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Top Tech Stories of the Day: Another Samsung Win; Tops Apple in Fortune Global 500

Wochit 1:10 mins

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. If dozens of leaked photos and numerous reports from major media organizations are to be believed, Apple is finally ready to launch a new entry-level iPhone alongside its next-generation iPhone 5S this fall. Standard & Poor's Ratings Services cut its long-term corporate credit rating on SoftBank Corporation by two notches to junk, citing the large amount of debt the Japanese wireless carrier has taken on through its $21.6 billion purchase of Sprint Nextel Corporation.

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