Millions of homeowners could refinance and save big

NEW YORK (CNNMoney)

Nearly one in five homeowners who are behind on their mortgage payments have loans with interest rates of 8% and higher -- nearly double today's rates of around 4%, according to nonprofit community development group NeighborWorks America.

The government recently launched a campaign to convince those most at risk to take the leap. According to the Federal Housing Finance Agency, nearly 770,000 homeowners are eligible for cheaper loans through its Home Affordable Refinance Program. Refinancing through that program could save homeowners an average of $200 a month, or $2,400 a year, the agency said.

Even homeowners who aren't struggling to make payments could benefit. Overall, there are 7.4 million mortgage borrowers in the U.S. with rates of 4.5% or higher who could qualify for -- and benefit from -- refinancing their mortgages, according to Black Knight Financial Services, a mortgage analytics company.

Quiz: How much do you know about mortgages?

So why haven't homeowners acted?

It's a combination of procrastination and fear, according to study from the University of Chicago and Brigham Young University.

"Deciding to refinance is a complex decision," said University of Chicago professor Benjamin Keys, one of the authors of the study.

Related: 10 hottest housing markets for 2025

Many borrowers have heard horror stories from friends and neighbors who refinanced in the past, sometimes into predatory loans, he said.

Some borrowers who tried to refinance found the process "time consuming and confusing," said Jeanne Fekade-Sellassie, a senior vice president for NeighborWorks. "Others don't believe they qualify."

For borrowers who manage to make their payments, status quo seems to be working, so why risk change?

And then there are distressed borrowers who have been in and out of default for years, meeting with harried foreclosure counselors, dealing with unsympathetic lenders, compiling paperwork over and over. All of this to save homes that may be worth a lot less than the amount the borrowers owe.

Related: Best cities for millennial home buyers

Still, no matter how difficult the process, the savings can be worth the headache.

At 4%, borrowers who have a 30-year fixed-rate mortgage with a $200,000 balance would save more than $300 a month, compared with someone who has the same loan at a 6.5% rate. For those who are currently paying 8%, the savings comes to more than $500 a month.

Keys said the huge savings from refinancing may sound too good to be true to some. But the savings are real.

"It's a real shame if people miss out on the opportunity," he said.

First Published: December 30, 2014: 5:26 PM ET

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The only funds you need in your portfolio now

NEW YORK (CNNMoney)

A lot of people have the mistaken impression that to successfully invest for retirement you've got to assemble a portfolio of at least a half dozen or more mutual funds or ETFs.

That's nonsense.

The number of funds you own isn't nearly as important as the types of securities your funds own. And if you choose funds that hold a broad range of stocks and bonds and work in synch with each other, you can put together a well-diversified portfolio with two or three funds, or in some cases, just one.

Of course, some advisers will suggest that you're missing out unless you spread your money among all manner of exotic investments (which they're more than happy to sell you). But the more complicated your portfolio is, the more expensive and more prone to blow-ups it's likely to be -- which also increases the odds that it will generate subpar returns.

Related: Get your portfolio ready for 2015 and beyond

Which is why I suggest that as you review your investment strategy for the New Year and beyond, you consider a streamlined approach that allows you to get by with lower fees and fewer funds.

How few? Below you'll find my recommendations for three simple but effective diversified retirement portfolios consisting of three funds or less.

THE THREE-FUND DIVERSIFIED PORTFOLIO

To create this portfolio, simply invest in the following three funds (or their ETF equivalents): a total U.S. stock market fund, a total international stock market fund and a total U.S bond market fund.

Do that, and you'll gain exposure to virtually every type of publicly traded stock in the world (large and small, growth and value, domestic and foreign, all industries and sectors), as well as the entire U.S. investment-grade taxable bond market (short- to long-term maturities, corporates, Treasuries and mortgage-backed issues).

You can buy such funds and ETFs directly from any number of investment firms, including biggies like Fidelity, Schwab and Vanguard, all of which sell their own funds and ETFs or those of other firms, such as iShares, or both. If you're working with an adviser, he or she can buy these funds on your behalf.

Related: The best way to invest for retirement income

The annual fee you'll pay will vary depending on which firm's funds or ETFs you choose. (If you go with ETFs, you may also incur a brokerage charge, although several firms are currently waiving commissions and transaction fees on at least some ETFs.)

But you should easily be able to assemble a portfolio for an annual fee of 0.20%, or $20 per $10,000 invested, if not less. If you invest through an adviser, he or she will charge a separate fee.

THE TWO-FUND DIVERSIFIED PORTFOLIO

This portfolio is identical to the one above, except for one difference: it skips the total international stock fund.

Some pros may argue that jettisoning foreign stocks makes no sense, especially since we live in such a global world. But others, including Vanguard founder and low-fee zealot Jack Bogle, argue that you can get along fine without international shares.

I'm agnostic on this issue. Diversifying internationally should typically make your portfolio a bit less volatile since foreign markets don't always move in synch with U.S. stocks. But holding foreign shares isn't likely to offer shelter during major meltdowns, as virtually all markets move together in times of extreme duress.

If for whatever reason you're antsy about owning foreign shares or you just like to keep it simple by sticking to domestic equities, I don't think going with a USA-all-the-way portfolio is going to interfere with you achieving your goals.

THE ONE-FUND DIVERSIFIED PORTFOLIO

If you really don't want to be bothered putting together a portfolio, then a target-date retirement fund may be the solution. You choose a fund with a target year that roughly corresponds to the year you plan to retire (2015, 2020, 2025, whatever) and you get a ready-made mix of domestic and foreign stock and bond funds suitable for someone your age.

What's more, the fund automatically follows a "glide path," shifting into bonds each year and becoming more conservative as you approach and enter retirement.

You may end up paying a slightly higher annual fee for this portfolio-in-a-fund than you would by putting together the two- or three-fund portfolio option above. But you should easily be able to keep your annual expenses below 1% a year. And if you go for an all-index-fund target fund like Vanguard's, you'll pay less than 0.20% annually.

