Global Glance: US hiring slows; Hanjin bankruptcy causes chaos, fear

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Here are today’s top business headlines from across the nation and world:

Hiring slows as employers add modest 151,000 jobs

WASHINGTON (AP) — Hiring downshifted last month as U.S. employers added a modest 151,000 jobs, about half the blockbuster gains of the two previous months. The Labor Department says the unemployment rate remained 4.9 percent for the third straight month. The figures are far below July’s gain of 275,000 jobs, the most in eight months, and June’s increase of 271,000. Still, they are enough to lower the jobless rate over time. Job gains slowed across most major industries, and employers cut workers in manufacturing, construction and mining. Read more


Hanjin bankruptcy causes global shipping chaos, retail fears

LOS ANGELES (AP) — The bankruptcy of the Hanjin shipping line has thrown ports and retailers around the world into confusion, with giant container ships marooned and merchants worrying whether tons of goods will reach their shelves. The South Korean giant filed for bankruptcy protection on Wednesday and stopped accepting new cargo. With its assets being frozen, ships from China to Canada found themselves refused permission to offload or take aboard containers because there were no guarantees that tugboat pilots or stevedores would be paid. That left cargo headed to and from Asia in limbo, much to the distress of merchants looking to stock shelves with fall fashions or Christmas toys. Read more


Samsung recalls Galaxy Note 7 after battery explosions

SEOUL, South Korea (AP) — Samsung Electronics recalled all of its Galaxy Note 7 smartphones on Friday after finding batteries of some of the flagship gadgets exploded or caught fire. Samsung’s Note 7s are being pulled from shelves in 10 countries, including South Korea and the United States, just two weeks after the product’s launch. Customers who already bought Note 7s will be able to swap them for new smartphones in about two weeks, said Koh Dong-jin, president of Samsung’s mobile business. Read more


Workers strike across India to protest economic reforms

NEW DELHI (AP) — Millions of public sector workers across India went on strike Friday to protest economic reforms, saying the government’s plan for raising the country’s minimum wage for unskilled workers did not go far enough. Prime Minister Narendra Modi’s government says the reforms, including opening some sectors to private and foreign investment, are needed to boost growth. About a dozen of the country’s labor unions said the government should guarantee both social security and health care for all, and should be hiking the minimum wage to double what it is offering in order to keep up with inflation. Read more


Caterpillar considers closing Belgian site, laying off 2,000

BRUSSELS (AP) — U.S. heavy equipment maker Caterpillar said Friday it may close a Belgian manufacturing site and lay off about 2,000 workers, an announcement met with dismay and alarm by employees and the government. In a post on its corporate website, Caterpillar said that in line with its September 2015 global restructuring plan, it was considering shifting production of construction equipment now at its Gosselies site to Grenoble, France, and other facilities outside Europe. Read more


Yum says it will sell stake in China unit ahead of spinoff

NEW YORK (AP) — Yum Brands says it will sell a stake in its China unit, which the parent company of KFC and Pizza Hut is spinning off later this year. The company says it struck deals to sell stakes to private equity firm Primavera Capital Group, and online and mobile financial services provider Ant Financial Services Group for a total of $460 million. The deal and the spinoff are expected to be completed on Oct. 31. The company says shares of Yum China will begin trading on the New York Stock Exchange the next day under the ticker “YUMC.” Read more


Clinton offers plan to prevent ‘excessive’ drug price hikes

DES MOINES, Iowa (AP) — Following the public outcry over steep increases in price for an emergency allergy treatment, Hillary Clinton is pledging to better protect patients from such costs. Clinton is rolling out a plan Friday designed to give the federal government more power to push back against what she calls “excessive unjustified costs” for medications that have long been on the market. In a statement, Clinton said that “all Americans deserve full access to the medications they need,” adding that she is “ready to hold drug companies accountable when they try to put profits ahead of patients, instead of back into research and innovation.” Read more


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