Shrinking giants In a depressed stock market, even the world's largest companies have had their value cut down to size. For two years, it was customary to divide the global equity market into the “old economy” and the “new economy”. But this year’s FT500 list reveals that a new division is needed between the “old new economy” and the “new new economy”. | Read Mapping out the Global 500 Russia joins the party South Africa slips out of the rankings, but Russia gets back on board. Corporate risk The Enron factor Business activities have become more difficult to pin down. In this climate, investors should beware. World's largest company Two days that shook GE into a new age Jeffrey Immelt has delivered General Electric its highest-ever profits – only to see its share price continue falling. Even so, the US conglomerate held on to its place at the top of the Global 500 for the second year running. Industry sectors Dollars and drugs hit the top spot Banks and pharmaceuticals rose to become the world’s most valuable sectors, pushing information technology stocks down the rankings.