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Quest Means Business
NATO To Ease Ukraine's Accession Path; Firms Accused Of Breaking Pledges To Leave Russia; Business Mogul Sells Jet, Citing Environment; U.S. Senate Hearing On Proposed PGA-LIV Merger; Israeli Protesters' "Day Of Disruption"; Mouth Breathing Can Be Bad For Us. Aired 3-4p ET
Aired July 11, 2023 - 15:00 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
[15:00:26]
RICHARD QUEST, CNN INTERNATIONAL HOST: There's an hour left of trading on Wall Street and it has been a strong session for the Dow. If you look at
the numbers, green at the start and pushing forward. I think we might almost be at the best of the day. I wouldn't confirm that, but by the time
we get to the close, I'll certainly be able to tell you that number.
It's all because ahead of tomorrow's CPI, that's inflation numbers. We'll have that for you then. For the moment, that's the markets and the main
events of the day.
NATO is to make it easier for Ukraine to join the Alliance as the Summit of NATO leaders is in Lithuania.
Microsoft is moving closer to completing its takeover of Activision. A federal judge says okay.
And we'll be speaking to the business mogul who says he will ditch his private jet to save the environment and he wants others to do the same.
A very good day to you live from New York, Tuesday, the 11th of July. Where is the year going? I'm Richard Quest and I mean business.
Good evening.
In the last few hours, NATO has announced it is easing the way for Ukraine to join the Alliance as President Zelenskyy is vowing to make NATO
stronger.
The Ukrainian president was addressing a crowd in Vilnius where the Summit is taking place. He stood alongside the president of Lithuania, another
post-Soviet state and said that the future is with the West.
(BEGIN VIDEO CLIP)
VOLODYMYR ZELENSKYY, UKRAINIAN PRESIDENT (through translator): And never, ever -- no one will be looking back at Moscow and no one should look back
at Moscow.
(END VIDEO CLIP)
QUEST: The secretary-general of NATO, Jens Stoltenberg has outlined the process now. It involves only one step instead of two. Gone is the need for
what's called a Membership Action Plan, which is a detailed series of reports and consultations. The invitation still condition on democratic and
security reforms, and Stoltenberg did not give a timeline on when that needed to be done.
Nic Robertson is with me.
Nic, how significant is this removal of the Membership Action Plan?
NIC ROBERTSON, CNN INTERNATIONAL DIPLOMATIC EDITOR: It seems to be significant, because it is one of the things that Stoltenberg could get all
the NATO members to agree on because clearly they don't agree on everything. Some of them want to move faster than others.
It is significant in as much as it is a bureaucratic thing, but I think realistically, and this is where Ukraine is interpreting it, we heard from
their Foreign minister yesterday actually saying he knew it was going to be removed. I think Ukraine had a fair degree of preview on what was going to
be coming up.
So yes, it shortens the timeline, one step instead of two steps, but they are so becoming integrated with NATO at the moment, militarily, that some
of this is like some of this is sort of happening along the way. I think that's sort of the underlying point why this is okay for NATO to make this
step.
QUEST: Okay. So the other conditions are, of course, the democratic reforms and all of the various anti-corruption reforms, but the big one is, of
course, the need to, for the war to end because as President Biden said, nobody is going to let Ukraine join, while it's a war, thus triggering
Article V, and everybody will be at war with Russia.
ROBERTSON: Yes, and I think that's something where there actually is broad unanimity within NATO, because everyone gets that, you know, they don't all
want to step into a war.
You know, what Zelenskyy is saying here is basically, you know, I need that door of the water closed and the door of NATO to open. I don't want any
ambiguity. He said at the moment that, you know, we're not hearing a timeline, we're not even getting an invite to get into this.
So, you know, there is a degree of concern from Zelenskyy's side, that, and as he puts it this way, there's a window of opportunity for Ukraine's
membership to be bargained away in some final negotiations with Russia.
So if there is some way that the war doesn't end well on Ukraine's terms, he feels therefore weakened or perhaps there could be change of political
dispensation in Washington and all of the places around the world which could mean ultimately Ukraine doesn't get that safety.
[15:05:09]
QUEST: You see because that is the core point, isn't it, Nic? Because you know Putin says it was the prospect of Ukraine joining NATO, which forced
the hand in a sense, and the real risk is unless NATO has said, you can join, it's a bargaining chip.
ROBERTSON: Yes, Putin as far as Zelenskyy is concerned, and I think, let's say a couple of things here to set this up, because it's important:
Zelenskyy has always been ahead of the curve trying to get what he wants out of NATO, whether it's been fighter jets, or tanks or surface-to-air
missiles. Here he is a way still way ahead of NATO again.
Going back to December 2021, that when President Biden said that if Russia invaded Ukraine, then NATO wouldn't send troops into Ukraine. That was a
redlight for Putin back then and I think Zelenskyy feels this as a similar redlight that if you don't tell Putin that you're definitely letting
Ukraine into NATO, then you're just saying it's worth you carrying on the war, keep fighting, because your stop that thing that you said you wanted
to stop at the very beginning.
