Samsung halts global Note 7 smartphone sales on battery problem

(Sept 2): Samsung Electronics Co. halted global sales of its large-screen Galaxy Note 7 smartphones due to a faulty battery just days before archrival Apple Inc. is expected to unveil its newest iPhones.

People who have already bought a Note 7 will get a replacement device. Koh Dong Jin, head of Samsung’s mobile division, said Friday. Koh apologised for problems with the phone, which has been released in 10 countries so far.

The move is a blow to Samsung’s reputation and robs the company of momentum it had built in smartphones by capitalising on a lull in demand for Apple devices between new iPhone models. Demand for the iris-reading Note 7, which debuted to glowing reviews, and the release of the company’s biggest profit profit in two years had driven its share price to a record as analysts raised their price targets.

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