he COVID-19 pandemic erased years of rising market values in a matter of weeks. And while April saw a welcome rebound, the coronavirus has affected every company on this year’s Global 2000 list.
Cumulative market values for the world’s 2,000 largest public companies are down more than 4% since last spring. First-quarter filings showed catastrophic losses , and balance sheets going back to 2019 have been impacted by U.S. tariffs on imports from China—taxes that investors largely brushed aside while share prices marched higher until the virus hit.
Those trade tensions now seem like a petty dispute as President Donald Trump blames the spread of COVID-19 on China. The two economic superpowers’ relationship, for better and for worse, will continue to shape the global economy throughout the pandemic and beyond. At least by one measure, China is outperforming: the number of Chinese companies on the Global 2000 rose for the eighth year in a row to 324, closing the gap on the perennial leader, the United States , and creating more distance from Japan in third place. Other highlights from the 2020 rankings including falling profits and a slew of notable newcomers, including two that have immediately proved indispensable during the pandemic—both Slack and Zoom rocketed onto this year’s Global 2000.
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Source: Reuters - 🏆 2. / 97 Read more »