Related: Ditch the "Number" and find a realistic retirement savings goal

If you go with the two- or three-fund portfolio, you'll also have to decide how to divvy up your money between stocks and bonds. That's largely a matter of balancing your appetite for risk (which you can determine by completing a risk tolerance questionnaire) against the size returns you'll need to build an adequate nest egg or, if you're already retired, assure that your savings will sustain you throughout retirement. By plugging different blends of stocks and bonds (as well as different spending rates) into this retirement income calculator, you can get a good sense of which mix is right for you.

Since stocks and bonds typically don't deliver identical returns from year to year, you may have to rebalance your two- or three-fund portfolio to restore it to the right mix. Every few years or so, you may also want to reassess your risk tolerance and goals, just to make sure you're still okay with whatever stocks-bonds mix you originally set.

But aside from this sort of routine maintenance, you really don't need to do much with any of these portfolios. Just sit back and reap the benefits of the broad diversification each has to offer.

Walter Updegrave is the editor of RealDealRetirement.com. If you have a question on retirement or investing that you would like Walter to answer online, send it to him at walter@realdealretirement.com.

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First Published: December 30, 2014: 5:31 PM ET

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Crippling hack forced Sony to use old BlackBerrys

NEW YORK (CNNMoney)

Executives also used the tried-and-true tactic for relaying messages: a phone tree.

CEO Michael Lynton told the Wall Street Journal Tuesday that it took him more than a day to fully understand the severity of the attack.

It was crippling.

Hackers stole troves of data, leaking movies and internal documents exposing private company memos, along with employees' salaries, Social Security numbers and health information.

Plus, the company's entire computer system was down during the week of Thanksgiving. Here's some of the ways workers coped, a Sony spokesman told CNNMoney:

• Execs set up a phone tree, so they could update each other about the hack. One person would relay the message to the next person on the "tree."

• Employees used personal cellphones, Gmail accounts and notepads.

• Paychecks were cut manually.

• Old BlackBerrys, which operate on a different server, were revived to send emails.

The FBI has presented evidence that North Korea was behind the hack. It came just before Sony was about to release "The Interview," a comedy about a plot to kill North Korean leader Kim Jong-Un.

But some security experts hackers and people familiar with Sony's computer networks aren't so sure it was North Korea that pulled it off.

Related: What we know about the Sony hack

First Published: December 30, 2014: 8:34 PM ET

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Newsweek finds Christianity again with its latest cover

NEW YORK (CNNMoney)

But religious-themed cover stories have long been a hallmark of the publication, and Jesus, in particular, has been a recurring figure.

Before the turn of the century, the magazine explored "2000 Years of Jesus."

When Mel Gibson's "The Passion of the Christ" was at the center of the national conversation in 2004, former editor Jon Meacham asked, "Who Killed Jesus?"

Around Christmas time that year, Newsweek's cover story analyzed the "birth of Jesus."

During the Easter season in 2005, Meacham, no stranger to divinity studies, penned a cover story titled, "How Jesus Became Christ: From Resurrection to the Rise."

Jesus continued His familiar place on Newsweek's covers under the leadership of former editor-in-chief Tina Brown, appearing on three covers in 2012 alone.

One of them, by the blogger Andrew Sullivan urged readers to "Forget The Church" and "Follow Jesus" in a cover story that featured an indelible shot of the Messiah dressed as a twenty-something - or "Hipster Jesus" as the Atlantic Wire described it.

Newsweek's cover archives only go back to the beginning of 2013, but the prevalence of the Jesus-centric covers has been preserved by other outlets, including the now-shuttered Atlantic Wire.

Rival magazine TIME has earned a similar reputation, with many past covers years closely paralleling Newsweek's. But like Newsweek, Time ran only one cover story on Christian themes in 2014: an April issue featuring an interview with Pastor Barbara Brown Taylor.

Other Christian figures show up on newsstands, too. The Virgin Mary has appeared on Newsweek's cover multiple times, and Mary Magdalene actually made the cover in 2003 and again in 2006, each story piggybacking on the blockbuster novel-turned-blockbuster movie "The Da Vinci Code."

What's united many of Newsweek's covers is the perception that they're motivated not by news value, but by magazine sales.

Pastor Rick Warren was one of many to accuse Newsweek's editors of cynical intentions when he took aim at Sullivan's piece in 2012. "I think it's disingenuous that magazines like 'Newsweek' know that their circulation goes up at Christmas and Easter if they put a spiritual issue on the cover, but it's always bait and switch," Warren told CNN's Jake Tapper, then with ABC News.

Rick Edmonds, a media business analyst at the Poynter Institute, offered a similar explanation.

"The short answer is that those articles typically get a good response and they sell very well," Edmonds told CNNMoney on Monday.

And while he said those covers aren't necessarily the most "newsy," Edmonds did say that the stories often tackle issues typically untouched by mainstream newspapers and television outlets.

Newsweek's latest cover story, by Kurt Eichenwald and published online the day before Christmas Eve, continues that tradition. It is headlined "The Bible: So Misunderstood it's a Sin," and calls out"God's frauds, cafeteria Christians who pick and choose which Bible verses they heed with less care than they exercise in selecting side orders for lunch."

Critics have contended that Eichenwald was out of his depth. RedState editor-in-chief Erick Erickson, who enrolled in seminary earlier this year, said that Eichenwald "displays staggering ignorance to attack Christianity."

Michael B. Dougherty, a senior correspondent for The Week, engaged in an extended back-and-forth on Twitter with Eichenwald on Christmas Day.

Eichenwald's polemic was bound to spur a dialogue (if not controversy) and, like previous Newsweek stories of that ilk, that appears to be the point. But Newsweek editor-in-chief James Impoco disputes the notion that the latest cover resembles previous issues.

"Seems you can't have it both ways -- accusing us of pandering for sales and stirring controversy," Impoco told CNNMoney in an email on Monday. "It's plain silly to put Kurt's examination of The Bible in the same category as a 90s style newsweekly Jesus cover. We were very aware of the cliche. In case you haven't noticed, The Bible is news."

First Published: December 29, 2014: 5:23 PM ET

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Why is United Airlines suing a 22-year-old?

