. Britain is an island in isolation tonight.

Europe approves its first coronavirus vaccine. Now, the inoculations have to begin.

And a moment of truth after months of squabbling, Congress is about to vote on its relief package.

We are live in New York, start of Christmas week, you wouldn't know it, Monday, December the 21st. A full slate of news to bring you. I am Richard

Quest, and I mean business.

Good evening. Tonight, the United Kingdom finds itself utterly isolated over fears of a new COVID variant. The ports and the cargo routes, which

were already facing bottlenecks ahead of Brexit next week are now altogether closed.

Dozens of countries have banned flights to and from the U.K., and that list grows fast from neighbors in Europe to South America and to Asia.

The same fear is bringing volatility to the markets, heavy losses in Europe. As you can see the Xetra DAX bore the brunt of it all, 400 point

fall, as you can see down 2.8 at the end of close of play.

In Wall Street, early losses have since been reversed. There are now gains.

Let's go to the cause of all this disruption. The British Prime Minister Boris Johnson addressed the public a few hours ago. He offered little in

the way of details and his main appeal wasn't to the U.K., it was to the global community.

(BEGIN VIDEO CLIP)

BORIS JOHNSON, BRITISH PRIME MINISTER: To our international friends and partners, I want to say very frankly that we understand your concerns. We

took prompt and decisive action the very next day to curb the spread of a new variant.

(END VIDEO CLIP)

QUEST: Nima Elbagir is with me in Downing Street. This is a mess, isn't it? I mean, first of all, the U.K. goes to tier four, parts of the U.K. go

to tier four. Then the Europeans respond. It's understandable. I mean, does Downing Street realize it's understandable that trading partners and

friends and neighbors are banning Britain.

NIMA ELBAGIR, CNN SENIOR INTERNATIONAL CORRESPONDENT: Absolutely, because as many French company owners say that they have no guarantees that if they

send their lorry drivers in that they will be able to get them back into France. And this, of course, is just 10 days away from Britain being

expected to crash out of the European Union.

Our understanding is that the conversations being had in European capitals tonight is why should we trust Britain? They have mismanaged every aspect

of this, but not just what Boris Johnson's critics are saying on the European mainland, so what's being said here?

Yes, granted, this variant does have a higher transmission rate, higher transmissibility rate, but it's still needed human error. It's still needed

spreader events and it's still needed Boris Johnson and his government to not crack down on lockdown as soon as they were told to by medical experts.

So there is a real fear in Europe that if they trust Britain that this variant could spread to them and soon -- Richard.

QUEST: The problem here, I think, looking at the timeline, Nima, is that when the British Prime Minister spoke last week and said, I'm not canceling

Christmas. That will be the wrong thing to do. He must -- or his scientific advisors must have already had a good inkling that this new variant was

there.

I mean, it can't have just come out of the blue in the last week when we know it's been in the U.K. since September.

ELBAGIR: Well, and Sir Patrick Vallance was speaking about it doubling transmission rates over the last two weeks. So at least for the last two

weeks, they've been aware of its existence. And where was it found? In Kent, which is that key artery up from those ports from France.

So if you are France, if you are Europe, then your biggest concern is well, the spread came into Kent from somewhere. Kent is where so many of these

lorry drivers are going through to get to the capital, why would we allow that spread to come back this way?

And the only thing that Boris Johnson seem to be able to bring back from his conversation with Emmanuel Macron was that it was Macron's birthday.

This is really concerning for so many people in this country who are having to scramble at the last minute with a fear of food shortages to make sure

that they can pull together a Christmas lunch for themselves and their families -- Richard.

[15:05:28]

QUEST: Nima who is in Downing Street tonight, thank you. Now, the British Prime Minister said there's no reason to think this variant is more

dangerous than the existing strain. London is currently seeing a sharp rise in COVID-19 cases. Look at the way you see there.

The government's Chief Scientific Adviser says the evidence shows transmission of the new variant is substantially increased. It's not clear

by how much.

(BEGIN VIDEO CLIP)

PATRICK VALLANCE, CHIEF SCIENTIFIC ADVISER TO THE BRITISH GOVERNMENT: I think it is likely that this will grow in numbers that will vary across the

country and I think it's likely therefore that measures need to be increased in some places in due course, not reduced. So I think it is a

case that this will spread more.

