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Home sales reach a 14-year high in August, with prices hitting a new record | CNN BUSINESS

CNN BUSINESS | Home sales reach a 14-year high in August, with prices hitting a new record

Home sales surged to a 14-year high in August as record low interest rates brought homebuyers out in droves and pushed prices to a new record high.

Existing home sales — which includes sales of single-family homes, townhomes, condominiums and co-ops — were up 2.4% in August from July, to a seasonally-adjusted annual rate of 6 million transactions, according to the National Association of Realtors. That was a 10.5% increase from the year before and the highest level since December 2006.  —more— 

Commercial real estate flounders as housing market booms | CNN BUSINESS

CNN BUSINESS | Commercial real estate flounders as housing market booms

New York (CNN Business) – The housing market is red hot thanks to record-low mortgage rates and consumers looking to flee cities for the suburbs. But offices, shopping malls and other commercial real estate properties have been hit hard by the coronavirus pandemic.

The rise of Zoom (ZM), Slack (WORK) and other productivity tools has made it easier for people to set up home offices and still get their jobs done. Meanwhile, Amazon (AMZN) and other digital retailers are flourishing amid the Covid-19 pandemic as the shift from bricks to clicks has accelerated.

“There will likely be less demand for commercial real estate due to the rising popularity of online shopping and working from home,” said Ivy Investments global economist Derek Hamilton in an e-mail.  —more— 

Fed pledges to keep interest rates near zero for years | CNN BUSINESS

CNN BUSINESS | Fed pledges to keep interest rates near zero for years

New York (CNN Business) – The Federal Reserve committed Wednesday to do more to help the US economic recovery, promising more asset purchases and lower interest rates for even longer than it previously expected.

The Federal funds rate remained unchanged at zero to a quarter percentage point, and will stay there until America’s labor market has recovered “consistent with the Committee’s assessments of maximum employment” and the inflation rate has risen to 2%, and is on track to exceed that level for some time.

Given the country is still down 11.5 million jobs since February and the consumer price inflation rate over the past 12 months stood at 1.3% last month, this seems like a long way off.  —more— 

SoftBank is selling British chipmaker ARM to Nvidia for $40 billion | CNN BUSINESS

CNN BUSINESS | SoftBank is selling British chipmaker ARM to Nvidia for $40 billion

Hong Kong (CNN Business) Nvidia is buying British chipmaker ARM from SoftBank for as much as $40 billion — a total that would make it the largest semiconductor deal ever. The agreement, announced Sunday, will be financed through a mix of cash and stock, the companies said in a joint statement.

The move would allow Nvidia (NVDA) — which mainly makes graphics processors for computer games and self-driving cars — to become an industry leader across more connected devices, including smartphones, PCs, robotics and 5G, CEO Jensen Huang wrote in a letter to employees Sunday.  —more— 

Lewis Hamilton evokes Breonna Taylor at Grand Prix win | CNN Sports

CNN Sports | Lewis Hamilton evokes Breonna Taylor at Grand Prix win

(CNN) – Lewis Hamilton wore a T-shirt remembering Breonna Taylor on the six-month anniversary of her death when he took to the victory podium Sunday after winning the Tuscan Grand Prix at Mugello, Italy.

The six-time Formula One champion’s shirt had “ARREST THE COPS WHO KILLED BREONNA TAYLOR” written on the front and “SAY HER NAME” above a photo of Taylor on the back. He wore the shirt before the race and at the podium ceremony.  —more—

Hamilton says ‘heart-racing’ Tuscan GP was like 3 races in one day | F1

F1 | Hamilton says ‘heart-racing’ Tuscan GP was like 3 races in one day

Lewis Hamilton says he was pushed to the limit in a “really, really hard” Tuscan Grand Prix that included two red flags and three standing starts, and left his heart pounding as he secured a 90th career victory, his 69th for Mercedes.

“It was all a bit of a daze, it’s like three races in one day,” said Hamilton after the race at Mugello that lasted nearly two hours and 20 minutes.  —more— 

Qualifying report: Hamilton pips Bottas to Tuscan GP pole as Leclerc takes fifth | F1

F1 | Qualifying report: Hamilton pips Bottas to Tuscan GP pole as Leclerc takes fifth

Valtteri Bottas had led the way through practice, but Mercedes team mate Lewis Hamilton got the job done when it counted as he snatched pole for the inaugural Tuscan Grand Prix at Mugello…

Hamilton spent much of practice getting comfortable with the new track, nestled in the Tuscan hills, rather than chasing outright lap time. It was Bottas that led the way after Q1, but there was a few hundredths that separated them, and Hamilton then ramped it up in Q2 to lead a session for the first time during the weekend.  —more— 

What Android gets right that the iPhone gets so wrong | CNN Business

CNN Business | What Android gets right that the iPhone gets so wrong

New York (CNN Business)It’s hard to find a better smartphone than the iPhone. It’s beautiful, it’s fast, it’s easy to use and as Steve Jobs would say, “It just works.” But Android is no slouch, and it gets one crucial feature so right — and it’s a feature that Apple keeps screwing up.

Android is just better at notifications.

And this week, Google (GOOGL) widened the gap between Android and iOS when it introduced Android 11. The new smartphone operating system makes the most annoying, intrusive thing about your phone easier to manage.  —more— 

Home Depot cancels Black Friday | CNN Business

CNN Business | Home Depot cancels Black Friday

New York (CNN)Black Friday as you know it is gone this year at Home Depot.

But don’t fret. The home improvement retailer said it’s just taking a different approach to the annual one-day deep discounts bonanza that occurs the day after Thanksgiving.

Instead of a single day, Home Depot (HD) said it will offer Black Friday discounts for two months, beginning in early November through December.  —more— 

Gasly beats Sainz to maiden win in Monza thriller, as Hamilton recovers to P7 after penalty | F1

F1 | Gasly beats Sainz to maiden win in Monza thriller, as Hamilton recovers to P7 after penalty

An incredible 2020 Italian Grand Prix saw AlphaTauri’s Pierre Gasly claim a maiden Formula 1 win from the McLaren of Carlos Sainz and the Racing Point of Lance Stroll, as a transgression under the Safety Car saw polesitter Mercedes’ Lewis Hamilton forced to serve a 10-second stop/go penalty, leaving him seventh at the flag.

The race was turned on its head by a Safety Car brought out as Kevin Magnussen’s stricken Haas had to be recovered. But with Hamilton diving into the pit lane when it was closed (as did Alfa Romeo’s Antonio Giovinazzi), he was handed his penalty – which he served after the race was restarted on Lap 28 of 53, following a 25-minute red flag period after Charles Leclerc crashed heavily at the Parabolica.  —more— 

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