FAA’s Galaxy Note 7 warning wiped $10 billion from Samsung’s market value

The Federal Aviation Administration recently put out a warning about the Galaxy Note 7 being a potential fire hazard and urged passengers to not use the handset on flights. Samsung’s stock has already been under pressure since the company confirmed its global recall for the Galaxy Note 7 and this warning certainly did not help. Soon after the FAA’s warning was issued, Samsung’s stock was hammered and with more than $10 billion being wiped from the company’s market value.

Yesterday was the last trading day of the week and Samsung’s stocked closed at 1.575 million won ($1,432) in Seoul, down 3.9 percent from the previous day’s close. The stock was already under pressure but it hadn’t taken such a severe beating as investors were upbeat about the steps Samsung was taking to address the issue. Samsung is now working hard to replace all 2.5 million units of the Galaxy Note 7 that it shipped worldwide following the release on August 19. It’s strongly urging customers to take part in the exchange program and take a Galaxy J series handset as a loaner until the new inventory arrives is just over a week.

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Galaxy A3 (2016) spotted on GFXBench with an octa-core processor

Two weeks ago, we exclusively reported that Samsung is working on successors to this year’s models of the Galaxy A3, Galaxy A5 and Galaxy A7, and now the third-generation Galaxy A3 has been spotted in the GFXBench database.

It’s being referred to as Galaxy A3 (2017) and sports a 4.7-inch display, a 1.5GHz octa-core Qualcomm CPU, 2GB of ram, 8GB of expandable flash memory, a 13MP rear-facing camera, an 8MP selfie shooter and a variety of internal sensors, including a pedometer and barometer.

We’ve already shared what we believe to be the specifications of the Galaxy A5 (2017) and just yesterday the Galaxy A7 (2017) benchmarking results surfaced online. Comparing the Galaxy A3′s internals to these handsets, it certainly looks like it’s going to be the least impressive of the three.

Unfortunately, Samsung hasn’t provided any information with regards to when it will launch the Galaxy A (2017) series, but we’re guessing that they’ll start to hit the shelves towards the end of this year.

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Galaxy J series handsets will be handed out as loaners to those who return their Galaxy Note 7

Samsung is now urging customers who have already received their Galaxy Note 7 units to take their handsets back to where they bought them from and turn them in so that they may receive a replacement. All existing customers are eligible to receive a new unit from Samsung as a replacement. The company is going to ship new inventory in over a week but it’s advising customers to power down their Galaxy Note 7 immediately and exchange it right away. It will provide them with a Galaxy J series handset as a loaner to keep them connected until their new unit arrives.

Customers have two options. The first involves exchanging their current handset for a new one. Until the new handset arrives, customers will be given a Galaxy J series smartphone as a loaner. They will have to return it when they claim their new Galaxy Note 7 unit. Many Samsung carrier and retail partners will offer the loaner handset so check with the place you bought your Galaxy Note 7 from.

Samsung will also allow customers in certain markets to immediately exchange their Galaxy Note 7 for a Galaxy S7 or Galaxy S7 edge. The company will refund the price difference between the two devices. For inconveniencing its customers, Samsung is also going to throw in a $25 gift card, in-store credit or bill credit from selected retail outlets who are participating in this exchange program for the Galaxy Note 7.

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Galaxy Note 7 banned from check-in baggage in India

You have read countless reports by now that the Galaxy Note 7′s battery is at risk of explosion when being charged. Samsung has acknowledged the issue and it’s now working to provide replacement inventory within a week or so. It’s going to voluntarily exchange all Galaxy Note 7 units shipped since the release. Reports about exploding Galaxy Note 7 units continue to come in even after the recall has been announced which is why Samsung is urging all those who have one to take part in its replacement program.

To minimize the risk of a Galaxy Note 7 exploding onboard an airplane, the FAA has already warned passengers against using the handset while they’re on a plane. The Indian government has now banned the Galaxy Note 7 from check-in baggage. Passengers will only be allowed to keep the Galaxy Note 7 inside cabin luggage and they will be required to keep the device switched off at all times while they’re in a plane. “The order comes into immediate effect. This has been issued keeping air safety in mind,” confirmed India’s chief of Directorate General of Civil Aviation B S Bhullar. The ban followed soon after the FAA released its warning regarding the Galaxy Note 7.

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Samsung is urging all Galaxy Note 7 owners to participate in its replacement program

Earlier today, Samsung took to its Newsroom to share a blog post urging all Galaxy Note 7 owners to trade in their handset for a replacement even if they believe that their particular unit does not pack the faulty battery that was to blame for a few devices exploding while on charge.

“Our number one priority is the safety of our customers. We are asking users to power down their Galaxy Note7s and exchange them as soon as possible,” says D.J. Koh, President of Mobile Communications Business at Samsung Electronics Limited.

“We are expediting replacement devices so that they can be provided through the exchange program as conveniently as possible and in compliance with related regulations. We sincerely thank our customers for their understanding and patience.”

At present, there have been 35 reports of the Galaxy Note 7 bursting into flames, making it a somewhat contained incident. However, that hasn’t stopped the firm from recalling the all handsets it’s sold, even though “the problematic battery only accounts for less than 0.1 percent of the entire volume produced.”

If you happen to own a Galaxy Note 7, the Consumer Product Safety Commission (CPSC) is advising that you turn it off immediately, then book an appointment at your local Samsung service centre to switch it for a new model.

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