It comes across as Zelenskyy's concerns are perhaps being expressed probably more loudly than normal, and that that would indicate that the
concern is higher than previous.
QUEST: Nic, thank you. Putting that into perspective beautifully for us.
The whole issue is extremely complicated, and I'm going to show you why. President Biden has praised Turkey for letting Sweden join NATO, but
President Biden met President Erdogan and called their get-together a first step forward.
The Turkish president called Joe Biden, a dear friend. The Swedish prime minister spoke to CNN's Boris Sanchez earlier and told him about the
conversation with the president of Turkey.
(BEGIN VIDEO CLIP)
ULF KRISTERSSON, SWEDISH PRIME MINISTER: It was a good conversation. I mean, it's no secret that Sweden and Turkey have different views on a few
topics, but in terms of -- we tried to concentrate on common ground and the common security, fighting terrorism and fighting financing of terrorism and
organized crime, that is our concerns of mutual interest.
(END VIDEO CLIP)
QUEST: This has now turned into the most complicated geopolitical strategic issue that you can imagine, and the best way to show it is take a look at
this chart.
These are the various countries, the various institutions. Now, Sweden wants to be allowed into NATO. Turkey has said, yes, we will allow you into
NATO; however, we also want to be able to join the European Union, and it tied the two together, at least for a short while, but it has allowed
Sweden.
However, that in its own right, is most certainly going to anger Russia, because there was a strongest relationship between Turkey and Russia,
Turkey, seemingly trying to play both sides.
Now, Turkey has agreed to Sweden into NATO, Russia will not be pleased, which of course, leaves Ukraine. Ukraine wants into NATO, and you heard
today, how that's going. It also wants to be allowed into the European Union as well. And at the same time, you have, of course, the war between
Ukraine and Russia, that is overarching it all.
The complexity of this is the sort of thing that Alex Stubb eats for breakfast. He is former prime minister of Finland, now the Director of
School of Transnational Governance at the European University Institute.
Alex, if you look at my chart, you can't see it, but I mean, there are lines everywhere. And essentially, this is unbelievably complicated. A good
example of which was yesterday, this reversal of Turkey, and seemingly throwing into the wrench, this problem with the European Union.
ALEX STUBB, FORMER PRIME MINISTER OF FINLAND: No, Richard, actually, I think the situation is very simple and let me simplify it for you. We're
looking at a fairly permanently divided Europe with two sides.
On one side, you have an isolated Russia, and on the other side, you have more or less 40 European countries, some in NATO, some in the EU, some in
neither, some aspiring for both.
The end case and the base case here is very simple that you will see Ukraine both in the European Union and in NATO in the long run. You will
also see countries such as Georgia, and Moldova starting to approach at least the European Union you including the Balkans, so it is basically
everything that Putin did not want to happen.
I think it's a very simple split world into two.
[15:10:08]
QUEST: That might be the end game, but then how do you explain Erdogan, suddenly linking European Union membership or pushing it forward, and then
dropping it almost as quickly as he placed it?
STUBB: Well, I think he is a very seasoned negotiator and probably has slightly different negotiating tactics from what we are used to, he needed
a pretext to move the bucket forward, and this was it.
I think, for us, as Fins and as NATO members, the key here was to make sure that Sweden joins NATO and that is now a done deal.
QUEST: All right, if we go back to our chart, I just want to -- the various different protagonists in this place. Who is holding the strongest cards
here? Is it Ukraine? Is it Turkey? Is it the European Union? Who is actually in a sense, driving the bus?
STUBB: Actually, the Americans, to be quite honest. I don't think this deal would have happened with Sweden joining NATO or Finland joining NATO, was
it not for the hard work of the American administration.
So in many ways, they bailed us out. The difference we have now linked to Ukraine from 2008 when I was Foreign minister, was that then the Americans
were pushing for Ukraine and Georgia to join NATO and it was actually France and Germany, saying that, no, we shouldn't give that signal. Now,
those roles have reversed.
So the US is in the driver's seat and on one hand, paradoxically, it's the biggest helper of Ukraine in the war, but the one that puts the brake at
the moment for Ukraine's NATO membership.
QUEST: You know, at the end of the day, are we in danger of rushing things? So Ukraine has a lot of work to do on human rights, on corruption, LGBT,
you name it. The country is by no means a paragon of EU values at the moment, and yet for the expediency of necessary, will be pushed forward.
And you mentioned Georgia and these other countries, they are nowhere near ready to join, or even become candidate countries in many ways.
STUBB: Yes. I think, you know, with my experience in office, every day, you had to make a choice between interests and values and I think that's been
brought to the front, especially now here in Europe with the attack of Russia on Ukraine.
So enlargement to NATO and the European Union have become strategic, extremely important issues and sometimes, you sort of look through your
fingers and push interest driven decisions through.
