SAN FRANCISCO: Microsoft Corp’s stock market value closed above Apple Inc’s for the first time in eight years on Friday as the Windows maker benefited from growth in cloud computing while Apple was hit by investor concern about iPhone demand.
Shares of Microsoft rose 0.6 percent to end the week at $110.89, putting its market capitalization at $851.2 billion. Apple shares fell 0.5 percent to $178.58 on the day, adding up to a market value of $847.4 billion.
The two stocks jostled for the top spot over the course of the week, with Microsoft’s stock market value exceeding Apple’s at several points in intra-day trading but not at the close.
Both companies’ market capitalizations were calculated using outstanding shares reported in their most recent 10-Q filings.
Apple’s market capitalization overtook Microsoft’s in 2010 as Microsoft struggled with slow demand for personal computers, due in part to the explosion of smartphones like the iPhone.
After Satya Nadella took over as chief executive in 2014, Microsoft reduced its reliance on Windows software for PCs and became a major player in cloud computing, second only to Amazon.com Inc.
In recent months, technology shares have been punished by investors worried about rising interest rates and the potential consequences of the US-China trade war.
Apple shares are now 19.6 percent lower than on Nov. 1, when the company warned after the regular session that holiday-quarter sales would likely miss Wall Street expectations.
Global demand for smartphones has slowed in recent years.
Thirty-three analysts recommend buying Microsoft’s stock, with just one sell rating and one neutral, according to Refinitiv data.
Twenty-five analysts have positive ratings on Apple, 16 are neutral and none recommend selling, the data show.
Analysts on average expect Microsoft’s revenue to increase 12.7 percent for its fiscal year 2019 ending in June, compared with an estimated 5 percent rise for Apple’s fiscal 2019, which ends in Sept, according to the Refinitiv data.
Microsoft’s market value overtakes Apple’s to close out week
Microsoft’s market value overtakes Apple’s to close out week
- The two stocks jostled for the top spot over the course of the week
- Apple’s market capitalization overtook Microsoft’s in 2010 as Microsoft struggled with slow demand for personal computers
Saudi Arabia’s cultural sector is a new economic engine between Riyadh and Paris, says ambassador
RIYADH: Culture has become a fundamental pillar in bilateral relations between France and Saudi Arabia, according to the French Ambassador to the Kingdom, Patrick Maisonnave.
Maisonnave noted its connection to the entertainment and tourism sectors, which makes it a new engine for economic cooperation between Riyadh and Paris.
He told Al-Eqtisadiah during the opening ceremony of La Fabrique in the Jax district of Diriyah that cultural cooperation with Saudi Arabia is an important element for its attractiveness in the coming decades.
La Fabrique is a space dedicated to artistic creativity and cultural exchange, launched as part of a partnership between the Riyadh Art program and the French Institute in Riyadh.
Running from Jan. 22 until Feb 14, the initiative will provide an open workspace that allows artists to develop and work on their ideas within a collaborative framework.
Launching La Fabrique as a space dedicated to artistic creativity
The ambassador highlighted that the transformation journey in the Kingdom under Vision 2030 has contributed to the emergence of a new generation of young artists and creators, alongside a growing desire in Saudi society to connect with culture and to embrace what is happening globally.
He affirmed that the relationship between the two countries is “profound, even cultural par excellence,” with interest from the Saudi side in French culture, matched by increasing interest from the French public and cultural institutions unfolding in the Kingdom.
Latest estimates indicate that the culture-based economy represents about 2.3 percent of France’s gross domestic product, equivalent to more than 90 billion euros ($106.4 billion) in annual revenues, according to government data. The sector directly employs more than 600,000 people, making it one of the largest job-creating sectors in the fields of creativity, publishing, cinema, and visual arts.
Saudi Arabia benefiting from French experience in the cultural field
Maisonnave explained that France possesses established cultural institutions, while Saudi Arabia is building a strong cultural sector, which opens the door for cooperation opportunities.
This comes as an extension of the signing of 10 major cultural agreements a year ago between French and Saudi institutions, aiming to enhance cooperation and transfer French expertise and knowledge to contribute to the development of the cultural system in the Kingdom.
He added that experiences like La Fabrique provide an opportunity to meet the new generation of Saudi creators, who have expressed interest in connecting with French institutions and artists in Paris and France.
La Fabrique encompasses a space for multiple contemporary artistic practices, including performance arts, digital and interactive arts, photography, music, and cinema, while providing the public with an opportunity to witness the stages of producing artistic works and interact with the creative process.
