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Quest Means Business
U.K. P.M. Keir Starmer Announces Resignation; President Trump Speaks To Reporters; High Level Talks Took Place As Trump Issued Threats Over Hormuz; CENCORP CEO: Dubai Real Estate Market Is Resilient; Greenspan Served Under Four Different United States Presidents; Cape Verde's And Capelli Sport Team Up For World Cup Debut. Aired 4-5p ET
Aired June 22, 2026 - 16:00:00 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
[16:00:15]
LYNDA KINKADE, CNN INTERNATIONAL ANCHOR: The Dow is ending the day fairly flat, but take a look at the NASDAQ. Big losses for tech stocks like
Alphabet and SpaceX are dragging U.S. markets lower.
Those are the markets and these are the main events.
An emotional resignation for Keir Starmer sets off the race for Britain's next Prime Minister.
Signs of progress from Switzerland: The U.S. agrees to ease oil sanctions as talks with Tehran conclude.
And we will look back at the legacy of Alan Greenspan, the central banker who changed the Fed forever.
Live from Atlanta. It is Monday, June 22nd. I am Lynda Kinkade in for Richard Quest and this is QUEST MEANS BUSINESS.
Tonight, turmoil at Downing Street as the U.K. is set for its seventh prime minister in just a decade. Keir Starmer announced his resignation earlier.
In an emotional statement, he said he left his party and country in a better place than he found it, and that there will be a leadership contest
starting in July. Mr. Starmer leaves office as the least popular Prime Minister on record, a sentiment he acknowledged as he said he was no longer
the right person to lead his party.
(BEGIN VIDEO CLIP)
KEIR STARMER, BRITISH PRIME MINISTER: The question my party is asking now is whether I am best placed to lead us into the next general election. I
have heard the answer of my Parliamentary Party to that question, and I accept that answer with good grace.
(END VIDEO CLIP)
KINKADE: The announcement came within hours of the former Greater Manchester mayor, Andy Burnham, being sworn in as a Member of Parliament.
He arrived in London by train earlier after announcing that he will stand in the Labour leadership contest. He may face no competition.
Key potential challenger, Wes Streeting said he would back Burnham. The potential coronation was clearly on everyone's mind as Burnham took the
official oath to become an M.P.
(BEGIN VIDEO CLIP)
ANDY BURNHAM, U.K. MEMBER OF PARLIAMENT: I swear by Almighty God that I will be faithful and bear true allegiance to His Majesty, King Charles, his
heirs and successors according to law. So help me God.
(GROUP answer "hear!")
(END VIDEO CLIP)
KINKADE: Isa Soares is on Downing Street.
It has been a monumental day there, Isa. And of course, the revolving door of Downing Street continues to turn another Prime Minister out.
ISA SOARES, CNN ANCHOR AND CORRESPONDENT: Yes, I've been here far too many times outside of 10 Downing Street. It tells you everything that you need
to know of what you need to know in the last ten years.
But it has been a truly dramatic day here at 10 Downing Street. Max Foster is here with me now.
We will talk about, you know, Andy Burnham in just a moment, because I am sure viewers right around the world will have questions about who is he?
MAX FOSTER, CNN CORRESPONDENT: Who is he?
SOARES: Where did he come from? Why are we only hearing about him now?
FOSTER: Yes.
SOARES: This moment, today, though, at 10 Downing Street, a visibly emotional Keir Starmer, a man who has been accused, you and I have been
discussing, of not showing much emotion for the last two years, but speak to how difficult that must have been for him there.
FOSTER: Well, he is -- some people would describe it as determined, others would describe it as stubborn. This sort of wave of unpopularity that swept
him up has been going on for months, if not years.
SOARES: Yes.
FOSTER: But he refused to move. Even on Friday. He was saying if even if there was an election fight, I would join it and then over the weekend, as
we understand it, he didn't speak to many people apart from his wife and he finally capitulated because on Friday, his Cabinet basically said, you need
to go, and a prime minister doesn't exist in their own right. It is the Cabinet that runs the country.
So he was forced out, and I was speaking to one of his former advisers today and said his family were never really sold on the idea that he should
become prime minister because of the pressure that comes with it.
So he put them through an awful lot over this last couple of years and then now, it was sort of crashing around him. So, definitely an emotional
moment. But the first bit of emotion we probably have ever seen in Keir Starmer.
So, it is interesting because after Theresa May sort of cracked up a bit as well, didn't she?
SOARES: Yes, I remember that.
FOSTER: In her speech -- and everyone was saying, why didn't she show more personality when she was in power? Now, they are saying the same about him.
SOARES: And viewers will notice, we are getting -- the heavens have opened, which is fine. We will deal with it. It has been quite hot here, which is
quite -- this is very refreshing.
FOSTER: Yes. The farmers will be happy.
SOARES: Of course the farmers must be -- must be pleased, the farmers at all costs. One person you're talking about charisma and personality. One
person we just showed a little clip there of Andy Burnham. He has tons of it. Right?
The question now is policy. Where does he stand on key issues? Is that clear to you?
[16:05:10]
Well, it shows how desperate the politics is in this country. So, he is the only senior labor politician, even though he was outside Westminster with a
positive favorability rating. So in a way, they didn't really have any choice. They went with him. But you know at what price? Because he is
someone that has been in Manchester in Northern England for 10 years. We know everything about his regional policy. We know nothing about his
national or international policy, and he has deliberately batted those questions away, justifiably, because he says, I am fighting a local
campaign.
But they have effectively voted someone -- well, they are about to vote someone in and give him the highest office in the land without him having
to answer any questions about his international or national policy. It is extraordinary.
SOARES: Yes, if one else throws the hat in, then it is practically a coronation at this point.
