Return to Transcripts main page

Quest Means Business

One Year Since Shutdowns Hit New York Economy; Joe Biden Signs One of Biggest Stimulus Packages in U.S. History; European Central Bank to Speed of Bond Buying; Quest Means Broadway: Keeping The Arts Alive Through COVID; J&J Vaccine Approved By European Medical Authority, AstraZeneca On Hold In Denmark, Iceland And Norway; Juilliard Connects More Than Music Through Pandemic. Aired 3-4p ET

Aired March 11, 2021 - 15:00   ET

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

[15:00:15]

RICHARD QUEST, CNN BUSINESS HOST: An hour to the closing bell and the markets are roaring higher. The S&P is actually approaching 4,000, so there

are records in sight. The markets are strong. The Dow is just coming off its troughs, nothing really to be concerned about.

A strong bullish push to the day, and the events of the day behind the numbers.

The room where it happens: Joe Biden has signed the COVID Relief Bill into law at the White House. The checks will start to roll.

Defying gravity. The stock markets, the records and it's on the back of that monetary stimulus.

And the lights go out on Broadway. Tonight, we mark one year since the shutdown of New York's theater industry.

We are live in New York tonight on Thursday. It's the 11th of March. I'm Richard Quest, and I mean business.

Good evening. It is one year since the world turned upside down here in New York and everywhere else.

It's a year since the W.H.O. declared coronavirus to be a pandemic and a year since virus shut our businesses, has kept us inside our homes and

stopped us from being together. Of course, the toll has been immense in human terms and in economic ones.

So tonight, we're going to focus on one industry right here in New York. No, it's not the financial industry. It's Broadway.

And the reason is because it sums up our collective plight, a plight that's struggled to keep the lights on and yet still offers the promise of hope

for the future. A plight that's been forced from its biggest stage, an industry that's in trouble and of course still remind us of the joys of

coming together.

So tonight, we're celebrating Broadway one year since the shutdown.

One year ago, today, the great white way went dark and the lullaby of Broadway fell silent. This iconic industry faced its biggest crisis in

history.

According to the Broadway League, nearly 100,000 people make their livelihoods on Broadway. Close to 15 million people visited its theaters.

In 2019, the year before the shutdown, there were billions and billions of ticket sales and dollars, and money for the New York economy.

So tonight, you're going to hear from a cast of influential voices on this special edition of the show.

Rachel Bay Jones is with us, an actress that's won the industry's biggest awards. Louise Herron is the Chief Executive of the Sydney Opera House,

which has been welcoming Broadway actors and Damian Woetzel is the President of the Juilliard School, a performing arts conservatory here in

New York.

We start though with Broadway itself. It was among the first entertainment districts to close, and ironically because of the nature of theater,

Broadway will be one of the last industries to reopen.

A year after the curtain came down, I took a stroll down Shubert Alley off Times Square. I found a century economic engine dormant.

(BEGIN VIDEOTAPE)

QUEST (on camera): When they closed the theaters in March of last year, no one really expected it would be shut for so long.

But now, as the anniversary passes and with no date in sight for reopening, Broadway and all the theaters around 42rd Street, it's as if time has stood

still.

GOV. ANDREW CUOMO (D-NY): Maybe by Easter, maybe by May, maybe by June. Broadway thinks June. Broadway is a very important part of our economy.

I get it. It's a lot of jobs. It's a big economic engine. But how can you say that?

MAYOR BILL DE BLASIO (D-NY), NEW YORK CITY: We're going to work with Broadway. We're going to see if there's a way, but health and safety first.

SEN. CHUCK SCHUMER (D-NY): The phantom of COVID has hit Broadway, maybe the hardest of all the live venues in America. Broadway is the beating heart of

New York City's cultural life and one of the largest driving forces of our whole economy.

QUEST (voice-over): Coronavirus hit New York early and hit it hard.

[15:05:10]

QUEST (voice-over): It halted the spectacular long run of hit shows like "Wicked" and scuppered new productions such as "Mulan Rouge," which

recently made its debut hoping to crawl its way into the great American songbook.

All told, an estimated 97,000 jobs were suddenly gone.

Philip Birsh, the CEO Playbill says he has created a lost generation of talent on Broadway.

QUEST (on camera): The theaters closed. They closed suddenly for understandable reasons. But what happened to all of this?

PHILIP BIRSH, CEO AND PRESIDENT, PLAYBILL INC.: This came to a screeching halt. There is no one working in these except the maintenance people, keep

maintaining them and keeping them ready to reopen. But Broadway is in complete ice.