(END VIDEO CLIP)

QUEST: Alastair McLellan is the editor of the "Health Service Journal," a major British Medical Journal. He joins me from London. Sir, thank you.

Good to have you now.

You, of course, in the BMJ had said, you know, basically, don't go ahead with your plans for -- you and other health experts said don't go ahead

with your plans to relax the restrictions before Christmas. And I guess, you know, is this what you feared?

ALASTAIR MCLELLAN, EDITOR, "HEALTH SERVICE JOURNAL": Well, we feared that they wouldn't -- that they would carry on with their plans to allow

household mixing over Christmas because that was the reaction to our editorial, or editorial was written on Tuesday; Wednesday, they said such a

move would be inhuman. By Friday, stroke Saturday, they had changed their minds.

In changing their mind so late, they created a whole series of problems, like some of which we're seeing playing out today, at least eventually,

they did the right thing.

QUEST: But Alastair, I'm not asking you to call the Prime Minister a liar or anything like that. But at the same time, he must -- the government must

have known that this variant was out there, or that at least there was something going on as the numbers got worse.

MCLELLAN: In the last half an hour, I've been talking to somebody very senior indeed, within the British National Health Service, and they put it

to me that there are two ways to look at this.

In the government's defense, it wasn't until Friday that an organization called NERVTAG who monitors these kind of things presented with the

evidence that -- presented them with the evidence that this variant was transmitting at a rate of 70 percent greater than the existing variant.

QUEST: Right.

MCLELLAN: Against it, what they said was, as you indicate -- as you indicated in your conversation with your reporter, that something was

clearly happening for at least two week. So whatever it was, something was happening, which required some kind of action to be taken.

QUEST: Is it your feeling -- you're an expert in all of this -- is it your feeling that this variant, I mean, it's not just in Britain, it's

elsewhere, that the U.K. has just done a perhaps a better job of isolating and identifying.

MCLELLAN: Our ability to do genome sequencing, which is part of the detective work required to find out these variants is significantly greater

than many countries. So yes, we did do a better job in finding it faster.

But it's clear that this variant was first mentioned not today, but on Monday -- sorry, not on Friday, but on Monday, the day before we actually

produced our editorial. And at that time, it was not seen as important as it seems now, but there was lots of discussion how it was to be found

elsewhere in Europe -- particularly elsewhere in Europe. So yes, it is elsewhere, clearly.

QUEST: If we look forward. So the latest here for the last -- until the end of the year effectively and then we go into the New Year, is it your

feeling that the situation in Britain stabilizes as a result of the measures that have been taken. I am using Britain in the wider sense, since

let's face it, transmission between the four countries is pretty easy to do. What's your feeling what happens next?

[15:10:03]

MCLELLAN: Well, again, the conversation I was having a few moments ago, it was suggested to me that this is -- the most likely scenario is that

Britain will enter 2021 with more COVID hospital inpatients than it has had any time. It's a pretty terrible thing to happen this far into a pandemic

where we're meant to have control over.

After then, it all depends on exactly how virulent this new variant proves to be, on the behaviors of the public, and quite how strict the government

continues to or not the government continues to be in restrictions. It's under a lot of pressure to release restrictions as soon as possible.

But I think it's reasonable to say that first, the pandemic in the U.K. is the only lockdown that's really worked and we've had God knows how many

variants of a lockdown, but the only one that's really worked was a really quite strict one we had in March, April and May. And I think we may be

heading back towards that with some school closures for example, in the New Year.

QUEST: Good grief. Well, Alastair, it doesn't feel like Christmas week does it? I mean, normally at this time of year, we're all sort of well into

the minced pies and putting our feet up, but I wish you well for the Holiday season, you and your family, however you may be celebrating, sir.

MCLELLAN: Thank you.

QUEST: I wish you well. Now, this growing sense of fear, leading European markets lower, around two percent off -- well off the lows of the day, down

four percent at one point in Frankfurt, but Frankfurt and Paris dropped the most, but off the lows.

And those travel and tourism stocks not surprisingly, very badly affected. Look at the big ones IAG, that's British Airways. EasyJet has huge

obviously at Gatwick and then elsewhere. Air France KLM, long routes into the U.K. Is it going to go further? TUI Group down just one percent, but

TUI have interesting issues, Luton Airport, it stopped all its flights into and out of -- or suspended into Luton ahead of -- because Luton is in tier

four.

