Warren Buffett donates $1.5 billion in stock

** FILE ** In this May 21, 2008 file photo, U.S. Billionaire investor Warren Buffett speaks during a news conference in Madrid. The financial firestorm engulfing the world makes the job of treasury secretary arguably the most important Cabinet post the next president will fill. (AP Photo/Paul White, file) less ** FILE ** In this May 21, 2008 file photo, U.S. Billionaire investor Warren Buffett speaks during a news conference in Madrid. The financial firestorm engulfing the world makes the job of treasury secretary ... more Photo: Paul White, AP Photo: Paul White, AP Image 1 of / 3 Caption Close Warren Buffett donates $1.5 billion in stock 1 / 3 Back to Gallery

PHILANTHROPY

Buffett donates $1.5 billion

Warren Buffett, who is urging fellow billionaires to commit most of their wealth to charity, gave away stock valued at about $1.5 billion in his annual gift to the foundation established by Bill Gates.

The donation of 19.3 million Berkshire Hathaway Inc. Class B shares was made Thursday, according to a filing. The shares closed at $77.77 on the New York Stock Exchange.

Buffett has pledged the majority of his holdings to the Bill & Melinda Gates Foundation and to charities run by his three children and one named after his first wife, Susan Thompson Buffett, who died in 2004. His chosen philanthropies combat poverty and disease, support education and promote access to abortions.

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Buffett said in 2006 when he pledged 10 million B shares to the Gates Foundation, that he'd release 5 percent of the remaining balance every year, meaning each installment includes fewer shares than the prior award. Buffett, the chairman and chief executive officer of Berkshire, said he expected appreciation of the stock to compensate for the diminishing number of shares. The stock had a 50-1 split early last year.

SECURITY

Apple promises software fix

Apple says it is working on fixing a security hole in the software of its iPhones, iPads and the iPod Touch that a German agency warned could be used by criminals to gain access to confidential data.

Apple Inc. spokeswoman Bethan Lloyd said Thursday the company is "aware of this reported issue and developing a fix that will be available to customers in an upcoming software update."

She declined to specify when the update would be available.

On Wednesday, Germany's IT security agency had warned of "critical weaknesses" in Apple's iOS operating system.

RETAIL

Sales gains beat estimates

Sales at retailers, led by Target Corp. and Limited Brands Inc., surpassed analysts' estimates last month as discounts and lower gas prices enticed consumers to spend. The companies' shares surged.

Sales at Target climbed 4.5 percent, topping the average projection for a 3.1 percent gain from analysts surveyed by Retail Metrics Inc. Limited, operator of the Victoria's Secret chain, posted a 12 percent increase in same-store sales, surpassing the average estimate of 4.4 percent.

Shoppers took advantage of discounts that retailers implemented in June to clear out inventory and make room for back-to-school merchandise.

"Consumers are beginning to feel incrementally more comfortable and are being less cautious about their spending," said Steve Riordan, head of PRGX Global Inc.'s advisory services unit, which consults for major retailers. "A higher level of promotion is a new reality."