August home prices are sign of recovery
WASHINGTON – Home prices rose in August in nearly all U.S. cities, and many of the markets hit hardest during the crisis are starting to show sustained gains. The increases are the latest evidence of a steady housing recovery.
The Standard & Poor’s/Case Shiller index reported Tuesday that national home prices increased 2 percent in August compared with the same month a year ago. That’s the third straight increase and a faster pace than in July.
The report also said that prices rose in August from July in 19 of the 20 cities tracked by the index. Prices had risen in all 20 cities in the previous three months.
The S&P/Case-Shiller index covers roughly half of U.S. homes. It measures prices compared with those in January 2000 and creates a three-month moving average.
IBM adds $5 billion to stock buyback program
ARMONK, N.Y. – IBM says its board had added $5 billion to its stock buyback program, bringing the total buyback authorization to $11.7 billion.
The computer and consulting company last added to its buyback program in April, in the amount of $7 billion.
Newspaper circulation remains about same
NEW YORK – U.S. newspaper circulation was almost unchanged in the six months that ended in September as publications continued to make gains in digital editions, according to data from an industry group.
Average daily circulation for print and digital editions combined fell 0.2 percent for the 613 newspapers included in the semiannual study by the Audit Bureau of Circulations.
The Wall Street Journal kept its position as the No. 1 newspaper. Its average circulation grew 9.4 percent to 2.3 million.
Apple head leaving over lack of apology
NEW YORK – The head of Apple’s iPhone software development was asked to resign after he refused to sign a letter apologizing for the flaws of Apple’s mapping application, according to a published report.
The Wall Street Journal said Scott Forstall’s refusal was the latest clash between him and other executives and led to the company’s announcement Monday that he is stepping down and leaving the company next year.
Forstall’s unit was responsible for the Maps application, which was unfavorably compared to the Google Maps app it replaced.
Apple also announced the immediate departure of John Browett, a British retail executive who took over Apple’s stores in April.