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karl lagerfeld

September 2, 2016

Samsung’s value drops $7 billion on battery fire reports; AB InBev and SABMiller deal to yield $2 billion in fees and taxes; and Faber-Castell teams up with Karl Lagerfeld on art equipment

Samsung’s value drops $7 billion on battery fire reports

South Korea's largest family-owned conglomerate Samsung has seen its stock plunge by $7 billion this week amid reports that batteries in its new flagship device have exploded.

The Suwon-headquartered group has in turn issued an unprecedented recall of all of its newest Galaxy Note 7 smartphones.

The recall comes just one week ahead of an expected presentation of a new iPhone model from its main rival Apple.

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