Samsung drops $1billion in market value after Obama lifts Apple ban

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    In the aftermath of Samsung’s US veto of its import ban, the Wall Street Journal drew attention that the Korean tech giant lost up to $1 billion in market value. President Obama’s surprise decision to lift a ban which was applied to some Apple products, has alarmed Samsung officials in Seoul. In July, the US International Trade Commission (ITC) ruled in favor of Samsung allowing older models of iPhones and iPads to be banned from the country.

    On the other side of the barrier, investors saw Apple’s stock rise by 1.49% which translates into market capitalization by over $6.9 billion. More than that, this Friday, the International Trade Commission is scheduled to make a decision on whether it should ban certain Galaxy mobile devices from the United States. Apple has filed a complaint against its competitor ac​​cusing patent infringements. The South Korean government announced this week that it was very interested in hearing ITC’s decision.

    “We hope to see a fair and reasonable decision on the matter”, the government statement read.

    The Korean government’s involved in the matter, suggesting that this patent war between the two tech giants might even become a political issue.

    Competition in the global mobile market is getting steeper and steeper, so the two tech giants are becoming more aggressive in their approach. The two companies are engaged in several legal disputes spread around twelve countries and we’re not seeing any signs of happy endings. But how far will this feud go in the end?

    Source: WSJ
    Last edited: Aug 7, 2013

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