Afternoon Coffee: Samsung Recalls Fire-Prone Phones, Trade Extensions Gains Ground

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Samsung recalled all Galaxy 7 Note smartphones equipped with a certain battery that is prone to catching on fire, Reuters reports. The head of the South Korean company’s smartphone business said the recall will affect devices in South Korea and the U.S. but not China, where models feature a different battery. Reports did not indicate whether the issue stemmed from a supplier defect or the design of the phone itself.                      

Trade Extensions, which provides software for strategic sourcing and sourcing optimization, announced today it recorded 9% growth in the first half of 2016, with a 20% growth rate in the Americas specifically, according to a press release. The company said it now generates 80% of its revenue from repeatable subscription licenses.

The Wall Street Journal reports that Apple is grappling with disappointing iPhone sales by squeezing its suppliers for lower prices on parts. The move may help Apple paint a better earnings picture for analysts in the second half of the year, but suppliers including Foxxcon Technology Group, Catcher Technology and Advanced Semiconductor Engineering are expected to take a hit to profits, especially since Apple has multiple additional sources for the components those companies produce.

And finally, some jobs news for Labor Day weekend. The August jobs report did little to end uncertainty surrounding whether the Federal Reserve would raise interest rates in the near future, with hiring easing after two months of strong gains. Employers expanded their payrolls by 151,000 workers and average hourly earnings grew slightly, bringing the 12-month increase in wages to 2.4%

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