22-year-old Aktarer Zaman founded Skiplagged.com last year.

NEW YORK (CNNMoney)

United Airlines (UAL) and Orbitz (OWW) filed a civil lawsuit last month against 22-year-old Aktarer Zaman, who founded the website Skiplagged.com last year.

The site helps travelers find cheap flights by using a strategy called "hidden city" ticketing.

The idea is that you buy an airline ticket that has a layover at your actual destination. Say you want to fly from New York to San Francisco -- you actually book a flight from New York to Lake Tahoe with a layover in San Francisco and get off there, without bothering to take the last leg of the flight.

Related: Airlines get $1 billion from baggage fees

This travel strategy only works if you book a one-way flight with no checked bags (they would have landed in Lake Tahoe).

It's not like these tickets are the cheapest all the time, but they often are.

In the lawsuit, United and Orbitz call Skiplagged "unfair competition" and allege that it is promoting "strictly prohibited" travel. They want to recoup $75,000 in lost revenue from Zaman.

Zaman said he knew a lawsuit was inevitable but he points out that there's nothing illegal about his web site.

He also said he has made no profit via the website and that all he's done is help travelers get the best prices by exposing an "inefficiency" in airline prices that insiders have known about for decades.

"[Hidden city ticketing] have been around for a while, it just hasn't been very accessible to consumers," Zaman told CNNMoney.

Related: 6 products to keep the skies friendly

Indeed, "hidden city," ticketing is no secret among frequent fliers, said Michael Boyd, President of Boyd Group International, an aviation consulting firm in Evergreen, Co. Boyd worked as an American Airline (AAL)ticket agent 30 years ago, and says he was trained at the airline to help customers find "hidden city" fares.

"I don't think it's illegal what he's doing," Boyd said. But lawsuits are expensive and it could end up costing the young entrepreneur who has irked the two billion dollar corporations.

Airlines usually offer cheaper fares for some destinations that are not regional hubs, Boyd said. Many of these flights are routed through more popular destinations. But if a lot of people take advantage of that discrepancy it could hurt the airlines, which is why they want to shut him down.

Related: 10 vacation experiences of a lifetime

Born in Bangladesh, Zaman grew up in Brooklyn, N.Y., and graduated with a bachelor's degree in computer science at age 20 from Rensselaer Polytechnic Institute. He lives in Manhattan and works at a technology start-up that he declined to name.

Zaman said Skiplagged is just a "side project."

Zaman and United declined to discuss the lawsuit. Orbitz said in a statement that it is obligated to uphold airline fare rules.

Other travel experts say that the airlines may not achieve much if Zaman's site is shut down, especially in a world where information is becoming more readily available.

"If [Skiplagged is] shut down, undoubtedly there will be other people to come along to scrape fares and make them available," said Robert Mann, president of R.W. Mann & Company, an airline consulting firm in Port Washington, N.Y.

First Published: December 29, 2014: 4:39 PM ET

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Wealthy Russians aren't buying U.S. homes anymore

NEW YORK (CNNMoney)

Deep-pocketed Russian buyers have been disappearing since last spring when international sanctions were imposed on Russia.

Over the past few years, Russian buyers have been responsible for some of the flashiest purchases in New York, according to Gabby Warshawer, research director for CityRealty, a website specializing in New York City sales.

Among them: the record breaking $88 million purchase of a Central Park West condo by Ekaterina Rybolovlev, the daughter of billionaire Dmitry Rybolovlev; composer, Igor Krutoy's $48 million purchase of a duplex in the Plaza Hotel and the $38 million purchase of an apartment in Time Warner Center by businessman, Andrei Vavilov.

"This year, we haven't seen any of those chart-topping sales," said Warshawer.

Related: New York's most expensive rental costs $500,000 a month

Russian buyers were driving the ultra-high-end market in Florida as well, according to Danny Hertzberg, a Coldwell Banker agent with The Jills Group in Miami Beach.

The most expensive sale in Miami's history was a home that sold for $47 million in 2012 to an unidentified Russian buyer. But even that paled in comparison to the $95 million sale of Donald Trump's Palm Beach palace in 2010 to Dmitry Rybolovlev, the father of Ekaterina, the woman who bought that $88 million condo on Central Park West.

Donald Trump's Maison de l'Amitie in Palm Beach, Fla. sold to Dmitry Rybolovlev in a record-breaking deal.

Last spring, however, all of those deep-pocketed Russians seemed to disappear, said Hertzberg.

"It felt like it changed almost overnight," he said.

Related: 10 least affordable rental markets

The big drop off occurred right after the Russian government tightened its currency restrictions, making it difficult for Russian nationals to move large sums of money out of the country. It's now even getting to be a challenge for some to transfer the small amounts of cash they need to pay real estate taxes and maintenance costs, Hertzberg said.

It's difficult to know just how much of an impact the pullout of Russian buyers will have on markets like New York, said Warshawer. Not only do fair housing laws make it almost impossible to accurately track a buyer's nationality, but the buyer's identity may also be concealed since many of the most expensive properties get bought and sold through middle men and limited liability companies.

However, New York appraiser Jonathan Miller, of Miller Samuel, isn't too concerned.

Related: New York's multi-million dollar condo sales keep soaring

"I kept hearing about Russians dominating New York's high-end market but they never really did," he said. "They just had the highest profiles."

But Hertzberg notes, the Russian buyers play another role, too. Like many other foreign clients, they were much more bullish on the U.S. real estate market during the housing bust than Americans were.

"Russians were willing to go well beyond what others would pay for trophy properties," said Hertzberg.

He thinks the rich Russian buyers will come back quickly if they can find a way to extract their wealth from the mother country.

"I hear from some Russian clients that the decline of the ruble has made them even more eager to buy here," he said.

First Published: December 29, 2014: 5:53 PM ET

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AirAsia CEO takes to Twitter fast in wake of tragedy

Tony Fernandes, CEO of AirAsia.

