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Now for the latest financial news with Sally Bundock | :00:00. | :00:00. | |
Turn it off - that's the warning from Samsung to owners | :00:00. | :00:24. | |
Shares plunge in South Korea after the company orders a worldwide | :00:25. | :00:28. | |
Europe's fastest growing economy presents its budget under the cloud | :00:29. | :00:34. | |
of alleged sweetheart corporate tax deals. | :00:35. | :00:41. | |
Also in the programme, what next for the price | :00:42. | :00:51. | |
We'll have the latest on the rising price of crude oil. | :00:52. | :00:55. | |
It's a disaster for Samsung at a critical time for | :00:56. | :00:58. | |
It has told all users of its flagship Galaxy Note 7 | :00:59. | :01:04. | |
smartphone to switch them off while the company investigates new | :01:05. | :01:07. | |
Samsung has also announced it is to stop all sales of the phone | :01:08. | :01:13. | |
The company recalled 2.5 million phones in September | :01:14. | :01:20. | |
after complaints of exploding batteries and later assured | :01:21. | :01:23. | |
customers that all replaced devices were safe. | :01:24. | :01:27. | |
But there are now reports that even those phones that had been replaced | :01:28. | :01:31. | |
Now organisations such as the US Federal Aviation Administration | :01:32. | :01:36. | |
are telling airline passengers with these phones they must be | :01:37. | :01:40. | |
switched off and not stowed in checked in baggage | :01:41. | :01:44. | |
The Galaxy Note 7 was meant to be Samsung's flagship phone, | :01:45. | :01:54. | |
released just weeks after Apple's iPhone 7. | :01:55. | :01:56. | |
It was well received but since the scandal, | :01:57. | :01:58. | |
Samsung shares have taken a major hit. | :01:59. | :02:00. | |
There's also expected to be significant damage to brand | :02:01. | :02:02. | |
The reputational damage is the biggest thing. Samsung have spent | :02:03. | :02:15. | |
billions and billions of pounds over many years marketing and building up | :02:16. | :02:20. | |
a trusted brand and then you get exploding phones. It questions the | :02:21. | :02:24. | |
reliability of all of their projects but especially their mobile phone | :02:25. | :02:26. | |
handsets. Rico Hizon is in our | :02:27. | :02:27. | |
Asia Business Hub in We were talking about this | :02:28. | :02:40. | |
yesterday. They were rumoured problems and now it is a worldwide | :02:41. | :02:46. | |
halt. The crisis deepens for Samsung Electronics. South Korea's largest | :02:47. | :02:51. | |
conglomerate. If you have a look at the stock price right now in South | :02:52. | :02:55. | |
Korea the losses have indeed accelerated in midday trading. | :02:56. | :03:01. | |
Samsung stock price lower plunging now to around 7% after it told shops | :03:02. | :03:08. | |
across the globe to stop selling its new Galaxy Note 7. They have safety | :03:09. | :03:13. | |
regulators saying they found a product defect in the unit and urged | :03:14. | :03:18. | |
consumers to stop using them. Samsung has asked all users to turn | :03:19. | :03:23. | |
their phone off and seek a refund or exchange for a different phone. With | :03:24. | :03:26. | |
these problems mounting, sale, on the note seven there is no pressure | :03:27. | :03:32. | |
on the company to drop the high-end smart phone and some analysts or | :03:33. | :03:36. | |
even saying it is now meaningless to continue producing the Aleksei note | :03:37. | :03:40. | |
seven. The reputational damage is too much. And apart from the recall | :03:41. | :03:45. | |
of 2.5 million units there will also be doubts about whether or not the | :03:46. | :03:50. | |
replacement units are safe to have. The Galaxy Note 7 has gone from | :03:51. | :03:54. | |
praised condonation within weeks as images of charred handsets have | :03:55. | :03:59. | |
spread throughout social and traditional media. Analysts are | :04:00. | :04:02. | |
forecasting that the recall is damaging and could cost Samsung | :04:03. | :04:04. | |
Electronics billions of dollars. Samsung could have more financial | :04:05. | :04:15. | |
problems on the way with the US Supreme Court set to finalize how | :04:16. | :04:18. | |
much it should pay rival Apple In the original court ruling | :04:19. | :04:21. | |
the world's largest smartphone maker was ordered to pay close to $400 | :04:22. | :04:25. | |
million in their tit Now Apple is hoping for more | :04:26. | :04:28. | |
and Samsung for less. Do take a look at our website. Our | :04:29. | :04:37. | |
correspondence are all over this story. They are updating the website | :04:38. | :04:45. | |
all the time so take a look. Let's speak about Ireland. It looks like | :04:46. | :04:50. | |
being Europe's fastest-growing economy in the indie 16. The country | :04:51. | :04:54. | |
is about to announce its budget at a time when it is seeking to | :04:55. | :04:57. | |
consolidate its reputation as the comeback kid of the EU. Nearly three | :04:58. | :05:03. | |
years ago Ireland needed an international of over 65 billion | :05:04. | :05:06. | |
euros to combat the impact of a crippling recession. The country is | :05:07. | :05:10. | |
expected to see growth of almost 5% this year. Rather good. Attracting | :05:11. | :05:15. | |
international corporations especially through its tax regime is | :05:16. | :05:20. | |
a key part of its strategy. Last year Ireland saw corporation tax | :05:21. | :05:25. | |
receipts leapt by 50% to 6.9 billion euros but the future of that | :05:26. | :05:29. | |
strategy is coming into question after the EU ordered apple to repay | :05:30. | :05:34. | |
