Galaxy Note 7 Refund Deadline Extended In South Korea

Samsung said earlier this week that it had made 500,000 replacement units of the Galaxy Note 7 available in the United States to replace the defective Note 7s. Back home, the South Korean regulators have ordered the company to extend the refund deadline and take additional steps to ensure battery safety. Following instructions from the Korean Agency for Technology and Standards, Samsung announced Thursday that it would extend the refund deadline in its home country until next Friday.

Perform X-ray scans on Galaxy Note 7 batteries

The original refund period had expired on Monday, but a large number of consumers had missed that deadline. Nam Taek-joo, an official at the Korean Agency for Technology and Standards, told the Associated Press that Samsung’s recall measures were inadequate. Nam added that Samsung needed to come up with a better plan to notify consumers that they could exchange their Galaxy Note 7 or get a refund.

Samsung plans to re-start sales of the safe Galaxy Note 7 from next week. The Korean regulators have asked the company and its battery suppliers to perform X-ray scans on the Note 7 batteries. Samsung had cited a battery manufacturing error that led to overheating and explosions. There have been more than 100 cases of the Note 7 explosions worldwide, many of which caused severe burns and property damages.

What can past market crashes teach us about the current one?

The markets have largely recovered since the March selloff, but most would agree we're not out of the woods yet. The COVID-19 pandemic isn't close to being over, so it seems that volatility is here to stay, at least until the pandemic becomes less severe. Q2 2020 hedge fund letters, conferences and more At the Read More


Samsung plans to give affected buyers a $27 credit on telecom bills

The Korean electronics giant said Thursday that consumers seeking an exchange instead of a refund could choose a new Galaxy Note 7 or another Samsung smartphone. The company had previously said that only a small number of buyers in South Korea had sought a refund. Samsung is also in talks with domestic carriers to provide affected users with a $27 credit on their telecom bills, according to the Wall Street Journal.

Samsung has recalled about 2.5 million Galaxy Note 7 units worldwide, including one million in the United States. Affected customers can opt for a replacement Note 7, another Samsung smartphone, or a refund. The global recall is estimated to cost $1 billion, and lead to a revenue loss of billions of dollars.