(CNNMoney)

"This is my worse nightmare," CEO Tony Fernandes posted on Twitter as a search and rescue operation was underway. "My only thought(s) are with the (passengers) and my crew. We put our hope in the SAR operation and thank the Indonesia, Singapore and Malaysian governments," he wrote, referring to the search-and-rescue effort in the Java Sea along well-trafficked shipping routes.

That was one of a dozen tweets Fernandes sent or retweeted in the first 12 hours after Flight 8501 lost contact with air traffic controllers. The Airbus A320-200 was headed to Singapore from Indonesia with 162 on board, the airline said.

The posts were retweeted tens of thousands of times. Meanwhile, hashtags like "#AirAsia" and "#QZ8501," the flight's aviation code name, trended worldwide.

The CEO's messages were aimed at families of the passengers, his staff and the public.

"I as your group ceo will be there through these hard times. We will go through this terrible ordeal together and I will try to see as many of you," Fernandes wrote.

"Our priority is looking after all the next of Kin for my staff and (passengers). We will do whatever we can. We continue to pass information (as) it comes."

He called his team "all stars" and urged them to "be strong, continue to be the best. Pray hard. Continue to do your best for all our guests. See u all soon."

"I am touched by the massive show of support especially from my fellow airlines. This is my worse nightmare. But there is no stopping," he wrote.

The airline's official social media account responded, too. It posted regular updates to Twitter and Facebook. AirAsia changed its logo on social media from red to grey.

Fernandes has been with the company since its earliest days. In 2001, he and several partners bought an unprofitable air travel company -- it owned just two planes -- and turned it around, according to his company biography.

AirAsia's approach was in contrast to the way Malaysia Airlines handled the disappearance of its Flight 370 earlier this year. Malaysia Airlines was criticized by the passengers' families, who said they were given little information, and that some of what they were told was false.

Both companies are based in Malaysia.

--CNN's Yousuf Basil contributed to this report

First Published: December 28, 2014: 11:53 AM ET

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PlayStation Network back up after a cyberattack

(CNNMoney)

"PlayStation Network and some other gaming services were attacked over the holidays with artificially high levels of traffic designed to disrupt connectivity and online gameplay," wrote Catherine Jensen, a vice president at Sony Entertainment, in an online post.

The FBI is investigating the outage, said agency spokeswoman Jenny Shearer.

Sony (SNE) said PSN for the PlayStation 4, PlayStation 3 and PS Vita have been restored.

PSN connectivity has been spotty since initial outages on Christmas Eve.

By using the word "attack," the company indicated the outage was not simply the result of increased network volume or issues with new consoles.

"If you received a PlayStation console over the holidays and have been unable to log onto the network, know that this problem is temporary and is not caused by your game console," Jensen said.

Related: What we know about the massive Sony Pictures breach

A group of hackers who go by Lizard Squad claimed responsibility for the attack. CNNMoney can not independently verify their claims or identities.

The group claimed responsibility for a similar strike in August.

Sony's PSN wasn't the only gaming system outage. Microsoft (MSFT, Tech30)'s Xbox Live network also suffered connectivity issues, though the company said "we don't share info on the root cause of specific issues" and did not blame a cyberattack.

--CNN's Kevin Conlon contributed to this report.

Related: How PlayStation celebrated its 20th birthday

First Published: December 28, 2014: 10:18 AM ET

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'The Interview': $15 million, 2 million streams

NEW YORK (CNNMoney)

Sony Pictures said Sunday that the scandalous Seth Rogen comedy was "rented or purchased online more than 2 million times" between Wednesday, when it was released, and Saturday.

The totals do not include Sunday, when Rogen and others held a live-tweet session to further promote online streams of the movie.

"Total consumer spending through Saturday for The Interview online is over $15 million," Sony said in a statement. Earlier, studio executives would only say that rental numbers were strong.

That's far more than the movie made in theaters -- despite sold out showings in a patchwork of theaters across the country. Through Sunday, "The Interview" is expected to make about $2.8 million at the 331 independently-owned theaters that have been showing it since Christmas Day.

This is about in line with industry expectations. Had it opened in the 2,000 to 3,000 theaters it was originally scheduled to be in, the movie would have made far more. But security fears scuttled that release two weeks ago and led to a hybrid in-theater and at-home release plan.

That's how Sony (SNE) un-canceled the movie last week, with the help of independent theaters and online stores like Google (GOOG)'s YouTube. (Some of the big theater chains would have considered showing the movie, but they objected to online distribution while the movie was in theaters.)

To put the sales figures so far in context, the movie's budget was about $44 million, and that does not include any of the marketing costs.

In other words, Sony still has a long way to recoup its costs. But it determined that announcing the online sales figures would bolster its decision to release the movie online and would generate further interest in renting.

Sony did not break out how many of the two million were rentals and how many were sales. It's also not clear exactly what kind of deals Sony cut with its online partners, but most of the revenue will likely go to the studio.

A source with knowledge of the arrangement said most of the digital sales were made through Google's YouTube and Google Play.

The results may be a glimpse of Hollywood's future. Studios aren't going to abandon theaters en masse -- far from it. Studios and theater chains generally have a mutually beneficial relationship.

But analysts say that digital distribution will gradually, almost inevitably, become more important to the studios over time.

Related: Watching 'The Interview' online was absurdly amusing

In addition to YouTube and Google Play, the movie was initially available through Microsoft (MSFT, Tech30)'s Xbox video store and a dedicated Sony web site.

At 1 p.m. Sunday, it was also made available through Apple's iTunes store, a development first reported by Re/code. Rental through iTunes costs $5.99, the same price as through the other sites.

The addition of Apple (AAPL, Tech30) is noteworthy because an earlier distribution deal between Apple and Sony fell apart last week.

"The Interview" is still not available through Sony's PlayStation video store. The PlayStation Network has been plagued by an apparently unrelated outage in recent days.

Related: You won't get hacked by streaming 'The Interview' online

And to encourage more rentals of the movie, Rogen, his co-star James Franco and co-director Evan Goldberg held the live-tweet session Sunday afternoon. It was a twist on the notion of "social TV."

One Twitter executive dubbed the social networking site "the world's biggest movie theater." The site has been promoting the live-tweeting session extensively.

