Replacement Samsung Galaxy Note 7 Also Has Smoking Hot Issues

Note 7Note 7The United States Consumer Product Safety Commision (CPSC) has been called into assist with determining what is going on with the Samsung Galaxy Note 7. As you may or may not be aware most companies just added the Note 7 back to the available lists this past week after receiving their newest shipment of Samsung Galaxies said to have been fixed.

Currently it is appearing as if the main primary issue that enacted the global based recall is continuing to remain. The past few days we have heard of at least six new incidents that have taken place with the replaced Samsung Galaxy Note 7 that customers received after turning in their recalled model.

On October 9, 2016, AT&T and T-Mobile both went public saying they WILL NOT be continuing to issue the recall replacements due to the issues that have been making headlines. They will still honor the recall for either a full refund of the purchase price or any other phone in their inventory. The specifics as to what changing phone types would entail has not been discussed at this time.

The world is currently awaiting the decision from the CPSC to see if there is to be a SECOND globally based recall of the Samsung Galaxy Note 7 in the same calendar year. The initial recall involved more than one million phones

Primarily the CPSC is needing to discover if the latest headlines are from the replacement line of cellular phones or fun the original release. To do this they are going to need to speak with the customers, review company records and phones if any parts of them are still in reviewable condition.

The beginning of September when the recall was issued there had been no reported injuries being caused by the phones that would burn, smoke, and catch on fire. The same can no longer be said.

A Florida couple is currently involved in an investigation that concerns there Samsung Galaxy Note 7 and there Jeep Grand Cherokee. In this case one can see images of the Jeep in a burst of flames. In this case the Samsung was plugged in and charging on the Jeep’s console when the Jeep burst into flames.

In South Carolina, investigators are trying to discover just what part the Samsung Galaxy Note 7 had in a garage that caught fire. The insides now being a torched mess. In this case the fire started on the wall near an electrical outlet that had the Samsung Galaxy Note 7 plugged in and being charged.

In China, Hui Renjie, the 25-year-old Samsung Galaxy Note 7 owner was injured by his Samsung along with his MacBook. Along with the damaged MacBook he was injured on two fingers. He had only had his Samsung Galaxy Note 7 for twenty-four hours.

Jonathan Strobel, of Florida, has begun a lawsuit against Samsung. This happened after he received second degree burns to his leg as the phone caught fire in his pocket. He then received burns to his hands while retrieving the device from his pocket.

One of the current week’s headlines involved a 13-year-old from Minnesota. In that case we learned of any injury being caused by the burning phone. In this instance Abby received burns to her hand from the replacement Samsung Galaxy Note 7 her father received from Verizon Wireless.

Michael Klering and his wife in Kentucky awoke this week to a hissing sound startling them this past week. Upon opening there eyes they looked over to discover that Michael phone was currently on fire. He had only had his replacement Samsung Galaxy Note 7 for about a week. Later in the day he began feeling very ill and was vomiting “black stuff” so he went to the hospital. Reports indicate that he suffered smoke inhalation as well as acute bronchitis from the incident. In this case the homes alarms were not set off by the devices issue.

Southwest Airlines had to evacuate an entire plane set to depart from the Louisville International Airport due to one of the replacement Samsung Galaxy Note 7 starting to smoke. This issue has led the Federal Aviation Administration (FAA) to release yet another statement in regards to a Samsung product in the past month. The latest FAA statement asks users of the Note 7 to power down the devices and not to stow them in luggage pieces that are to be checked.

Shawn Minter of VIrginia awoke in the same manner as the previous couple in Kentucky. In Shawn’s case his Samsung Galaxy Note 7 replacement caught fire on his night stand as he slept.

Daniel Franks of Texas had his replacement Galaxy Note 7 catch on fire this past week while it was sitting on the table not being used or charge while the family was eating lunch. This is the fifth known issue with a replacement phone coming to light in the past week alone.

At one point on September 15, 2016 those affected by the Samsung Galaxy Note 7 were as follows. On that same date reports from the CPSC indicates that only 130,000 of the 1 million delivered had been turned in via the recall. It is important to note that the following numbers are those from the United States alone and have not factored in the numbers from elsewhere.

  • 92 reports of overheating
  • 26 reports of burns
  • 55 reports of property damage

Let’s not forget about the small six-year-old boy from Brooklyn. He was playing with the families Samsung phone. When it exploded he was burned. He was rushed to the hospital. Due to the timing in which the phone exploded it was originally reported to have been caused by the Samsung Galaxy Note 7 which later turned out to not be the case. In this case it was the Samsung Galaxy Core Prime.