Max, appreciate it. Max Foster there.
Well, Keir Starmer said he changed the Labour Party from the one he inherited six years ago. Now, will have to define his future path and Andy
Burnham will likely be the one to do it. He will have to decide whether to maintain the centrism of Keir Starmer's premiership or to return to a more
radical left party like the one under Jeremy Corbyn.
All of this, under the increasing threat of the hard right Reform U.K.
Clive Betts is the Labour M.P. for Sheffield South East and he joins me now.
Clive, great to have you on the show. Just give me your reaction first of all to this monumental -- good evening to you -- this monumental day that
has been here, British politics yet again with the departure of Keir Starmer. Your thoughts?
CLIVE BETTS, U.K. MEMBER OF PARLIAMENT: Well, obviously we don't want to be in a position where Prime Ministers are changing every few years, but we
are at that position, and as you've explained, and I got it on the doorstep in the local elections here a few weeks ago, talking to my constituents,
Keir Starmer was just very unpopular and it wasn't any particular policy. So there are some things that clearly upset people.
People just didn't like him and you can't get beyond that in politics.
SOARES: Clive, I am sorry to interject and to interrupt.
President Trump is speaking about Iran. Let me -- let's just go listen to President Trump. We will come back and we will continue talking.
DONALD TRUMP (R), PRESIDENT OF THE UNITED STATES OF AMERICA: Comparable to what they were, Chris (ph), I don't know, pretty comparable to what they
were before we started.
UNIDENTIFIED MALE: They've returned most of the way back down.
REPORTER: So if Iran does not abide by the MOU, are you still willing to --
TRUMP: Well, I will just say, it would cause a depression. I said it could cause a depression. Right? And I said that I don't want to be Herbert
Hoover. That's a president that I don't want to be because he, you know, he was in charge during The Great Depression, and certainly a lot of bad
things could happen. That would be one of the things.
I don't think it would, but if it did. But no, if Iran doesn't live up to their agreement or if they are not behaving, I will do what I have to do.
REPORTER: Does that give them leverage, Mr. President?
TRUMP: Say it?
REPORTER: Does that give them leverage, the Iranians' leverage over you?
TRUMP: Oh, you're so -- leverage. You know. Their navy is gone. Their air force is gone. Their leaders are all dead. Their whole country is a mess.
Their economy is shot. The -- you know, "The Times" the fake "New York Times" said, oh, it is about the same as it was four months ago.
No, four months ago, they had a navy, 159 ships, to be exact. It is gone. The whole navy is gone. Their 250 airplanes all gone. Their anti-aircraft
is gone. Their radar is gone. These guys love radar. Their radar is gone. Everything is gone. Their leaders are gone
Their whole country is gone and "The Times" said, oh, they are about the same as they were four months ago.
The reason the news is doing so badly, or let's put it another way, the reason that I won in a landslide, even though I got 92 percent negative
press, all fake press, is because nobody believes the press anymore, and they have to start believing, you know, when "The Times" and a couple of
others, they are just -- they are grasping for straws when they say that Iran is about the same as it was four months --
Four months ago, they had a powerful navy. They had a powerful air force. You know, most of their missiles are gone. Most of their launching pads are
gone. Most of their manufacturing capacity for drones and missiles is gone -- about 87 percent gone. And then I hear, oh, they are in such great
shape. No, they're gone.
And their first level of leaders, gone; their second level of leaders, gone. Their third level of leaders, you have to hear the conversations. Who
wants to be president? I don't want it. Nobody wants to be president. And then we have to read that they are doing well. They are doing so badly.
In the meantime, we are setting records. We have the strongest economy we've ever had.
[16:10:10]
We have $18 trillion to $19 trillion being poured into our country. We are building factories all over the place. We have more people working today
than at any time in the history of our country at higher salaries.
So when you ask a question like that, it is so stupid.
REPORTER: Mr. President.
TRUMP: Hey. Here is another beauty. Watch this one. He is a real beauty. Go ahead.
REPORTER: Well, today, the Israeli Prime Minister, Benjamin Netanyahu, said his forces are not leaving Lebanon. That is a sticking point.
TRUMP: Who did he tell that? To you?
REPORTER: He said it publicly in Israel.
TRUMP: Well, we are going to take a look at it.
REPORTER: Well, what would you do to make sure that he doesn't --
TRUMP: Well, I am not going to tell you what I am going to do, but it gets solved. I am a problem solver. I get problems solved real fast, including
with Bibi. Go ahead.
REPORTER: Mr. President thank you. What is the latest you've heard from the Vice President? Are you happy with his negotiations?
TRUMP: Yes.
REPORTER: Can you share a little bit about what Secretary Rubio will be doing in the Middle East this week?
TRUMP: I think that they're doing a fantastic job. Our Secretary is fantastic. I think he is maybe going to go down as the best ever. And I
thought J.D. Vance this morning was fantastic. I watched his news conference from Switzerland.
He is a very smart guy, he did a great job. You know, when I look at the Democrats, I call them the Dumbocrats. They are dumb. The Dumbocrats, when
I watched that, where one of them thought it was World War 11, she said World War 11, she meant World War II. You know about that, right? This is
one of their potential leaders. Ilhan Omar, who married her brother to get into the country, by the way, illegally.
But when I watch AOC have no idea what a simple question, what happened? When she was over in Switzerland, which probably never went there before,
but she was and then I watch somebody like J.D. or Marco what a difference -- I said, what a difference, what a difference, what a difference a brain
makes.
REPORTER: Mr. President, the candidate you're endorsing --
REPORTER: Sir, you've been quite critical of Prime Minister Starmer, and he has now resigned. Your thoughts? And who would you like to see as the next
prime minister of the U.K.
