Global Glance: Samsung issues quick fix for recalled Galaxy Note 7; Oil prices hit hard by reduced demand

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

Samsung’s quick fix for Galaxy Note 7 is no full recharge

SEOUL, South Korea (AP) — Samsung plans to issue a software update for its recalled Galaxy Note 7 smartphones that will prevent them from overheating by limiting battery recharges to 60 percent. The front page of the Seoul Shinmun, a South Korean newspaper, carried a Samsung advertisement on Tuesday announcing the software update for any users of the Note 7 who may be disregarding its recall notice and continuing to use the smartphone. “It is a measure to put consumer safety first but we apologize for causing inconvenience,” the advertisement by Samsung Electronics said. The update for South Korean users will start Sept. 20, it said. Read more

Oil prices hit hard by downward revision to global oil demand

LONDON (AP) — Oil prices took a pounding Tuesday after a leading industry group said global oil demand growth is slowing by more than previously thought, largely because of a more pronounced economic slowdown during the third quarter of the year. In its September oil market report, the Paris-based International Energy Agency reduced its forecast for global demand growth to 1.3 million barrels a day in 2016 – 100,000 below the previous forecast. And it also anticipates a further slowdown next year, down to 1.2 million barrels a day “as underlying macroeconomic conditions remain uncertain.” Read more

House on track to vote Thursday on impeaching IRS chief

WASHINGTON (AP) — Conservatives are pushing to force an election-season House vote on impeaching IRS chief John Koskinen, despite misgivings by many Republicans and solid Democratic opposition that means Congress lacks the votes to ultimately remove him from office. Some Republicans argue that an impeachment vote two months before elections risked irritating voters, while others said Koskinen deserved a full House Judiciary Committee probe before embarking on the seldom-used impeachment process. But pursuing the IRS is an issue dear to many conservative voters and Rep. John Fleming, R-La., a sponsor of the drive, said in an interview that the House should plunge ahead. Read more

China’s electric vehicle industry shaken by scandal

BEIJING (AP) — China’s booming electric vehicle industry, a flagship for Beijing’s technology ambitions, has been rocked by scandal after five companies were caught collecting millions of dollars in subsidies for buses they never made. The affair of the phantom buses has prompted questions about whether it might disrupt the ruling Communist Party’s financial support to an industry it is spending heavily to promote. The Finance Ministry says it has fined five manufacturers that fraudulently collected a total of more than 1 billion yuan ($120 million) in subsidies. The ministry said those were “typical examples,” suggesting there might be more. Read more

California expands already historic farm overtime policy

SACRAMENTO, Calif. (AP) — For the first time, farmworkers in California will soon be entitled to the same pay as other hourly workers after California’s governor signed an expansion of a labor policy. Gov. Jerry Brown’s announcement came decades after labor leader Cesar Chavez and the thousands of farmworkers he organized pushed officials to recognize the union of agricultural laborers. The legislation will require that farm employers pay workers one and one-half times regular wages pay after eight hours in a day or 40 hours in a week, rather than the rate enacted in 1975 of 10 hours in one day or 60 hours in a week. Read more

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