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In a week where traders will focus on Janet Yellen’s congressional testimony and core CPI, there are signs we could be set to see bond markets drive higher financial market volatility and equity weakness. (This video was produced in commercial partnership between Fairfax Media and IG Markets).
Samsung started off its CES event in Las Vegas with a mea culpa over its exploding Galaxy Note 7 smartphones.
A fire broke out at a Samsung SDI factory in China this week when faulty, discarded batteries ignited, setting trash and other items ablaze.
The fire at the Samsung Electronics affiliate's factory in the northern Chinese city of Tianjin has been extinguished, a Samsung spokesman said, adding that there were no casualties or significant impact to the plant's operations.
Social media users posted pictures of the factory fire online. Photo: Weibo
According to the spokesman the fire broke out not on the production line itself but in a part of the facility used for waste, including faulty batteries. He added that most of the factory was running as normal.
The local fire department, however, said on social media that the fire was caused by batteries inside the facility.
The local fire brigade confirmed faulty batteries were to blame. Photo: Weibo
The "material that caught fire was lithium batteries inside the production workshops and some half-finished products", the Wuqing branch of the Tianjin Fire Department said in a post on its verified Sina Weibo account. It added it had sent out 110 firefighters and 19 trucks to put out the fire.
SDI is set to start supplying batteries for Samsung's upcoming flagship smartphone Galaxy S8 in the first quarter of this year. The S8 comes after the Galaxy Note7, which suffered a global recall last year due to battery defects.
Samsung said last month that SDI and China's Amperex Technology, the two battery suppliers for the Note7, were to blame for the product failure that cost it $US5.3 billion in operating profit.
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