Few weeks after Samsung launched its latest mobile phone, the Samsung Galaxy Note 7, the company has advised consumers in some markets, (not Nigeria) to stop using the mobile phone, and to immediately participate in a replacement programme, following further reports of the phones catching fire.
Meanwhile, the company has lost $22billion in market capitalisation as its share price has ranked 11 per cent since Friday last week, the largest two-day decline in eight years, according to Bloomberg.
The call came after the US Consumer Product Safety Commission recommended on Friday that consumers stop using the smartphone and major airlines globally banned use during flights.
Samsung issued a recall for Galaxy Note 7 smartphone in early September in 10 markets, including the US and South Korea, but not in Nigeria, following reported cases that the battery of Galaxy Note 7 phone burst into flames after fully charged.
Defective batteries, which caught fire during charging and normal use, were apparently manufactured by Samsung SDI. Batteries made by its other supplier, Amperex Technology, have not faced the same issues.
Samsung said it is now only using batteries made by Amperex for the Galaxy Note 7 and has ordered an additional four million as replacements, Yonhap reported. The Chinese firm, which also supplies batteries for Apple’s iPhones, is now the sole battery suppler for the Note 7.
Samsung’s battery unit previously supplied about 70 per cent of the batteries for Note 7. The world’s largest smartphone maker reportedly was looking for a third battery supplier but hasn’t found one. As demand for the iPhone 7 models takes off, Samsung could face a supply crunch.
With an estimated 2.5 million Galaxy Note 7 units sold, analysts say the recall could cost Samsung as much as $5 billion in revenue. The smartphone was launched on August, 2, 2016.
The company has lost $22 billion in market capitalisation as its share price has tanked 11 per cent since Friday – the largest two-day decline in eight years, according to Bloomberg.
Samsung issued a statement for the Hong Kong and Macau markets, outlining that “we wish to re-emphasise that Galaxy Note 7s purchased in Hong Kong and Macau from authorised resellers on or after September 2, are not affected by the issue as those batteries are provided by a different supplier”.
It previously said that fewer than 500 Galaxy Note 7s sold in Hong Kong and Macau between 26 August and 1 September “may be affected by the battery issue”. It said a replacement programme is running and it “has been proactively contacting customers who may be affected.
The Galaxy Note 7 is a beautiful, capable Android phone that showcases Samsung’s best in design, speed and features, but not in battery life.
The 64GB base model leaves users with plenty of space for photos, videos and games, and it’s a real improvement over 2015’s Note 5.
The 5.7-inch, stylus-slinging Samsung Galaxy Note 7 is a damn fine phone. Its sexy wraparound glass, precise S Pen and brilliant screen would impress anyone, but it’s ideal for artists, architects and people who would rather write with their own hand than type on a screen.
Leatherback Set for International Growth as EFCC Drops all Fraud and Misconduct Allegations
Nigeria’s Economic and Financial Crimes Commission (EFCC) has dropped all allegations of fraud and misconduct against Leatherback, a leading financial services technology company, and the company’s CEO, Toyeeb Ibrahim Ibitade.
In November 2023, EFCC announced that it had been made aware of the possibility of fraudulent activities on the Leatherback platform, leading to an investigation into the company’s operations to establish the facts. Cooperating fully with EFCC and working transparently with the organisation’s officials to provide a forensic view of its operations, Leatherback was able to unequivocally prove its innocence, leading the EFCC to drop all allegations and take down all previous communications on its website and social media platforms (Facebook, Instagram, and Twitter) around the matter.
Leatherback supported the EFCC investigation by making over 5,000 printed documents available to officials to enable as much clarity as possible. Leatherback also filed Suspicious Activity Reports (SARs) in the UK and Nigeria.
According to Toyeeb Ibrahim Ibitade, CEO of Leatherback, “I am relieved to see the end of this arduous episode, but I am even more delighted to see that myself and Leatherback, as an organisation, have been completely cleared of all wrongdoing. With this episode firmly behind us, we are poised to accelerate our mission to provide a single access point that empowers individuals and businesses to be truly global, delivering best-in-class financial, payment, and commerce solutions that remove barriers to global growth and mobility for all citizens of the world.”
Headquartered in London, Leatherback is regulated in the United Kingdom, Nigeria, Ethiopia, Canada, India, Pakistan, Nepal, and Sri Lanka, enabling the platform to serve customers across a wide range of markets effectively. Tens of thousands of individuals and businesses already use the platform to support business and lifestyle opportunities every day. Leatherback is also FCA Authorised, PCI DSS Compliant, and ISO Certified.
Leatherback offers financial services to businesses and individuals in multiple countries with no restrictions. Users can access up to 15 currencies from 21 countries, including NGN, GBP, INR, EUR, USD, and many other currencies. Users can also send and collect money locally and internationally, with invoicing, analytics, and permissions features available for businesses.
For more information, please visit: http://www.leatherback.co
Carbon Acquires Vella Finance to Enhance SME Offerings
Digital financial services provider Carbon has completed the acquisition of Vella Finance, a Nigerian fintech company specializing in serving small and medium-sized enterprises (SMEs).
The acquisition, announced through an official statement on Wednesday, signifies Carbon’s strategic move to bolster its SME offerings.
Although the financial details of the transaction were not disclosed, Carbon’s acquisition of Vella Finance, founded two years ago under its parent company, One Credit Limited, underscores its commitment to expanding its footprint in the fintech space.
Vella Finance’s expertise in AI-powered SME banking solutions particularly caught the attention of Carbon.
Through this acquisition, Carbon aims to leverage Vella Finance’s innovative technology to provide actionable insights from financial transactions to its SME customers.
Tolu Adedayo, co-founder and COO of Vella Finance, expressed enthusiasm about the integration, noting that several team members from Vella Finance have joined Carbon following the acquisition.
Adedayo further revealed that Vella Finance’s 8,000 SME customers would be transitioned to Carbon Business in the near future.
Chijioke Dozie, co-founder of Carbon, emphasized the alignment of values and vision between Carbon and Vella Finance, highlighting the potential for synergies and growth in the SME banking segment.
The acquisition marks a significant milestone for both companies as they aim to revolutionize financial services for SMEs in Nigeria.
Alibaba Eyes Gulf Expansion, Seeks Partnerships in Saudi and UAE Markets
Alibaba Group Holding Ltd., the prominent Chinese e-commerce giant, is actively pursuing expansion into the Gulf region, notably in Saudi Arabia and the United Arab Emirates (UAE).
Alibaba’s president, Michael Evans, revealed the company’s strategy during a panel discussion at Dubai’s World Government Summit, highlighting a commitment to local partnerships as a key aspect of their approach.
Evans underscored Alibaba’s recent endeavors in Saudi Arabia, indicating a concerted effort to deepen its presence in the region’s burgeoning e-commerce landscape.
The move signifies Alibaba’s strategic pivot towards collaborative ventures following a period of strategic realignment prompted by government scrutiny and leadership changes.
The Gulf’s growing ties with China, driven by mutual economic interests and investment diversification initiatives, present an opportune moment for Alibaba’s expansion efforts.
However, geopolitical complexities, including heightened US scrutiny of China-linked entities, add a layer of challenge to Alibaba’s Gulf aspirations.
As Alibaba seeks to reclaim its leadership position in the global tech industry, the pursuit of partnerships in Saudi Arabia and the UAE underscores the company’s adaptive approach to international expansion.
The success of these ventures could potentially reshape the Gulf’s e-commerce landscape and deepen economic ties between the region and China.
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