Companies are hoarding cash as the Delta variant takes over the globe
CNN
Big companies like Apple and Google are continuing to add to their massive piles of cash, a sign that corporations are increasingly nervous about the impact the highly contagious Delta variant of Covid-19 will have on 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. (Banks and other financial firms are usually excluded from corporate cash lists because they are required to hold a lot of money in cash due to the nature of their daily business operations.) The second-quarter totals are up slightly from the end of 2020. Gareth Williams, global head of corporate research for S&P Global Ratings, estimates that the cash level could hit $7.1 trillion by year's end.
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