Zoom loses $100bn of its market value

Zoom loses $100bn of its market value
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Updated 25 November 2021

Zoom loses $100bn of its market value

Zoom loses $100bn of its market value
  • Despite the decline, the stock was still up by nearly 500 percent since it began trading in 2019

US video conferencing platform Zoom has lost about $100 billion of its market value since its October 2020 peak, a decline of 64 percent for the stock, Bloomberg reported.

The video communications company fell 15 percent on Tuesday to close at the lowest level since June 2020.

Despite the decline, the stock was still up by nearly 500 percent since it began trading in 2019.

Some analysts expect Zoom to bounce back, pointing to an opportunity for growth in enterprise communications and falling valuations.


Saudi government buys Saudi Electricity subsidiary

Saudi government buys Saudi Electricity subsidiary
Updated 10 sec ago

Saudi government buys Saudi Electricity subsidiary

Saudi government buys Saudi Electricity subsidiary

The Saudi Electricity Company is transferring its ownership of its subsidiary, Saudi Power Procurement Company, to the government, the company said on a bourse filing.


Russia’s Novak says no need for urgent measures on oil market: TASS

Russia’s Novak says no need for urgent measures on oil market: TASS
Updated 45 min 44 sec ago

Russia’s Novak says no need for urgent measures on oil market: TASS

Russia’s Novak says no need for urgent measures on oil market: TASS

Russian Deputy Prime Minister Alexander Novak said on Monday, there is “no need for emergency measures in the oil market.”

He added that OPEC and its allies (OPEC+) partners did not call to review the current deal.


Pandemic to cost global tourism $2.0 trillion in 2021: UN

A flight crew walk through the terminal at Sydney Airport, Monday, Nov. 29, 2021. (AP)
A flight crew walk through the terminal at Sydney Airport, Monday, Nov. 29, 2021. (AP)
Updated 29 November 2021

Pandemic to cost global tourism $2.0 trillion in 2021: UN

A flight crew walk through the terminal at Sydney Airport, Monday, Nov. 29, 2021. (AP)
  • A total of 46 destinations — 21 percent of all destinations worldwide — currently have their borders completely closed to tourists, according to the UNWTO

MADRID: The coronavirus pandemic will cost the global tourism sector $2.0 trillion in lost revenue in 2021, the UN’s tourism body said Monday, calling the sector’s recovery “fragile” and “slow.”
The forecast from the Madrid-based World Tourism Organization comes as Europe is grappling with a surge in infections and as a new heavily mutated Covid-19 variant, dubbed Omicron, spreads across the globe.
International tourist arrivals will this year remain 70-75 percent below the 1.5 billion arrivals recorded in 2019 before the pandemic hit, a similar decline as in 2020, according to the body.
The global tourism sector already lost $2.0 trillion (1.78 trillion euros) in revenues last year due to the pandemic, according to the UNWTO, making it one of sectors hit hardest by the health crisis.
While the UN body charged with promoting tourism does not have an estimate for how the sector will perform next year, its medium-term outlook is not encouraging.
“Despite the recent improvements, uneven vaccination rates around the world and new Covid-19 strains” such as the Delta variant and Omicron “could impact the already slow and fragile recovery,” it said in a statement.
The introduction of fresh virus restrictions and lockdowns in several nations in recent weeks shows how “it’s a very unpredictable situation,” UNWTO head Zurab Pololikashvili told AFP.
“It’s a historical crisis in the tourism industry but again tourism has the power to recover quite fast,” he added ahead of the start of the WTO’s annual general assembly in Madrid on Tuesday.
“I really hope that 2022 will be much better than 2021.”

While international tourism has taken a hit from the outbreak of disease in the past, the coronavirus is unprecedented in its geographical spread.
In addition to virus-related travel restrictions, the sector is also grappling with the economic strain caused by the pandemic, the spike in oils prices and the disruption of supply chains, the UNWTO said.
Pololikashvili urged nations to harmonize their virus protocols and restrictions because tourists “are confused and they don’t know how to travel.”
International tourist arrivals “rebounded” during the summer season in the Northern Hemisphere thanks to increased travel confidence, rapid vaccination and the easing of entry restrictions in many nations, the UNWTO said.
“Despite the improvement in the third quarter, the pace of recovery remains uneven across world regions due to varying degrees of mobility restrictions, vaccination rates and traveler confidence,” it added.
Arrivals in some islands in the Caribbean and South Asia, and well as some destinations in southern Europe, came close to, or sometimes exceeded pre-pandemic levels in the third quarter.
Other countries however hardly saw any tourists at all, particularly in Asia and the Pacific, where arrivals were down 95 percent compared to 2019 as many destinations remained closed to non-essential travel.

A total of 46 destinations — 21 percent of all destinations worldwide — currently have their borders completely closed to tourists, according to the UNWTO.
A further 55 have their borders partially closed to foreign visitors, while just four nations have lifted all virus-related restrictions — Colombia, Costa Rica, Dominican Republic and Mexico.
The future of the travel sector will be in focus at the WTO annual general assembly, which will run until Friday.
The event — which brings together representatives from 159 members states of the UN body — was original scheduled to be held in Marrakesh.
But Morocco in late October decided not to host the event due to the rise in Covid-19 cases in many countries.
Before the pandemic, the tourism sector accounted for about 10 percent of the world’s gross domestic product and jobs.


Saudi Arabia’s point-of-sale transactions increase by 1.2% in October 

Saudi Arabia’s point-of-sale transactions increase by 1.2% in October 
Updated 28 November 2021

Saudi Arabia’s point-of-sale transactions increase by 1.2% in October 

Saudi Arabia’s point-of-sale transactions increase by 1.2% in October 

RIYADH: The value of point-of-sale transactions in Saudi Arabia reached SR40.5 billion ($10.8 billion) in October, up by 1.2 percent compared to the previous month, the Saudi Central Bank reported.

Some of the sectors that helped drive the increase were restaurants and cafes, hotels, food and beverages, clothing and footwear. 

For example, sales in restaurants and cafes reached their highest level since at least January 2016.

The number of transactions rose markedly to over 495 million in October from the previous month’s 469 million transactions.

Some of the point-of-sale transactions could be conducted using mobile phones and cards, otherwise referred to as near-field communication technology.

The number of mobile phone transactions continued its expansionary trend, recording a monthly increase of 1.9 percent to hit 179 million transactions in October. Meanwhile, the number of transactions using cards was up by 8 percent to stand at 293 million transactions.

The value of transactions using mobile phones witnessed a 2.5 percent drop to SR11.5 billion in October while those performed using cards recorded an increase of 3.2 percent with the value reaching SR25.7 billion.


Saudi Tadawul Group sets IPO offer price at SR105 per share

Saudi Tadawul Group sets IPO offer price at SR105 per share
Updated 28 November 2021

Saudi Tadawul Group sets IPO offer price at SR105 per share

Saudi Tadawul Group sets IPO offer price at SR105 per share

RIYADH: Saudi Tadawul Group Holding Co. on Sunday set the final offer price for its initial public offering at the top of the range i.e. SR105 per share. 

The market capitalization of the exchange stands at SR 12.6 billion as on the listing date, a statement issued by Tadawul said. 

The IPO order book was 121 times oversubscribed with the book-building process generating an order book of SR458 billion. 

The individual investor subscription period is scheduled to commence on Nov. 30 and ends on Dec. 2.