Skip to content
Search

Latest Stories

Saudi Aramco unseats Apple to become world's most valuable company

Saudi Aramco unseats Apple to become world's most valuable company

SAUDI ARAMCO on Wednesday (11) dethroned Apple as the world's most valuable company as surging oil prices drove up shares and tech stocks slumped.

The Saudi Arabian national petroleum and natural gas company billed as the largest oil-producing company globally was valued at $2.42 trillion based on the price of its shares at the close of the market.


Apple, meanwhile, has seen its share price drop over the past month and was valued at $2.37 trillion when official trading ended on Wednesday.

The sinking share price came despite Apple reporting better-than-expected profits in the first three months of this year amid solid consumer demand.

But, Apple warned that the China Covid-19 lockdown and ongoing supply chain woes would dent June quarter results by $4 to $8 billion.

"Supply constraints caused by Covid-related disruptions and industry-wide silicon shortages are impacting our ability to meet customer demand for our products," chief financial officer Luca Maestri said on a conference call with analysts.

The results looked good following stumbles by some Big Tech peers as growth from the stay-at-home demand amid the pandemic slows and companies confront rising operating and labour costs.

Oil giant Saudi Aramco recently reported a 124 per cent net profit surge for last year, hours after Yemeni rebels attacked its facilities causing a "temporary" drop in production.

As the world economy started to rebound from the Covid-19 pandemic, "Aramco's net income increased by 124 per cent to $110 billion in 2021, compared to $49 billion in 2020," the company said.

One of the world's top crude exporters, the kingdom has been under pressure to raise output as Russia's invasion of Ukraine and subsequent sanctions against Moscow have roiled global energy markets.

Aramco president and CEO Amin Nasser cautioned that the company's outlook remained uncertain due in part to "geopolitical factors".

"We continue to make progress on increasing our crude oil production capacity, executing our gas expansion program and increasing our liquids to chemicals capacity," Nasser said.

On the results, for 2021, he acknowledged that "economic conditions have improved considerably".

A strong rebound last year saw demand for oil increase and prices recover from their 2020 lows.

Inflation could cause a drop in consumption, reducing oil demand, while tech shares could continue to be dragged down by investor concerns over company costs, interest rate rises and supply chain woes.

(AFP)

More For You

Minouche Shafik

Shafik served as deputy governor for markets and banking at the Bank of England between August 2014 and February 2017. (Photo: Reuters)

Starmer appoints Minouche Shafik as chief economic adviser in reshuffle

Highlights:

  • Minouche Shafik named chief economic adviser to Keir Starmer.
  • Darren Jones moves into Downing Street role; James Murray replaces him.
  • Wider reshuffle includes changes in Starmer’s private office and communications.
  • Appointment comes ahead of a budget expected to include further tax rises.

Prime minister Keir Starmer has named Minouche Shafik, a former deputy governor of the Bank of England, as his chief economic adviser. The appointment comes as he looks to strengthen his team ahead of what is expected to be a difficult end to the year.

Keep ReadingShow less
Arabella Stanton, Dominic McLaughlin and Alastair Stout

The new Harry Potter series stars Arabella Stanton, Dominic McLaughlin and Alastair Stout

‘Harry Potter’ filming in London sparks anger as locals claim no consent for Privet Drive remake

Highlights:

  • A London street has been turned into Privet Drive for the new Harry Potter series
  • Locals in Upminster say they were not told filming was for the HBO remake
  • Some residents fear being “bombarded with wizards” while others are thrilled
  • Cast includes Arabella Stanton, Dominic McLaughlin and Alastair Stout

A quiet street in east London has been transformed into Privet Drive for the new Harry Potter series, but locals are unhappy they were not properly informed about the filming. Springfield Gardens in Upminster, chosen to double as the boy wizard’s childhood home, has left neighbours divided, with some welcoming the attention while others worry they will be “bombarded with wizards.” The HBO production, part of a major reboot, has already brought cameras, drones and fans to the area.

Arabella Stanton, Dominic McLaughlin and Alastair Stout The new Harry Potter series stars Arabella Stanton, Dominic McLaughlin and Alastair Stout Instagram/harrypotterhbonotofficial

Keep ReadingShow less
Justin Bieber at an Indian bride’s wedding in Los Angeles

Justin Bieber makes surprise entry at an Indian bride’s wedding in Los Angeles

Instagram/justinstournews

Justin Bieber shocks guests with wedding surprise for Indian bride in Los Angeles as fans call it the best gift

Highlights

  • Justin Bieber makes unexpected appearance at an Indian wedding in Los Angeles
  • Bride and guests left delighted as the pop star mingled and posed for photos
  • Videos and pictures of the moment spread widely online, with fans praising him
  • The singer recently released his new album Swag featuring multiple collaborations

Pop icon Justin Bieber surprised an Indian bride at her wedding in Los Angeles, turning her big day into an unforgettable celebration. The Justin Bieber wedding surprise quickly spread across social media, with photos and videos showing the star smiling, mingling with guests, and posing with the bridal squad. His warm gesture has been hailed by fans, with many calling it the best wedding gift ever.

Justin Bieber at an Indian bride\u2019s wedding in Los Angeles Justin Bieber makes surprise entry at an Indian bride’s wedding in Los Angeles Instagram/justinstournews

Keep ReadingShow less
Priyanka Chopra, Alia Bhatt and Katrina Kaif

Farhan Akhtar confirms Jee Le Zaraa is not shelved but cast uncertain

Instagram/priyankachopra

Farhan Akhtar says ‘Jee Le Zaraa’ will happen but drops bombshell that Alia Bhatt, Priyanka Chopra and Katrina Kaif may exit

Highlights:

  • Farhan Akhtar says Jee Le Zaraa has been delayed but not shelved
  • Significant work including music and location scouting already completed
  • Director cannot confirm if Alia Bhatt, Priyanka Chopra and Katrina Kaif remain attached
  • Project first announced in 2021 as a female-led road trip film

Filmmaker-actor Farhan Akhtar has clarified that his highly anticipated film Jee Le Zaraa has not been shelved. Speaking about the much-discussed project, Akhtar said the film is simply “on the back burner” due to scheduling conflicts. The clarification comes after years of speculation that the all-female road trip film, originally announced with Priyanka Chopra, Katrina Kaif and Alia Bhatt, might have been abandoned.

Priyanka Chopra, Alia Bhatt and Katrina Kaif Farhan Akhtar confirms Jee Le Zaraa is not shelved but cast uncertain Instagram/priyankachopra

Keep ReadingShow less
modi putin

Before their formal meeting, Putin offered Modi a ride in his Aurus limousine.

X/@narendramodi

Six key takeaways from the SCO summit

INDIAN prime minister Narendra Modi met Russian president Vladimir Putin and Chinese president Xi Jinping on the sidelines of the Shanghai Cooperation Organisation (SCO) summit in Tianjin, China.

Modi pressed for ending the Ukraine conflict at the earliest, reaffirmed India’s long-standing ties with Russia, and discussed trade and border issues with Xi.

Keep ReadingShow less