[THE INVESTOR] Samsung Electronics announced on Oct. 11 it has decided to suspend the global sales and replacements of its Galaxy Note 7 smartphone after a number of replacement phones caught fire in Korea and overseas.
The Korean tech giant said the decision was made after consultations with the state-run Korean Agency for Technology and Standards and other product safety authorities in the US and China.
The U.S. Consumer Products Safety Commission also said in a statement it was the right move for Samsung to stop selling the fire-prone phone.
Following several reports of fire and explosion even in replacement phones with a new battery recently, Samsung suspended the production of the Galaxy Note 7 over the weekend for a thorough inspection.
In early September, the company issued a global recall of the bigger-screen phone due to faulty batteries that caused explosions while charging. The device went on sale on Aug. 19.
By Lee Ji-yoon (jylee@heraldcorp.com)
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