Also: U.S. downgraded, Uber's surprise profit, BlackRock in China. 
Good morning.
The Fortune Global 500 list—the definitive ranking of the world’s largest companies by revenue—is out this morning, providing a fascinating snapshot of the global business world. Some takeaways:
—Walmart once again topped the list, for the 10th year in a row, but Saudi Aramco was a surprisingly close No. 2 and also the most profitable company ever on the list, earning $159 billion last year. Energy profits also propelled Exxon Mobil (No. 7) and Shell (No. 9) back into the top 10.
—The number of U.S. companies on the list rose to 136—the highest since 2010.
—China’s tech champions took a beating, with JD.com (No. 52) falling six spots on the list, Alibaba (No. 68) falling 13 spots, and Tencent (No. 147) falling 26 spots.
—Only 29 of the 500 companies are headed by women—but that is up five from a year ago.
—The combined revenues of the Fortune Global 500 were $41 trillion, equal to more than one-third of global GDP. Together they employ more than 70 million people.
—118 of the companies on the list are owned by governments—two-thirds of them in China.
The top 10 on the 2023 list:
1. Walmart (U.S.)
2. Saudi Aramco (Saudi Arabia)
3. State Grid (China)
4. Amazon (U.S.)
5. China National Petroleum (China)
6. Sinopec (China)
7. Exxon Mobil (U.S.)
8. Apple (U.S.)
9. Shell (U.K.)
10. UnitedHealth Group (U.S.)
You can explore the full list more closely here. And you can read how Saudi Aramco’s profits are driving Saudi Arabia’s demand for global attention here. The country’s daily oil production—produced at a low cost of about $8 a barrel compared with average costs of $53 a barrel in the U.S.—is fueling 10% of the word’s oil consumption.
More news below.
Alan Murray
@alansmurray
alan.murray@fortune.com
|
|
|
U.S downgrade
Fitch Ratings downgraded the U.S. on Tuesday to “AA+” status, one grade below the highest possible ranking. The agency cited expanding fiscal deficits and an “erosion of governance” relative to the U.S.’s peers. Fitch is the second ratings agency to downgrade the U.S., following S&P Global Ratings in 2011. Bloomberg
Uber profit
Ride-hailing app Uber Technologies reported $326 million in operating profit on Tuesday, the company’s first ever after nearly $31.5 billion in combined losses since 2014. Uber has slashed costs in recent years, laying off workers, shelving non-core businesses, and reining in discounts. Despite the surprise profit, Uber shares sank by almost 6% on Tuesday after the company warned of price competition from fellow ride-hailing firm Lyft. Financial Times
BlackRock in China
Congress’s Select Committee on the Chinese Communist Party is probing asset manager BlackRock and index provider MSCI on their ties to Chinese companies blacklisted by the U.S. government. In a letter sent to both companies on Monday, the committee accused the two firms of sending “massive flows of American capital” to China, “undermining American values.” The committee has also announced an investigation into U.S. venture capital firms funding A.I. and quantum computing startups in China. The Wall Street Journal
|
|
|
Reshaping the future of Growth & Development How are companies empowering the next generation of tech talent? In an era of transformation, Deloitte is revamping its tech and leadership curricula to deliver over one million hours of training on future applications of technologies like artificial intelligence, cloud, cyber, data analytics, 5G and quantum computing through Project 120. Learn more.
|
|
|
The 2023 Global 500 has arrived |
Now's your chance to access Fortune's Global 500 List on Fortune Analytics Get the full dataset behind the Global 500 - the ultimate benchmark of worldwide business success. Go global with Fortune Analytics today. |
|
|
Thanks for reading. If you liked this email, pay it forward. Share it with someone you know. Did someone share this with you? Sign up here. For previous editions, click here.
To view all of Fortune's newsletters on the latest in business, go here.
|
|
|
|
 |
