Shell beats Wal-Mart as top firm

Oil giant Royal Dutch Shell has replaced US retail group Wal-Mart as the world’s largest company, the latest annual survey by Fortune magazine says.

There are also fewer US corporations in the list of the 500 biggest firms than at any time since the publication started keeping records in 1995.

The annual survey ranks the largest companies by revenues, not profits.

The new list gives ammunition to those who believe the US’s top dog status in the global economy is under threat.

For the first time in 10 years, the biggest firm is not from the US.

Anglo-Dutch firm Shell has pipped US rival Exxon Mobil and Wal-Mart to the top slot.

Forbes said Shell’s annual revenues were $458bn, roughly the same as the national income of Saudi Arabia. Exxon’s profits however are greater than Shell’s, at $45.2bn compared with $26.2bn.

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Courtesy : BBC Business News

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