SAMSUNG CHAIRMAN PLANS TO QUIT

» The SEOUL, SOUTH KOREA chairman of Samsung Electronics Co.’s board of directors, who has been the public face of the company after its de facto chief was jailed on corruption charges, said Friday he will resign next year to make way for a new leader.

“As we are confronted with unprecedented crisis inside out, I believe that time has now come for the company to start anew, with a new spirit and young leadership to better respond to challenges arising in the rapidly changing IT industry,” Kwon Ohhyun, 65, said in a letter to employees.

Kwon plans to resign as head of Samsung’s semiconductor and component business and will not seek re-election on the company’s board when his term expires in March, Samsung said in a statement.

He has represented Samsung Electronics at various occasions since the company’s heir and vice chairman, Lee Jae-yong, 49, was jailed earlier this year. Lee was convicted on corruption charges to five years in prison in August, along with four other former Samsung executives.

Google to spend $1 billion to raise education levels.

Google says over the next five years it will spend $1 billion on nonprofit organizations helping to raise education levels around the world and commit its employees to a million hours of volunteer work doing the same.

CEO Sundar Pichai also unveiled a program called “Grow with Google” aimed at training Americans how to get jobs or grow their businesses. The program aims to outfit people with computer and entrepreneurial skills.

Michigan legislature bans local food taxes.

Local taxes on food and beverages would be banned pre-emptively in Michigan under legislation that is likely to be signed into law by Gov. Rick Snyder.

The Republican-led Legislature finished approving the bill Thursday. Business groups and others lobbying for the measure pointed to soda taxes in Philadelphia and the Chicago area as reason enough to move quickly.

Tesla recalls 11,000 Model X SUVs.

Tesla Inc. is recalling 11,000 Model X SUVs worldwide because their rear seats might not lock into place. The recall involves vehicles with foldflat second row seats made between Oct. 28, 2016, and Aug. 16, 2017. Tesla believes only about 3 percent of the recalled vehicles have the issue.

Mortgage rates rise.

Long-term mortgage rates rose for a second straight week as the average 30-year fixed mortgage rate increased to 3.91 percent, from 3.85 percent a week ago.

Mortgage buyer Freddie Mac says the 15-year home loan jumped to 3.21 percent, from 3.15 percent.

Child car seats recalled.

More than 500,000 child car seats made by a company called Diono are being recalled because they may not adequately protect children in a crash.

The recall covers the Radian R100, Radian R120, Radian RXT, Olympia, Pacifica, and Rainier convertible and booster seats. They were made from as early as January of 2014 to this September by Diono, which used to be called Sunshine Kids Juvenile. — The Associated Press