Tags: china | fortune | rankings

U.S. Slips, China Soars in Fortune Company Rankings

Thursday, 09 Jul 2009 09:49 AM

  Comment  |
   Contact  |
  Print   |
    A   A  
  Copy Shortlink

WASHINGTON — The number of U.S. companies featured in a eminent business magazine's annual list of the world's top 500 global companies fell to its lowest level ever, Fortune magazine has said, while more Chinese firms appeared than ever before.

Signaling the effects of the devastating financial crisis on the U.S. economy, a non-U.S. firm topped the list for the first time in over a decade, with Anglo-Dutch energy giant Royal Dutch Shell coming in first.

The firm brought in 15 billion dollars (11 billion euros) more in sales than second place oil rival Exxon Mobil of the United States.

China, Asia's ever-soaring powerhouse economy, saw its fortunes rise across the board with a Chinese firm - oil giant Sinopec - appearing in the top 10 for the first time, the magazine reported Wednesday.

Sinopec, also known as China Petroleum & Chemical Corp, supplies 80 some percent of China's fuel.

Overall, China had an unprecedented total of 37 companies featured on the list, with nine new entries and the others climbing in the rankings.

The business publication meanwhile said U.S.-based Wal-Mart Stores slid from last year's top spot to third, with revenues of over 405 billion dollars.

But the number of U.S. firms in the top 500 fell to 140, the lowest since Fortune began the list 1995.

Japan was in second with 68 firms, while France and Germany narrowly edged out China with 40 and 39 firms respectively.

In full, number one Shell had 458 billion dollars in revenue, and Exxon Mobil had 442.8 billions in revenue.

In fourth place came British oil giant BP (367 billion dollars), followed by U.S. oil firm Chevron (263 billion); French oil firm Total (234.6 billion); US oil firm ConocoPhillips (230.7 billion); Dutch insurance conglomerate ING Group (226.5 billion), Sinopec (207.8 billion) and Japan's Toyota Motor (204 billion).

Seven of the top 10 were oil firms and only one was an automobile company.

Of the U.S. firms to disappear from the list entirely were household names slammed by the global economic crisis — among them AIG, Freddie Mac, and Lehman Brothers, while the rising U.S. firms were Google, Amazon, and Nike.

In announcing the rankings, Fortune noted a U.S. National Intelligence Council report called Global Trends 2025 that said if trends continue "by 2025 China will have the world's second largest economy."

China's economy will overtake that of the United States by 2035 and be twice its size by midcentury, according to a 2008 study by the U.S. research organization Carnegie Endowment for International Peace.

The Fortune ranking is based only on revenues, while other rankings use profits or other factors.

Among the biggest losers was the Detroit, Michigan auto stalwart General Motors, which is undergoing mammoth bankruptcy proceedings after reporting a net loss of more than 30 billion dollars in 2008.

© Agence France Presse. All rights reserved.

-

  Comment  |
   Contact  |
  Print   |
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Instagram Posting May Be Linked to Police Killings

Saturday, 20 Dec 2014 18:09 PM

A posting to the social media site Instagram may be linked to the
tragic killings of two New York City police offic . . .

Police: 2 NYC Cops Shot Dead, Execution Style

Saturday, 20 Dec 2014 17:03 PM

An armed man walked up to two New York Police Department officers sitting inside a patrol car and opened fire Saturday a . . .

State Dept. Issues Worldwide Travel Alert

Saturday, 20 Dec 2014 16:47 PM

The United States issued a worldwide travel alert Friday, warning Americans to be vigilant during the holiday period, es . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved