Daily Business Wrap  - No more trillion dollar companies - video Dailymotion

Both Amazon and Apple saw their value drop below the trillion dollar mark.

Transcript

00:00Good afternoon and welcome to the Gulf News Business Wrap. I'm Ed Clowes and today is

00:05November the 13th. Our top story today, President Trump has taken aim at the Saudis' plan to

00:10cut oil production. Yesterday Saudi Arabia said that in December it would cut oil production

00:15by 500,000 barrels of oil a day. President Trump has taken aim on Twitter saying that

00:21he hoped the Saudis would not cut oil and that prices should actually be lower. Trump

00:27is under threat as his economy begins to feel the effects of higher oil prices and

00:31would quite like the prices to remain low. They're currently down at around $68 a barrel

00:37from a high of $87 in September. Meanwhile, the trillion dollar companies are no more.

00:43Apple is down about 10% from its peak of a trillion dollar company, down to $921 billion

00:50today. Amazon too has fallen to $800 billion, down around 20%. So no more of the trillion

00:58dollar companies for a while until their market caps increase again. And lastly, Paul Griffiths,

01:04the CEO of Dubai Airports has said he expects 90 million passengers to travel through Dubai

01:10Airports this year, a 5.5% increase on last year. That's all for today. We'll be back

01:16with you tomorrow. Thanks very much for watching.

01:20Transcribed by https://otter.ai