more than 13 billion euros in that taxes after finding the Irish | :05:35. | :05:38. | |
government arranging a sweetheart deal with the tech giant, and | :05:39. | :05:43. | |
allegations that Dublin and Apple have denied. Ireland doesn't want | :05:44. | :05:49. | |
the money. It is appealing against the ruling saying it intends to | :05:50. | :05:53. | |
protect the integrity of its tax system. First of all, the budget. | :05:54. | :05:59. | |
What will be the big announcements, do you think? | :06:00. | :06:02. | |
The emphasis will be on what we call be squeezed middle in Ireland. | :06:03. | :06:09. | |
Universal child-care payments. Everybody will be entitled to them | :06:10. | :06:13. | |
and the poorest families will get more. There are also attempts to | :06:14. | :06:17. | |
reduce the number of universal social charge which came in as a | :06:18. | :06:21. | |
means of trying to alleviate the problems of the budget deficit post | :06:22. | :06:25. | |
the global financial crisis. You think they will tingle with | :06:26. | :06:29. | |
corporation tax? No. Absolutely not. In terms of that holder Bakul no | :06:30. | :06:37. | |
change from Ireland. It is going to the court room. There was an opinion | :06:38. | :06:42. | |
poll yesterday in the Irish Times which suggested a majority of people | :06:43. | :06:46. | |
in Ireland supported the appeal. Again, it is one of those big | :06:47. | :06:50. | |
problems because it is a far wider issue in terms of how do you tax | :06:51. | :06:54. | |
corporate is in a very global mobile world? Again you will need to look | :06:55. | :07:01. | |
at a in the terms of attitudes of corporate is towards paying taxes. A | :07:02. | :07:06. | |
report released last week in the US suggests that 73% of Fortune 500 | :07:07. | :07:13. | |
companies have offshore sun city areas and tax havens and that is | :07:14. | :07:16. | |
probably an illustration of the problem. The last Irish budget now | :07:17. | :07:25. | |
faces Brexit. It has implications for Ireland. Is there anything to do | :07:26. | :07:30. | |
with that in the budget at all? Despite the good growth rate | :07:31. | :07:36. | |
predicted for 2016 they were revised downward. One of the most immediate | :07:37. | :07:39. | |
effects are certainly in the run-up to Christmas will be cross-border | :07:40. | :07:43. | |
shopping. Because of the devaluation of the UK pound. I think the other | :07:44. | :07:47. | |
issues that will be tourism because the UK sent a lot of tourists every | :07:48. | :07:51. | |
year to Ireland and I think there will be fewer of those. Again, I | :07:52. | :07:55. | |
think the food and agribusiness sector is the ones that will be most | :07:56. | :07:59. | |
immediately affected because 41% of exports go to the UK. There are | :08:00. | :08:04. | |
positives, however. Positives in the terms of the ability we can pick up | :08:05. | :08:09. | |
some more mobile investment, particularly in areas where Ireland | :08:10. | :08:12. | |
is strong such as data, pharmaceuticals, parts of the | :08:13. | :08:18. | |
financial sector. I was hearing after the referendum, people I speak | :08:19. | :08:22. | |
to an finance saying that many people are now looking towards | :08:23. | :08:26. | |
Ireland. I think we are seeing that. One of the interesting areas is | :08:27. | :08:32. | |
legal services in terms of UK legal practices be registering in Ireland | :08:33. | :08:38. | |
-- reregistering in Ireland to avail themselves of the ability to trade | :08:39. | :08:42. | |
with the European Union. The other interesting area is the Irish | :08:43. | :08:46. | |
government last week announced 2 billion euros to attract overseas | :08:47. | :08:49. | |
students. There may be positives there as well. Thank you very much | :08:50. | :08:55. | |
for coming in. It is going to be very, very interesting and we need | :08:56. | :08:58. | |
to announce their budget we will keep you up to date. Also in | :08:59. | :09:02. | |
business news the monetary authority of Singapore announced it is closing | :09:03. | :09:08. | |
down a merchant bank and finding it to others for anti- money-laundering | :09:09. | :09:12. | |
controls. The action follows an investigation into the Malaysians | :09:13. | :09:17. | |
state investment fund. One bank will lose its merchant bank status and | :09:18. | :09:23. | |
the branch manager was arrested last week. The biggest bank has been | :09:24. | :09:32. | |
fined 1 million Singaporean dollars. The price of Brent crude has surged | :09:33. | :09:36. | |
to its highest after the Russians said they will support proposals to | :09:37. | :09:43. | |
freeze oil production. The group are gathered in Istanbul on the | :09:44. | :09:46. | |
sidelines of the world energy Congress. But look at the markets | :09:47. | :09:50. | |
right now so you can be right across the price of oil. We have not got it | :09:51. | :09:54. | |
there, actually, for some reason. Brent crude was down slightly today | :09:55. | :09:59. | |
from that high point that it hit yesterday off the back of the News | :10:00. | :10:03. | |
of Russia's support. I will be back shortly to look at the papers. Jonas | :10:04. | :10:08. | |
for that. In the meantime, I will hedge about. -- join us for that. In | :10:09. | :10:21. | |
the meantime I will hand you back. A newsreader Wauchope has begun on | :10:22. | :10:23. | |
Southern Railway with dispute over the role of conductors on trains | :10:24. | :10:27. | |
after months of destruction | :10:28. | :10:31. |