In the U.S., the Dow changed course, quite dramatically. The Dow -- look, we were down all day and I'm thinking what you're seeing there, it is the

opposite of what often happens. Normally, Europe, one takes a direction from the other.

Here it is the U.S. taking a direction from Europe, but then deciding things aren't as bad after the Fed gave the greenlight to various bank

buybacks. JPMorgan, Goldman, they are all planning to buy back billions of dollars of their own stock and that's been approved by the Fed,

controversially approved, it must be said.

Nike is racing to an all-time high on its latest earnings. We're talking earnings, how quaint.

Matt Egan is with me. How, Matt, how do banks justify going back to buying their own stock, billions of dollars' worth of their own stock in the

middle of all this, haven't they got better things to be spending the money on?

MATT EGAN, CNN BUSINESS SENIOR WRITER: Well, I think that the good news from the bank's perspective, and really, for all of our perspective is that

the banks have been deemed healthy enough to do what they think is best with their excess capital.

And in this case, they think that it's best to return some of that cash to shareholders. You know, that buybacks are loved by the market and companies

like to do it because they can turn them on and off without creating a whole bunch of negative headlines, the types of which you get when

companies cut their dividend.

But it is certainly a good thing that the Federal Reserve thinks that these banks are able to withstand, you know, a severe economic recession, and not

only are they not worried about banks failing and really hurting the economy, but they think they're healthy enough to return some cash.

So that's why we've seen a lot of those banks across the board rally today in what started to be a pretty ugly day, and it's turned out to be kind of

mixed for the market.

QUEST: But that I don't understand, because besides the bank stocks, you still have got this very distressing issue over the new variant of COVID,

and you've got what's going to be a difficult Q1.

This market -- I mean, you tell me, you're the expert, but this market seems to want to rally at every given opportunity.

EGAN: Yes, I think that's right, Richard. I mean, I think this morning was actually a question of shoot first and ask questions later. We saw Dow

futures were down 700 points at one point, obviously European markets were down. Some of the U.S. travel stocks down about 10 percent -- Delta. Hotels

were awful lot.

And what I think has happened is that we've actually seen some cooler heads prevail. The U.S. health authorities were saying, listen, we have no reason

to think that this variant won't be stopped by a vaccine and that is really key because that's what everyone is betting on that the vaccines are going

to be able to finally end this pandemic.

And so we've seen the market kind of shrug off the varying headlines that are obviously front and center in Europe right now, and U.S. investors just

don't seem all that concerned right now.

[15:15:25]

QUEST: They really are not, aren't they? I'm looking at the cruise lines and those sort of things. They are down just a couple of percent. Good to

see you, Matt. Have a good week. Thank you.

EGAN: Thank you, Richard.

QUEST: Now, one of the busiest ports in the world, eerily quiet tonight. Traffic to and from the U.K., between that and France is halted at Dover

over the new variant. We're live in Dover in just a moment.

It is QUEST MEANS BUSINESS.

(COMMERCIAL BREAK)

QUEST: There is a very famous newspaper headline from British history. In fact, it's so famous, it probably never even existed. The headline was "Fog

in the Channel; Continent Cut Off." A reference, of course to the imperialist views that Britain's always had over if the Brits can't do it,

then it doesn't really matter.

Well, there is no record of fog in the channel continent ever actually -- that headline ever actually running. Its endurance comes from irony. The

epitome of the little Englander mentality, the idea that they need us more than we need them and it's relevant tonight for the wrong reasons.

We could have easily wielded out next week if Brexit talks had gone south, but tonight, it's the continent that's done the cutting off. Britain is

largely on its own. There are fewer deliveries, flights have been canceled. There is no E.U. support. This new variant of virus has created a fog so

thick that even Britain's closest neighbors feel they have no choice but to cut it off.

For instance, Boris Johnson says the U.K. and France are in talks to resume the flow of trade through the Port of Dover as fast as possible. France has

banned drivers from bringing in freight over fears over the new coronavirus variant, leading one trade to call it --

We are going to now just go to the President-elect Joe Biden -- forgive me. Let's watch.

[15:20:03]

QUEST: The President-elect is now about to receive the Pfizer vaccine. He's in Wilmington.

And remember of course, he is in his late 70s and the President-elect, one of the oldest. Well, it is a question of whether he would have qualified

for this vaccine because at the moment, he would have qualified because of the continuity of government rules that all those in the top echelons of

government, Supreme Court, President, Cabinet, senior Members of Congress, we saw last week, Mitch McConnell and Nancy Pelosi getting it.