So yes, you could make the argument that, you know, Ukraine is not there yet, but I think we have to look at the sort of long run here and realize
that there is no way in which we can leave countries such as Ukraine, Moldova, or Georgia alone in this situation. We need to help them out and
bring them in.
QUEST: Alex, thank you. There are so many sub questions to follow on from that subsequence, but they will have to wait for another day. Grateful to
see you, sir. I hope you having a good summer. Thank you, sir.
STUBB: Thank you.
QUEST: Not all Western companies who said they'd leave Russia after Putin's invasion of Ukraine have actually done so.
In fact, according to -- more than a thousand major companies did exit, but Yale says, researchers are accusing some firms of violating their pledge to
leave or scale back. Heineken, Unilever, Nestle, and WeWork are just amongst a few.
Matt Egan not Egan is with me here in New York. Matt, how are they justifying not leaving?
MATT EGAN, CNN REPORTER: Well, Richard, I think there's two big reasons why they're saying they haven't left yet. One is because Russia has thrown up
regulatory obstacles. One of the companies that has been called out most particularly by Yale is Heineken.
Jeff Sonnenfeld, the professor at Yale, he told me that Heineken is the poster child here because this is a beer company that pledged 16 months ago
to get out of Russia, and here we are, the war has been going on for more than 500 days, and Heineken still has seven breweries in Russia and employs
1,800 people there.
And Heineken said to CNN in a statement that the war in Ukraine is, "a terrible human tragedy, and that "the company is committed to leaving
Russia, but they haven't been able to because regulators haven't approved their deal to sell their assets there.
Of course, as you mentioned at the top, more than a thousand companies have been able to leave Russia despite these regulatory obstacles.
[15:15:00]
Now Jeff Sonnenfeld, the Yale professor, he is not saying that the companies is on the screen here -- Unilever, Philip Morris International,
Mondelez, Heineken -- he is not saying they have broken a law, but he is saying that they've broken a moral code. Listen to what Sonnenfeld said.
(BEGIN VIDEO CLIP)
JEFF SONNENFELD, PROFESSOR, YALE SCHOOL OF MANAGEMENT: It is beyond disappointed to the point of shameful and unethical. They are breaking
their promises. They're functioning as wartime profiteers.
(END VIDEO CLIP)
EGAN: Strong words there from Sonnenfeld. And another company caught up in this Yale research is Unilever, the company behind Dove soap and Ben &
Jerry's ice cream.
Early 2022, Unilever promised to get out of Russia except for selling essential goods. But the Yale research finds that Unilever to this day is
still selling ice cream and other items that would hardly be considered essential.
Unilever has not responded to our requests for comment, but they did point to a previous statement where they said, listen, we don't want to hurt our
thousands of employees that still are working for us in Russia.
QUEST: Matt, thank you. I'm grateful. Thank you, Matt Egan.
As we continue on QUEST MEANS BUSINESS tonight, the business mogul who is getting rid of his million-dollar jet for environmental reasons. We'll be
talking to him shortly. Stephen Prince is after the break.
(COMMERCIAL BREAK)
QUEST: An American business mogul is getting rid of his private jet, because he is worried about the climate.
Stephen Prince, the founder and owner of a gift card business, he is selling his Cessna Citation 3. It should raise over a million or so.
He says he realized his private jet use was a travesty for the environment, and the numbers back it up compared to commercial travel.
Getting around by private jet emits at least 10 times more pollution per passenger. Mr. Prince is also the vice chair of the Patriotic Millionaires
Group, a group of wealthy Americans for higher taxes for rich people.
He is with me now. Stephen, good to see you, sir. Thank you.
I admire your honesty, in a sense of admitting you love the private jet. One becomes addicted to its convenience, but you're still prepared to give
it up.
What was the Damascus moment for you?
STEPHEN PRINCE, VICE CHAIR, PATRIOTIC MILLIONAIRES GROUP: "The New York Times" ran an article back in the late winter, early spring that outlined
some of the numbers that you just mentioned about the horrible abuse that private jet travel creates in terms of, you know carbon input into the
environment, and I just feel like I have an obligation to protect the environment in general, and future generations and the travesty that is
being called by some that is caused by some of our abuse.
[15:20:16]
QUEST: You are going to continue leasing a smaller, more fuel efficient plane, and but you're not necessarily going to encourage or proselytize
others to do the same.
PRINCE: Absolutely not. Everyone, I wish -- I thought it would be effective to do that, but as I said in the article that you're talking about, it is
addictive. It is hard to -- it's a hard thing to give up. Flying privately is probably the coolest thing that I've ever done that money has provided
me the access to, but to delude myself into believing I'm going to convince my other wealthy friends to do the same thing is pretty naive. That's just
not going to happen.
But I feel like I have to put my money where my mouth is in terms of this climate issue.
QUEST: What about fractional ownership, the net jets option. Now, you know, I suppose one could arguably say, and I realized I'm stretching the point,
Stephen, but you know, in the case of sort of common ownership, or if you like, net jet is the closest to come to the Uberification of private jets,
at least many people are using the same planes?