QUEST: And how are they surviving?

BIRSH: Some are not. I think that there's probably a whole swath of people who are now leaving New York. They're back in their parents' basements and

patiently waiting for Broadway to reopen.

QUEST (voice-over): The pandemic tamped out a Broadway that was booming. Ticket sales had never been higher. Now these theaters are figuring out how

to reopen safely.

BIRSH: Broadway is an intimate environment. People work next to each other very closely. They sit next to each other. It's a very, very intimate

exchange of collaboration and creativity.

QUEST: Now assuming you get that side of the equation right, economically can you open these theaters, and can you have productions with 30 percent

capacity?

BIRSH: It's not possible. Broadway is a very low margin, business on many levels. It is very expensive, very labor-intensive, very talented people

who have to be paid well.

Broadway will open at a hundred percent or it probably will not be able to open at all.

QUEST (voice-over): "Annie" sings "The sun will come out tomorrow," and Philip Birsh says you can bet your bottom dollar the theaters in New York

will thrive once again.

BIRSH: Broadway will survive. We will open up again, and it will boom.

QUEST (on camera): How important is all of this to New York?

BIRSH: It is a $10 billion plus infusion into our economy.

QUEST: Really?

BIRSH: It is a massive, massive employment issue. Broadway is the heart of New York City, and when Broadway reopens, it will send a national and

international signal to the world that the pandemic has been beaten.

QUEST: As the world's lights switch on one jab at a time, Broadway remains dark for some months to come, but eventually these lights will be switched

on turning Broadway to its proper place as the great white light.

Richard Quest, CNN, Broadway, New York.

(END VIDEOTAPE)

QUEST (on camera): Now, the last year the cast of "Dear Evan Hansen" was getting ready for what ended up being the show's last live performance. It

opened in 2016 and went onto win six Tony Awards including best musical.

The original cast included the actress Rachel Bay Jones as Heidi Hansen, a performance that went onto win her a Tony Award. And Rachel is with me now

from Pasadena, California. How lovely to have you with us tonight as we not only remember what was, but also we look forward.

For people like yourself, how devastating has it been, the closure of live theater and the prospect of it not opening for some time?

RACHEL BAY JONES, TONY, GRAMMY AND EMMY AWARD WINNING ACTRESS: It's a loaded question. It's been incredibly devastating in a lot of ways and

unthinkable really.

I remember when it happened, you get to understand that like this whole -- the saying, "The show must go on" is really a thing. Like no matter what

happens, Broadway would never close.

Like there were days, sometimes it would really be like please, give us the day off. It's a terrible blizzard outside and no one can get into work, but

the show went on.

And I remember calling my mother to tell her that Broadway had shut down and I think it was the moment that the coin dropped for her that the

pandemic was real because it's an unthinkable thing for Broadway to shut down.

It seemed like one of those things that would go on forever.

QUEST: And for those people involved in theatrical and performing arts, it's been a very -- it's difficult for everybody, but particularly for

those who just haven't -- like yourselves -- who haven't been able to do your product, to do your livelihood other than maybe some Zoom performances

and the like.

What have you been doing?

[15:10:00]

JONES: You know, like you said, there's been a lot of Zoom performances, a lot of teaching, a lot of benefits, you know, a lot of trying to help the

community, and there's been a tremendous up-swell of support inside the community to help each other.

Some of us have been lucky to an episode or two of a television show and things like that. But as far as the work that has been our bread and butter

and a big part of how we identify ourselves as human beings, you know, who we are has been completely gone, it has completely disappeared.

QUEST: What would you want before you would be comfortable going back on the stage with a live audience in front of you?

We know we can open, but there's two sides to the equation. One is the safety side and the other side is the confidence side of both the audience

to come and the performers to perform, so what would you require?

JONES: I think vaccinations are huge. I think that's going to be an enormous issue for everybody, and I think once this happens, then I think

we're all going to feel a lot more comfortable about doing it.

You know, it has been interesting that one of the things that has been the most dangerous thing to do in public is to sing and for those of us who

sing for a living, it sort of squashed something inside of us, and I think it'll be a real joy to be able to do that again, to be in a room where

people are singing and to be able to love it again, you know.

QUEST: I was reading that early in the pandemic, you and your family, you took time and you took moments to have gratitude, which I find particularly

significant since you'd been shut out of your job, but you still found time to find time for that moment of gratitude, which I guess is that we're all

still here.