Then you've got healthcare workers, and then, of course, residents of nursing homes.

Well, Joe Biden is not a resident of a nursing home, but he would have qualified under the next tranche, if you like. That's not important. What's

important is what's happening. Let's listen in.

Well, they are taking their time.

JOE BIDEN (D), PRESIDENT ELECT OF THE UNITED STATES: Okay, look, what I want to say is we owe these folks an awful lot. The scientists and the

people who put this together, frontline workers, the people who were the ones who actually did the clinical work are just amazing.

And I wish we had time to take you through the whole hospital and see how busy and incredible you all are and we owe you big. We really do.

And one of the things is that I think that the administration deserves some credit, getting this off the ground with Operation Warp Speed. I also think

that it's worth saying that there is great hope, I'm doing this to demonstrate that people should be prepared when it's available to take the

vaccine.

There's nothing to worry about. I'm looking forward to the second shot. So as Jill, she has had her shot earlier today. She loves shots, I know. But

I've had so many -- many right there.

For my next visit -- and -- but the important thing is that it's worth stating that, you know, this is just the beginning. It's one thing to get

the vaccine out, and now Moderna is going to be on the road as well. But it's going to take time, it's going to take time.

In the meantime, I know I don't want to sound like a sour note here, but I hope people listen to all the experts and to Dr. Fauci, talking about the

need to wear masks during this Christmas and New Year's holidays, wear masks, socially distance, and if you don't have to travel, don't travel.

Don't travel. It's really important because we're still in the thick of this.

It's one thing to have the vaccine show up at the hospital. It is another thing to get the vaccine from that vial into a needle into one arm and

there's millions of people out there, they're going to need this and frontline workers first, but I just want to thank everyone for all that

they've done. These are some real heroes -- some real heroes. You're among them. Thank you.

[15:25:]

QUEST: Well, there we are. Sara Murray is there. The significance. So we've now had the leadership in Congress. We've had the President-elect.

We've had our own Dr. Sanjay Gupta, who has been. Of course, the President hasn't, where do we go from here?

SARA MURRAY, CNN POLITICAL CORRESPONDENT: Well, you know, look, this is going to be a long process, like the President-elect was saying. We are

still -- you know, aside from these select few who are in the upper echelon of government, we're still ticking through frontline health care workers

and folks who are living in assisted living, long-term care facilities in a lot of these states.

And so it's going to take a little while to get through those folks. I mean, the good news is now that we've got these two vaccines circulating

today, we're seeing Moderna go out to a much larger number of locations than what we saw with the Pfizer vaccine. It's still going to be a couple

months before most Americans are going to be able to get this vaccine.

QUEST: Sara, thank you. That was good to see, though, isn't it? It's still good to see the President-elect. It gives some encouragement and enthusiasm

for this. Thank you. I appreciate it, Sara, thank you.

Now the European Union authorizes its own vaccine to fight the -- sorry, it's own vaccine -- it is doing itself in the sense, as it wrestles with

the response to the new variant of the disease, the view from European in just a moment.

(COMMERCIAL BREAK)

QUEST: Hello, I am Richard Quest. There's more QUEST MEANS BUSINESS in just a moment. You're watching CNN and on this network, the facts and the

news always come first.

The European Union has officially authorized the Pfizer-BioNTech coronavirus vaccine. It came following the E.U.'s drug regulator giving its

approval earlier on Monday.

[15:30:06]

It means people in the 27 nations could be getting their COVID-19 shots within days.

U.S. President Elect Joe Biden received his first dose of the Pfizer vaccine moments ago. He was joined by his wife, Jill, who received her

vaccination earlier in the day.

The Vice President Elect Kamala Harris and her husband are set to get their shots next week.

The outgoing U.S. Attorney General William Barr says there's no need to appoint a special counsel to investigate Joe Biden's son, Hunter, or to

investigate the election. Barr says no widespread voter fraud was found.

He also rejected suggestions by some Republicans that the government should seize voting machines.

A rare celestial phenomenon is taking place. Jupiter and Saturn are appearing to merge and form a double planet. It's the closest they've been

since the Middle Ages.

The result looks like a very bright star that will be visible to the naked eye.

