{"id":127201,"date":"2022-05-12T07:09:59","date_gmt":"2022-05-12T07:09:59","guid":{"rendered":"https:\/\/fin2me.com\/?p=127201"},"modified":"2022-05-12T07:09:59","modified_gmt":"2022-05-12T07:09:59","slug":"how-saudi-aramco-is-working-toward-climate-targets","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/how-saudi-aramco-is-working-toward-climate-targets\/","title":{"rendered":"How Saudi Aramco is working toward climate targets"},"content":{"rendered":"<p><cite>Hong Kong (CNN Business)<\/cite>Saudi Aramco has overtaken Apple as the world&#8217;s most valuable company, underscoring the recent surge in oil prices that have boosted the energy giant this year.<\/p>\n<p>Aramco is now worth about $2.43 trillion, compared with Apple&#8217;s $2.37 trillion, according to data from Refinitiv.<br \/>\nMarket capitalizations fluctuate frequently: earlier this year, <span>Apple<\/span> <span>(<span>AAPL<\/span>)<\/span> hit the $3 trillion mark, becoming the first to do so and making it by far the most valuable company on the planet.<\/p>\n<ul><\/ul>\n<p>Aramco at one point also held that mantle after a historic initial public offering in 2019, which propelled its valuation to $2 trillion.<\/p>\n<ul><\/ul>\n<p>But the latest market moves point to how the outlook for energy and tech producers have shifted lately.<\/p>\n<p>This year, oil prices have soared to record highs, particularly on concerns about disruptions of supply from Russia since its invasion of Ukraine.<br \/>\nBrent crude, the global benchmark, has climbed about 36% so far this year, and was last trading at $106.2 a barrel. <\/p>\n<ul><\/ul>\n<p>That has buoyed players like Saudi Aramco, whose shares are up 27% so far this year.<br \/>\nMeanwhile, Apple&#8217;s stock has fallen more than 17% since January.<br \/>\n<img decoding=\"async\" alt=\"How China&amp;#39;s lockdowns are taking a toll on global companies\" class=\"media__image\" src=\"\/\/cdn.cnn.com\/cnnnext\/dam\/assets\/220509015238-shanghai-empty-nanjing-0331-restricted-large-169.jpg\"><br \/>\nThe iPhone maker has recently been weighed down by major supply chain headaches, particularly in China, where several of its suppliers&#8217; factories have been temporarily caught in the country&#8217;s Covid lockdowns.<br \/>\nLast month, Apple warned of huge losses related to the ongoing situation, saying that production and logistics issues could hit its sales by as much as $4 billion to $8 billion this quarter.<br \/>\nApple&#8217;s constraints were &#8220;primarily centered around the Shanghai corridor,&#8221; CEO Tim Cook said in an earnings call.<\/p>\n<ul><\/ul>\n<p>Dan Ives, managing director of equity research at Wedbush Securities, called the impact of the lockdowns &#8220;the albatross for the June quarter,&#8221; saying in a report that Apple&#8217;s supply chain woes in China would likely remain the &#8220;peak worry&#8221; for investors in the short term.<br \/>\nBut concerns may &#8220;subside&#8221; in the second half of the year, when the company is expected to launch a new iPhone 14, he added.<br \/>\nSource: <a href=\"https:\/\/edition.cnn.com\/2022\/05\/12\/investing\/saudi-aramco-becomes-most-valuable-company-intl-hnk\/index.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Hong Kong (CNN Business)Saudi Aramco has overtaken Apple as the world&#8217;s most valuable company, underscoring the recent surge in oil prices that have boosted the [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":127200,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - 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