In a statement about the weekend box office numbers, Rogen said, "The fact that people actually left their houses when they had the option of staying home is amazing."

Related: What we know about the Sony Pictures hack

First Published: December 28, 2014: 2:37 PM ET

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New York City may ban Styrofoam cups

At issue in NYC is whether polystyrene, commonly known as Styrofoam, can be effectively recycled in a way that doesn't cost too much.

NEW YORK (CNNMoney)

Currently, most Styrofoam products used in the city end up in landfills.

At issue now is whether polystyrene, commonly known as Styrofoam, can be effectively recycled in a way that doesn't cost too much.

New York passed a law last year restricting the sale and use of cups, food containers and packing materials made out of polystyrene. It will apply to restaurants, coffee shops, food carts and various other establishments.

But the ban was put on hold to first give manufacturers and the city time to see if they can come up with a way to recycle the material.

If the city deems polystyrene recyclable, it will begin processing it at a recycling facility in Brooklyn.

If it decides it cannot be recycled, the ban is expected to go into effect in July.

A decision is expected soon.

A ban would put New York City in the same league as San Francisco, Seattle, San Jose and Portland, all of which have restrictions on Styrofoam containers.

Related: California bans plastic grocery bags

Dart Container, one of the leading makers of foam cups, counters that polystyrene can be recycled in an economically feasible and environmentally effective way.

Dart has proposed a plan that would guarantee that all of New York's foam products will be recycled for the next five years -- at no cost to city, according to a statement from Michael Westerfield, the company's director of recycling.

Westerfield added that businesses stand to gain "millions in revenue" by recycling polystyrene, though he did not elaborate on how the proposal would be funded.

Related: How green is your state?

However, critics disagree that recycling is a good option.

A study by the Natural Resources Defense Council found that there is no safe and cost-effective way to recycle polystyrene and that a ban is the only option.

In 2013, San Jose, California, found that polystyrene cannot be recycled because of its low market value and the risk of food contamination.

In pointing out the possibility of the upcoming ban, a recent Goldman Sachs (GS) report said it would be good news for Berry Plastics Group (BERY), which makes cups out of a material similar to polystyrene that is recyclable.

Dunkin' Donuts, the coffee and donut chain with many locations in the city, will likely be a big buyer of Berry's Versalite hot and cold cups, the report says.

Goldman estimates that Versalite could generate an additional $10 million in revenue next year for Berry Plastics.

The investment bank said its sources suggest that New York is likely to ban the use of foam containers sometime over the next 12 months.

First Published: December 27, 2014: 10:00 AM ET

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Time travel with Cuba's Frankenstein cars

NEW YORK (CNNMoney)

But she doesn't work for any government. Instead, she sells her photos of cars and trucks -- usually vehicles that have not yet been revealed to the public -- to car magazines and auto enthusiast web sites hungry for even a camouflaged glimpse of an upcoming model.

Generally speaking, automakers don't appreciate what she does.

But lately she's found a friendlier place to indulge her passion for automotive photography, a place where the cars are ancient and often decrepit but people are eager to show them off: Cuba.

New cars, in this communist country, which has been under a U.S. trade embargo since the early 1960s, are difficult and expensive to acquire. But passionate -- and largely impoverished -- owners have kept the now ancient American cars that were on the road before the embargo still rolling with a mixture of grit, ingenuity and whatever parts they can gather.

The cars are often hard to recognize after decades of repainting and modification, but there are some classics under all that body work.

"It might have 10 coats of house paint on it to keep the rust from spreading," Priddy said.

A lot of old American cars in Cuba, like this 1957 Ford Fairlane, are now used as taxi cabs.

In most cases these automobiles are, literally, a mere shell of what they used to be. While the body might be that of a 1957 Ford, the engine is more likely from a Mercedes-Benz (DDAIY) or a Peugeot. Even the body itself might even have been significantly changed. Cars are stretched for new roles as taxicabs. Roofs might have been cut off to turn hardtops into a convertibles.

Often, cars like this 1957 Chevrolet Bel Aire, have engines taken from later European cars.

Priddy went to Cuba in 2013 as part of a cultural exchange program and quickly became drawn to the island's time-warp car culture. She then organized a car-focused cultural exchange trip of her own earlier this year taking with her, among others, auto company executives, an automotive museum curator and a retired car magazine art director.

The emphasis is on keeping cars like this 1952 Chevrolet running not on keeping them in original condition.

The group visited Cuba's national car museum in Havana and spent a couple of days with members of the city's biggest car club.

Cars like this 1952 Buick are often passed down through families.

"They're so happy for people to have an interest in their cars," she said.

There are Russian, French and Asian cars on the roads of Havana, she said, and they're usually much newer than and in better shape than these American models, but it's clearly General Motors (GM), Ford (F) and Chrysler (FCAM) products for which people have the most affection.

This is a 1952 Plymouth but little of the original car may remain underneath.

"They love their American cars," she said.

This 1958 Ford Prefect was a model not sold in the United States.

Even though these cars are hardly in original condition, their owners are proud of the machines and the lengths to which they've gone to keep them running.

This 1951 Chevrolet has clearly been through some changes.

For the relative few who have real money to spend, American car parts can be had through couriers who buy the parts in the United States and simply bring them in their luggage on trips to Cuba.

In her normal professional life, Brenda Priddy takes photographs like this one of a Chevrolet Silverado being tested in the desert before it had been unveiled to the public.

So far, Priddy has taken over 50,000 photos of Cuba's cars and is planning another Cuban car tour later this year.

Related: Criminal's muscle car collection auctioned for $2.5 million

Related: 10 most expensive cars sold at Pebble Beach

Related: Most powerful American cars

Experts from Hagerty Insurance assisted with identifying the cars shown in these photographs.

First Published: December 26, 2014: 3:07 PM ET

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Jim Beam born to Jack Daniels

Jim Beam Leathers was born on November 14, to Jack Daniels Leathers and Lydia Leathers.

NEW YORK (CNNMoney)

But for one Louisiana family, baby Jim Beam will fit in quite well. His father, Jack Daniels Leathers, 31, is also named after a stiff drink.