Returning to our top story tonight. The U.K. Food & Drink Federation says the suspension of freight traffic between France and Britain could cause

serious disruptions to Christmas fresh food supplies.

Ian Wright is the director general of the FDF -- joins me from Rutland in England.

The situation is what? There is plenty of food in Britain, it's not like sort of it's about to run out. But what exactly could become in short

supply?

IAN WRIGHT, DIRECTOR GENERAL, U.K. FOOD & DRINK FEDERATION: Well, the problem at the moment is that although products are coming into the U.K.

from France, they're coming quite slowly and the inward flow is disrupted. Nothing is going out.

So if you're trying to export food or indeed anything else from the U.K., either via the Chunnel tunnel or via the Dover sea route, nothing is going

out. And that is part of the problem.

Because lorry drivers who make round trips from the continent of Europe into the U.K. and are mostly European rather than U.K. citizens are

increasingly unwilling to come here because they're afraid they'll get stuck either in the traffic jam, or that they won't be able to find a load

to take back and the economics of their journey will be impacted. Or that they'll get quarantined here.

QUEST: Right.

WRIGHT: That threatens supply towards the end of this week and into next week.

QUEST: Supply of what though, what actually --

WRIGHT: Fresh food.

QUEST: Right. Fresh food so vegetables --

WRIGHT: Fresh food and vegetables, that's right. Yes. And while the winter vegetables that the U.K. consumer would normally eat at Christmas --

so potatoes, parsnips, swedes and carrots are mostly grown in this country -- other things like lettuces, green vegetables, tomatoes and fresh fruit

will be more difficult to sustain supply after the middle of this week. If this ban from France continues.

QUEST: The word tonight is the British and the French may be trying to cobble together some sort of arrangement. But I can certainly see why

drivers would be reluctant to come over, European, non-British drivers.

Because you raise three very valid reasons. One, there may not be a load to take back. Two, they may end up quarantined, three, they may be

stranded.

WRIGHT: Yes. And indeed, we've already got examples of -- I think one of the networks had an interview with a Romanian driver on his way home who'd

been in the queue for five days.

QUEST: Right.

WRIGHT: Well, there are two problems with that. One is it's very inconvenient for him to get home, it's very expensive. The other is if his

load is perishable, it will have gone off.

And that's a big problem for European businesses and it will make them much less willing to come here as part of a very integrated supply chain.

QUEST: I suspect this will be sorted out within the next day or so. So let's talk about Brexit, and what happens after December the 31st.

Now it is extraordinary, ten days away, and we don't know -- even if a deal is put in place, unless there's some sort of standstill provision, it will

be just about impossible for your colleagues, your members, to change tills, to change rules, to change regulations by January the 1st.

WRIGHT: Well, that's absolutely right. Indeed, almost all of the eventualities at the moment other than some kind of standstill or extension

-- which I think at the moment is anathema to Boris Johnson's government -- are going to be very difficult.

[15:35:00]

So if there's a no deal, we'll have very little time to understand how it will work, if there's -- and indeed have provisions for the Northern Island

which is separate but very closely related will work -- if there is a deal, nobody will possibly have been able to read it.

Neither the members that we have who will have to work under it nor those who are intended to police it. Nobody will have a clue what's in it. It's

1,800 pages of text.

And it won't have been translated and it almost certainly won't have been either scrutinized or verified --

QUEST: Right.

WRIGHT: -- by the various parliaments.

QUEST: So, Ian, assume for the purpose of this question that there is no deal in place by the time we go through into January the 1st. What will

happen?

WRIGHT: Well, conceivably something very like what's happening at the moment. There will be a whole range of extra checks, border checks,

customs checks, animal health checks, plant health checks, driver checks; all of which will happen whether there's a deal or not a deal.

So all of them will add extra friction both ways.

And then there will be the questions of tariffs. Now we don't know what tariffs will apply. And, as you say, it's seven working days until they

would apply at 23:01 on the 31st of December.

And so for businesses trying to decide how they pay the tariff and how they pass on the cost of that tariff to their customers -- because it's not a

cost that most of my members can absorb -- this is a remarkably complicated and extremely unpleasant situation.

And it really isn't a way to do business for a modern economy, the seventh or whatever it is biggest in the world.

QUEST: Ian, we will talk about this much over the next few days, and we'll be talking to you again, sir.