TRUMP: Yes, I was critical only from the start because I think he is a lovely man. But I said, you're really messing up energy. You have windmills
all over the place. In the meantime, you have the North Sea Oil and they won't let anybody drill. It is one of the great fields in the world, and
they haven't even found those.
You know that the U.K. buys much of its energy. You know where? Norway. You know where they get their oil? The North Sea.
The U.K. has a much better portion of the North Sea. They don't want to do it for environmental purposes, okay. And I told him -- he is a very nice
man, I mean, sort of a friend of mine. I mean, he was not good to us with NATO, right? He said, we can't use the island to land. That was a first for
a couple of weeks. He said, well, but ultimately I gave it to you.
Now, that was a bad move. That hurt him badly. But I mean, I wish him well, but he has got two problems -- energy and immigration and crime. But energy
and immigration.
And he has, know, he has really hurt himself very, very badly. Please, go ahead.
REPORTER: Mr. President, can you tell us about your meeting with the defense contractors on Wednesday and what you plan to tell them?
TRUMP: The meeting coming up? Because I've met with them before. We are building plants all over the country. They are not allowed to take any more
stock buybacks. Do you do stock buybacks by any chance? Not too much, right? No, because he wants to invest in product. It is just an artificial
way of raising a price if you're running a bad company.
So they spend $51 billion on start -- you know on stock buybacks instead of spending them on plants. Now, they are spending -- they can't do that
anymore. Now, they're spending a lot of money.
We are building many plants throughout the country. They are dealing with general motors. They are dealing with ford. But I know General Motors is
all excited about building weapons. Now, they have some plants which are going to switch over. We are going to build weapons, including the Patriot,
including the tomahawk and lots of other things.
And we are in a big -- we are in a really in a big, strong economic push to do the weapons. And some of the car companies, if they have any excess
capacity, they are making a deal to build missiles, the Patriot in particular, we have quite a few of them, but we want to make sure we have
always a lot of them.
REPORTER: Mr. President, on Colombia, the candidate you endorsed --
TRUMP: Please.
REPORTER: Mr. President, congratulations on the quantum physics to all of you.
TRUMP: Thank you.
REPORTER: Vice President Vance said that there are mechanisms in place to make sure that there is not escalations with the Strait of Hormuz and with
Israel and Lebanon. Can you talk about what those mechanisms are, and are you in direct talks with the Supreme Leader?
TRUMP: Yes, look, here is the thing. As long as they respect us, I don't want to use the word fear because that's an inappropriate word. But as long
as they respect us, we are not going to have any trouble. We have total control of the Strait.
REPORTER: So the mechanism --
TRUMP: You know, we have a Navy that had a blockade. I think the blockade was more impactful than dropping bombs if you want to know the truth, it
was like I said, they call it the steel wall.
[16:15:09]
And we could set that up again in about 15 minutes. I would say, Pete, one phone call. How long would it take? Maybe half an hour?
UNIDENTIFIED MALE: They're ready to go right now if you --
TRUMP: Before we finish the meeting. No, we have -- as long as they respect us, we are going to be fine. They don't respect us, things wouldn't be
good. But they have a lot of respect.
Don't forget, we had presidents that should have done this for 47 years. Nobody did it. Obama -- Obama gave them a road to a nuclear weapon. I gave
them a wall against a nuclear. They can never, under this agreement, they will never even think about building a nuclear weapon.
REPORTER: Mr. President, on Colombia --
TRUMP: Oh, El Tigre.
REPORTER: We know that you had a phone --
TRUMP: I endorsed him, he was in 10th place. I endorsed him, and he won the election.
REPORTER: Yes.
TRUMP: No different than this country
REPORTER: You had a phone conversation with --
TRUMP: I did, I had a great call.
REPORTER: What can you tell us about that phone conversation and what do you see? What do you anticipate?
TRUMP: You're from Colombia?
REPORTER: Yes, sir. I am from Colombia.
TRUMP: So he called --
REPORTER: Cartagena. Great city.
TRUMP: He called me last night, and he thanked me for the endorsement. He won. He won the election. It wasn't -- he wasn't anticipated to win, but he
won and he won handily.
It is just an honor. He is just a good man. I watched him a little bit speak, and he always -- you know, when people like me, I like them, it is
very simple -- it is a very simple formula and I like them. He said really nice things about me and the job we've done in the United States.
And very, very powerful and he won an election in Colombia that, I don't know. Some people were surprised because he was a little bit further down
the pack, but he won easily last night. He won by, he called me at 8:30 in the evening just to thank me very much. And I said, you ran a great
campaign. He is El Tigre, right?
REPORTER: Yes, yes.
And what do you anticipate with the relations with Colombia?
TRUMP: Much better. It will be better. He is going to be a great president.
REPORTER: Mr. President --
REPORTER: Are the contractors who did the initial work with the reflecting pool? Are they to blame for the current condition or is it --
TRUMP: No, no. We have vandalism. No vandals. It was all -- you know, we have a hundred -- we have, I think 290 to 300 foot slit right through it.
Probably a box cutter or a knife of some kind. We had people lifting up --
SOARES: You had been listening there to President Trump. We will, of course, continue to monitor the President. The last point he was making
there was addressing de la Espriella, who is one of the two leaders, of course, going for the presidential position in Colombia.
He said that he has already spoke to de la Espriella. We know President Trump had endorsed him. It is important to point out that, according to
preliminary results, he is leading, but the opposition, the other candidate, Cepeda, has not conceded and it is important to clarify.
We also heard from the President on a variety of topics. Let me talk you through the most important, the repeated questions we heard. One, the
questions of Iran. He said if Iran doesn't stick to the agreement, I will do what I have to do.