PRINCE: Well, Richard, look, it's just another bite of the same desert, right? Instead of having the whole the whole slice of pie, I'm just taking
a bite out of it when I do that, the numbers are still the same.
If you get on a net jet flight, you know, you reduce the damage to some extent, when you get on with four people. So you're not doing quite as much
harm individually. But it's still -- it's just an incredibly selfish thing to do.
I'm not going to change the world, with 22,000 private jets on the planet, 16,000 of which are in the United States and we are the worst abusers of
it. On the other side of it is, we're not paying our fair share.
I mean, you know, our fuel prices, we're using a fairly significant part of the FAA resources in the United States, but paying a fraction of that in
terms of the revenue that we're paying into the system. So we're getting a really sweet deal and we don't want to pay homage to that.
QUEST: This is very interesting, your work with Project Millionaires, because the argument is, you know, increase the sales tax, increase the
fuel tax, in other words, make a higher percentage payment for the abuse of the infrastructure and the facilities. To that extent, that's an economic
way of redressing the balance.
PRINCE: Well, given the fact that, as I said earlier, I don't think I'm going to get my wealthy friends to do it, it just really -- it is kind of
amusing to me when, for whatever reason, something happens in the Middle East, or even in the US, and the price of fuel doubles, as it did earlier
last year, fuel went from $3.00 a gallon -- and fuel for jet went from $3.00 a gallon to $5.50 and $6.00 a gallon, in some places.
And all everyone did was grumble a little bit about Shell and Exxon and, and BP and everybody is making a lot of money. But if instead, we want to
double the taxes, which is 21 cents a gallon, right now to 42 cents, 21 cents, and we go crazy when that happens, because we're giving it to the
government in the form of taxes.
To me, it's a double standard. We let Exxon and all the oil companies make this incredible amount of additional money, but when the government takes
the extra money to provide the additional services that we need, we go crazy about it and to me, it's -- it is, it's a double standard.
QUEST: What do you believe is a fair tax rate for the rich?
PRINCE: Well, that is a very convoluted question because, are you talking about income?
QUEST: Yes.
PRINCE: Are you talking about assets? I really think we should go back to the same tax form that we had in the 60s and the early 70s, up until 1973,
to go back to a progressive tax rate, where the highest rate of taxes on anybody, and obviously the wealthy gets all the way up to a 90 percent
level, and that's not 90 cents on the first dollar, it is not 90 cents on the first million. It escalates up to in how we've structure that, we could
go back to, as I said to what we had in the 1960s, which was ultimately a 90 percent tax rate on the last dollar, whether that's a $10 million or $50
million or $100 million.
But what we're taxing ourselves right now as non-sustainable. We cannot continue to run our government and the world in our present tax policy, and
nobody wants to talk about it.
You know, they're not even calling it taxes anymore. They're calling it revenue. And is that what it is? Of course, it is, but at the same time, it
has an incredibly pejorative sound when we call it taxes. It is what it is. We have to pay the price to fund our various governments, in my case, the
United States government.
[15:25:11]
QUEST: Stephen, we'll talk more. I love having you on the program tonight, sir, very grateful for you. Thank you.
PRINCE: Absolutely. Thanks so much. Thank you.
QUEST: Thank you.
QUEST MEANS BUSINESS. Microsoft overcame a major obstacle to its plan to buy the gaming giant, Activision Blizzard.
In the US, a judge has refused the regulator's bid for an injunction blocking the largest takeover in the video game, it is $69 billion, and it
will make Microsoft the world's third largest game publisher.
You can see there, look Activision at eight percent. The deal could close in a matter of days, July 18th is the contract deadline. The ruling is a
defeat for the FTC, which sought to stop the deal.
Clare is with me. All right, Clare, you know, the pins are dropping in terms of the bowling alley. But there is still the British. The UK still
haven't gone for it. So what does Microsoft do about that?
CLARE DUFFY, CNN BUSINESS WRITER: So Microsoft says it's now turning its attention to that UK opposition. And in fact, Microsoft and the UK
regulator agreed to stay that litigation in the UK challenging this deal, as they work to, Microsoft said, create modifications to the deal, to get
the UK on board with this deal, with moving this deal forward.
I mean, Microsoft has cleared most of the hurdles here with this judge's ruling, although the FTC could technically still continue with its
challenge to the deal, this has removed a big hurdle in terms of Microsoft and Activision, getting to move forward and move towards that July 18th
closing date.
QUEST: Right? I know, it's difficult to carve out Activision from the UK or carve out the UK for Activision. But essentially, since everybody is on
board, this is going to happen.
DUFFY: I think so. I think this is -- I think this is looking really good for Microsoft and Activision at this point, and this is a huge win.
Microsoft and Activision had testified in court in this hearing over this FTC decision, and said, basically, that if the judge had granted this
temporary injunction to block this deal temporarily, as the FTC was considering it, that that could have been the end of this deal.
