Latest Business News: Another Samsung Win; Tops Apple in Fortune Global 500

The Apple-Samsung war extends far beyond smartphones and patents. Fortune Magazine released its Global 500, a ranked list of the world's biggest companies by revenue. Samsung Electronics nabbed the 14th spot in the list with revenue of $178.6 billion last year. Apple was close behind in 19th place with $156.5 billion in revenue. Billionaire Warren Buffett is giving five charities more than $2.6 billion worth of Berkshire Hathaway Inc. stock as part of his overall plan to give away his fortune gradually. The biggest block of shares, worth $2 billion is going to the Bill and Melinda Gates Foundation. Buffet outlined his charitable plans in 2006 and has been making annual gifts since then. Floods-in-central-Europe-last-month-may-cost-insurance companies $3.5-4.5 billion, only half of one previous estimate but more than was paid out for the last major washout in 2002. The forecast from Swiss Re compares to an earlier warning from a damage modeling agency that losses could top $8 billion. That, and its estimate of a $300 million hit for its own results, saw shares in Swiss Re and some other sector firms rise.
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