The fire from the now second device issued by Samsung, however, was not strong enough to set off any of the alarms in the family’s home. This creates yet another concern users of Samsung must also consider. Three different phone models have now been proven to be defective. The three are listed below.

  • Original Samsung Galaxy Note 7
  • Samsung Galaxy Core Prime
  • Replacement Samsung Galaxy Note 7

I myself am anxiously awaiting word of some sort to come from Samsung. Now to have at least 5 separate issues with the replacement model of the same phone with no statement has my family on edge. This mixed with the proven issue with another of the Samsung phones, the Galaxy Core Prime, as learned at the burning of a six-year-old child’s expense. How many more people must be hurt, places of business disturbed, or problems to property occur, before the Samsung company takes responsibility?

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Federal Regulators Offer New Protections to Prepaid Debit Card Users

greendotU.S. regulators have announced new rules that will enable prepaid debit card users benefit from some basic consumer protections not currently being enjoyed as the industry continues to grow at an impressive pace.

The use of prepaid debit cards has grown significantly over the past several years, with these transitioning from mere gift cards to a replacement to regular checking accounts for millions of people. In 2012, around $65 billion was reportedly loaded onto these cards – that figure was double the amount for 2009. It is estimated that the amount loaded on prepaid debit cards will once again double by 2018.

The impressive showing in the prepaid card industry has come despite users not being able to enjoy many basic protections available for bank debit cards and credit cards. Users have often been subjected to high fees and inadequate disclosures among other concerns. But things are about to improve following new rules announced by the Consumer Financial Protection Bureau early Wednesday.

Changes required by the new rules, which comes into effect in October 2017, include clear disclosure of fees on packages containing prepaid debit cards. Charges for different activities, such as withdrawals, reloading and calls to customer service, will need to be detailed.

Fees charged on these cards have been compared to predatory payday loan websites like Landmark Cash by many consumer protection groups. The average fees paid by users are estimated at about $11 per month.

“Our new rule closes loopholes and protects prepaid consumers when they swipe their card, shop online, or scan their smartphone,” CFPB Director Richard Cordray said in a statement.

Under the new rules, prepaid card issuers will be required to provide their customers with basic account information, including balances and transaction history, at no charge. Users will also now be able to enjoying protection for stolen or lost cards.

These changes will no doubt delight prepaid card users, who are mostly financially-disadvantaged people. Those who use these cards are largely Americans with lower incomes. Pew Charitable Trusts said users are more likely to belong to a racial minority, be young or make lower than $25,000 per annum. The global non-profit, non-governmental organization says about 27 percent of regular prepaid card users do not operate a bank account, based on findings from a study.

Prepaid debit cards are mostly sold in grocery or convenience stores. They are offered by companies such as American Express, NetSpend and Green Dot. Independent research firm Mercator Advisory Group estimates that more than $100 billion would be loaded on general-purpose, reloadable cards in 2016.

The new rules will also give card issuers greater room to provide overdraft services. The National Consumer Law Center, an organization which lobbied for these changes, estimates just two percent of prepaid debit cards currently support overdraft facility.

The new overdraft rule is a controversial one however. Consumer advocates had been calling for total removal of overdraft facility on prepaid cards since this exposes customers to exorbitant fees.

The CFPB requires prepaid card issuers to assess the ability of a customer to pay before providing a credit line. New accounts must also be subject to a 30-day waiting period before such offer can be made on them.

Category: In the Light

Samsung Biologics to Raise About $2 Billion in Korean IPO

Samsung BiologicThe biologic drug manufacturing division of Samsung Group has concluded plans to float its initial public offering in South Korea as it works towards becoming one of the leaders in the biological medicine space.

Samsung Biologics Co revealed in a regulatory filing Tuesday that it is seeking to raise up to 2.25 trillion won ($2 billion) in its South Korean IPO. It will offer 16.5 million shares at a price between 113,000 won and 136,000 won apiece. The listing values the Samsung drug-making arm at about $8.2 million.

Samsung Electronics Co. controls a 46.8 percent stake in the biological drug manufacturing company which is 51 percent owned by Samsung C&T Corp, the holding company of the Samsung Group. Pharmaceuticals constitute one of the areas the group hopes would continue to drive its growth potential into the future, as smartphone sales look to suffer.

As the name suggests, Samsung Biologics is into production of complex drugs which are known as biologics. The research process of these drugs, which are made of organic substances, is more complex than other traditional medications – so also is the manufacturing process. However, biologics are considered more potent and have fewer side effects compared to other drugs.

