Samsung rushes to damp down Galaxy Note 7 fire damage

Samsung tried to take control of its smartphone crisis today, offering money off for customers in South Korea to swap the exploding Galaxy Note 7 for other models.

It is also boosting its marketing of phones other than the Note 7, which have been prone to catching fire.

In America, Samsung has started sending fireproof boxes and gloves to customers so they can return the phones via the post.

In the UK, Royal Mail and Parcelforce have said they won’t deliver the phones even with the fireproof boxes, citing safety concerns.

The shares have been hammered over the past few days, but recovered some ground today, rising more than 2%.

While Samsung remains hugely profitable, analysts say the reputational risk to the company is huge.

They note how quickly Nokia and BlackBerry fell from grace.

Analysts at Fitch said: “Potential long-term brand damage... is a greater threat to its credit profile than the direct financial impact.”