I wish you and your family as much as you can a festive week -- not that it'll be much of one. But you know what I mean, the wishes are there even

though the reality may be something different. Thank you, sir.

WRIGHT: And, Richard, to you as well.

QUEST MEANS BUSINESS back in a moment.

(COMMERCIAL BREAK)

QUEST: The U.K. may be cut off, and this new coronavirus is already present in Europe, this variant. The question is how prevalent it now

becomes.

The German foreign minister's calling for cooperation to try to contain it.

(BEGIN VIDEO CLIP)

HEIKO MAAS, FOREIGN MINISTER, GERMANY (Through Translator): It is extremely important to us -- and this is happening in Brussels right now --

that there be a coordinated European approach. Which is why we immediately activated the European crisis reaction mechanism.

[15:40:00]

QUEST: Alex Stubb is the former prime minister for Finland. He joins me from Helsinki.

My hand is in my -- or my head is in my hands, Alex -- listening to the minister. Oh, yes, we're going -- every time, every time, Alex, there is

this sort of crisis, some European politician says there needs to be greater cooperation, there needs to be coordination. And there isn't and

there hasn't been. What does one say?

ALEXANDER STUBB, FMR. PRIME MINISTER, FINLAND: Well, I think in this particular case, actually there was. The reaction was pretty swift.

We have the better part of 22, 23 E.U. member states now that stopped all flights coming from the U.K. and in that sense, the effort were

coordinated. But as always, it takes a little bit of time when you have 27 member states trying to do something together.

But this one basically happened I'd say within 12 to 18 hours.

QUEST: I don't agree with you, Alex. You had the Netherlands first then Belgium joined in. Then it was Spain then Italy then France and Germany,

and so forth.

But at no point was there ever this feeling of let's have a council -- an emergency council meeting by phone and we'll do it across the board.

STUBB: I think there was one right in the beginning. But, of course, quite often in these type of situations, it's also led by the big ones.

So you have the Commission president, the president of the European Council, the French president, the German chancellor. So in that sense,

you're right, that there's not exactly the E.U. institutions immediately there.

But I do think that this has been quite coordinated. Whether it's the right thing to do, I don't know but it has been quite coordinated. As

actually has the vaccine output as well, as you have seen.

These are not simple issues, it always takes time.

QUEST: No, they're not simple issues. But I think you -- don't you think E.U. citizens might well ask hang on, why does it take us ten days longer

than everybody else to get the vaccine? And even then they were only going to approve it after Ursula von der Leyen basically said we're going to

start vaccinating and the Germans said get on with it otherwise we'll do it anyway?

STUBB: I think this is going very much science first, if you will. Which means they have to be very sure that security goes first. And that's what

we saw coming out of the European medical agency today. And they had to go very careful.

You have to remember that usually these types of vaccine they take over a year to roll out. But I think this one has been rolled out in 11 weeks.

And it just shows the urgency of the situation whether you are in the United States, the U.K. or Europe.

QUEST: You are par excellence in knowing what is going on in the corridors of power, Alex. Will there an element of -- "panic" is probably putting it

too strong -- but you know what I mean. Where tonight they're saying amongst each other oh, we must be careful about this.

This variant, has this the potential for absolutely turning over everything we've worked for?

STUBB: Probably less panic than what there was, say, sometime in March or April when we knew very little about the virus. I think we've learned how

to live with it.

This is a variant or a mutation and there are hundreds thereof. This just happens to be a very quick one, it looks like it, at least. So now I think

everyone is jostling to find out what exactly is involved.

And this is where we need cooperation. I don't think anyone, for instance, is blaming the U.K. for this. This is a borderless virus, this one just

happened to mutate in the U.K.

And I'm sure, and as we can already see, it has spread across Europe. How far we don't know.

QUEST: Who's running Europe at the moment? If you were to say, who is the most powerful leader -- and I don't mean just in name only because that

will obviously always go to Merkel or Macron or whatever -- but who do you actually think is being listened to?

STUBB: Well, I think the two that you mentioned are always there, top three, top four. But I would give a lot of credit also to the European

Commission and also Ursula von der Leyen. Because remember that the European Commission doesn't always have the powers to act in these types of

situations.

But they have been quite adamant and quite strong in this whole crisis. So those three, I think are doing a lot of the work. So two German ladies and

a French male.

QUEST: When you put it like that, I'm not surprised it's all getting done.

