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.
Third-generation Samsung was founded by Lee Byung-chul in 1938, and has made the Lee family one of the wealthiest in the world, with today’s family members worth a reported $12.6 billion (€9.3 billion).
It had revenues of $170 billion in 2015.
AB InBev and SABMiller deal to yield $2 billion in fees and taxes
Family-controlled brewer AB InBev and SABMiller will pay a staggering $2 billion in taxes and fees to advisers in order to complete its impending takeover, according to the Financial Times.
The Belgian-based brewer will also shed 3% of its 150,000-strong workforce over the next three years. The cuts will contribute to its excepted $1.4 billion annual savings.
SABMiller—whose controlling shareholders include the Santa Domingo family from Columbia—will shed most of its European assets as part of the deal.
The takeover will create the world’s largest brewer with an estimated market capitalisation of $275 billion.
Faber-Castell teams up with Karl Lagerfeld on art equipment
Faber-Castell, the eighth-generation writing instruments group, has teamed up with German fashion designer Karl Lagerfeld to produce a collection of watercolour pencils and art tools.
The limited edition tool kit—dubbed the “Karlbox”—will retail at $4,000, feature a pyramid design and come with a remarkable 350 different art tools.
Lagerfeld’s relationship with Faber-Castell dates back to 1987 when he created a bridal gown for Count Anton Wolfgang von Faber-Castell’s wife, Mary.
The 255-year-old firm recently saw double-digit growth following a surge in the number of people buying adult colouring books and in turn posted revenues of €577 million ($657 million) last year.