He did not expand on what he actually meant by that. He did talk about the fact that the U.S. has done very well. The Navy, the Air -- everything --
all the leaders are dead. The economy is shot, referring to Iran, he was asked a question, also about Lebanon and of course, the reason we are here
yet again is because Lebanon is a major sticking point, or I should say Hezbollah is a major sticking point.
He said that, you know -- he was asked whether Prime Minister Netanyahu said, according to this reporter, he is not leaving Lebanon what he would
do and he said he could handle Netanyahu. Again, not saying exactly what he meant by that.
He then was asked a question, Nic, I don't know if you remember about Keir Starmer. As you can see, the heavens have opened, apparently, as you can
see, I am wearing an umbrella, but I am outside 10 Downing Street. It has been a dramatic day in British politics.
He was asked about Keir Starmer. He said he was a lovely man, and then he mentioned the fact that he messed up on energy, that he is not letting
anybody drill. Talking about the North Sea. And he did say that he was sort of a friend of mine, was his words. He is sort of a friend of mine, and I
wish him well, but he failed on two fronts. He failed on energy and he failed on immigration. He also mentioned then crime, but those were the two
main points.
Before we listened to President Trump, if you remember, I was speaking to Clive Betts, who is the Labour M.P. for Sheffield South East. I am hoping,
Clive, that you are still with us and listening to that.
BETTS: I am still with you.
SOARES: What did you make there of what -- wonderful, wonderful -- what did you make of what President Trump had to say in relation to Keir Starmer
because they had a very strong relationship, of course, right off the bat, he was called the Trump whisperer.
But then that relationship soured very quickly.
[16:20:10]
BETTS: Yes, and President Trump was absolutely wrong about the two issues he raised there. First of all, immigration. Immigration has fallen to about
a quarter of what it was when this government came to power. Obviously, President Trump hasn't got the message on that and secondly, on energy,
renewables are the cheapest form of electricity.
You know, the wind blows an awful lot in the United Kingdom and we even get some sunshine occasionally. So wind turbines and solar some days in the
year now are providing the whole of our electricity. That's where were up to. It is a lot cheaper than burning oil and gas, though we still do have
oil and gas from our North Sea because the wells have been existing, continue to provide it.
SOARES: But this just shows us the job, the task at hand, Clive, when it comes to whoever becomes the next British Prime Minister, do you have a
sense of if it is Andy Burnham? We are all expecting it to be him. What -- how he would handle that relationship because it seems that some prime
minister, I am thinking of Meloni of Italy has now turned her back on President Trump speaking much more forcefully about him.
How do you think Andy Burnham will handle this relationship?
BETTS: With difficulty? Because I think everyone has difficulty with President Trump, don't they? Because you don't get consistency. That's the
problem. You're never quite sure what he is going to do next or what he is going to say next, whether he is going to like you one day and not like you
the next. I think it is a very difficult job for anyone.
You know, yes, Keir Starmer was on side with him and he wasn't. He has fallen out with Meloni. He has fallen out with Merz in Germany. He has
fallen out with most people by now. So it is very challenging and very difficult, but we have to try and find a way of working together because we
are all in NATO, aren't we?
Our job is to protect each other if we are attacked and there is every possibility at some point that Russia will attack some countries in NATO in
Europe and that is a massive problem that we all have to work together and keep together to deal with.
SOARES: And this brings me back, really, Clive, to some of the concerns that I've been hearing today. You know, some people on the streets, we were
hearing from them today. They said, you know, this -- if there was a leadership contest, it would test of course Burnham. We will get a sense of
where he stands on key issues. I mean, and this is also some of the criticism from others, other parties in the country. How do you respond to
that?
BETTS: Well, first of all, Andy Burnham has got experience from the past. In the past, he has been a Treasury Minister. He has been a Secretary of
State for one of our biggest departments, biggest spenders, Health. So he has got experience of central government and what it involves.
And then in Manchester, he has led one of the new and developing authorities as the mayor there and has really impressed everyone, I think
up and down the country with the way he has led that authority and improved services for local people, particularly transport services.
And at the same time, he is a great advocate for getting more powers away from the center in Whitehall and Westminster and down into our local areas,
he is a champion for that and would expect him to continue that as prime minister.
SOARES: A huge entree. Clive Betts, really appreciate you staying with us as we listened there to President Trump. Thank you very much, Clive. I
appreciate it and I am just going to hand it back to Lynda.
Lynda, I will have much more from Downing Street. It has been a very hot day here in the U.K., but it seems the heavens have now opened.
Back to you.
KINKADE: They certainly have. Stay dry there. Thanks, Isa Soares for us there.
Well, moments ago we heard from President Trump speaking in the Oval Office about the ongoing negotiations with Iran. Mr. Trump said he would do what
he has to if Iran doesn't stick to the agreement with the U.S. The President, adding that the U.S. would not have any issues with Iran as long
as it showed respect.
Mr. Trump also claimed that the Strait of Hormuz was totally open. Our Nic Robertson, our senior diplomatic editor, is joining us now from
Switzerland, where the negotiations have been taking place.
Good to see you, Nic. So we just heard from President Trump there arguing that Iran is much weaker both militarily and economically since this war.
But after four months of war, billions of dollars spent on military costs and obviously economic disruption in the region, some analysts say, you
know, what is emerging in this framework agreement really resembles what we saw from the 2015 Iran deal that President Obama oversaw. Is that a fair
comparison?
NIC ROBERTSON, CNN INTERNATIONAL DIPLOMATIC EDITOR: Yes. The contours are broadly similar. We won't know precisely what gets nailed down from that
sort of broad understanding of the MOU in the final detail, for example, that already contentious issue.
