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Samsung's Galaxy S8 hits stores, aims to move on from recall crisis
By: dt news , Posted on 21-Apr-2017
Seoul : The world's biggest smartphone maker Samsung Electronics added more than $1 billion to its market capitalisation Friday as investors cheered positive reaction to its new Galaxy S8 and the device went on sale over the counter.
The device, unveiled in New York last month and a challenge to Apple's iPhone, is the firm's first major launch since last year's humiliating withdrawal of the Galaxy Note 7 over exploding batteries, which hammered its once-stellar reputation.
It also comes with vice-chairman Lee Jae-Yong and other executives on trial for bribery over their alleged role in the graft scandal that brought down former president Park Geun-Hye.
But the company's profits are rising and the new phones have received good reviews, with more than one million pre-orders for the S8 and the larger S8+ in South Korea alone.
Shares in Samsung Electronics rose 1.2 percent to close at 2.04 million won ($1,797) Friday, adding around 1.3 trillion won to its total market capitalisation.
"Market reactions to the release of the S8 series are somewhat positive," said Lee Seung-Woo of IBK Investment Securities.
Samsung could break the record 48.5 million unit sales it achieved with its S7 series, he added.
"Barring the weakening of the US dollar, Samsung's second-quarter operating profit would reach 12 trillion won," Lee said.
Pre-order deliveries began earlier this week, and in-store sales began in South Korea on Friday, with the US and Canada to follow suit. The phone is due to be rolled out to around 50 more countries next week.
Dubai : GFH Capital, a subsidiary of Bahrain based GFH Financial Group, yesterday announced the signing for a new investment in a US Virginia-based Data Centre with market value exceeding US$100 million. The investment is being undertaken in partnership with Corporate Office Properties Trust (COPT), a US$5...Read More
Manama : SBI Life is set to enter Bahrain in the next financial year and is awaiting regulatory permission to open a branch here. The life insurance venture has already received approvals from Irdai (Insurance Regulatory and Development Authority) and is awaiting Central Bank of Bahrain’s final...Read More
Dubai : Malabar Gold & Diamonds, one of the world’s largest gold and diamond jewellery retailer, has announced a major investment amounting Dh 335 million (US$91.28m) in expansion plans of its retail network. The plan will see an addition of 24 stores in three months, from January 2017 to March 2017...Read More
Manama : ASRY, the leading ship and rig repair yard in the Arabian Gulf said it has been shortlisted in the Lloyds List MEIS Awards - taking place in Dubai on 7 December 2016 - in the ‘Shipyard of the Year’ category. The nomination is for the yards overall performance through challenging market...Read More
Manama : The Bahrain Chamber of Commerce & Industry (BCCI) has announced a Bahrain-India Week beginning December 1, 2016 to promote trade relations between the two countries. The high-powered B2B exhibition will be designed to bring together Indian companies from sectors that have been identified...Read More
Manama : Arabian Power Electronics Company (APEC), a leading global power electronics manufacturer fully owned by Eram Group, announced its regional expansion plans for the UAE and other GCC countries. The company appointed its agency Eram Tradings to distribute and sell APEC’s products such as its...Read More
New Delhi : A delegation from the Bahrain Economic Development Board (EDB) is holding a roadshow in India seeking investments in sectors like tourism, start-ups, financial services, information technology and manufacturing, according to a report. The Financial Express quoting EDB Managing Director...Read More
Manama : The Joyalukkas Group has launched Think Pink 2016, with the banner #MomINeedYou. The campaign is aimed at motivating all women, especially mothers, to conduct self-examinations diligently and regularly. #MomINeedYou comprises a month-long multimedia campaign featuring children of UAE residents and...Read More
Manama : Seef Terraces, a new landmark development, has won regional acclaim for Bahrain at the Africa & Arabia Property Awards during a glittering gala ceremony at the JW Marriott Marquis in Dubai. The residential project won the Highly Commended Award for Best Residential High Rise Development and also the...Read More