And so this is a huge -- this is a huge day for Microsoft and Activision,
QUEST: In your view, have they played it -- have they played it well, Microsoft? They didn't become apoplectic. They didn't -- they literally
went in and dealt with each problem systematically. They seem to have done well on it.
DUFFY: They seem to have done well. I mean, look, they've gotten to this point where they are moving forward to close this deal and they did make a
number of concessions to get regulators and lawmakers on board with this deal, including allowing some of this content that is going to come over
from Activision to be available on other rivals platforms, and that clearly has worked to get folks on board.
The judge in this case, in the FTC case, said that the FTC didn't show that it is likely to succeed on its antitrust claims, here, that Microsoft is
likely to pull Call of Duty from Sony PlayStation, for example, or that this will substantially lessen competitions in the video game subscription
and cloud gaming markets.
And so it looks like Microsoft has made a really convincing argument here.
QUEST: Clare, always good to have you. Thank you very much indeed.
QUEST MEANS BUSINESS: US senators have ripped into PGA Tour officials as might have been expected. There are hearings examining this deal with the
Saudi-backed LIV Golf.
The claims that the Kingdom of Saudi Arabia is trying to buy influence in US sport. You will hear all about that after the break.
(COMMERCIAL BREAK)
[15:30:00]
(MUSIC PLAYING)
QUEST: Hello, I'm Richard Quest. More QUEST MEANS BUSINESS as we continue.
Sparks are flying on Capitol Hill. Senators probe the PGA's tie-up with LIV Golf.
Controlling your breath can lengthen your lifespan, says the author of a new book in our "Reading for Succeeding" series. But first an update on the
headlines. This is CNN and here the news always comes first.
(MUSIC PLAYING)
QUEST (voice-over): A Ukrainian official says Russia has launched 28 kamikaze drones toward Kyiv on Monday night. Ukrainian air force says it
shot down 26 of them. There were no casualties reported. Around a dozen residential buildings have been damaged by the falling debris.
A Russian submarine commander was killed while jogging in the Russian city of Krasnodar on Monday. Local media says his route may have been tracked by
his assassin using a running app. No suspects have been identified. The news comes amid reports of a Russian general also being killed in southern
Ukraine.
Thailand's prime minister is set to retire from politics. Prayuth Chan-o- cha rose to power in a 2014 military coup. Opposition parties swept the nationwide elections back in May. His party says he will step down once a
new government is formed.
Authorities in Iceland have restricted access to a volcano near Reykjavik, saying its eruption is spewing toxic gas. Tourists and locals trek to the
site to see the dramatic lava flow. The eruption began on Monday. Officials say that activity is decreasing.
(MUSIC PLAYING)
QUEST: Make a deal or lose control of the game of golf. This is essentially the choice that the leaders of the PGA Tour said they were facing. They
defended their decision to merge with the Saudi-backed LIV Golf at a U.S. Senate hearing. The merger has raised concern amongst lawmakers.
Democrat Senator Richard Blumenthal explained his problem with the deal in very blunt language.
(BEGIN VIDEO CLIP)
SEN. RICHARD BLUMENTHAL (D-CT), MEMBER, SENATE JUDICIARY COMMITTEE: Today's hearing is about much more than the game of golf. It is about how a brutal,
repressive regime can buy influence; indeed, even take over a cherished American institution to cleanse its public image.
(END VIDEO CLIP)
QUEST: Andy Scholes is with me.
How does PGA answer that point?
At the end of the day, we had to do this deal or it was game over.
ANDY SCHOLES, CNN SPORT CORRESPONDENT: Richard, they said it came down to this: the almighty dollar. This is what it is all about, this agreement
between the PGA Tour and the Saudi Investment Fund.
It came out of nowhere, shocked a lot of people when they made the announcement at that Senate committee. We learned some details from the
negotiations. Some of the proposals in the merger are quite startling, one that is not much of a surprise that part of the deal for the PGA Tour, they
want LIV Golf CEO Greg Norman to step down.
Another proposal has tied awards and Rory McIlroy, who are very critical of LIV Golf, actually owning LIV teams and playing in 10 events a year.
Another proposal has the governor of the Saudi Public Investment Fund getting membership at the ultra exclusive Augusta National Golf Club --
[15:35:00]
SCHOLES: -- and the Royal and Ancient Golf Club. Now these are just proposals that have not yet been agreed to. Some will probably happen; like
Tiger playing 10 LIV events, surely will not.
A Tour official on Capitol Hill today, they made it clear. They had to make this deal if they didn't want the Saudis to take over golf.
(BEGIN VIDEO CLIP)
JIMMY DUNNE, PGA TOUR BOARD MEMBER: I really understand senator Blumenthal's concern about not having them take over. They have an
unlimited horizon and an unlimited amount of money.
I'm concerned with exactly what the senator is worried about. I am more concerned that, if we do nothing, we will end up there. They will end up
owning golf, if we don't, if -- they can, they can do it.