[16:25:06]
Today, both presidents have agreed, and it is in their Memorandum of Understanding, Clause 8, that there will be International Atomic Energy
Agency inspectors as part of that. Both countries have agreed to it, but it is already -- and when they sort of mentioned it to their domestic
audiences as a big sell or not, then that gets contentious because the detail of it, it has to be hammered out, it has yet to be nailed down.
So, you know, that was something that took a long time to nail down with the Obama era, the JCPOA, the 2015 nuclear deal. So I think we are going to
see a lot more of this backwards and forwards. President Trump saying his part, the Iranians speaking to their population.
I guess where we are at after this weekend of an agreement signed, then the sides wouldn't come to the table, the Iranians wouldn't come to talk about
it. Then they came and then it was all about salvaging what they had already agreed last week is that despite the rhetoric and despite the
challenges and the quickness of which the Iranians said, we are going to step back and close the Strait of Hormuz, President Trump threatened to
bomb them again.
The rhetoric has sort of blown past this weekend, and this thing is still there. Time is wasted because they didn't get into the detail of it. But in
broad terms, you're right. There is money for Iran. Perhaps more money more quickly, more easily, more readily that the U.S. would argue, is under
their control. But the Iranians would think that they are going to get if they go along with this, how far, how much -- that still ought to be
negotiated.
But in broad terms, Iran, I think, can see a better prospectus for them out of this than perhaps they could on the JCPOA. That, however, was time
limited. We have no idea what time limits may or may not be agreed to inspection regimes, to nuclear enrichment, very likely the Iranians are
just going to want to get this through, President Trump's administration and then see where they are.
And right now, it looks like they will be a lot richer through that period if they can manage it.
KINKADE: Yes, certainly some progress, but still very fragile as we heard from President Trump there saying if Iran doesn't hold up its end of the
agreement, then he will do what he has to do.
We will continue to cover this. Good to have you with us as always, Nic Robertson for us. Thanks so much.
Well, Dubai's once booming real estate market has taken a hit from the Iran War. The researcher, ValuStrat found that property sales plunged 19 percent
in May following a four percent drop in April. Property agents say that sellers of luxury real estate have been forced to lower their asking prices
by tens of millions of dollars.
Now Dubai have become a major hotspot for high earners before the war, thanks in part to its zero income tax policy.
Richard Waind is the CEO and co-founder of the Dubai-based real estate group, Cencorp, and he joins us now from Dubai.
You have said that the market shows resilience. I just want to get your perspective, given the data we are getting, that is showing that double
digit collapse in property prices for the month of May and the drop we saw, of course, in April, is that actually reflective of what you're seeing on
the ground? And is this potentially a long term trend?
RICHARD WAIND, CEO AND CO-FOUNDER, CENCORP: Hi. Yes, thanks for having me.
Look, yes, we've seen a drop in transactions through the last month, but I think it is important to see that these are lag numbers. These are
transactions that were agreed two months ago, three months ago, really in the heart of the conflict. So in March, when yes, absolutely during the
month of March, we saw an immediate slowdown into to new business, new deals being done, probably to the point of 70 to 80 percent in terms of
drop in number of transactions through March and early April.
And we are starting to see those numbers wash through the official data of transactions coming through. So yes, absolutely. Of course, we saw a big
impact into the market in those early months. But crucially, we have seen a lot of resilience and we are starting to see new transactions through last
month into this month really recovering well.
So yes, the official numbers as they have come through this month are reflective of that, that period around March. But things are certainly
looking a little bit better.
KINKADE: And speak to me, Richard, if you can, about the specific ultra prime segment where, you know, property prices have had to drop
substantially just to get a sale, is this segment under, you know, real pricing pressure right now, or are those just isolated transactions?
WAIND: They are more isolated. And if we are really honest, the ultra- luxury property market has probably taken a bit more of a hit than the more standard market, the domestic market of expats living here. That's because,
you know, frankly, that sort of buyer hasn't been in town.
[16:30:01]
And as we go into the summer, it's always a little bit quieter, you know, since it's very, very hot this time of year. So, we often see a little bit
of a slowdown in that market.
But in terms of prices, again, there is been a lot of resilience. It was a bit of a black swan event, of course, when on the 28th of February, the war
began, and we saw an instant impact into the market, both in terms of transactions, and then very, very quickly in prices.
You could probably say roughly 10 to 15 percent in terms of pricing, that is from a record high in January, February, but those prices then have
held. So, whilst the prices dropped roughly 10 to 15 percent into March and April, we haven't seen them drop any further.
So, again, there was that initial impact, but since then things have shown an awful lot of resilience.
LYNDA KINKADE, CNN INTERNATIONAL ANCHOR: And no doubt, Richard, there is a lot of hope riding on the U.S.-Iran negotiations unfolding in Switzerland,
aimed at de-escalating these tensions and ending the war.
Do you expect, you know, the short-term cooling phase in the buyer's property market, you know, to continue, or do you think you know, it's very
heavily, it weighs completely on the outcome of the next, you know, two or three months, if these talks hold, and if, you know, negotiations proceed
in a positive manner?
WAIND: Yes, of course, a positive outcome, and some real clarity around the outcome is what everybody wants. To bring back confidence for people to
travel to Dubai, to bring tourists back, and that will have a big, big impact.
The market, again, has been strong in terms of domestic demand. We are seeing transactions back to roughly 80 percent of the where they were prior
to the conflict. But the cherry on the top, the thing that's really going to get the market moving against the levels we were at before the conflict
is people coming back here.
Yes. So, absolutely, we need clarity, we need peace in the region to encourage people back. And it was really, really positive to see last week
countries around the world starting to remove their do not travel advice.
The U.K., for example, remove their do not travel advice for the region or for the UAE, which is really positive, and that's what we need.
