SEOUL, South Korea — Samsung Electronics is terminating production of its troubled Galaxy Note 7 smartphone, according to a person familiar with the decision, in a major and embarrassing about-face for the South Korean electronics giant.
In a statement filed with the country’s stock exchange late Tuesday, Samsung said it had made a “final decision” to stop production. That means the company will no longer produce or market the smartphone, said the person, who spoke on the condition of anonymity because Samsung did not publicly disclose further information about the decision.
Samsung has struggled with reports that the Note 7 could overheat and catch fire because of a manufacturing flaw. Last month, the company said it would recall 2.5 million of the phones, but in recent days, reports that the fixed version could also catch fire began to surface as well.
The fake reviews related to an advert about the camera functions on Samsung’s Galaxy Y Duos GT-S6102, one of its flagship products
– Samsung ordered to pay $340,000 after it paid people to write negative online reviews about HTC phones (Daily Mail, Oct 25, 2013):
- Found to have hired people to attack HTC while praising own products
- ‘Reviewers’ didn’t reveal who they were, meaning that the public were being fooled into thinking that they were reading honest appraisements
- Taiwan Federal Trade Commission branded Samsung ‘deceitful’
Samsung has been ordered to pay a $340,000 fine by a regulator in Taiwan for paying people to write negative online reviews about a competitor’s mobile phones.
The tech giant was found to have hired people to attack HTC whilst praising its own products in a cut-throat attempt to corner the market.
– Smart TVs can spy on their owners (RT, Dec 15, 2012):
Viewers, beware: while you’re watching TV, your TV might be watching you back. A security firm discovered that Samsung’s Smart TV can give hackers access to the device’s built-in camera and microphones, allowing them to watch everything you do.
The Malta-based firm ReVuln posted a video showing its team of researchers hacking into one of the Samsung TVs and accessing its settings, channel lists, widgets, USB drives, and remote control configurations. The security flaw allows hackers to access any and all personal data stored on the TV.
“We can install malicious software to gain complete root access to the TV,” the video writes.
With this access, hackers can use the Smart TVs built-in camera and microphones to see and hear everything in front of it. Instead of just watching TV, viewers could themselves be watched without knowing it.
But this flaw isn’t present in just one specific model. The vulnerability affects all 11 Samsung televisions of the latest generation. The Smart TVs have many of the same features as a computer, but lack the same kind of protection. The devices do not have security features such as firewalls and antivirus software.
Both smartphones will destroy your health:
More links are down below.
– Samsung S3 Overtakes iPhone As World’s Best-Selling Smartphone (ZeroHedge, Nov 8, 2012):
Look up the phrase “inflection point” – it will be the most hated phrase by all those who day after day repeat that there is now way AAPL can ever drop because its “forward multiple is low” (hint: forward multiples are simply functions of forward earnings, and once the fadness and coolness of a memo, no matter how infectious in the past, is gone, so are “forward earnings’, especially once the sellside behavioral finance lemmings crew takes the machete to their Price Targets and has to justify why it has been massively wrong… and also for those who have a calculator, calculate how many years of dividends $100 billion in cash funds before the cash hoard also runs out).
Samsung Electronics’ Galaxy S3 became the world’s best-selling smartphone model last quarter, pushing aside Apple Inc’s iPhone, which has dominated the chart for more than two years, research firm Strategy Analytics said on Thursday.
Strategy Analytics estimated Samsung sold 18 million S3 models in the third quarter, compared with iPhone 4S sales of 16.2 million.
Samsung has issued a warning about the health risks of watching 3D television.
The world’s largest electronics firm has highlighted potential dangers the technology poses to pregnant women, the elderly, children and people with serious medical conditions.
The Korean manufacturer, whose 3D sets will hit British stores in the coming days, warned of an array of side effects viewers could suffer.
The devices could trigger epileptic fits or cause ailments ranging from altered vision and dizziness to nausea, cramps, convulsions and involuntary movements such as eye or muscle twitching, it said.
Those who have been deprived of sleep or who have been drinking alcohol are also advised to avoid watching 3D television.
– Iceland’s prime minister resigns (Financial Times)
– Obama Presses Lawmakers on Stimulus, Accountability (Bloomberg):
Jan. 23 (Bloomberg) — President Barack Obama pressed congressional leaders to reach a consensus on an $825 billion stimulus plan, warning the country may be facing an “unprecedented” economic crisis.
– Geithner Hints at Harder Line on China Trade (New York Times):
WASHINGTON — Timothy F. Geithner, who moved closer to confirmation as Treasury secretary on Thursday, told senators that President Obama believed China was “manipulating” its currency, suggesting a more confrontational stance toward that country than under the Bush administration. (More change!)
– China prepares for the Year of the Slump (Guardian)
– Sterling plunges to record lows (Financial Times – 23 Jan 2009)
– Recession figures heighten the gloom (Independent)
– Just The Early Stages of Economic and Financial Collapse (The International Forecaster)
– Boston Scientific Founders Bash Baby on Lehman Bets (Bloomberg):
Jan. 23 (Bloomberg) — The men who built Boston Scientific Corp. into the world’s biggest seller of heart stents have dumped $484 million in shares to repay loans after other assets were frozen by the Lehman Brothers Holdings Inc. bankruptcy.
– Bank deposits at ECB drop sharply (Financial Times):
Deposits have now fallen by €171.5bn over the past two days and are almost two-thirds down from the record €315.3bn reached less than a fortnight ago.
– Where You Won’t Shop In 2009 (Forbes)
– Microsoft’s days as an unstoppable force are over (Telegraph)
– Samsung suffers its first quarterly loss (Financial Times)
– GE profit falls 43% to $3.9bn (Financial Times)
– Australian wine exports collapse (Telegraph)
Tags: Australia, Banking, Barack Obama, China, ECB, Economy, Financial Crisis, General Electric, Government, Iceland, Microsoft, Obama administration, Politics, Recession, Samsung, Timothy Geithner, U.K., U.S.
Signs of slowdown spiral around the world
Pessimism about the global economy deepened yesterday as fresh evidence of a worldwide slowdown showed up in feeble corporate profit reports from Asia, sinking commodities prices, and a scramble by emerging economies to prop up their sagging currencies and avert credit defaults.
The signs of trouble popped up around the globe. Japanese giants Sony and Toyota, as well as South Korea’s Samsung, the world’s largest maker of memory chips, flat-screen televisions and liquid crystal displays, posted weakened profits and sales outlooks. Toyota’s quarterly sales fell for the first time in seven years. Britain reported its first economic contraction since 1992.
Gloom about economic growth translated to low expectations for oil consumption. The Organization of the Petroleum Exporting Countries yesterday announced a cut of 1.5 million barrels a day in output – a move that still failed to arrest the slide in crude prices. Meanwhile, copper prices fell to a three-year low.
Investors around the world fled stocks and rushed to the relative safety of the U.S. dollar by pouring money into 30-year Treasury bonds, a refuge in times of uncertainty. That drove down the value of foreign currencies, from the ruble to the rupee and the zloty to the peso, forcing central banks to spend billions of dollars to prevent even further deterioration. The turmoil in currency markets threatened to reorder trade relations and complicate recovery efforts.