RON PRICE, COO, PGA TOUR: We faced a real threat that LIV Golf, which is 100 percent financed by the kingdom of Saudi Arabia, would become the
leader of professional golf.
(END VIDEO CLIP)
SCHOLES: So the Saudi Investment Fund is backed by more than $600 billion. And PGA CEO Ron Prince (sic) said at the hearing, this sized investment in
the PGA tour, as part of the, deal is going to be north of $1 billion.
(CROSSTALK)
SCHOLES: Go ahead, Richard.
QUEST: Andy, I get this. I get that the money speaks. What I don't understand is when he says, if we did nothing, they would own golf. I mean,
you have still got all of these other golfing associations around the world. Your still have the PGA, the Brits and others.
So why would they essentially own golf when there are all these others that would say, we are not playing by those rules?
SCHOLES: It basically came down to that the PGA Tour was running out of money for this litigation. LIV Golf basically made it clear, they can
litigate forever. They have unlimited funds to keep these lawsuits going on and on and on.
At the same time, Richard, after litigation, you would have LIV Golf continually offering all of the top players in the PGA Tour, hey, do you
want to come and play for us?
Here is $100 million. It was something the PGA Tour knew. At the end of the day, they weren't going to be able to compete with. That is why they keep
saying, at the hearing, Richard, they basically had to make this deal or else one day they were going to run out of money and players.
(CROSSTALK)
SCHOLES: -- organization.
QUEST: So to the point, golf today, which sport tomorrow?
I look at the number of top footballers that are being bought by Saudi teams and I ask, can FIFA, can UEFA, can they withstand the weight of Saudi
money?
SCHOLES: That's a very interesting question. We already saw Cristiano Ronaldo, he is now playing in Saudi Arabia. It is interesting, at some
point, people have to make a decision. We've seen it, Rory McIlroy, Tiger Woods, they stuck with the PGA tour.
We saw Lionel Messi, he was offered loads of money to play soccer in his final years in Saudi Arabia.
What did he do?
He went to Inter Miami. That was a surprising move given how much he was offered. At the end of the day, for a lot of people, it comes down to what
is most important?
Is that the money or is it your legacy and how you want to end your career and where you want to play?
QUEST: Good to have you sir, thank you, grateful.
It's QUEST MEANS BUSINESS. A day of disruption and resistance is underway in Israel. Protesters are calling for massive demonstrations. You will see
the chaos for yourself in just a moment.
(MUSIC PLAYING)
(COMMERCIAL BREAK)
[15:40:00]
(MUSIC PLAYING)
QUEST: Cutting down on food waste is a worthy goal all over the world. Especially in the developing countries, where precious product can spoil
before it hits the market. A new biotech startup has found an ingenious way to pack fruit and veg to keep them fresher longer. That story, as we look
at Global Connections.
(BEGIN VIDEOTAPE)
(MUSIC PLAYING)
UNIDENTIFIED FEMALE (voice-over): Deepak doesn't just have one new idea each day; he has five.
DEEPAK (PH): By writing the five or 10 new ideas every day, you get a curiosity and you think about new ideas constantly. That becomes a muscle
memory to do.
UNIDENTIFIED FEMALE (voice-over): A few years back, one particular idea stuck with Deepak (ph), which caught the attention of the World Economic
Forum and earned him a $100,000 prize.
DEEPAK (PH): Just looking at the fruits and vegetables, it is a (INAUDIBLE). When you transport a frail living being, controlling that life
is very, very critical. So the research and the science understanding produce, packaging is very, very limited.
UNIDENTIFIED FEMALE (voice-over): About a third of food we produce is lost or wasted worldwide. In developed countries, consumers usually waste food
by letting it spoil after bringing it home.
But in the developing world, it is often lost because these countries don't have ways to refrigerate produce before it reaches customers. To address
this, Deepak (ph) launched Green Pod Labs (ph), a biotech start-up that prevents produce from rotting by rethinking the way it is packed.
Green Pod Labs (ph) created these sachets, which contain a formula of volatile plant extracts. They are packed into produce cartons and,
according to Deepak (ph), can slow down the rate of ripening by up to 60 percent.
DEEPAK (PH): The one on the left are mangoes where a prize (ph) was integrated. The one on the right all mangos without the clock ticking, we
can significantly see how the firmness, everything is maintained.
UNIDENTIFIED FEMALE (voice-over): Just like us, every plant has its own immune system. And by studying them individually, Deepak's (ph) team
devised a way to activate it naturally.
DEEPAK (PH): Farmers, traders, exporters, retailers, (INAUDIBLE) all those customers to understand their respective on food waste and products. It was
very clear that our customers did not want a food storage replacement because the (INAUDIBLE) was so high.
UNIDENTIFIED FEMALE (voice-over): Customers like Arjun cared more about their immediate challenges. As a trader, he buys fruit from farmers and
sells it in nearby cities, meaning the road conditions have a huge impact on business.