KINKADE: Yes, exactly. Richard Waind, do we appreciate your time today. Thanks for joining us.
WAIND: Thank you.
KINKADE: Well, former U.S. Federal Reserve Chairman Alan Greenspan has died at the age of 100. He was appointed in 1987 by President Reagan and stayed
on for 19 years, serving under four different presidents.
Now, during most of that time, the U.S. economy grew steadily, and inflation was kept under control. Well, to avoid influencing the markets,
Greenspan mastered what's now known as Fed speak. That's the art of making imprecise statements.
David Goldman is following this and joins us now. Good to have you with us, David.
So, just talk to us about what analysts are saying about the legacy of David Greenspan -- of Alan Greenspan.
DAVID GOLDMAN, CNN BUSINESS SENIOR REPORTER: Yes. Yes, yes. It's a complicated one, certainly, because he was celebrated for most of his
career. In fact, he was called, The Maestro, right? He could do no wrong, it seemed.
The President George H.W. Bush did blame him for his loss in 1992, although, Alan Greenspan kind of retorted, hey, the economy was growing. If
you couldn't make that work for you, then, that's your problem, not my problem.
But certainly, most people believed that Alan Greenspan was a magician with the economy.
In fact, John McCain, when he was running the first time around in the 2000 election was asked, would you renominate Alan Greenspan, and he said, you
know, yes, of course, I would. You know, that wasn't even a question that he would make that appointment. You know, he hoped that he was just as kind
to him as, you know, he had been to the markets.
Here is the thing, though, once the financial crisis happened, it became clear around 2007, 2008 that a lot of the let the market play out, just
make sure that everything is deregulated and everything will take care of itself. That kind of mentality that was really fostered by the Fed during
Alan Greenspan's tenure, might not have been the best thing for the markets.
It's you and I both remember what happened during the great financial crisis, and certainly, had Wall Street been a little bit more reined in,
had the Fed had a better hold on the very strange kind of machinations that Wall Street had to pile these, you know, mortgage-backed securities, cut
them up, and, you know, have some kind of strange packages of assets for investors to speculate on.
Have they not been allowed to do that? Then, maybe the housing crisis doesn't happen, that exacerbated that financial crisis.
[16:35:07]
So, he admitted in his final testimony in 2008, before Congress, that yes, there might have been a little bit more than we should have kept our eye
on.
However, I think that despite that legacy, that is certainly part of that first line in his obituary, the beginning of that first line is definitely
his oversight over the longest period, or one of the longest periods of economic prosperity in the United States in the 1990s, and also helping
Asia and Europe through some pretty significant crises.
He was the first Fed chair to oversee that soft landing where you raise rates and you lower, and you save the economy from going into recession.
He'll be remembered for that too.
KINKADE: All right. David Goldman, appreciate it. Thank you.
GOLDMAN: Thank you so much.
KINKADE: Well, still to come, Cape cap its World Cup hopes alive this weekend, playing Uruguay to a draw. Up next, I'll talk to the team's kit
maker.
(COMMERCIAL BREAK)
KINKADE: Welcome back. I'm Lynda Kinkade.
The World Cup story, the weekend, Cape Verde's stunning 2-2 draw against heavily favored Uruguay. Fans back home celebrated their team's first ever
World Cup goals. Sunday's result follows a 0-0 draw against Spain in the opener.
Cape Verde's historic run is a huge deal for the tiny island nation. And, of course, the team's kit maker, Capelli Sport, is also making its World
Cup debut. George Altirs is the CEO of Capelli Sport and joins us now live. Good to see you.
GEORGE ALTIRS, CHIEF EXECUTIVE OFFICER, CAPELLI SPORT: Yes, thank you. Thank you for having me on CNN.
KINKADE: Sir, your brand, Capelli Sport, started with just a youth team, 24 uniforms. You are now kidding out a, you know, a team in the World Cup,
which is just phenomenal. What do you put that transformation down to? Strategy? Timing? Luck? All of the above?
[16:40:05]
ALTIRS: All above, actually. You know, we are -- we are determined the brand that to work very hard on the soccer and football sports. So, you
know, we have determination to really go to the highest stage, and we were fortunate to have relationship with Cape Cabo Verde or Cape Verde, and
then, we were fortunate to be part of this big success that Cape Verde having on World Cup.
KINKADE: I mean, it's been a remarkable run for Cape Verde. How important is it that, that kind of success for a brand like yours, you know, given
they are wearing your kit? I understand it was designed by your wife, and you got to sit, apparently, I think, next to the mother of the goalkeeper,
watching, watching the game?
ALTIRS: Yes, yes. So, it's -- look, it's a lot -- it means a lot to us, you know, being a small brand, I mean, we have been in business for 38 years,
but we decided to go, you know, on the sport, just 2018, '19 after having six, seven years making our the kits for our own youth club here in New
York and New Jersey, and then to our own clubs.
And then, we found a very good niche -- the niche to really support all those small institutions or organizations where the big brands don't give
them the attention. And it's a big deal. I can't really tell you how big it is. It's a huge deal for us, having Cape Verde tie with Spain, number two
in the world, won the World Cup. And again, yesterday Uruguay, also a winner of a World Cup twice.
And me, being there with them, celebrating and supporting, it's a great, great feeling, and it's a big deal for us as a -- as a brand, and also,
it's a big deal for Cape Verde as well.
KINKADE: And just quickly, you know, Nike, Adidas, Puma, they are the sort of brands that dominate, you know, dressing the World Cup players. Is there
still room to expand for your brand?
ALTIRS: Absolutely, absolutely. I mean, look again, they are giants, but the giants can't really -- I always say cannot have everything. You know,
there is always room for new brands. And then -- but you have to have a premium quality full supply chain. And then, we are a big company. So, of
course, there is a -- there is a room, and then, also you know, we like to compete, and we are going to compete against the big one.
