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Samsung Electronics has announced a global recall of its flagship Galaxy Note 7 smartphone because of faulty batteries that could explode while being charged.

The quality issue is an unexpected blow for the South Korean technology company, which has had revived fortunes in the smartphone market after two tough years, driven by strong sales of Galaxy S7 phones. The company had hoped that the latest Note 7 would extend momentum in the second half.

Apple expects to pay billions of dollars of extra taxes in the US next year when it repatriates the offshore cash pile at the centre of its row with Brussels, the technology company’s chief executive said on Thursday. (FT)

In the news

China: the former EM darling For most of the past 15 years, China was a darling for emerging market investors as its demand for commodities lifted the economic fortunes of countries in Latin America, Africa and Asia. But now, as China struggles with the hangover from its debt-fuelled boom, fund managers are increasingly shunning Asia’s giant. (FT)

Melania Trump proceeds with Daily Mail lawsuit The wife of republican presidential candidate Donald Trump is proceeding with a lawsuit against the Daily Mail even after the newspaper agreed to retract its story. The lawsuit focuses on an August 20 Daily Mail story, which cited a Slovenian magazine’s report that a modelling agency, which employed Mrs Trump in the 1990s, had also served as an escort service, connecting some of its models with wealthy clients.(FT)

HP Enterprise seeks up to $10bn The US information technology company is seeking to put the disastrous $11bn acquisition of UK software company Autonomy behind it for good as part of a plan to shed its entire software division, according to people familiar with its plans. The group hopes to raise $8bn-$10bn from selling the unit, one person familiar with its thinking said, in the latest stripping back of what was once the most diversified technology conglomerate. (FT)

London’s grip on global FX trading hit by Asia London’s lead when it comes to global currencies trading is being eroded, with the UK capital’s market share dropping for the first time in more than a decade as trading tilts towards Asia. (FT)

Venezuelans protest against Maduro Hundreds of thousands of Venezuelan protesters flooded the streets of Caracas on Thursday to put pressure on the socialist government of President Nicolás Maduro to allow a recall referendum to remove him, amid a severe economic crisis and food shortages. (FT)

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It’s a big day for

US jobs The latest jobs report could end up playing an outsize role in market perceptions as to whether the Federal Reserve will deliver another interest rate increase in the coming weeks. (FT)

Europe and Turkey At an informal two-day meeting in Bratislava, EU foreign ministers will discuss current developments in Turkey and future prospects for EU-Turkish relations.

Food for thought

After Brexit, what’s next for the City of London? Thatcher’s reforms 30 years ago transformed London’s financial sector. Today the Brexit vote is set to cause a similar revolution, and might reinvent the City itself. (FT)

Pope Francis says destroying the environment is a sin Pope Francis has increased his calls for the world to do more to stop climate change. The pontiff proposes that caring for the environment be added to traditional Christian works of mercy such as feeding the hungry and visiting the sick. (Guardian)

Life after the iPhone All good things come to an end. With little to persuade most customers to trade in their old models for the latest handset, the iPhone is not expected to do much for Apple’s sales after a dip so far this year, and the group needs to find more ways to make money beyond its blockbuster product. (FT)

Global warming began earlier than we thought A recent study published in Nature uses paleoclimate records from the 1500s to show that industrial-era warming first became apparent in the northern hemisphere in the mid-1800s, suggesting that current models may underestimate the magnitude of human-caused climate change. (Ars Technica)

Hispanics and Trump: offend them at your peril For years, Republican strategists had urged the party to embrace Hispanics, arguing that they should be “natural allies” for conservatives. But Donald Trump has torpedoed their plans — will his rhetoric do long-term damage to his party’s efforts to woo Latinos? (FT)

Video of the day

The EU’s ad-blocking ban explained New EU telecoms rules mean that network-wide blocks on adverts by mobile phone companies will be outlawed. The FT explains what this means for mobile companies, consumers and other industries.

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