JONES: Yes. I mean, I'm laughing, but every day that we're breathing, every day we're alive and around, like it really does distill it down to the most

basic.

And when you said it's our livelihood, it is. It's like it goes so far beyond for most especially theater artists. It's like we don't do this for

the money. We've gone through lean times. We are used to that.

Most of our lives are about unemployment and looking for the next gig. But this has really obviously extended so far into the unthinkable that it's

made it so much more difficult and it has become a real thing that we have to get through, that we have to remember the light, you know, the light at

the end of the tunnel, whatever, and all of these things, but the things that we're grateful for just on the moment to moment minute of our lives.

QUEST: Let's finish on a very positive note along with that. What will you be looking forward to next? What production are you -- even if it's not

greenlighted yet, even if it's just something in the distance that somebody has mentioned, there's a possibility of going back on the stage in 2020-

whenever. What can you tell us?

JONES: There's so many wonderful things. I mean, I know that we're all really looking forward to that, and I think what's going to happen is as

soon as those flood gates open, we're all going to be pouring out and jumping up on stages, and like I hope -- I hope so much that audiences will

come back and feel loved and be together and thrill in the joy of live performance again.

We need it so much. We need it.

So there's great stuff coming up and really hoping for the productions that were supposed to happen. I was supposed to do a production on Broadway, and

we're really, really hoping that's going to come around again. So, everybody keep your fingers crossed.

QUEST: When it does, I'll be on the front row cheering. Thank you very much for joining us tonight from Pasadena.

Now, one of the hallmarks of all of this throughout the process has been Broadway productions evolving.

Okay, so you haven't got a theater and you haven't got a stage, but you might recognize this number from "Hamilton."

[VIDEO CLIP OF "HAMILTON" PLAYS.]

QUEST: All right, but during the pandemic, it became Zoom where it happened. Here's "Hamilton" stars getting out the vote in October.

[VIDEO CLIP OF "HAMILTON" PLAYS.]

QUEST: After the break, more examples of how Broadway is fighting on. "Quest Means Broadway" tonight.

(COMMERCIAL BREAK)

[15:17:19]

QUEST: One of the biggest economic stimulus packages in the U.S. history is helping fuel another rally on Wall Street, and this is, well, the Dow is

coming down a bit. Still over 32,000 but did reach a record high today as did the S&P 500.

Green arrows across the board. The interesting one is the NASDAQ because the NASDAQ suffered badly on the prospect of higher interest rates, so

either there is no higher interest rates or that rising inflation is under control and the tech rotation is over. Arguably, I'm not saying it is, I'm

just putting it on the table.

President Biden signed the trillion dollar -- $2 trillion COVID Relief Bill into law. He did it a day early on the anniversary, of course, of the

W.H.O. declaring the pandemic.

The stimulus checks will be on the post to many Americans very soon as well as the extended help for the unemployed.

(BEGIN VIDEO CLIP)

JOE BIDEN, PRESIDENT OF THE UNITED STATES: I believe this is -- and most people, I think do as well -- this historic legislation is about rebuilding

the backbone of this country and giving people in this nation, working people, middle class folks, people who built the country a fighting chance.

That's what the essence of it is.

(END VIDEO CLIP)

QUEST: Glenn Hubbard who was the top economic advisor to President George W. Bush is with me now. I've read you agree it's better to go big than go

small and miss the boat. Do you think that this -- and I know your concern is that it's targeted -- do you now believe that this is sufficiently

targeted to do what's necessary?

GLENN HUBBARD, FORMER CHAIRMAN, COUNCIL OF ECONOMIC ADVISERS: I don't. I think bold action was needed. I think it's probably too big, but it's

definitely not targeted well, and I think it runs the risk of compromising President Biden's agenda going forward, getting an infrastructure bill or

some other bill. But it is the law and now, we have to wait and see.

QUEST: You would have preferred more to be balanced more towards infrastructure spending, but one of the big points that people are pointing

out, the Democrats are pointing out is that this bill, this law now will roll back poverty and those in poverty.

HUBBARD: Well, it does make some useful steps in that direction, but they are only temporary. A bigger need would be to prepare Americans left behind

for work and for the modern economy, and the bill doesn't do any of that.

So I give it a plus for going big, but a minus on targeting and on really looking at the structural problems facing the country.

QUEST: In terms of inflation, we got the number yesterday, the annualized number on the quarter of 1.7. Do you see -- nobody sees inflation as a

problem except potentially the markets.