So, that's when the good feeling is when you compete the big one and you win as well.
KINKADE: How far can Cape Verde go?
ALTIRS: Look, we have, you know, I've been in the games, I mean, I just flew in from Miami. We have in Houston, the game against Saudi, hopefully
we'll have a win, and then, we can, you know, keep advancing as much as we can.
But, you know, the team, the country, the whole world is supporting Cape Verde, and which is a great thing for Cape Verde.
(CROSSTALK)
KINKADE: It is.
ALTIRS: And then, also for our brand as well.
KINKADE: It certainly is. George Altirs, appreciate your time. Thanks so much.
ALTIRS: Thank you very much.
KINKADE: I'm Lynda Kinkade. That was QUEST MEANS BUSINESS.
Stay with us. Richard Quest, "WORLD OF WONDER" is next.
(COMMERCIAL BREAK)
[16:46:15]
(BEGIN VIDEOTAPE)
RICHARD QUEST, CNN INTERNATIONAL ANCHOR: North West. No, it is definitely over there. It is over there, but we can't see. So, maybe I just sort of go
over here.
QUEST (voice over): I am told there is a spot here in Tallinn's Main Square where I should be able to see the five medieval church spires.
I should be able to find the spot, but I can't.
QUEST: That one over there?
MART PIUS, FILM ACTORS, TALLINN CITY: No.
QUEST: Oh, hang on, hang on, hang on, hang on. Oh, I need a compass.
PIUS: I think this is this is the tourist trap you can spend your day with, like this, you know.
QUEST (voice over): The twin brothers, Priit and Mart Pius, weren't expecting a scavenger hunt when they agreed to show me around their city.
PRIIT PIUS, FILM ACTORS, TALLINN CITY: That's that one
M. PIUS: One word there.
QUEST: No, you sure that's not that one.
UNIDENTIFIED MALE: Go back-to-back, and then we can all see. If you look in different directions --
QUEST: All right. All right. All right.
QUEST (voice over): Awesome Al. Helpful as always. I should be able to see the Dome Church, Toomkirik.
M. PIUS: That's, that's the (INAUDIBLE) over there
P. PIUS: Yes, that's that one.
QUEST: Right. North, slightly northeast.
You know who will know the answer to that.
P. PIUS: I think A.I.
QUEST: Like my good friend Dr. Chat.
QUEST (voice over): Time to enlist A.I.
QUEST: There is a small circular stone mark in the square. Oh, so, we think this is it.
M. PIUS: One, two, three, four.
UNIDENTIFIED MALE: Could we be on the wrong spot?
QUEST: What? This is pathetic.
UNIDENTIFIED FEMALE: North, west, south.
M. PIUS: Yes.
UNIDENTIFIED FEMALE: That's the (INAUDIBLE).
QUEST: Sorry, would you mind just --
And I can't see the spire.
QUEST (voice over): This month, I have traveled to Estonia in Northern Europe. The country with two land borders, Russia to the east and Latvia to
the south, Tallinn is on the country's northern coast.
QUEST: Oh, this is very beautiful, isn't it.
QUEST (voice over): To show me around, I've been lucky enough to be introduced to two of the country's most recognizable actors.
QUEST: Why are you two very competitive?
M. PIUS: No.
P. PIUS: No.
M. PIUS: Not at each other, actually. Yes, for some --
QUEST: But you go for the same roles?
M. PIUS: Not all the time.
P, PIUS: Yes.
QUEST: The stars of stage and screen are showing me their theater.
M. PIUS: One night, we can like produce --
P. PIUS: Five different shows.
M. PIUS: Five different shows. Yes.
QUEST: Good grief.
M. PIUS: And theater in Estonia is really popular.
QUEST: I have no idea why I decided to climb this.
UNIDENTIFIED FEMALE: (INAUDIBLE) either.
QUEST: It suddenly seemed like a good idea.
There you, I can see there. I can see there.
When the spring and summer arrives, and you get these clear blue skies. It's absolutely glorious. Very special place. Tallinn and Estonia, very
special.
M. PIUS: We are walking inside, I think, one of the oldest pharmacies in Europe.
BIRGITTA LAANMETS, PHARMACIST: This pharmacy was first mentioned in a written document in 1422.
QUEST (voice over): Not surprisingly, many medieval remedies are no longer sold here these days.
LAANMETS: Unicorn horn powder, hedgehog's urine --
QUEST: Hedgehog urine.
LAANMETS: Marzipan, and it was used for broken hearts, for example.
QUEST: Interesting.
QUEST (voice over): Marzipan will feature again later in my visit. Putting the strange stuff aside, some old remedies are still being used.
Birgitta leads us down into the lab, where we are going to brew up a concoction.
[16:50:00]
LAANMETS: This is peppermint.
And it's actually one of the oldest herbs in the world. This is rose hips. This is cough slip.
QUEST: Oh.
LAANMETS: We are going to make a herbal tea.
QUEST (voice over): There is always time for a good cuppa (PH). Maybe we should do lavender.
P. PIUS: Lavender tea.
LAANMETS: -- lavender.
QUEST: Lavender tea.
LAANMETS: Yes.
P. PIUS: OK. It sure show you can do whatever you want.
LAANMETS: But, only Lavender?
QUEST: No.
LAANMETS: Maybe add some peppermint, that will add nice flavor, nice taste.
QUEST (voice over): Let the herb crushing commence.
LAANMETS: Actually, this is not the correct way to do it.
This is correct, sir. They have been --
QUEST: Well, they grew up to this. They grew up had -- they grew up popping out in the garden, you know.
