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Companies are hoarding cash as the Delta variant takes over the globe

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Apple, Google and other big companies around the world are continuing to add to their massive piles of cash, a sign that corporations are increasingly nervous about how the highly contagious Delta variant of COVID-19 could damage the global economy.

The world's largest nonfinancial companies had a record $6.85 trillion in cash on their balance sheets as of the end of the second quarter, according to data from S&P Global Ratings.

Companies have also been taking advantage of low interest rates to borrow more money, which has helped boost both cash — and debt levels — for blue chip firms. "But companies are spending on buybacks, dividends and mergers. The capital markets are wide open," Harvey added. "The cost of funding is incredibly cheap so companies are issuing debt and cash is still accumulating."

 

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