ARJUN KAPSE, FRUIT TRADER (through translator): We've been working mostly in the northeast. It is considered one of the most difficult routes,
because the produce isn't fresh by the time it reaches its destinations. (INAUDIBLE) we should be getting.
UNIDENTIFIED FEMALE (voice-over): Arjun has only been using the Green Pod (ph) sachets since January. But he says they have reduced the spoilage rate
by about 75 percent. Arjun only trades regionally but a handful of Green Pod Lab clients export internationally
UNIDENTIFIED MALE (voice-over): I started with a small idea. But if you pursue that relentlessly and with a passion, I think you can solve a
majority of problems.
(END VIDEOTAPE)
QUEST: Global Connections.
Tens of thousands of Israelis are taking part in what they call a day of disruption and resistance to the government's judicial reforms. Live
pictures show you, this is from Tel Aviv. Earlier, demonstrations -- demonstrators blocked Ben Gurion airport. They
marched down major roadways. It looks like what they are doing here, the authorities, is trying to keep the roads open or at least prevent them from
getting back onto the highway.
It is all against plans to weaken the supreme court, amongst other measures from the Netanyahu government and coalition. Lawmakers advanced one of the
bills on Monday. CNN's Hadas Gold reported earlier today.
[15:45:00]
(BEGIN VIDEOTAPE)
HADAS GOLD, CNN INTERNATIONAL CORRESPONDENT: Here at Ben Gurion Airport, the main Israel airport just outside of Tel Aviv, thousands of protesters
have, essentially, taken over. We are here at the arrivals level. As you can see, no cars are passing through to be able to pick up passengers.
This is part of the protesters' national day of disruption. Protests have been going on all day, from the morning, through the evening. All across
the country. Now protests have been going on here for months against the government's plan to completely overhaul the judiciary.
But the reason that they have been particularly amped up now is because of legislation that was passed Monday night. So the first of three readings on
just one aspect of this massive judicial overall, this particular legislation has to do with stripping the supreme court's ability of
declaring government actions (INAUDIBLE) reasonable.
But it almost doesn't matter what the legislative steps were; it is just the fact that legislation is back on the table. They had actually been
frozen for several months after those massive general strikes and protests, the defense minister coming out against the overhaul back in March.
There were some attempts at compromise negotiations with the opposition. But those have clearly gone nowhere. And the coalition government, led by
Israeli prime minister Benjamin Netanyahu, are now pushing forward once again with this legislation.
It will be done in a slower, more piecemeal fashion but for these protesters, they essentially don't believe anything that comes out of
Benjamin Netanyahu or the coalition government's mouth.
When they say (INAUDIBLE) a process, they say that (INAUDIBLE) have been soft and watered down, these protesters and the opposition want this
judicial overhaul essentially completely off the table.
They say they will continue coming out to the streets and continue protesting. Now the government and Benjamin Netanyahu say the judiciary
definitely needs some sort of reform. They said they have won the election. They have the vote in parliament to make this happen.
But the protesters here and the opposition and even some of Israel's biggest allies like the U.S. have expressed grave concern about what
exactly this reform will do. And these protesters, they say they will continue coming out. Some have even said they plan to pitch tents in
downtown Tel Aviv to make the protests even more permanent -- Hadas Gold, CNN, Ben Gurion Airport.
(END VIDEOTAPE)
QUEST: QUEST MEANS BUSINESS. When we return, in 2, 3 -- out 2-3. The next chapter in our "Reading for Succeeding" series. And we are going to look at
"Breath" by James Nestor and why breathing is the key to success, not just staying alive.
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(COMMERCIAL BREAK)
[15:50:00]
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QUEST: We all want to be better than we were. If there is one lasting aspect of the pandemic, it is this thirst for change. And so, collectively,
we are turning to self help books like never before.
They have always been around. But now, everyone is looking for the next idea that is going to push them forward.
(BEGIN VIDEOTAPE)
(MUSIC PLAYING)
QUEST (voice-over): The humble self-help book dates back in some form or other to ancient Egypt. Today, in modern times, self-help was brought into
a new era with work like Dale Carnegie's "How to Win Friends and Influence People."
The personal growth industry has had no shortage of success. It is worth more than $10 billion in the U.S. alone in 2020. We all know books like
"Rich Dad, Poor Dad," "The Seven Habits of Highly Effective People," "Think and Grow Rich."
And self-help has created its own celebrities -- Tony Robbins, Deepak Chopra, Eckhart Tolle. The insight that they offer is greatly valued by
many. But there is also a view that says it is all simply nonsense. And that is what we are going to find out.
Breathing.
How many times have you been told to slow down and do some meditation and deep breathing?
Well now, as part of our "Reading for Succeeding" series, I want to introduce you to this book, "Breath," by James Nestor. It doesn't require
hours of meditation nor indeed any complicated ideas or philosophies. It is really very simple.
The concept is, we will all be better if we breathe through the nose, not the mouth, which sounds easy, until you try and do it, which is what James
did.