[20:20:10]

HUBBARD: Well, I think inflation will rise gradually, certainly this year because we do have a big stimulus. We will have reopening of the economy. I

don't think inflation is a clear and present danger.

I think some of the rising yields we're seeing are rising real yields because the economy is improving. So while inflation is a concern, I'm not

worried about an explosion of inflation anytime soon.

QUEST: As a former Chair of the Council of Economic Advisers, you're very familiar with the difference between sort of, if you like the academic

economy and the real economy. And what people are telling me is now, that we could be looking at something like the roaring 20s.

Now, I'm not suggesting inflation and, you know, all of that. But they say that the 1920s was often a successor to the 1918 pandemic. Obviously,

things are a lot faster now, things move faster, economics move faster. Can you see the roaring 20s?

HUBBARD: Yes and no. Yes, in the sense that I do accept the idea that the economy will snap back, and I think we're going to see a lot of innovation.

We moved much faster during the pandemic period in a lot of innovations than we thought possible.

But I'm a little bit skeptical because we're not doing much for broad structural problems that still hold a lot of people behind. So I think it's

possible, but I won't call it overwhelmingly likely.

QUEST: Why do we always get that bit wrong then, Glenn? Why does every administration of every stripe and color, of every government in every

advanced democracy never manages to get the structural changes to lift more people out of poverty?

HUBBARD: Well, I think it's because it's hard. We've had a few years now of talking about walls. We need to talk about bridges. So let's strengthen our

community colleges, let's build new training initiatives. Let's prepare people for work. Those things cost money but a lot less than a $2 trillion

package.

QUEST: Glenn, please come back again. We need your sort of commonsense to understand what's happening. I appreciate it. Thank you.

HUBBARD: My pleasure.

QUEST: The E.C.B. is planning to buy bonds at a faster pace to bolster a sluggish economic recovery. Christine Lagarde, the President talked about

the stimulus effort today in Frankfurt. They're aimed at countering a spike in borrowing costs.

(BEGIN VIDEO CLIP)

CHRISTINE LAGARDE, PRESIDENT, EUROPEAN CENTRAL BANK: If sizable and persistent increases in these market interests rates when left unchecked

could translate into a premature tightening of financing conditions for all sectors of the economy. This is undesirable.

(END VIDEO CLIP)

QUEST: Undesirable, it may be, but markets in Germany are also hitting records. Wall Street is at a record. We are talking about faster growth.

Paul La Monica, why is the E.C.B. going to buy bonds at a faster pace?

PAUL LA MONICA, CNN BUSINESS REPORTER: Yes, you have, you know, Christine Lagarde talking about a significantly higher rate of bond purchases and

that is because even though the E.C.B. and its counterparts, the Fed and other global Central Banks, they are not raising short-term rates.

The concern is the bond market is tightening for the Central Banks because you're seeing all of these long-term government bond yields that had spiked

on inflation fears, you know, just about a week or two ago.

So with the E.C.B. trying to boost its bond purchase program that in theory should bring longer term yields down. And I think when Fed Chair Jerome

Powell speaks next week, he may not be as aggressive as Lagarde was today, but I suspect that he will confirm that the Fed isn't going to be taking

its foot off the pedal with its own bond purchase program just yet either.

They don't want another taper tantrum like what we had a couple of years ago.

QUEST: Right, but Paul, I can see -- it's not unusual, but I can see these conflicting pressures at the moment. I'm not just talking about inflation

which might or might not exist. I'm talking about a market that is on a runaway tear at a time when the central bankers are telling us that more

work needs to be done and a stimulus package that's thrown gasoline on albeit, dying embers, and I'm not sure where that takes us as we head

towards the summer.

LA MONICA: Yes, I mean, let's be honest here, Richard, valuations for the stock market are starting to get stretched. There are legitimate worries

that the Fed, the E.C.B., the other Central Banks around the world, because the last thing they want to do is take away the punch bowl too soon, so to

speak, and have the global economy slide back.

[15:25:06]

LA MONICA: No one -- Jerome Powell or Christine Lagarde, they don't want to be known as the central bankers that killed the economy that is still very

slowly coming out of this funk from COVID-19.

That being said, if they let inflation and market excesses run amok, then next thing you know we're talking about rampant speculation, we're talking

about bubbles and an overheating economy and then Central Banks will have to act quickly to potentially raise rates, cut back on bond purchases and

the markets obviously would not like that.

QUEST: And we are then back to square one. Good to see you. Guru La Monica, thank you.