Alex, good to see you, sir. Thank you. Have a good Christmas. Best to the family.

STUBB: Thanks. You too, thank you. Bye.

QUEST: Now congress is set to vote a $900 billion stimulus deal in the coming hours. This is what Capitol Hill -- oh, isn't it a gorgeous

evening, clear day but cold.

Much needed aid to small businesses, schools and unemployed Americans. It also extends a lifeline to the airline industry which could bring back tens

of thousands of furloughed workers.

[15:45:00]

American Airlines' chief executives says he can rehire the 19,000 employees he furloughed if this bill becomes law.

Business lunches are now going to be tax deductible as part of the new relief bill. Up until now there was only 50 percent tax deductible.

Steve Mnuchin says that will help struggling restaurants.

In Japan, some restaurants are overhauling their menus for different reasons. In the name of the environment.

Selena Wang has more in today's "Eco Solutions."

(BEGIN VIDEOTAPE)

SELENA WANG, CNN CORRESPONDENT: In most restaurants, bugs are the last thing you want to see. But here at Antcicada in Tokyo, they're all over

the menu.

Twenty-six year old Yuta Shinohara opened this insect restaurant in early 2020, looking to create a sustainable and high-protein -- however unusual -

- alternative to beef, pork, and chicken.

Cricket ramen, silkworm sausages, even beer.

YUTA SHINOHARA, FOUNDER, ANTCICADA (Through Translator): Eating insects is not only tasty and healthy, it's environmentally friendly. It's a kill two

birds with one stone solution.

WANG: Globally, the livestock industry accounts for over 14 percent of manmade greenhouse gas emissions. That's according to the United Nations.

Insect farming releases just a fraction of that, they say.

SHINOHARA (Through Translator): Crickets can be raised on less feed, water, and space compared to conventional livestock. They also develop

into adults in about a month as the growing period is fast. It's fair to say they have little impact on the environment.

WANG: Humans have eaten insects as a source of protein for thousands of years. For many though, there's a disgust factor, Shinohara says.

He partnered with the award-winning noodle Ramen Nagi to develop a high-end menu. And they aren't the only ones getting in on insects.

Japanese retail giant, Muji, started selling crackers made from cricket power in 2020.

TATSURO YAMADA, HEAD OF SNACK DEVELOPMENT, MUJI (Through Translator): Cricket crackers smell and taste like shrimp and customers were, in fact,

pleased with its taste. We overall received a positive public reaction both before and after the launch.

WANG: Shinohara's found success too. His restaurant has been fully booked since it opened, he says.

SHINOHARA (Through Translator): I hope we can enjoy eating insects without thinking too seriously. But ultimately live in a world where we care for

the environment and future generations.

WANG: Empty shelves and bellies full of bugs. For Shinohara, it's a promising start.

WANG (Voice Over): Selena Wang, CNN.

(END VIDEOTAPE)

QUEST: "Wonder Woman" is back in action. Cinemas are hoping she can lasso some sales.

The CEO of IMAX, Rich Gelfond, great friend of the program, is with us next.

(COMMERCIAL BREAK)

[15:50:00]

(COMMERCIAL BREAK)

QUEST: Christmas Eve normally kicks off the biggest time of the year for movie theaters. There's little cheer in the market.

Shares of AMC and Cinemark are lower. IMAX, however, is up.

Cinemas are putting hope in "Wonder Woman 1984," which began its global rollout this weekend. Nearly $39 million so far, $5 million at IMAX.

It's distributed by Warner Brothers, the parent and sister -- well, sister company of CNN Warner Media is our parent.

Rich Gelfond is the CEO of IMAX. Rich, it is always good to have you. I am grateful, sir, for your time at this time of this year.

Look, you made money -- the revenue you got on "Wonder Woman" came from your China theaters because they are the ones that are open. That is

essentially where the business is at the moment.

RICH GELFOND, CEO, IMAX: Yes, it's really interesting, Richard, because the pandemic started in China, obviously, and for the first quarter of

2020, that was really an anchor dragging us down. But now that the issues are so much more serious in Western Europe and the United States and other

places, China is the bright spot.

So as you said, in China, we did about 20 percent of the "Wonder Woman" box office on less than one percent of the screens.

Which just shows that when people feel safe and they want to go out, they want to go to the movies and they want to see them in the most immersive,

biggest way they can.