The market for biologics is expected to witness impressive growth over the next few years. In a report funded by Novartis, healthcare strategy consulting firm IMS Consulting Group estimated global market value to exceed $390 billion by 2020.

The Samsung Biologics IPO is one of the biggest ever in South Korea. It looks to become the third-largest IPO in the history of the Asian country, according to Dealogic. The biologic drug manufacturer said proceeds from the offer will be used for capacity expansion and investment in new technologies. Part of the proceeds would also be used for debt repayment to enhance the company’s financial structure.

Lead managers for the IPO are Korea Investment & Securities Co. and Citigroup Inc. JPMorgan Chase & Co., NH Investment & Securities Co., and Credit Suisse Group AG are also assisting with the handling of the IPO.

There is plan for an IPO road show launch on October 17. Demand for the share sale would be assessed by Samsung Biologics from October 26 to 27 before revealing final share price on October 28. The company plans to list on the Korea stock exchange’s main board on November 10.

The company started the construction of its third large-scale manufacturing plant (valued at 850 billion Korean won) in December. It disclosed its intention was to become the largest biologics contract manufacturer in the world. The IPO is expected to help in making that goal reality. Samsung Biologics expects to attain 1 trillion won in operating profit when the plant becomes operational.

The drug-making business is a contract biological drug manufacturer for companies such as Bristol-Myers Squibb Co. and Roche Holding AG. It controls majority 91.2 percent stake in Samsung Bioepis, a company that develops biosimilars, or near-replicas, of existing biologic drugs with expired or soon-to-expire patents. Part of the IPO proceeds would be used for additional investment in the biosimilar maker, which has submitted a near-replica of the rave-making breast cancer medication Herceptin to European regulators for approval.

Category: In the Light

LVMH to Buy Majority Stake in Luggage Maker Rimowa

lvmh LVMH Moet Hennessy Louis Vuitton SE has reached a €640 million deal with Rimowa that will see it take over the controlling stake in the German suitcase maker.

The deal was announced by LVMH on Tuesday. It gives the world’s largest luxury good conglomerate 80 percent stake in Rimowa and expands the number of brands now under the control of the renowned French company.

Louis Vuitton, Christian Dior, Loro Paina, Marc Jacobs, and TAG Heuer are some of the brands that were already part of the LVMH group before its latest acquisition of the German luggage brand.

The controlling stake was bought from Dieter Morszeck, grandson of the founder of the Cologne-based luggage company. LVMH disclosed that Morszeck, who is Romiwa’s chief executive, would continue to maintain an equity stake in the company while also retaining his leadership functions.

Rimowa is unlike an average LVMH brand, such as Louis Vuitton, given it deals in utilitarian suitcases which are common sight at most airports. These sell for as low as $400. Founded in 1898, the company is credited as the maker of the world’s first aluminum suitcase, which it produced in 1937. It makes luggage and leather accessories for both men and women, but it is best known for its grooved aluminum suitcases. Popular figures that been seen with these include, Kanye West, and Kim Kardashian.

A spokesman for LVMH disclosed that Rimowa has surpassed the average performance in its market in the last few years. Its expansion over the past five years has exceeded the wider luggage market’s 5 percent growth. Analysts at RBC Europe estimate its sales growth at 20 percent a year for the last two years. The suitcase maker is expected to post more than €400 million in revenue this year.

The acquisition will enable Rimowa gain access to a number of top locations where LVMH maintains presence. It will also give it access to cheaper advertising.

Morszeck will be joined by Bernard Arnault’s son Alexandre in the running of the luggage brand. The 24-year-old will become the third child of the LVMH chairman’s five children to be offered a leading role in one of the conglomerate’s brands. He is the eldest of Bernard Arnault’s three sons with second wife Helene Mercier.

Arnault’s 41-year-old daughter Delphine heads the Louis Vuitton brand, with her brother Antoine leading the Berluti and Loro Paina brands.

One of the latest products from Rimowa features an electronic tag in it to enable communication with the owner’s smartphone via Bluetooth. Products of this kind, which are referred to as “smart luggage,” are generating increasing demand on the market, boosting the company’s potential profitability.

Approval still needs to be obtained from regulators before the deal can be finalized. The transaction is expected to be concluded by January.

Rimowa will become the first asset to be acquired in Germany by LVMH, if the deal is approved. It will also be the world’s leading luxury good conglomerate’s largest acquisition since that of cashmere maker Loro Paina in 2013.

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