As we continue tonight, more "Quest Means Broadway." We're off to London. The head of the Royal Opera House.

Now, he can't bring you into his theater, but he can bring his theater to you. Like this performance of Bach's Concerto for two violins in D minor.

[VIDEO CLIP PLAYS "BACH CONCERTO FOR TWO VIOLINS"]

(COMMERCIAL BREAK)

QUEST: Hello, I'm Richard Quest. There's more QUEST MEANS BUSINESS in just a moment. We're going to discuss the road to reopening musical theater.

We've got the chief executives of Sydney Opera House and London's Royal Opera.

And the President of New York's prestigious Juilliard Academy tells me how the pandemic has created new opportunities for the performing arts.

It is after the news, because this is CNN and on this network, the news always comes first.

The U.N. World Food Programme is warning Yemen could soon face the biggest famine in modern history. Without urgent intervention, it says some 400,000

children could die this year. It's calling for the end of a Saudi blockade of a critical port.

Brazil's Health Minister says his country's healthcare system has not collapsed and will not collapse.

State and local governments have warned that many hospitals are overwhelmed and their intensive care units are reaching capacity as COVID cases surge.

[15:30:13]

Prince William's denied that the royal family's racist. He said we're very much not a racist family.

They were his first public remarks since Prince Harry and his wife Meghan made stunning claims in a TV interview with Oprah Winfrey earlier this

week.

And we return to our theme tonight. It's not only Broadway theaters that have suffered. London's iconic West End is hoping that a reopening goes

ahead in May as potentially scheduled.

CNN's Scott McLean is in London.

(BEGIN VIDEOTAPE)

SCOTT MCLEAN, CNN CORRESPONDENT; Richard, it was almost a year ago today that the famous, busy, vibrant West End of London suddenly emptied out.

Virtually overnight shows were cancelled, staff were laid off and almost all of the money dried up.

Some shows moved online. Last year others even briefly came back in person before being canceled again because of new COVID restrictions.

This time around, though, the CEO of the Royal Opera House says he is optimistic that they will soon be back for good, at least with limited

capacity shows starting in mid-May.

ALEX BEARD, CEO, ROYAL OPERA HOUSE: And the reason for that is, of course, the vaccine. So I'm very confident we can get back on the 17th of May.

Exactly what happens after that, I don't know. Let's see how things pan out over the next few weeks.

MCCLEAN: And what about the audience? Will they need a vaccine, will they need a test?

BEARD: So for the audience the key thing there is to make sure that everything is properly safe in terms of social distancing.

MCCLEAN: It's just not practical to test everyone.

BEARD: It's not needed.

MCCLEAN: Online shows are not a substitute for the real thing.

BEARD: They are a brilliant complement. But is it a substitute for standing ovation in this space, the hairs tingling at the back of your head, that

feeling of being in the shared breadth of a performance. Can't match that.

But it's an amazing way of staying connected.

MCCLEAN: Is it a financial substitute?

BEARD: Not at all.

MCCLEAN: Can you envision a scenario in the next year where the West End feels like the West End again?

BEARD: Definitely. There are obviously some things that need to be sorted out between now and then in relation to operating protocols -- to make a

big musical work, you have to have approaching a full house.

But at least now we're on a trajectory where that can be foreseen. With confidence.

MCCLEAN: The British government has already set aside more than $2 billion in grants and loans to the arts industry. The Opera House has its own tab

of about 30 million to pay back over the next two decades.

While West End theatres are preparing to reopen their doors come May, the government says that is a best case scenario assuming the case counts

continue to fall.

MCLEAN (On Camera): For the arts industry, this lockdown won't truly be over until the fat lady actually gets back up on stage and sings. Richard.

(END VIDEOTAPE)

QUEST: Scott McLean in London. And with theaters in the West End and Broadway closed, some performers have found work in venues on the other

side of the world, in Sydney and Australia.

As Will Ripley reports COVID has largely been brought under control there and so theaters are open for business.

(BEGIN VIDEOTAPE)

WILL RIPLEY, CNN CORRESPONDENT: The brilliant lights of Broadway, dark for almost a year. New York's iconic theaters empty likely for many months to

come.

Nearly 10,000 miles away in Sydney, Australia, the show goes on.

(Music)

"Kismet" created by Broadway performer, Reed Kelly and Australian acrobat, Jack Dawson, the aerial straps duo, "Two Fathoms."

REED KELLY, ARTIST, TWO FATHOMS: Right now this is the only place that both of us can be and do what we do.

KELLY: You good?