It's somewhat of a tradition for the family, he told the Houma Courier in Houma, Louisiana, earlier this week.

The day Leathers was born, his father happened to be drinking a glass of the well-known whiskey and suggested the name, Leathers told CNNMoney. His mother agreed, after calling a local store to double check the correct spelling. (His birth certificate actually reads: Jack Daniel's Leathers.)

And when Jack's own son was born on November 14, he wanted to keep booze in the family name.

"It builds character to be a little different," he said.

Fortunately his wife, Lydia Leathers, 23, thought it was a good idea. In fact, the couple discussed naming a son Jim Beam on their very first date.

And if more children come along, they already have some names on tap. Evan Williams, after the bourbon, for a boy, and Sherry if it's a girl.

Related: Why this whiskey costs $38,000 a bottle

Related: There's a black market for beer. And it's bad for drinkers

First Published: December 26, 2014: 4:41 PM ET

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JetBlue offers to fly police to NYPD funeral

NEW YORK (CNNMoney)

The New York-based airline is also working with its partners to have family members of one of the slain officers, Wenjian Liu, flown in from overseas.

Liu and a second NYPD officer, Rafael Ramos, were sitting in their patrol car when they were shot and killed by Ismaaiyl Brinsley, a Georgia man with a long criminal record.

Ramos's funeral is being held on Dec. 27, whereas Liu's funeral hasn't been scheduled, pending the arrival of relatives from China.

JetBlue said in a statement that its flights are available "to law enforcement agencies across our route network who wish to send representatives to New York to support their brethren ... We are accepting up to two officers from each department (space permitting)."

A spokeswoman said JetBlue has provided similar support in the past, but did not immediately provide any details.

The gesture was a positive one at a time when tensions have been running high nationwide in the wake of two recent incidents involving the death of unarmed black men at the hands of police in Missouri and New York.

The NYPD's 25th Precinct in Manhattan thanked JetBlue on Twitter for "offering free flights to NYC for any police officer in America who wants to attend Officer Ramos' funeral on Saturday."

First Published: December 24, 2014: 2:48 PM ET

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10 least affordable rental markets

A Bronx tale: Rents are high, while incomes are low

NEW YORK (CNNMoney)

Tenants in the northern-most borough of New York City can expect to pay almost 68% of their income toward rent, with the 2015 fair market rent being $1,904 a month.

Buying a home is more affordable than renting in the majority of U.S. housing markets, according to a recent report from RealtyTrac.

Purchasing a median-priced home was more affordable than renting a three-bedroom home in 68% of the 473 counties analyzed by RealtyTrac. On average, renters are expected to spend 27% of their median household income on payments to landlords next year. Meanwhile, becoming a homeowner will require an average of 25% of income to cover the mortgage.

Historically-low interest rates have helped maintain home affordability despite the recent rise in home prices. But if rates tick up just a little higher, Daren Blomquist, vice president at RealtyTrac, said affordability could shift to favor more renters.

New York's multimillion dollar home sales keep soaring

But there are some markets where residents really don't have any good housing options: both renting and buying are costly. In the least affordable rental markets, residents can expect to contribute 42% of their median household income on average to cover rent, the report stated. Buyers in the same markets can expect to dole out 44% of their income buying a median-priced home.

The average rent of the top 25 least affordable counties is $1,686 a month, $462 higher than the national average. Counties where rents were least affordable also include Philadelphia, Miami, San Francisco, Baltimore and Los Angeles.

New York City's most expensive rental costs $500,000 a month

And it looks like millennials are catching another tough break from the housing market. Counties making the list of least affordable rental markets have experienced strong millennial migration in the last six years compared to the national average.

Here are RealtyTrac's top 10 least affordable rental markets in the U.S., based on how much of the average median income goes toward rent in the county:

Location	Percent of Median Income to Rent
Bronx, NY	67.57%
Baltimore City, MD	49.64%
Philadelphia, PA	47.40%
Brooklyn, NY	47.33%
Miami-Dade, FL	45.51%
Broward, FL	42.76%
Norfolk City, VA	42.69%
San Francisco, CA	42.65%
Humboldt, CA	41.99%
Los Angeles, CA	41.95%

Source: RealtyTrac

First Published: December 24, 2014: 2:40 PM ET

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Watching 'The Interview' online: absurdly amusing

NEW YORK (CNNMoney)

Sony Pictures created an unprecedented event on Wednesday by releasing the controversial comedy on the Internet ahead of its Christmas arrival in theaters.

Partly out of patriotic duty, partly out of fan-boy curiosity, I rented the movie on YouTube for $5.99 right after it came online at 1 p.m. ET.

Truth be told, I was a bit hesitant to hand over my credit card, given the cyber-attack against Sony and persistent threats from hackers. (There was no real reason to worry, however.)

Renting the movie was a snap -- YouTube made "The Interview" easy to find, and moments after i paid, a receipt was sent to me via email.

Fifteen minutes in, the movie was streaming without any incident. There was no choppiness, no sluggishness, and it felt just like watching a movie on Netflix or HBO.

As for the experience itself, I've never seen anything like it.

The 1 p.m. release had the feel of a communal event, with other reporters live-tweeting and live-blogging the whole thing -- an instance of the "social TV" phenomenon applied to film.

"BuzzFeed newsroom at a standstill, transfixed, watching 'The Interview,'" BuzzFeedBiz deputy editor Tom Gara tweeted, tongue at least partly in cheek. "This is our moon landing."

Knowing that some of the cast and crew members were also participating also added a whole new level to the viewing.

"Take a picture of yourself watching it and I'll "LIKE IT," one of the film's stars James Franco tweeted during the early afternoon.

Truth be told, it was hard to separate "The Interview" the movie from the hacking news and freedom of expression issues surrounding it.

Would I have cared about the movie at all, were it not for the cyber-attack, the hackers' threats, the resulting cancellation last week, and then its resurrection this week?

Maybe not.

In the end, "The Interview" turned out to be what it was originally intended to be: a so-so gross-out comedy by Rogen and Franco.