QUEST (voice-over): Nestor's core theory is that changing the way we breathe can change our lives. He says, when it comes to our health, mouth
breathing is the worst thing you can do. It is not just how you breathe; it is also how long your breath takes. James Nestor says the optimal amount of
breaths is about five every minute. If you can accomplish all of that, well, he thinks you might be able to sleep better, run faster, live longer
and be more successful.
JAMES NESTOR, AUTHOR: A lot of the benefits you are going to gain from healthy breathing are by doing the simplest things. You don't need to put
on yoga pants and sit in a corner of your house for 50 minutes a day and focus on some mantra to do this; 99 percent of people who try to do that
fail anyway.
QUEST: Yes, that's me. That's me?
NESTOR: OK, there you go. You're with the majority. Welcome to the club.
So I think that, once you adopt healthy breathing habits, that is most of your breathing should be in and out through your nose, you are not snoring
at night, you don't have sleep apnea, you are not overbreathing throughout the day, which is what the majority of people are doing.
Once you do that, you are going to see a profound transformation to your health. It is very simple. We get most of our energy through breath. So if
we are not getting that energy efficiently, our body is eventually going to break down. And that's what's happened to us.
QUEST: When I write the book, I felt extremely uncomfortable. I felt antsy, particularly when reading about the, you know, when you did your covering
of the nose and all of that. I thought it was just horrific having to do that. I don't know how you did it. I don't know how you didn't have panic
attacks.
NESTOR: Oh I did have panic attacks. Our sleep was awful, our athletic performance plummeted. It was miserable. But we didn't do it just to be
miserable. That is one thing where I think people got the wrong impression about that Stanford experiment.
We did it because we wanted to see scientifically what happens to the human body when you breathe through the mouth or breathe through the nose.
QUEST: Yes, I was trying recently, I was in Cape Town for World of Wonder and I was -- of course, I couldn't do it but I was doing some -- learning
about the very beginnings of free diving with some experts down there.
And the idea of filling my lungs and filling the stomach but if I try and do it with the nose, I just sort of just don't take that much in --
[15:55:00]
QUEST: -- because I'm not used to it.
NESTOR: You are not used to it. Which doesn't mean you can't get used to. It you can get used to it by creating it as a habit, by doing some simple
practices, by focusing on nasal breathing when you're walking. Inhale for four steps, exhale for six, over and over.
(CROSSTALK)
QUEST: Hang on, so we can do this together. In for four -- and I've got a clock in front of me, so, hang on.
NESTOR: Out for six.
All right?
This is a good place to start. But you should not be -- a lot of people, when they start to try to breathe normally, they overexaggerate every
movement, because we are Westerners and we want to overdo everything.
So I will tell someone, breathe in five, breathe out five. They go --
(LAUGHTER)
NESTOR: Yes, (INAUDIBLE) so good. Yes, I (INAUDIBLE) more blood to my brain.
So this should be imperceptible. If you are looking at a monk breathing, they are breathing about three times a minute. You cannot see them
breathing. And this is how samurais used to assess other samurais.
If you could see them breathing, if that feather beneath their nose moved, you were kicked out of the samurai army. So you could not be a samurai. So
it is the same thing with these normal breathing habits. You don't want to constantly be overdoing it.
For the most majority of time, we want to let our bodies be resting and relaxing and restoring. And we can do that by controlling our breath.
QUEST: Do you get tired at parties and cocktail parties of being, like I can see the look on your face, I can see the movement, you know. Everybody
wants to tell you how they breathe. Everybody wants to tell you what they do.
NESTOR: Yes. I, do a little bit. But part of that is because these people are not getting care or information anywhere else. I'm a journalist, I'm
not a doctor.
So why is it I'm getting thousands of letters from people all over the world asking me for help?
What I've tried to do is communicate this information back to doctors, back to pulmonologists and say, these people need help. You need to be assessing
how they are breathing when they are coming in, not just their blood pressure, not just their heart rate.
Look at how they are breathing because so much of their health is dictated upon that. And that's what I'm right now working with a lot of doctors.
(END VIDEOTAPE)
QUEST: Interesting. "Profitable Moment" after the break.
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(COMMERCIAL BREAK)
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QUEST: Tonight's Profitable Moment, is there a legitimate use for private planes?
I think the answer is. Yes many corporations, of course, use them because CEOs and senior execs have to travel to difference parts of the world or
visit multiple businesses and factories and sites. And the private jet is the most effective way to do it.
Similarly, there are those stars and celebrities that do need to have security. Prime ministers and like all need security and entourages. And
there is a legitimate use for that too.
However, when it starts to get wider and more extreme, the answer is, of course, you are free to use a private jet. But ultimately, the way is to
tax it higher on fuel, on sales, on levies and fees. That is the way to handle the private jet conundrum.
And that is QUEST MEANS BUSINESS for tonight. I'm Richard Quest in New York. Whatever you are up to in the hours ahead, I hope it is profitable.
END
