WEDNESDAY, 18 MAY 2022

 

CONNECT

Facebook Linked In Twitter
IMH LTD

"Don't Forget Cyprus", Greek Premier Tells US Congress In Historic Address

Commission To Adapt Delivery Schedules Of Pfizer Vaccines, Kyriakides Says

IMH LTD

INTERNATIONAL

brought to you by CIPA

Apple Loses Position As Most Valuable Firm Amid Tech Sell-Off

Apple Loses Position As Most Valuable Firm Amid Tech Sell-Off

Apple has lost its position as the world's most valuable company amid a broad sell-off of technology stocks.

Saudi Arabian oil and gas producer Aramco has reclaimed the top spot from the iPhone maker for the first time in almost two years.

Investors have been selling shares in technology firms as they move into what they see as less risky assets.

Bitcoin, other major cryptocurrencies and digital assets have also continued to fall sharply.

Shares in Apple fell by more than 5% in New York on Wednesday to end the trading day with a stock market valuation of $2.37tn (£1.94tn).

That meant it lost its position as the most valuable company in the world to oil and gas producer Aramco, which was valued at $2.42tn.

It is the first time that Aramco has held the top spot since 2020. Shares in energy producers have risen this year as the cost of crude oil and natural gas have gone up.

Meanwhile Apple's shares have fallen by almost 20% since the start of the year after a sell-off in technology stocks.

The technology-heavy Nasdaq closed 3.2% lower in New York on Wednesday after official data showed that US inflation remained near a more than 40-year high.

Rising prices have been the single biggest threat to the recovery of the global economy as it emerges from the Covid-19 pandemic.

Central banks around the world have responded to the problem by raising interest rates, which has triggered a move out of riskier investments over concerns that the higher cost of borrowing will slow down economic growth.

On Thursday Japan's SoftBank Group reported a record loss of $26.2bn at its Vision Fund business as the value of its technology investments slid.

The loss was a stark contrast to a year ago when the company posted record annual profit.

Since then a number of companies SoftBank has stakes in, including ride-hailing firms Didi and Grab, have tumbled in value.

The move out of what are seen as risky assets also helped to push the price of Bitcoin below $27,000.

The world's biggest and best-known cryptocurrency has now lost about 60% of its value since hitting a record high in November last year.

Ether, the digital coin linked to the ethereum blockchain network, also fell sharply again and has now lost more than 40% of its value in the last week.

Source: BBC News

MORE ON INTERNATIONAL

Warhol's Marilyn Monroe Painting Sold For Record-Breaking $195m

An iconic painting of Marilyn Monroe by Andy Warhol has been auctioned for $195m (£158. ...

Bitcoin Falls To Lowest Value Since January As Tumbling Stock Markets Continue To Hurt Crypto

Bitcoin fell to its lowest level since January on Monday as slumping equity markets ...

EU Edges Towards Oil Sanctions On Russia, No Deal Yet

European Union governments moved closer on Sunday to agreeing tough sanctions against ...

FROM AROUND GOLDNEWS

   

EU Forecasts For Cypriot GDP In 2022 And 2023 In Line With Our Forecasts, Finance Ministry Says

The European Commission forecasts for Cypriot GDP for 2022 and 2023, at 2.3% and 3.5% respectively, are in line with the latest forecasts of Cyprus Ministry of ...
   

"Don't Forget Cyprus", Greek Premier Tells US Congress In Historic Address

Greek Prime Minister Kyriakos Mitsotakis asked on Tuesday the US Congress not to forget Cyprus in a historic address he delivered.
   

Cyprus Innovation Awards 2022

The submission of applications for the Cyprus Innovation Awards 2022 has just begun. If your company or organization has successfully implemented an ...
   

Launch Of Tobacco Heating Product gloTM from BAT In Cyprus, With Benefits For The Local Economy And Society

The tobacco heating product gloTM is being launched in Cyprus by BAT, a leading, multi-category consumer goods business. This move is expected to make a ...
   

MoU On Cooperation Between The Deputy Ministry Of Research, Innovation And Digital Policy And Amazon Web Services

The Deputy Ministry of Research, Innovation and Digital Policy signed today, at the Presidential Palace, a Memorandum of Understanding with Amazon Web Services ...
   

Fire Safety Week by CNP ASFALISTIKI and Cyprus Fire Service

For the 21st consecutive year, CNP ASFALISTIKI and Cyprus Fire Service, join forces in the common effort that aims to prevent fires and deal with them. ...
   

GOLD Magazine Presents The Limassol Issue

Many of GOLD’s readers and advertisers are based in Limassol, the island’s leading international business centre, where world-renowned international firms ...
   

Elisabeth Borne Appointed As New French PM, First Woman To Hold The Position In 30 Years

Centrist politician Elisabeth Borne was appointed France’s new prime minister on Monday to become the second woman to hold the post in the country. ...
 

YOUR COMMENTS

HEADLINES

MOST POPULAR

cifa_10/5-25/5
legal_gala_diner

IMH LTD