Global Glance: Samsung stops Galaxy Note 7S production; Buffett responds to Trump on taxes

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

Samsung stops making Galaxy Note 7S as fresh problems emerge

SEOUL, South Korea (AP) — Samsung Electronics said Tuesday that it is discontinuing production of Galaxy Note 7 smartphones permanently, a day after stopping global sales of the ill-fated devices. The South Korean company said in a regulatory filing that it decided to stop manufacturing Note 7s for the sake of consumer safety. Samsung is struggling to regain consumer trust after a first round of recalls that prompted criticism both for the faulty devices and for the company’s handling of the problem. Read more


OPEC must enact cuts for sustained oil price, IEA says

PARIS (AP) — The International Energy Agency is urging OPEC countries to swiftly deliver on promised production cuts if they want to see a sustained increase in oil prices that will also help shore up their economies. In its monthly report Tuesday, the global watchdog said production from the Organization of the Petroleum Exporting Countries hit a record high in September of 33.64 million barrels a day. Iraq produced more oil than ever, while Libya reopened oil ports. Read more


Warren Buffett responds to Donald Trump’s tax comments

OMAHA, Neb. (AP) — Investor Warren Buffett says he’s never used the kind of tax deduction that Republican presidential candidate Donald Trump did, and Buffett says he’s paid taxes every year for 72 years. Buffett responded Monday to Trump’s comments during Sunday’s debate when Trump confirmed using a $916 million loss in 1995 to avoid paying federal income taxes. Buffett released details of his own taxes and reiterated his call for Trump to release his tax returns. The investor is a longtime supporter of Democratic candidate Hillary Clinton. Read more


Facebook launches ‘Workplace,’ a business version of Facebook

NEW YORK (AP) — You probably already use Facebook at work. Now, Facebook is creating a separate version aimed at helping you do actual work instead of catching up on baby photos and campaign chatter. Facebook is launching a communications tool on Monday for businesses, nonprofits and other organizations. Called Workplace, the platform is ad-free and not connected to users’ existing Facebook accounts. Instead, businesses sign up as an organization and pay a monthly fee based on the number of users. It’s free for nonprofits and educational institutions. Read more


WHO urges countries to raise taxes on sugary drinks

GENEVA (AP) — The U.N. health agency on Tuesday recommended that countries use tax policy to increase the price of sugary drinks like sodas, sport drinks and even 100-percent fruit juices as a way to fight obesity, diabetes and tooth decay. The World Health Organization, in a statement timed for World Obesity Day, said that the prevalence of obesity worldwide more than doubled between 1980 and 2014, when nearly 40 percent of people globally were overweight. Read more


US, Europe fray each other’s nerves with company crackdowns

FRANKFURT, Germany (AP) — The U.S. is looking for multibillion dollar penalties from Germany’s biggest bank and its biggest carmaker. The European Union is demanding similarly large sums from America’s most valuable tech company, Apple. Both sides of the Atlantic appear to have become emboldened to crack down on big companies that are found to have misbehaved. Some analysts say it’s a sign that governments, several of which have elections looming, are feeling political pressure to act against corporate wrongdoers. Read more


Dakota Access pipeline work to resume in protest area

BISMARCK, N.D. (AP) — The company building the four-state Dakota Access pipeline plans to resume construction on private land near Lake Oahe in North Dakota, where protests supporting tribal rights have endured for months. The statement early Tuesday from Texas-based Energy Transfer Partners comes in the wake of a federal appeals court ruling Sunday allowing construction to resume within 20 miles of the lake. The $3.8 million, 1,200-mile pipeline from North Dakota to Illinois is otherwise largely complete. Read more


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