RIPLEY: What they do takes hours of daily practice, discipline, athleticism, sacrifice.

KELLY: I'm away from my family, I'm not at home. I don't get to see my husband, we Facetime every day. But it's been such a challenge.

I'm good. How was your day?

RIPLEY: Kelly's husband, a doctor in Los Angeles. They've been apart for almost a year. If Kelly leaves Australia, his visa won't allow him to

return.

Sydney, one of the only places in the world where theaters have reopened.

(END VIDEOTAPE)

QUEST: And also open in Sydney, the Sydney Opera House. The chief executive is Louise Herron, she is with me now.

Louise, thank you for taking time. Early mornings, I'm very grateful that you're joining us today.

You are open. And although numbers are down and socially distanced, et cetera -- but I'm wondering what lesson do you believe you can give to

London and to New York where everyone's looking at your experience as to how to reopen?

[15:35:00]

LOUISE HERRON, CEO, SYDNEY OPERA HOUSE: Yes. Thanks, Richard. Well, on the good news we're just about to go to 100 percent capacity with masks only

strongly recommended in venues.

And since we opened over five -- just about four months ago we've had over 130,000 people attend 500 shows. So it's really rolling on.

And the things that we've learnt in the period is we need to make sure that all the safety rules are really clear, that people are very -- much more

conscious of the terms and conditions about being able to reschedule the performances if they can't go, making sure people don't come if they're

sick, and making sure that all the transport arrangements are very clear.

And on the inside as far as the artists are concerned to make sure that we keep a safe distance at all times. And basically that we all feel safe,

that we check in using QR codes so that if there is a case it can be easily traced.

Though we haven't had a case at the Opera House since Tom Cruise was here with COVID just over a year ago.

QUEST: Wow. That's extraordinary when I think of compared to elsewhere. And, of course, one of the attendant benefits, I suppose, is that you have

been getting performances and performers as and when they can get into Australia.

You're the only game in town in a sense -- Sydney, Australia -- the only game in town for the performing arts live with theaters and audiences at

the moment.

HERRON: Yes. And look, it was really interesting. When we closed a year ago we thought no one knew how long this was going to go for. People were

talking about a snap back -- well, that hasn't happened.

But we were able to continue a program of about $300 million worth of building works including a major renewal of our concert hall that we're

currently doing. And we knew that we had to keep that vital connection between audiences and artists and particularly support local artists in

what we were doing.

So, basically, over the first weekend we set up our digital channel, "From Our House to Yours." And during the six months that we were closed, we

reached 7 million people -- we didn't reach -- we had 7 million views of our content, over half a million hours of content watched.

Which I know for CNN isn't a lot but for the Sydney Opera House is much more than usual.

QUEST: Right.

HERRON: We had over 230 live performances and we included a whole lot of local artists.

And so you talk, Richard, about international artists but one of the wonderful things about this time has been how we have been able to connect

to local artists.

To have a program called "New Work Now," which was our philanthropic program which actually commissioned local artists to create or develop or

complete work that could be shown on "From Our House to Yours," or ideally -- and we didn't know when that would be -- on our stages.

But one of our very first opening works in November when we did reopen at 50 percent capacity was by a local company called Branch Nebula.

QUEST: Louise --

HERRON: So it's been a fantastic journey.

QUEST: Finally, the one thing that audiences need -- because this is the other side of the equation, isn't it -- you need -- audiences need to feel

safe. And when Broadway when its cramped surroundings reopened, that's going to be crucial.

And I'm just wondering building of that confidence so that people feel it's OK to come back, what would you tell them?

HERRON: What I'd tell -- I'd tell the venues to be really clear about the rules. I'd have a lot of people in vests that say COVID marshals because we

found that makes people feel safe.

It's obvious that masks are on -- free supply, that you have QR codes and you follow the same procedure over and over again. And you get your own

staff match fit with the processes.

This is new to all of us. And make sure that everyone is really well- trained up and that we do -- they know exactly what to do. And so that makes the audiences feel a lot more confident.

And we've had no problems with it. It's just been so beautifully executed by our team.

QUEST: Louise, I have to tell you -- A., I love visiting Sydney but I also think that Sydney Opera House is probably my favorite building in the

world. Because I think is simply stunningly beautiful to look at -- you can sit and look --

And thank you for taking time in your morning to join us from Sydney.

HERRON: Thank you so much, Richard.

QUEST: The European Union's authorized its fourth COVID vaccine as countries suspend the use of one of them.

