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(REUTERS) — As Samsung bounces back from the dark days of the exploding phone saga, things are looking a lot brighter going forward. The South Korean tech giant on Friday (January 6) saying fourth quarter operating profit looks good to come in at just under 8 billion dollars… That’s 50 percent higher than the year before, despite a 2 billion dollar hit from the infamous Galaxy Norte 7, which was pulled from shelves around the […]
SEOUL, South Korea (AFP) — South Korea’s National Pension Service chief admitted to pressuring the state-run fund to back a controversial merger of two Samsung units, prosecutors said Thursday during a widening probe into a corruption scandal engulfing impeached President Park Geun-Hye. Park is accused of colluding with long-time confidant Choi Soon-Sil to strong-arm companies like Samsung into handing over tens of millions of dollars to dubious foundations which Choi controlled. As part of the […]
by Rob Lever WASHINGTON, United States (AFP) — The US Supreme Court on Tuesday overturned a $399 million patent infringement penalty imposed on Samsung for copying Apple’s iPhone design, in a case watched for its implications for technology innovation. The shorthanded justices ruled 8-0 that Samsung should not be required to forfeit the entire profits from its smartphones for infringement on design components, sending the case back to a lower court. While the ruling was […]
MUNICH, Germany (AFP) — Chinese electronics firm Huawei on Thursday unveiled its latest Mate 9 smartphone in Munich, designed to challenge global market leaders Apple and Samsung with features including a high-quality camera and higher-capacity battery. As Korea’s Samsung struggles with negative publicity following the high-profile recall of its flagship Galaxy Note 7 smartphone in response to reports of it catching fire and exploding, Huawei has scented an opportunity. Standing in front of a graphic […]
SEOUL, South Korea (AFP) — Samsung heir apparent J.Y. Lee took a major step towards control of the family-run conglomerate on Thursday, joining the board as the company reported a 30 percent profit plunge following a highly damaging recall crisis. The move is being seen as a coronation of sorts of the 48-year-old Lee, who is already vice chairman of Samsung Electronics and has seen his influence grow since his father, Samsung patriarch Lee Kun-hee, […]
SEOUL, South Korea (AFP) — A South Korean law firm said Tuesday that it expected thousands more people to join a class action lawsuit seeking compensation from Samsung over its combusting Galaxy Note 7 smartphones. Seoul-based Harvest Law filed the initial suit on Monday on behalf of 527 Note 7 buyers — demanding 500,000 won (US$440) per plaintiff for time and effort lost during a chaotic recall process that turned into a PR nightmare for […]
SEOUL, South Korea (AFP) — The Apple iPhone 7 went on sale in South Korea on Friday, seeking to fill a void left by arch-rival Samsung on its home turf following a damaging recall fiasco over the Note 7 smartphone. The South Korean electronics giant discontinued the Note 7 — one of its key iPhone challengers — on October 11 following reports that replacements for combustible models were also catching fire. The decision is set […]
TOKYO, Japan (AFP) — Japan has barred all Samsung Galaxy Note 7 smartphones from airplanes, mirroring moves by US regulators and a string of carriers that banned the recalled devices over fire risk concerns. The weekend announcement from Japan’s transport ministry follows an earlier warning that asked airlines to urge passengers not to turn on or charge the smartphones on aircraft. But aviation authorities went a step further on Saturday, ordering airlines to ban the […]
Shares of Samsung Electronics Co Ltd traded slightly higher on Friday (October 14) morning after the South Korean electronics giant said it expected to take a greater profit hit from the demise of its fire-prone Galaxy Note 7 smartphones. Samsung shares were up 0.8 percent as of 0008 GMT, versus the wider market’s 0.6 percent gain. Samsung said it expected to take a hit to its operating profit of about $3 billion over the next […]
by Hwang Sung-Hee SEOUL, South Korea (AFP) — Samsung on Friday said the crisis over its exploding Note 7 smartphones would cost another $3 billion-plus in lost profit over the next two quarters, but hoped expanded sales of its other flagship handset would help cushion the impact. The profit warning came two days after the South Korean electronics giant slashed its operating profit for the third quarter by $2.3 billion. After a recall problem with […]
HONG KONG, China (AFP) — Asian markets retreated Wednesday on fears about an expected US interest rate rise this year, while the pound recovered after suffering a series of losses fuelled by worries over Britain’s EU exit. Samsung Electronics suffered another bout of selling in the morning after announcing Tuesday it would scrap the troubled flagship Galaxy Note 7 over an exploding battery crisis. Shares later staged a partial recovery to end around […]
SEOUL, South Korea (AFP) — Samsung has told customers worldwide to stop using their Galaxy Note 7 smartphones after a spate of battery explosions threatens to derail the powerhouse global brand. It is the latest in a string of lithium-ion battery fires on products ranging from laptops to hoverboards to planes — and a reminder that pushing the technology envelope can sometimes be problematic. Here are some things to know about Samsung’s snowballing safety crisis, […]
