$12 Billion Loss for Samsung
You can take it to the bank – worldwide Olympic sponsor Samsung had a bad weekend.
On the heels of a U.S. court ruling that found the South Korean electronics manufacturer violated Apple’s patent claims in mobile phones, Samsung’s stock lost $12 billion in trading on Monday.
The ruling ordered Samsung to pay a little more than $1 billion in damages to Apple as well. Another potential stinging loss for Samsung is that it could face a ban on sales of its phones and tablets in the U.S. as a result of patent infringements.
Samsung said it would appeal the decision.
Similar patent lawsuits against Samsung from Apple are ongoing in other countries around the world.
Ahmadinejad Greets Olympians
Iranian president Mahmoud Ahmadinejad welcomed the country’s Olympians on Saturday in Tehran.
"Dr. Ahmadinejad on Saturday night thanked the Iranian Olympians and their coaches for helping the country achieve its best showing ever at the Olympics," a statement on his official website said.
Iran won 12 medals in London, four of them gold.
Honor for IOC Member
Anita DeFrantz is "Woman of the Year" for 2012, according to the City of Los Angeles Commission on the Status of Women.
DeFrantz, who chairs the IOC’s Women and Sport Commission, received the award "for her trailblazing work in sport and community service".
The honor comes six months after she organized the 5th World Conference on Women and Sport in Los Angeles.
As president of the LA84 Foundation, a legacy organization of the 1984 Summer Games, the Olympic bronze medalist rower helps develop youth sport in addition to all her advocacy work for women.
Written by Ed Hula III.
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