In a moment, Europe's troubled vaccine rollout.

It's QUEST MEANS BROADWAY, in a moment.

(COMMERCIAL BREAK)

[15:40:00]

QUEST: European regulators have given the green light to J&J's coronavirus vaccine. The Johnson & Johnson one dose could significantly boost Europe's

rollout.

At the same time there are concerns over AstraZeneca's vaccine and reports of blood clots and a death.

Some European countries have suspended the AstraZeneca though the European medicines regulator urges against

doing so saying the benefits outweigh the risks. A blow to Europe's already sluggish rollout.

The CEO of Allianz told us last night Europe's chances for economic recovery are being hurt.

(BEGIN VIDEO CLIP)

OLIVER BATE, CEO, ALLIANZ: We already had about a $90 billion bill from delays relative to original plans. And because of the further delays it's

now up to about $110 billion.

So, to give you a perspective, Richard, this is about twice the amount of money that the European Recovery Fund is going to disperse this year. So

the economic cost of the delays is huge.

But I think there's a higher cost. And the cost is a loss of confidence in investors and the public.

(END VIDEO CLIP)

QUEST: So Melissa Bell's with me in Paris. So Melissa, Denmark, Iceland and Norway have suspended it.

But the regulator says it doesn't -- the benefits outweigh -- and AstraZeneca says there's no problem with it anyway. This is just another

shooting themselves in the foot.

MELISSA BELL, CNN PARIS CORRESPONDENT: It is yet another step, you're right, Richard, on that dreadful rollout that we've seen in Europe. Problem

after problem.

Not just in the deliveries, of course, that have so beset European countries who have seen those slow roll outs in so many countries that

you've just been speaking about.

And, of course, the AstraZeneca vaccine you'll remember, at the very heart of the row, Richard, then wasn't recommended for people over 65, then it

was. And now this.

Several countries, those have outright suspended the roll out of the AstraZeneca vaccine, others that have suspended a single batch.

But, of course, in terms of that question of confidence. The confidence that an already skeptical public -- because here in Europe people are

fairly vaccine skeptical on the whole -- might have, of course, is huge.

Then there's the question of supplies. At a time when they needed those vaccines desperately, of course, they're being deprived for older

populations now because of this suspension of some much needed vaccines.

[15:45:00]

QUEST: What's going on here, what's behind it all, Melissa?

BELL: Well, real fears in a number of countries about some of the consequences that they wanted to investigate. So people who'd had blood

clots that had been inoculated and that required a number of countries (inaudible) these investigations.

Now we've also heard tonight, Richard, the French health minister saying that he didn't believe it was a problem and France will carry on with its

AstraZeneca vaccine and stand by it.

But this real divide within Europe about what to do about it. Clearly, another blow to the rollout. It is struggling so badly.

When you look at the proportion in the United Kingdom of people who've had a single vaccine or at least one dose, Richard, it is 33 percent. The best

performer here in Europe is Denmark at nine percent.

It has been very slow and, of course, beset by problems. And for the time being, it's very difficult to see beyond that bit of good news today from

the EMA about the Johnson & Johnson vaccine what hope there will be anytime soon.

Because, bear in mind, that vaccine now needs to get the approval of the agencies within the member states. It will ten take several more days or

week weeks to be rolled out.

So these supply problems, really, for the time being will carry on for some time, Richard.

QUEST: Melissa Bell, thank you.

As they sing in the musical "Once," "We've still got time."

We've got lots more time for more QUEST MEANS BROADWAY.

(BEGIN VIDEO CLIP)

(Music and singing) We've still got time.

(END VIDEO CLIP)

QUEST: The cast reunited for a fund-raiser during the pandemic to perform this online.

(Music and singing) We've still got time.

How New York's top theater school is teaching its students to follow in their footsteps.

(Music and singing) We've still got time.

(COMMERCIAL BREAK)

QUEST: If Manhattan's theater district is the money-making machine at the heart of Broadway, the brains of the operation and the future arguably is

20 blocks up town at Lincoln Center.

That's where you've got the Juilliard School. And Juilliard says it's already longing for the return of full theatres.

It's the training ground and finishing school for the true performing arts.

[15:50:00]

Richard Rodgers, Patti Lupone, Viola Davis, Laura Linney -- the list goes on and some of the most celebrated actors, dancers and musicians ever to

tread the boards passed through Juilliard.

Juilliard opened a new campus at Tianjin China last year during the COVID shutdowns. And rather than avoid the spotlight, the school's president says

the pandemic can make its performances more global.

