Baker Hughes beats second-quarter profit estimates
The Houston-based company posted an adjusted profit of 63 cents per share for the three months ended June 30, compared with analysts' estimates of 56 cents per share, according to data compiled by LSEG.
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Daily Mail
2 minutes ago
- Daily Mail
Walmart tops list of world's largest companies
Published: | Updated: Three Chinese firms have made it onto the list of the world's top ten largest companies this year - but one US retail giant still leads the way. The annual Fortune Global 500 global league table revealed China 's State Grid ranks third, with China National Petroleum in fifth, and Sinopec close behind in sixth. But, while China has strong contenders this year, no firm has managed to overtake American giant Walmart - which holds the top spot for a 12th consecutive time. The list, published by Global Business Magazine, is determined based on data collected throughout the entirety of the previous year. China-based State Grid is the biggest utilities company in the world, and Saudi Aramco a petroleum and natural gas company out of Saudi Arabia. China National Petroleum, Sinopec Group, and UnitedHealth Group followed in fifth, sixth, and seventh place, respectively. Apple, CVS Health, and Berkshire Hathaway rounded out the top 10. Although many of the list's findings might not come as a surprise, some companies have unexpectedly fallen far from their previously prominent places. The position of Apple, in particular, was shocking given that it was listed five spots lower than in 2024, according to Eqvista. But, the disappointing result is only a minor setback for the Tec giant, as it continues to expand year on year. Apple had roughly $387 billion in revenue for 2024, about a 2.8% increase from 2023, according to Forbes. Companies on the 2025 Fortune Global 500 list generated a record-breaking $41.7 trillion in revenue (up 1.8% from last year) and employed 70.1 million people worldwide. In 2024, these companies also recorded their second-most profitable year ever, earning a combined $2.98 trillion, a 0.4% increase from the previous year. It comes after Apple was officially crowned the world's biggest phonemaker last year. While Samsung has taken the top spot every year since 2010, it was finally knocked off its pedestal by Apple in 2023. Figures released by the International Data Corporation (IDC) reveal how Apple took 20.1 per cent of the market share last year – a 3.7 per cent increase on 2022. 'The biggest winner is clearly Apple,' said Nabila Popal, research director with IDC's Worldwide Tracker team. 'Not only is Apple the only player in the Top 3 to show positive growth annually, but also bags the number 1 spot annually for the first time ever.' Preliminary data from the IDC showed that 234.6 million iPhones were shipped in 2023, followed by 226.6 million Samsung smartphones. Xiaomi came in third, shipping 145.9 million smartphones last year, followed by OPPO (103.1 million) and Transsion (94.9 million). 'The overall shift in ranking at the top of the market further highlights the intensity of competition within the smartphone market,' said Ryan Reith, group vice president with IDC's Worldwide Mobility and Consumer Device Trackers.
Daily Mail
2 minutes ago
- Daily Mail
US economy defies expectations with bumper 3% growth ahead of Fed rates decision
The US economy defied expectations to grow 3 per cent in the second quarter of 2025, despite fears of a trade tariff-induced slowdown and deteriorating consumer confidence. US GDP rebounded from a 0.5 per cent contraction in the first quarter and exceeded growth forecasts of 2 per cent, the Commerce Department's Bureau of Economic Analysis said on Wednesday. It came as the world's biggest economy sharply cut back on foreign imports after stockpiling in the first quarter in efforts to beat President Donald Trump's liberation trade tariff assault. Trump took to his Truth Social platform to cheer 'WAY BETTER THAN EXPECTED' growth, and renewed pressure on Federal Reserve chair Jerome Powell to cut interest rates later today. 'Too Late' MUST NOW LOWER THE RATE. No Inflation! Let people buy, and refinance, their homes,' he added. But Powell is expected to shun the President's demand at 2pm US eastern time – or 6pm GMT – and once again keep its federal funds rate on hold at its current range of 4.25 to 4.5 per cent. US inflation was at 2.7 per cent in June while its labour market remains relatively robust, and investors expect the Fed to keep rates on hold until at least September. Trump, who has previously demanded rates are cut to 1 per cent, has been a vocal critic of Powell, leading to market fears t he US government could undermine the central bank's independence. James Knightley, chief international economist at ING, had been predicting even stronger second quarter growth or 3.3 per cent, but warned the US economic outlook is far from rosy. Fresh data shows US consumer spending growth remains lacklustre at 1.4 per cent. Meanwhile private investment slumped 15.6 per cent yearon-year, it's biggest drop since the pandemic, while a 3.7 per cent fall in government spending and investment reflected White House efforts to slash the Federal budget. Knightley added: 'Consumers are nervous about the outlook, construction is struggling and business investment has lost momentum. 'The trade swings are going to keep distorting the headline growth rate through much of this year due to the evolving nature of trade policy. 'Outside of this, the data remains consistent with a cooling growth story, but there appears to be little pressing need for an interest rate cut despite the President's demands. 'With the economy still adding jobs and there being a large degree of uncertainty over the inflationary impact from tariffs, the rest of the [Fed's rate setting] committee will oppose and remain in data-watching mode.' Atakan Bakiskan, US economist at Berenberg, said: 'This softer growth path will likely persist - courtesy of slower immigration, trade wars and an uncertain macro environment 'Given the lag and the noisy signal it sends, GDP will remain in the backseat. 'The Fed will stay focused on what sits in the front seat - the holy grail nonfarm payroll data - to assess the health of the US economy 'Today's GDP report will not change the narrative of a slowing but not stalled US economy.'
Daily Mail
2 minutes ago
- Daily Mail
Cuban couple left emotional during first visit to COSTCO after escaping poverty-stricken Communist home nation
A Cuban couple who escaped their poverty-stricken communist homeland were left overwhelmed during their very first visit to an American Costco. Marissa and Yoel Diaz, who are now living in Arizona, have documented their new life in the US on their TikTok account, @yoelandmari, which has racked up nearly half a million followers. The couple shares everything from department store hauls to reflections on the contrast between life in Cuba and in America. Marissa and Yoel grew up as family friends on the same street west of Havana. Yoel arrived in the US in 2021 on a K1 visa and is now a US citizen. In an interview with Fox News Digital, the couple opened up about their journey and the emotional shock of their first Costco run. 'It's impressive. It's beautiful,' Yoel told the outlet. 'We Cubans love the meat.' Yoel, who was a computer science teacher in Cuba, said he felt lightheaded stepping into the massive store for the first time. The idea of simply walking down an aisle packed with food options was only something he'd seen in American movies. Marissa described the difference in growing up and shopping in markets in Cuba. She recalled the reality of grocery shopping in their home country - where options were scarce and essential items were never guaranteed. 'In Cuba, the [median] salary is around $40 a month, so you have to choose [very carefully] what you're going to buy,' she said. 'Those who get paid in Cuban pesos don't have access to the dollar stores. They have to go to a bodega — which is very limited with what you can get.' She said it's impossible to rely on stores for even basic products like butter. Cubans even use WhatsApp group chats to keep tabs on which stores might have essentials. 'It's not like in the United States, where you never have to think about if there's going to be butter in the grocery store or not,' Marissa said. 'That's what it's like being in Cuba - but all the time.' She said the only thing she could compare it to is the Covid-19 pandemic when certain items across the country were limited and shelves were bare. He said his first paycheck from UPS in 2022 was a life-changing moment .
