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Global markets: Pound turns around, Samsung sinks Seoul - Samsung Electronics said it expects a total impact of $5.3bn through March 2017 after ending production of its fire-prone Galaxy Note 7 smartphones, as South Korea’s largest company tallies the cost of the corporate crisis. Costs for the Note 7 crisis are mounting. The Suwon-based company disclosed on Friday a negative impact of approximately mid-3 trillion won ($3 billion) in operating profit in the current quarter and first quarter of 2017, on top of a $2.3bn cut in the previous period. A drop in revenue from the discontinued sales will have a negative impact on operating profit for the next two periods - mid-2 trillion won in the fourth quarter and about 1 trillion won in the first quarter of 2017, Samsung said. The total impact is in line with analysts’ estimates. Chung Chang Won, an analyst at Nomura Holdings, estimated that the Note 7 termination would cost the company about $5bn in operating profit through 2017. “Samsung will now try its best to do better in other divisions including semiconductors and it will also try hard to promote sales of S7s because there are no alternative Galaxy devices until the first quarter of next year,” said Park Kang-Ho at Daishin Securities Co. “The shares will remain pegged around the current levels but may start rising if more restructuring comes out, or the next Galaxy S models succeed.” Samsung shares have slumped more than 8% this week, wiping about $20bn from its market value. The stock is up 24% this year. Samsung said it will make up for lost revenue by expanding sales of flagship models such as the Galaxy S7 and Galaxy S7 Edge. Earlier this week, the company cut its third-quarter operating profit, giving the first official indication of how much the missteps would cost. Samsung has been struggling with the fallout from the troubled Note 7 phones, which were overheating and catching fire even after a recall that was supposed to fix the problem. Samsung said Tuesday it would kill this generation of the high-end phone. Samsung and Vice Chairman Jay Y. Lee are struggling to contain fallout from the troubled Note 7 phones. The debacle is testing Samsung’s management and raising questions about whether it needs stronger leadership. Lee Kun-hee, the family patriarch, remains chairman even though he suffered a heart attack more than two years ago and hasn’t been back at the company since. Jay Y., his son, is heir apparent but he hasn’t been able to take his father’s title because of Korean custom. Read more about: See More We’re currently experiencing serious technical problems on the site, and as a result are unable to update the news – even though our market data is running as per normal. We sincerely apologise for any inconvenience caused and hope to be up and running again this evening. Thank you for your patience in this regard. – David McKay (editor) & team Citigroup trader fired over 5-word message amid forex scandal London - A five-word message to a rival banker was enough to cost former Citigroup trader David Madaras his job as the bank fought to appease regulators probing the foreign-exchange scandal engulfing the industry. Citigroup’s Timothy Gately disclosed the message on the first day of Madaras’s employment lawsuit in London on Tuesday. The executive said the April 2011 chat constituted gross misconduct and firing Madaras was the only appropriate sanction. "he’s a seller/fking a," Madaras told a rival trader who had just disclosed the identity of a client, Gately said in a filing prepared ahead of the hearing. That chatroom message "validated an external trader’s disclosure of a client name," Gately said in the filing. Madaras is one of five London-based FX currency traders and salespeople to sue Citigroup for wrongful dismissal in the aftermath of the market-manipulation scandal that cost banks about $10bn in fines. At least three other banks were also sued by traders fired amid the fallout. They’ve had mixed results, often winning unfair dismissal rulings because banks were too hasty to dismiss staff as a result regulatory scrutiny. Judges have been reluctant to award substantial winnings because in most cases they would have been justified in making the firings if the lenders had taken more time to follow proper procedures. Winnings at London’s employment courts are capped at about £80 000 unless claimants can prove they were victims of discrimination or were punished for disclosing corporate misconduct. Three chats Gately, Citigroup’s head of equities for North America, said Madaras had a clean disciplinary record when he was tasked with probing his conduct in three chat sessions on the Bloomberg terminal between 2010 and 2012. Madaras, who was cleared of misconduct in two, will give evidence later this week during the hearing, which is scheduled to last five days. His former colleagues, including Perry Stimpson and Baris Ozkaptan, have testified that the bank retroactively condemned information sharing that before the scandal had been encouraged and rewarded. While Madaras’s conduct “had come to the respondent’s attention as a result of heightened regulatory scrutiny, it is in any event my firm opinion that the standards regarding confidentiality were the same at the time of his conduct as they are now, and had I been asked to opine on his conduct at the time, my decision would have been the same," Gately said. The review of Madaras’s messages came as part of the bank’s own probe into the foreign-exchange scandal, a spokesperson said. "Citi terminated employees who Citi found to have engaged in misconduct, including David Madaras," a bank spokesperson said. "Individual accountability continues to be important to Citi and for that reason we are defending David Madaras’s case at the employment tribunal." Read Most Read cheap real jordans cheap jordans for sale cheap Authentic jordans cheap jordans ?site=forum_topic&topic=18396 http://www.helvetia-ga...igne-de-mire/topic/create ?site=forum_topic&topic=9054 cheap jordans for sale www.crafthammerdesign.com cheap jordan shoes cheap jordans cheap retro jordans http://users.atw.hu/pr...rum_topic&topic=12904 http://users.atw.hu/as...rum_topic&topic=14041 http://leonardo.zsme.p...iewthread.php?thread_id=0 |