I went from Broadway, up Broadway to Lincoln Center to see for myself.

(Music)

DAMIAN WOETZEL, PRESIDENT, THE JUILLIARD SCHOOL: It is essentially about connecting.

How does a musician, a dancer, an actor, a playwright, a chorographer, a director, connect with you? That's the ideal, that's performance.

So how important is it? It's the thing. It's all in purpose of getting to that place where we connect. And that's the conundrum of this time.

(Music)

QUEST: We're a year in. You still can't do live performances for audiences present but you can do streaming performances. You're working on an entire

suite of ways in which people can enjoy and be part of.

WOETZEL: Our teachers, our faculty and our students took to the airwaves immediately. They thought, well, this is our new stage; how do we do it?

We had everything from our dance division director giving a class for the public, mind you, on that Sunday a year ago. Showing that it can be done.

To students taking their recitals online personally to the things we started to produce like "Bolero," which brought together all the school and

alumni in a great celebration of what we can do together that we can't do apart even while we're apart.

(Music)

WOETZEL: So that's expanded now to a huge virtual program of live streaming which will outlive this time. It's been a wonderful thing for us actually

to think about how we can connect even more than we have been through these virtual needs.

And yet we're all waiting for the moment when these seats get full.

(Music)

QUEST: But what's the one thing you will take -- you will want to take from pandemic times that you've either imbibed or felt that can survive onwards?

WOETZEL: Yes. So couple of things. I'd say there's a quality, first of all, a resilience that has been built in this time.

Like I said a moment ago, there were all these days where we said that's not possible and then we learned we could. That is an adaptive skill that

you sometimes -- you can't know until it happens.

Power is what you think it is until you use it. You have to know whether you can. Now we know.

The second thing is some obvious things. We are connecting in different ways and you might actually say in expanded ways in this time, and we have

to keep that.

We have the opportunity to bring in new students from around the globe into this world in ways that they wouldn't ordinarily.

We have the chance to work with guest artists and to bring people into this community who otherwise -- we're talking with the schedule and well, saying

maybe in six months when you come through New York for those 24 hours, can you spare an hour to come to Juilliard?

Those days are gone. That's gone. We're going to take that forward.

And the last piece of that is that performance piece. That these performances which will either be livestreamed or able to share in new and

exciting ways will be a new audience and a new resource for the world because the art is happening.

A chance to see these young people in this moment right before they launch, it is priceless. And that we will take with us.

QUEST: You keep promising me some music.

WOETZEL: And we're going to deliver here at Juilliard. So we're going to have two students come out.

QUEST: Right.

WOETZEL: Derek, Aaron. Come on out.

QUEST: Come and join us.

WOETZEL: So we've got Derek Wang who's a pianist.

QUEST: Yes.

WOETZEL: And Aaron Wolff, a cellist. Derek is a master student and Aron is getting his artist's diploma. All right. Well, give us a little preview.

(Music)

QUEST: Bravo. Bravo. More, more. Encore.

Wow. Suitable music actually, that sort of tempo changes. Perfect for the last few moments on Wall Street. The trade that we're seeing.

The Dow, the S&P, they're heading towards record closes tonight. Up half a percent, 200 points on the Dow, a percent on the S&P. And two-and-a-half

percent.

Look at that. We're over 32,500. 4,000's not going to happen on the S&P. But there you are, very robust markets on the back of the stimulus package.

And it's the fifth straight day of gains for the Dow.

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

(COMMERCIAL BREAK)

QUEST: Tonight's "Profitable Moment."

We spent a lot of time tonight talking about Broadway, and the show must go on. The show will only go on if people and tourists come to New York or the

West End or wherever it might be.

And so tomorrow night's program, we're going to celebrate your memories of your travels before the pandemic struck.

I want you to send me some of your photographs. Those photographs of your travels with family, whatever it might be immediately before the pandemic

and lockdowns began.

You can see where to send me, @richardquest or @questcnn. Or indeed, just email me, richard.quest@cnn.com. Your pictures, please. Those moments

before the pandemic bit hard.

And we'll celebrate the results tomorrow as we look forward to the future.

You can see where to send them. Tweet them to @richardquest, questcnn or richard.quest@cnn.com.

Remember, the show must go on.

And that's QUEST MEANS BUSINESS for tonight. I'm Richard Quest in New York.

Whatever you're up to in hours ahead, I hope it's profitable.

There are records on the Dow, the S&P. You can see the numbers. The bell's ringing. The day is done.

END