M. PIUS: This is like everyday usage. All the time, you know.
QUEST: You just -- you just go --
M. PIUS: On the streets and --
LAANMETS: Makes you feel like a pharmacist there.
QUEST: It wasn't quite the eye of the Newton, the toe of the frog.
M. PIUS: (INAUDIBLE)
QUEST (voice over): Time to let it stew.
QUEST: A bit of air in it.
M. PIUS: Thank you.
QUEST (voice over): Tallinn's medieval pass is making for a good start for my visit.
QUEST: Tea for two. For two, for tea.
(END VIDEOTAPE)
(BEGIN VIDEOTAPE)
QUEST: Look at the light. Oh, it's gorgeous. Well, it would be if I'll actually got on and did some work. Come on, Awesome. It will be out before
you are finished.
QUEST (voice over): The early history of Tallinn can be traced back to the end of the first millennium, when a castle and a nearby settlement were
constructed.
To this day, its medieval city center is considered one of the best preserved in the world, and I can see why.
But I must not spend all my time in Tallinn. Into the bog.
QUEST: Off we go. Haven't even got going yet, and I'm fascinated.
QUEST (voice over): Estonians have a deep love for bog walking. They tell me it's a part of who they are.
QUEST: Look at all the interesting things going on in this water.
QUEST (voice over): About a fifth of the country is covered in wetlands or bogs.
MARILIN PEBKA, NATURE GUIDE: Estonians are very healthy people who love to be around the nature and also drink healthy stuff.
QUEST: Right. I was not expecting this.
What is the Estonian --
PEBKA: Terviseks.
QUEST: What?
PEBKA: Terviseks.
QUEST: (INAUDIBLE)
Oh. Hairs on your chest.
UNIDENTIFIED MALE: I saw you doubling the size of that one, compare to your --
(CROSSTALK)
QUEST: Well, just -- what is it?
PEBKA: Terviseks.
UNIDENTIFIED MALE: Terviseks.
QUEST: Terviseks.
QUEST (voice over): A walk through the woods, unlike any other.
QUEST: We are going through the forest, and eventually we'll end up with a bog where we will jump in the water. What could possibly go wrong?
PEBKA: Everything,
QUEST: Wahat.
UNIDENTIFIED MALE: I'm glad she is confident!
QUEST (voice over): Marilin is my guide, and seemingly is going to make every bit of this trip memorable.
PEBKA: This is reindeer, moss. This is like fungus, it's like mushroom. So, we're going to eat. Yes.
You promise to be open-minded.
UNIDENTIFIED MALE: You didn't even question putting that in your mouth. Did you? You have no idea what that's going to do.
QUEST (voice over): Not surprising. surprisingly, with so much to see.
QUEST: Look at them all. You have stirred them up.
QUEST (voice over): And me being so fascinated.
[16:55:02]
PEBKA: You have, again, something good vitamins.
QUEST (voice over): Progress was slow.
UNIDENTIFIED MALE: It's like taking a child out. Isn't it?
PEBKA: Yes. Again, into the pocket.
UNIDENTIFIED MALE: He is going to stop for every, every 10 seconds with a - -
QUEST: I like -- I like to pick things up, which I can then take home, and as I'm walking, you know. And you put it behind in your pocket, and you
suddenly find it. And you think, oh, that reminds me of when.
I was just taking pictures, so, I can count the rings.
PEBKA: You can count the rings, but if my hands are not reaching out, then, the tree is more than 100 years old.
QUEST: Oh, really?
PEBKA: Yes.
QUEST: So, if you can't hug --
PEBKA: Then, it's more than 100 --
QUEST: It's more than a hundred.
UNIDENTIFIED MALE: Someone give Richard a hug and see if he is under 100
QUEST (voice over): What a cheek, enough to make you want to --
Marilin has told me, shouting into the woods will give me balance. Help me recenter.
QUEST: Oh, oh. Oh, do you hear that?
QUEST (voice over): Everyone is determined to have a go.
TEELE, PRODUCER: (INAUDIBLE)!
HOLLY, PRODUCER: (INAUDIBLE)! That's how I yell at the kids.
QUEST (voice over): The walk has been fascinating, but it is the precursor to the ultimate goal. I will submerge myself into this deep, dark, and very
cold water.
PEBKA: So, how you go in, it's very important to stay on upper layer, because it's warmer and down there it's cold. And if you go to the edge,
and then, you like sit like back that, and then you very calmly slide yourself in frog -- like a frog.
QUEST: Like a frog.
PEBKA: Two frog. And when you come back, you crab from the moss and pull yourself out.
Or scroll yourself out like lizard.
UNIDENTIFIED MALE: This all sounds very dignified, Richard.
QUEST: Exactly -- that's exactly the year.
And let me just make sure my shorts are suitably tight enough. So, when I roll in, they don't roll off.
UNIDENTIFIED FEMALE: You shall be -- we skinny dip here.
QUEST: Well, I'm sure you do, but that you don't do that with colleagues.
Oh, it's very squishy, isn't it? It's spongy.
It's a very weird concept.
PEBKA: Frogging.
QUEST (voice over): Frog, frog, frog, frog. This is my best frog. I was warned it was cold, but this is take your breath away cold, and more. There
is something happening under the surface.
QUEST: Bits from underneath to suddenly grab you.
QUEST (voice over): Bog moss, or so I'm told.
QUEST: To stay cold.
UNIDENTIFIED MALE: You are done.
QUEST: So, let me tell you, when she says that it's colder below, she is accurate. But doesn't quite imply exactly what it's like.
You feel this stuff coming up all over you.
QUEST (voice over): A reward, a certain smugness, and a drink laced with a drop of honey, a perfect way to finish any day.
(END VIDEOTAPE)
(COMMERCIAL BREAK)
END