However, the absurdity of the moment, along with the feel of a new viewing experience coming together, made it something quite memorable.

First Published: December 24, 2014: 4:13 PM ET

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Russia debt closer to junk status

NEW YORK (CNNMoney)

The ratings agency said Tuesday the move "stems from what we view as a rapid deterioration of Russia's monetary flexibility and the impact of the weakening economy on its financial system."

The ratings agency currently rates Russia's debt at one notch above junk status and a downgrade would nudge Russia over.

S&P said that there is a 50% likelihood that Russia will be downgraded in the next 90 days.

Russia's economy has been pushed to the brink of recession by falling oil prices -- half of the government's revenue comes from oil and gas exports.

The nation's currency has plunged to all-time lows, raising concerns that it is headed for a full-blown financial crisis. The Russian central bank has hiked interest rates five times this year in an attempt to prop up the ruble.

Russians have been rushing to withdraw rubles and convert them into dollars, worried about the devaluation and the soaring price of imported goods.

The rates Russian banks lend to each other have more than doubled in the past month -- overnight lending rates now stand at 25% -- indicating just how serious the funding crisis has become.

Russia's central bank said Monday it would provide an emergency loan of 30 billion rubles ($545 million) to keep a struggling bank afloat and protect customers' deposits while it engineers a longer term bailout involving a bigger Russian bank.

The ruble gained ground Monday, after bouncing off a record low against the dollar last week as Russia drained billions more from reserves to buy its currency, and announced a series of measures aimed at shoring up the banking industry.

They include a plan to pump one trillion rubles ($16 billion) into Russian banks next year, and new deposit insurance that guarantees savings up to 1.4 million rubles ($23,200).

Related: GM halts deliveries to Russia

Related: iPhone prices soar in Russia

First Published: December 23, 2014: 1:54 PM ET

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Everybody rallied to pay off this family's $200,000 in debt

The Mason family (pictured here with their grandkids) has received an outpouring of support since a CNNMoney story in July about their $200,000 in student loan debt.

NEW YORK (CNNMoney)

Steve and Darnelle Mason were stuck with $200,000 in student loan debt when their daughter, Lisa, died of liver failure five years ago at age 27.

Like a lot of parents, they had co-signed Lisa's loans for nursing school. But because the money had been borrowed from a private lender, instead of the federal government, they had no way out.

CNNMoney profiled the Masons in July, and the family says the attention sparked an outpouring of help, for them and their three grandchildren who they took in after their daughter passed away.

Now those bills are about to be wiped out completely.

Here's what has happened since July:

-- The Masons have received $41,000 through a campaign on GoFundMe.

-- Two of their student loan providers have forgiven more than $60,000 in outstanding debt.

This left them with about $100,000 in debt. Then, a lawsuit over their daughter's death settled, and their lawyer said he has decided to waive $100,000 in legal fees to help the family pay off the rest.

Money leftover from the settlement will go directly to the Masons' grandkids, ages 9, 12 and 14.

"The tremendous emotional cost [of losing Lisa] was compounded by a sudden and colossal financial debt," said family attorney David Fine. "Offering a portion of our fee to the Masons provides a small amount of comfort and security to a wonderful family."

Just as touching for the Masons was all the non-financial support.

-- A local orthodontist has offered to give free braces to the Masons' grandkids.

-- People countrywide have sent the Masons more than 150,000 messages of support, as well as gifts for their grandchildren -- including a care package with $750 worth of toys.

-- Elizabeth Warren highlighted the family's story at a Senate Banking Committee hearing in July.

-- More than 210,000 people have signed the family's Change.org petition urging lawmakers to require private student loan debt to be forgiven when the primary borrower dies.

-- The family says a nonprofit wants to help build a college fund for their three grandchildren.

For Steve and Darnelle, who live in East Highland, California, the support has been life-changing. They both work for a church, and on their salaries they struggled to pay down the debt -- especially now that they are supporting three children.

"We are just overwhelmed at the response," Darnelle said. "We can only hope that this wave [that the story] began will turn into a tsunami for all those other families that suffer as we do."

First Published: December 23, 2014: 4:35 PM ET

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Where you can watch 'The Interview'

NEW YORK (CNNMoney)

Sony Pictures announced on Tuesday the controversial Seth Rogen comedy will run "in a number of theaters on Christmas Day." Here's a list of the locations that have signed up. (Forgive the incompleteness -- we'll continue to update this list on Wednesday!)

This list will be updated as additional theaters announce showtimes. If you know of another theater showing the movie, or your theater will show the movie, let us know: gregory.wallace@CNN.com.

Here's where you can watch the movie starting on Christmas Day:

Alabama:

-- The Edge 12 (Irondale)

Arizona:

-- Harkins Valley Art (Tempe)

-- The Loft Cinema (Tucson)

California:

-- Los Feliz 3 Cinemas (Los Angeles)

-- Cinefamily (Los Angeles)

-- Cinémas Palme d'Or (Palm Desert, CA)

-- Foothill Cinema Stadium 10 (Azusa)

-- Santa Paula 7 (Santa Paula)

-- Perris 10 (Perris)

-- Agoura Hills Stadium 8 (Agoura Hills)

-- Sterling 6 (San Bernardino)

-- Granada Hills 9 (Granada Hills)

-- East Hills Mall (Bakersfield)

-- Commerce 14 (City of Commerce)

-- Van Nuys Plant 16 (Van Nuys)

-- Fontana 8 (Fontana)

-- Janss Marketplace 9 (Thousand Oaks)

-- University Village 10 (Riverside)

-- Westminster 10 (Westminster)

-- Palladio 16 Cinemas (Folsom)

Colorado:

-- Alamo Drafthouse Littleton (Littleton)

Florida:

-- The Sun Ray Cinema (Jacksonville)

-- Prado Stadium 12 (Bonita Springs)

-- Edison Park 8 (Fort Myers)

Georgia:

-- Plaza Atlanta Theatre (Atlanta)

Indiana:

-- Georgetown 14 Cinemas (Indianapolis)

Kentucky:

