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