Saudi Aramco dethrones Apple as world’s most valuable firm May 13, 2022 - 12:43 AMT PanARMENIAN.Net - Oil giant Saudi Aramco on Wednesday, May 11 surpassed Apple as the world’s most valuable firm, CNBC reports. Aramco’s market valuation was just under $2.43 trillion on Wednesday, according to FactSet, which converted its market cap to dollars. Apple, which fell more than 5% during trading in the U.S. on Wednesday, is now worth $2.37 trillion. Energy stocks and prices have been rising as investors sell off equities in several industries, including technology, on fears of a deteriorating economic environment. Apple has fallen nearly 20% since its $182.94 peak on Jan. 4. The move is mostly symbolic, but it shows how markets are shifting as the global economy grapples with rising interest rates, inflation, and supply chain problems. Aramco stock is up over 27% so far in 2022. In March, the oil giant reported that its full-year profit last year more than doubled due to soaring oil prices. Apple passed Saudi Aramco to become the world’s most valuable publicly traded company in 2020.   Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads.   Partner news |  Latest news Pashinyan: Azerbaijan’s proximity shouldn’t worry border residents  At the same time, he said that he “does not guarantee [the security of villagers] one hundred percent”.Up to 1% cashback when shopping on Wildberries with IDBank cards IDBank is launching an exclusive campaign on Wildberries for online shopping enthusiasts.Pasadena to host Armenian Genocide commemoration event The Pasadena Armenian Coalition will host its community-wide Armenian Genocide Commemorative Event.Armenia: Opposition activist transferred to Investigative Committee Activist Samvel Vardanyan has been accused of insulting the lawmaker Hakob Aslanyan from the ruling Civil Contract party. |
