Saudi Aramco has overtaken Apple to become the world's most profitable company. Revenues at one of the largest oil exporters have more than doubled following the rise in oil prices caused by global energy shortages. Saudi Aramco, the Saudi state-owned oil company, presented its accounts for the third quarter of 2021. The company's profit more than doubled and reached 114.1 billion riyals ($30.4...

2021 fourth quarter revenue of Apple rose 29% year-on-year to a record $83.3 billion, with net income for the period climbing to $20.5 billion, according to its filings. Diluted earnings per share (based on 16 million shares) was $1.24, compared to $0.73 a year earlier. Apple's revenue from iPhone sales increased nearly 1.5 times in the fourth quarter, reaching $38.8 billion. Revenue from iPad...

Chinese authorities have demanded that Evergrande founder Xu Jiaying direct his own savings to cover his company's debts. This was reported by Bloomberg, citing its sources. The directive was sent to the businessman shortly after the developer failed to make a payment on dollar-denominated bonds in late September. As the agency notes, the call to sort out the debts himself sends another signal...

General Motors (GM), the largest US automaker, presented its financial statements for the third quarter. The corporation's profit for the period fell by 40%, to $2.4 billion, and revenue fell by almost a quarter, to $26.8 billion. These results were slightly better than analysts' expectations, nevertheless GM shares fell in price by 5% after the publication of the statements. As in the case of...

Deutsche Bank, Germany's largest bank, saw its net profit attributable to shareholders rise almost 30-fold between January and September, to €1.794 billion, after a profit of €62 million a year earlier, the bank said in its financial statements. Meanwhile, pre-tax profit quadrupled to €3.308 billion in the first nine months, after a profit of €846 million a year earlier. Diluted earnings per...

On Monday, US car rental chain Hertz announced that it had agreed with Tesla to supply 100,000 of its electric cars. This is the largest order in Tesla's history; financial terms of the deal were not disclosed, but, according to media estimates, its total amount could reach $4.2 billion. Electric cars are to be delivered by the end of 2022. After that, about 20% of Hertz's fleet worldwide will...

Volvo Cars has announced an adjustment to the terms of its listing on the Stockholm stock exchange. The Swedish car company now intends to conduct an initial public offering (IPO) on 29 October instead of 28 October. In addition, the company has decided on the starting price of its shares in the offering. It is set at the lower end of the previously indicated price fork: each share will be sold...

Big tobacco company British American Tobacco (BAT) has decided to try investing in nicotine-free products. According to Bloomberg, BAT has invested about $3.5 million in US health drinks startup Tru. The Tru brand sells carbonated drinks and water-soluble fizzy pills. These products are claimed by the company to have positive effects on a person's energy, concentration and sleep. More recently,...

U.S. electric car maker Tesla reported third-quarter earnings. The company's revenues rose 57 percent to $13.8 billion in the period, while net income nearly quintupled to $1.6 billion, a record profit for Tesla. Successful sales of electric cars in China and lower production costs, among other things, helped Tesla to achieve good results for the quarter. At the beginning of October, the...