Samsung Loses $1 Billion in Market Value After U.S. Vetoes Apple Import Ban
More than $1 billion was wiped out of Samsung Electronics Co.’s market value early Monday after a surprise decision by the Obama administration over the weekend to veto an import ban on some Apple Inc. products in the U.S.
Early Monday, South Korea’s biggest company by market capitalization fell 0.6% to 1,278,000 won ($1,137), wiping out $1.05 billion of Samsung’s market capitalization.
Washington’s decision dealt a blow to Samsung, Apple’s top smartphone competitor, just as it is seeking to expand its footprint in the U.S. market.
This Friday, the International Trade Commission is slated to decide whether to ban certain Galaxy mobile product imports to the U.S. after Apple filed a complaint alleging patent violation.