Amazon becomes most valuable company, inching past Microsoft
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Amazon.com Inc. surpassed Microsoft Corp. to become the world’s largest public company on Monday, in the latest example of the list of Wall Street’s biggest names being reordered. Shares of the e-commerce company rose 3.4 percent, a rally that gave it a market capitalization of $797 billion, according to Bloomberg data. While this is down from Amazon’s record market cap, which topped $1 trillion in September, it was enough to push it past Microsoft at $789 billion. Shares of Microsoft, which claimed the title of the world’s most valuable stock in November, rose 0.1 percent on Monday.
Such megacap technology and Internet stocks have been jockeying for the top spot for weeks, and Amazon briefly claimed the crown in early December.
Both companies are now notably larger than Apple Inc., which had held the position for years. The iPhone maker now has a market cap of about $702 billion, down from a record $1.1 trillion in early October. The company has been pressured by weaker-than-expected iPhone demand in China. Last week, it cut its sales outlook, sending the stock to its lowest level since April 2017.
Apple currently stands as the fourth-largest U.S. stock. In third place is Alphabet Inc., the parent company of Google, which has a market cap of $745 billion.
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Shiv Sena (UBT) chief Uddhav Thackeray on Wednesday hit out the BJP, saying that by inducting former Congress leader Ashok Chavan, the ruling party has also become a part of the multi-crore Adarsh Housing Society scam now. Earlier, the BJP used to target Chavan saying the families of martyrs were fooled in the Adarsh scam, but now the same party is involved in fooling them, he alleged.
Thackeray was addressing a press conference at Nanded in Maharashtra, where he arrived to campaign for the Maha Vikas Aghadi (MVA) candidate Vasant Chavan from the Nanded Lok Sabha constituency.
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Jamie Dimon, the chief executive of US banking giant JPMorgan Chase, has praised Prime Minister Narendra Modi and berated the “liberal press” for criticising him.
Dimon, in a webinar hosted by The Economic Club of New York, praised Modi's government for alleviating poverty and implementing reforms. “Modi has done an unbelievable job in India. I know the liberal press here; they beat the hell out of him. “He has taken 400 million people out of poverty," Dimon was quoted as saying.
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The Reserve Bank of India (RBI) on Wednesday released a compiled master direction raising the minimum capital requirement for asset reconstruction companies (ARCs) to begin securitization to Rs 300 crore from Rs 100 crore as on October 11, 2022.
The central bank said that the regulation would be effective from April 24, 2024. ARCs, as on October 11, 2022, have been provided a glide path to achieve the minimum required Net Owned Fund (NOF) of Rs 300 crore.
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Reliance Jio has become the world's largest mobile operator in data traffic consumption, surpassing China Mobile. According to global analytics firm Tefficient, the Indian telecom operator's total traffic reached 40.9 exabytes in the January-March quarter, compared to China Mobile's 38.
Jio also has the second-largest 5G subscriber base globally, with 108 million users. More than 28 per cent of its total wireless data traffic is now consumed by 5G users, said the company in an analyst presentation.
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Congress leader Rahul Gandhi on Wednesday accused Prime Minister Narendra Modi of waiving off loans worth Rs 16 trillion of his billionaire friends, and said the country will never forgive him for this "crime".
In a post in Hindi on X, he said this money could have been used to cure the pain of Indians but was spent on creating hype for the ilk of those like 'Adanis'.
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