Global Glance: US retail sales rebound; SoftBank sets up technology fund

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

US retail sales rebounded 0.6 percent in September

WASHINGTON (AP) — U.S. shoppers upped their spending in September, with sharp increases in sales at auto dealers, restaurants and gas stations. Retail sales rose 0.6 percent in September, a rebound after sales slipped 0.2 percent in August, the Commerce Department said Friday. During the first nine months of the year, retail sales have increased 2.9 percent compared with 2015. Consumers are spending more eagerly as income gains have accelerated and the job market has steadily improved. The increased retail sales have offset the recent weaknesses in manufacturing and the broader struggles in growth worldwide. Read more

SoftBank sets up technology fund with $100 billion potential

TOKYO (AP) — Japanese telecommunications and internet company SoftBank Group Corp. is setting up a $25 billion private fund for technology investments with the potential to grow to $100 billion. The Tokyo-based company, the first carrier in this country to offer the Apple iPhone, said Friday the “SoftBank Vision Fund” is for global investments into the technology sector to accelerate SoftBank’s growth. SoftBank said it signed an agreement with a fund run by the government of Saudi Arabia and other investors, so the amount of money committed could grow. Read more

BRICS face their own challenges while meeting as a bloc

NEW DELHI (AP) — At a summit this weekend, the BRICS nations – Brazil, Russia, India, China and South Africa – will be looking for ways to boost trade between their developing economies, representing nearly half of the world’s population. But while they face similar challenges in lifting large populations of poor and protecting their environments, their economies have been slowing. Read more

Samsung Note 7 recall to cost at least $5.3 billion

SEOUL, South Korea (AP) — Samsung Electronics said Friday that the discontinuation of the Galaxy Note 7 would cost the company about $3 billion during the current and next quarters, bringing the total cost of the recall to at least $5.3 billion. The Note 7 discontinuation will cost in the mid-2 trillion won range during the October-December period and another 1 trillion won ($884 million) during the January-March quarter, the company said in a statement. Samsung already slashed its third-quarter profit forecast by $2.6 billion earlier this week, an amount that could wipe out its entire mobile business profit. Read more

Thai monarchy’s billions come from real estate, companies

BANGKOK (AP) — Thailand’s king, who died Thursday, was reputed to be the world’s richest royal and one of the wealthiest people on the planet. It was a status that clashed with the carefully managed image of a monarch intensely concerned for his people’s welfare and one that Thai authorities were always anxious to correct. But try as officials might, there was no escaping that Thailand’s monarchy, embodied for 70 years by King Bhumibol Adulyadej, was a fabulously wealthy institution in a country where the widening gap between an affluent Bangkok and a poor but well populated countryside fueled years of political conflict. Read more

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