QUEST: Realistically, you're not to be able to open up the European/U.S. theaters for some time.

GELFOND: Yes, that's true. As a matter of fact, when "Wonder Woman" opens in the U.S., 72 of our 100 biggest theaters will be closed and all of our

top ten will be closed and 16 of our top 20 will be closed.

So it's a very difficult time. As you know better than I do, Europe keeps closing more and more things.

QUEST: Obviously, the Warner Media, our parent company, decision to open and to stream all the movies next year -- now you think it is a mistake

because these movies have been created for the big screen to be seen in that environment.

Mistake or not, it could -- it has created or potentially has -- a sea change in the industry.

GELFOND: Mistake is a strong word, Richard. What I think is during the pandemic and for a period of the pandemic, I understand why they wanted to

do it.

They had a lot of movies building up, next year is a very busy year. I think they decided that -- to get some of them out at this point of view.

What I thought was a mistake was defining a pandemic of lasting until the end of 2021. And as you report all the time, there are more and more

vaccines coming out, Moderna just rolled out, there are rumors J&J in the next three weeks.

So I'm not an epidemiologist but I think that things will start to open in April, May and I think they'll be wide open in the summer.

And there's no doubt I do think it's a mistake after the pandemic period stops.

And the reason, look at China and look at the results globally. They're a percentage of what they were for "Wonder Woman I."

I understand you need to do that during a pandemic but why would you not take care of this brilliant theatrical release and the franchise value and

the brand value it creates when things are no longer like they are right now?

QUEST: Because there's the -- you know the argument that there is a systemic, seismic shift that comes at the cost of theaters -- maybe not

IMAX, your shares are at a six-month high -- but for the rest of the industry, that there's no going back.

Look, I'm not saying right or wrong, I don't know. But that's the argument.

GELFOND: So Richard, to me the answer is it's conclusive. Which is where it's been safe to go to theaters -- which you referenced at the beginning,

Asia, China, Japan -- box office has been, for big movies, back to normal.

And in the cases of Japan, for one movie in China for some things, it's been better than it was normally.

And you create these brands and franchises that play across windows (ph).

[15:55:00]

And last year, Disney did $13 billion, Warner did four and-a-half billion dollars. The global box office was over 40-, it was a record year.

QUEST: Right.

GELFOND: I just don't think it makes any sense. Pandemic, yes; after, no sense at all.

Rich, it is good to talk to you. Thank you, sir. I wish you and your family for the festive days. Thank you, sir.

GELFOND: Happy holidays, Richard.

QUEST: Let's take look at the market. We're starting -- it is Christmas week, it'll be a short week, obviously, in terms of market.

It just dipped back negative again but you see the sort of day -- I think this is way it's going to be -- we are still over 30,000, that's a measure

in itself. A 700-point range.

We will take a "Profitable Moment" after the break.

Look at that. If that's not a quiet day on Wall Street, I'd love to know what is.

(COMMERCIAL BREAK)

QUEST: Tonight's "Profitable Moment". As a young journalist, I remember learning that "Fog In Channel, Continent Cut Off," as a way not to become a

little Englander and see things just from a parochial point of view.

And one's tried to do that ever since, keep a broader view.

"Fog In Channel, Continent Cut Off." It could now be "COVID Variant In Britain, U.K. Cut Off." And that's effectively what's happened.

As you might have been able to tell, I'm not sure I agree fully with Alex Stubb when he says that there's been a coordinated response by the

Europeans. I think it's been a hodge-podge in the sense of one country's done one thing then another country's done another.

And then finally, you get some idea that they've been on the phone with each other.

But the position in Britain tonight, in the United Kingdom, is extremely serious.

Not because food's going to run out as such, there'll always be food in the shops maybe fresh vegetables are not -- but because the economy is about to

be battered not only from COVID but also by whatever happens on December the 31st with Brexit.

Unless there is a standstill, Britain is going to be hit by this double (ph) whammy. And it seems that nobody wants to stop that at the moment.

And that must be the default scenario unless somebody moves pretty quickly.

So "Fog In The Channel, Continent Cut Off" can tonight be replaced by "COVID Variant In Britain, U.K. In A Mess."

And that's QUEST MEANS BUSINESS for tonight.

I'm Richard Quest in New York. Whatever you're up to in the hours ahead, I hope it's profitable.

I'll see you tomorrow. Pamela Brown is next with "THE LEAD."

END