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Events on Friday 2 September 2016 1
2016Galaxy Note 7 recall — battery firesSamsung recalls all 2.5 million Galaxy Note 7 smartphones worldwide after reports of batteries catching fire and exploding. The Note 7 is banned from flights globally. The recall costs Samsung an estimated $5.3 billion and causes a 7% drop in its share price. Samsung investigates and finds that aggressive battery design to maximise capacity, combined with manufacturing defects, caused the fires. The crisis damages Samsung's premium brand image but the company recovers with the well-received Galaxy S8 in 2017.