CNN BUSINESS | ‘Buy now, pay later’ is becoming a huge business

London (CNN Business) – Want to buy a new coat without shelling out the entire cost upfront? For shoppers, that’s becoming an increasingly popular payment option — generating a windfall for the handful of companies that facilitate such services.

What’s happening: Square, which owns the Cash App, announced Sunday that it’s buying Afterpay for $29 billion, the largest acquisition of an Australian company ever.

Meanwhile, Sweden’s Klarna raised money in June at a nearly $46 billion valuation. Affirm, a San Francisco company that went public earlier this year, is now valued at nearly $15 billion (and its stock is up 8% in premarket trading).

How it works: These companies partner with retailers like Target (TGT), H&M, Sephora, Macy’s (M) and ASOS (ASOMY) online or in stores to offer customers the option at checkout to pay in installments. That lets shoppers snap up a $200 handbag for the cost of just $50 initially without having to undergo a credit check. The remainder is paid off in chunks over the coming months, often without interest.  —read more—

CNN BUSINESS | Reese Witherspoon’s Hello Sunshine sold to new Blackstone-backed media company

New York (CNN Business) – Reese Witherspoon’s women-centric media company Hello Sunshine is being sold.

The media company has been behind several of the actress’ recent TV projects such as “Big Little Lies,” “Little Fires Everywhere” and “The Morning Show” as well as the film “Wild.” The business also includes Reese’s Book Club. Witherspoon launched the company in 2016 as a joint venture with AT&T (T). (CNN is a division of WarnerMedia, which is owned by AT&T.)

Hello Sunshine’s buyer is a new media company backed by private equity firm Blackstone and led by former Disney (DIS) executives Tom Staggs and Kevin Mayer. Witherspoon and Hello Sunshine’s existing senior management are staying on and will continue running the company. Witherspoon and CEO Sarah Harden also are joining the board of the new company, the name of which was not disclosed. Other terms of the deal were not disclosed.

“I couldn’t be more excited about what this means for our future,” Witherspoon said in a statement. ”  —read more—

F1 | Ocon beats Vettel to claim shock maiden victory in action-packed Hungarian Grand Prix

Alpine’s Esteban Ocon has claimed his maiden Formula 1 victory in what was without doubt one of the most thrilling Hungarian Grands Prix of all time, ahead of Aston Martin’s Sebastian Vettel – while Lewis Hamilton recovered from being last at one point to claim P3, as Max Verstappen could only take 10th after Lap 1 contact in a crash that triggered a red flag.

A wild and wet start to the Hungarian Grand Prix saw five drivers eliminated on the first lap, as Valtteri Bottas locked up and wiped out Lando Norris and Sergio Perez – as well as hitting Verstappen – while Lance Stroll also locked up and hit Charles Leclerc, who spun around Daniel Ricciardo, with Bottas, Perez, Norris, Stroll and Leclerc all forced into retirement as the race was red flagged.

Polesitter Hamilton had made it through unscathed, but Mercedes misjudged track conditions at the race restart, keeping Hamilton out for the standing start on intermediates as the entire rest of the field pitted for mediums, Hamilton forced to pit a lap later and dropping to the back of the pack.  —read more—

watch: Race Highlights | 2021 Hungarian Grand Prix

HGTV | 50 DIY Storage Solutions

Get your whole house in order with these easy-to-make organizers and storage solutions for every room. We’ve rounded up our best DIYs for your living room, kitchen, bedroom, home office and more.

View: The  Storage Solutions gallery.

F1 | QUALIFYING: Hamilton roars to Hungary pole, as Bottas denies Verstappen front-row start

Lewis Hamilton took his first pole position in seven races with a scintillating lap in Hungarian Grand Prix qualifying, locking out the front row with Mercedes team mate Valtteri Bottas as the Briton’s championship rival Max Verstappen had to settle for third.

The seven-time world champion got the job done on his first run in Q3, setting a lap that was three tenths of a second quicker than his Red Bull rival.

On the second runs, Hamilton got out of the garage first and ambled down the pit lane, keeping an eye on his mirrors with Verstappen close behind. He continued to cruise all the way to the pit exit and while he picked up the pace, his out lap was slow and bunched up the field.  —read more—

watch: Qualifying Highlights | 2021 Hungarian Grand Prix

CNN Opinion | Remembering the most important civil rights hero most Americans have never heard of

Bob Moses in 1964, speaking to civil rights workers during training for the Mississippi Project, an effort to register black voters.

