was all in the battery samsung explains the reason why the galaxy note mobile phones caught fire and we re note mobile phones caught fire and were recalled. the uk government to outline the industrial strategy. but with brexit looming large, where will any government money go? welcome to world business report. i m sally bundock. also in the programme: iphone maker foxconn signals $7 billion investment in the us. details injust a moment. but first. korean electronics giant samsung has released the results of its investigation into its flagship galaxy note 7 smartphones. in october last year the phones were recalled because some had overheated and caught fire. the company today confirmed problems with the design saying the manufacturing of batteries was to blame, not the actual phones. the note 7 was supposed to rival apple s iphone 7 but instead, the device caused massive damage to the company s profits, and its brand. last year, over 100 of the phones spontaneously burst in
yesterday s plummeting freefall of the ruble. the russian finance ministry announced that it is selling foreign currency. ryan chilcote joins us to bring it all down. give us a sense of what we have seen this morning and announcement and our argot. look us through the details. who would have thought the deputy finance minister of russia would be channeling mario draghi? that is exactly what he s doing. he said the finance minister is prepared to sell as much of its foreign currency reserves as it takes. a consultant adding that they have $7 billion worth of foreign currency reserves at their disposal. we ve seen an extraordinary move in the ruble. it hit 80 against the dollar yesterday. it is now down about 20% from that, yet it is still up 10% on the week. we got news that yesterday, the bank of russia was on the market , intervening to the tune of just under $2 billion. there are rumors that they are on the market today. the biggest support for the ruble yesterday came
japan crawls out of recession with growth slower than expected. how convincing is japan s exit from recession? a lot of economists saying that this is a disappointing figure and yet it shows a slight improvement. it shows a slight improvement, but in many ways, what this number is about is the evils of raising taxes in a deflationary environment. most economists would agree that raising sale taxes in april of last year was a poorly timed move. in many ways, consumer demand has never quite recovered. when you look at the enthusiasm toward abenomics, you don t see a lot of it here in japan. a lot of it is investors overseas who are looking at the different plans the prime minister has put together. when you talk to households here, corporate executives there is a lot of concern about economic headwinds that are increasing, not decreasing. in many ways, this economic number is not terrible news, but it is a reminder that japan is limping out of recession at best. how much pr
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