(CNN) – Robert Parris Moses, who passed away this week at the age of 86, is the most important civil rights activist most Americans have never heard of. He died on what would have been the 80th birthday of Emmett Till, the Black boy lynched in 1955 whose open-casket funeral put the violence that defined Jim Crow Mississippi on national display.

Throughout his life, Moses shunned the limelight but, for a time during the first half of the 1960s, it came anyway. As the architect of Freedom Summer in 1964, Moses came to embody one of the Student Non-Violent Coordinating Committee’s (SNCC) most hopeful, enduring slogans: “Come, let us build a new world together.” Though historically Moses has not received the credit he deserved because he did not consciously seek the spotlight, the legacy of this giant was and is everywhere.  —read more—

CNN BUSINESS | The Porsche dynasty is taking on Jeff Bezos and Elon Musk in space

An impression of Isar Aerospace’s first generation “Spectrum” rocket traveling into the Earth’s orbit.

London (CNN Business) – Porsche SE, the family holding company that controls Volkswagen Group, is the latest big investor to bet on space’s crucial role in developing future technologies.

The company, controlled by the related Porsche and Piëch families that turned Volkswagen into a global powerhouse, on Wednesday unveiled an investment into Germany’s Isar Aerospace, a space startup attempting to rival Jeff Bezos’ Blue Origin and Elon Musk’s SpaceX with rocket production and satellite launch services.

While Blue Origin and SpaceX are backed by billionaires and already racing ahead with manned space missions, Isar Aerospace believes it can compete in the growing market for launching small satellites into Earth’s orbit. It’s planning its first test flight for next year.  —read more—

CNN health | Drinking a little each week protects your heart if you have a cardiovascular condition, study finds

(CNN) – If you are living with heart disease, having a small amount of alcohol each day is linked to a lower risk of having another heart attack, stroke, angina (heart pain because of constricted arteries) or an early death, according to a new large study.

“This is not the general population — the study applies to people who have already had something happen that relates to cardiovascular health,” said alcohol researcher Emmanuela Gakidou, who is senior director of organizational development and training at the Institute for Health Metrics and Evaluation at the University of Washington.

“And what they find is that if you continue to drink after you’ve had a cardiac event, it’s not that bad for you, as long as you keep consumption low,” said Gakidou, who was not involved with the study.  —read more—

CNN BUSINESS | Apple, Google and Microsoft made $57 billion last quarter

London (CNN Business) – A rapid shift to digitization due to Covid-19 has handsomely benefited the world’s biggest tech companies. Yet even as the pandemic eased, they still minted record sums of money.

What’s happening: Yesterday’s “Before the Bell” focused on how Tesla (TSLA) celebrated earning more than $1 billion last quarter. Amazon (AMZN), Google parent Alphabet (GOOGL) and Microsoft (MSFT) just announced that they netted a combined $57 billion in profit during the same period.

“That level of profitability at the current scale is difficult to comprehend,” Bespoke Investment Group said of Apple’s $21.7 billion haul in a note to clients.

Google, which earned $18.5 billion, continued to be fueled by massive demand for online advertising as consumers spent more time shopping on their phones and laptops.  —read more—

CNN BUSINESS | A surprising tech company could be next to join the Dow

New York (CNN Business) – Chip giant Nvidia is the ninth-most valuable company in the S&P 500. With a market capitalization of almost $500 billion, the company is now worth nearly as much as semiconductor rivals Intel, Advanced Micro Devices and Qualcomm — combined. Could Nvidia soon wind up listed on the venerable Dow, too?

There’s a strong case to be made for Nvidia (NVDA) joining the Dow Jones Industrial Average, the most famous of market barometers. In fact, one could argue that Nvidia might be a better fit than current chip king Intel (INTC) or stodgy tech giant IBM (IBM).

To be sure, the chip maker’s annual sales still pale in comparison to Intel or IBM, which are both expected to generate more than $70 billion in revenue this year. But Nvidia’s revenue forecast of about $25 billion for this fiscal year isn’t too shabby.  —read more—