-- Maiden Alley Cinema (Paducah)

Michigan:

-- Alamo Drafthouse Kalamazoo (Kalamazoo)

-- Michigan Theater (Ann Arbor)

Minnesota:

-- St. Anthony Main Theatre (Minneapolis)

Missouri:

-- Alamo Drafthouse Kansas City (Kansas City)

-- MX Movies (St. Louis, Missouri)

New York:

-- Alamo Drafthouse NYC (Yonkers)

-- Flix Stadium 10 (Lancaster)

-- Auburn Movieplex 10 (Auburn)

-- Canandaigua Theaters 10 (Canandaigua)

North Dakota:

-- Fargo Theater (Fargo)

Ohio:

-- Grandview Theatre (Columbus)

-- Tower City Cinema (Cleveland)

Oklahoma:

-- RiverWalk Movies (Jenks)

Oregon:

-- Living Room Theaters (Portland)

Pennsylvania:

-- Southside Works Cinema (Pittsburgh)

South Carolina:

-- Terrace Theater (Charleston)

-- Nickelodeon Theater (Columbia)

Tennessee:

-- The Belcourt (Nashville)

-- The Franklin Theatre (Franklin)

Texas:

-- Alamo Drafthouse Dallas-Fort Worth (Richardson)

-- Alamo Drafthouse Lakeline (Austin)

-- Alamo Drafthouse Lubbock (Lubbock)

-- Alamo Drafthouse Mason Park (Katy)

-- Alamo Drafthouse New Braunfels (New Braunfels)

-- Alamo Drafthouse Park North (San Antonio)

-- Alamo Drafthouse Ritz (Austin)

-- Alamo Drafthouse Slaughter (Austin)

-- Alamo Drafthouse South Lamar (Austin)

-- Alamo Drafthouse Vintage Park (Houston)

-- Alamo Drafthouse Westlakes (San Antonio)

Wisconsin:

-- Grand Cinema Theatres (New London, WI)

Virginia:

-- Alamo Drafthouse DC (Ashburn)

-- Hollywood Cinema (Martinsville)

Here's where the movie starts showing next week:

-- Laemmle's NoHo 7 (North Hollywood, CA)

-- Movieland Cinemas (Coram, NY)

-- The Fox Theatre (Dallas, OR)

The movie will likely open in additional theaters beyond the ones that are known at this time.

--CNN's Brian Stelter, Molly Shiels, Lorenza Brascia and Stephanie Gallman contributed to this report.

First Published: December 23, 2014: 4:14 PM ET

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Israeli bank helped U.S. account holders avoid taxes

NEW YORK (CNNMoney)

As part of a settlement reached on Monday with the U.S. Department of Justice, Bank Leumi Group will pay $270 million in fines. It's the first time an Israeli bank has admitted to this type of criminal activity.

The bank put its clients' money into accounts in tax haven countries such as Switzerland and Luxembourg and helped its clients create false tax returns over a 10-year period, the Justice Department said.

"IRS will not tolerate the use of offshore accounts to illegally escape paying taxes and we will continue to focus on this priority area," said Internal Revenue Service Commissioner John Koskinen.

Leumi is one of the largest banks in Israel. It has offices in New York, Florida, Illinois and California.

A spokesperson for the bank did not immediately respond to a request for comment.

First Published: December 22, 2014: 4:59 PM ET

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IRS to auction remainder of Darryl Strawberry's Mets salary

Strawberry took home four World Series titles over his 17-year Major League Baseball career.

NEW YORK (CNNMoney)

The Internal Revenue Service is putting outfielder Darryl Strawberry's retirement annuity on the auction block next month.

The annuity, seized by the IRS because Strawberry owed back taxes, was part of a contract he signed in 1985, back when he was slugging home runs for the New York Mets.

The annuity will be worth about $1.3 million, to be paid out over nearly 19 years, when it goes up for sale on January 20, according to court documents.

The starting bid is $550,000.

The IRS filed a lien against Strawberry because he owes the IRS back taxes from 1989, 1990, 2003 and 2004. A court document from 2012 said he owed the IRS nearly $543,000.

Related: $325 million deal may be riskiest contract in sports

The auction was authorized by a court, which will divide the money between the IRS and other parties.

The IRS will get to exchange two decades worth of monthly installments for an immediate lump sum that would settle Strawberry's outstanding tax debt.

Strawberry signed with the Mets in 1993 and over the course of his 17-year Major League Baseball career, took home four World Series titles. He was named an All-Star for eight consecutive seasons and had 335 career home runs. But he was plagued by a cocaine addiction and other troubles.

The auction is set to take place in Illinois, but bids will also be accepted by mail.

Related: Three lessons investors can learn from Derek Jeter

Related: Standing room only tickets go for $800

First Published: December 22, 2014: 4:02 PM ET

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A peek into North Korea's Internet

NEW YORK (CNNMoney)

For most North Koreans, it's nonexistent. There are only 1,024 known IP addresses in the entire country. The Internet is typically reserved for government officials, a few foreign ambassadors and outside assistance groups, according to a North Korean defector-turned-journalist.

By comparison, the United States has 1.5 billion IP addresses.

It's important to note that it's not one IP address per device, so there could be thousands of devices hooked up to the Internet in North Korea. Still, it still has one of the smallest Internet presences in the world.

All sorts of devices are hooked up to the Internet there, however. There are a few Sony PlayStations and XBoxes, and some of those ubiquitous voice-over-IP office phones, too. Researchers have even spotted a MacBook -- one single Macbook -- connected to the world-facing Internet.

Companies like Apple (AAPL, Tech30), Sony (SNE) and Microsoft (MSFT, Tech30) aren't permitted to sell to North Korea, so these devices are probably bought by third parties, said HP security research director Ted Ross.

Still despite these details, little is known about all the devices in North Korea connected to the Internet. The country is notoriously secretive and isolated. What we know is that Internet access there is small and tightly controlled.

Some clues are offered by security researchers at HP (HPQ, Tech30). Others come from an anonymous person who claims to have mapped some of North Korea's computer network and provided unique data to prove it.

Nearly all of the country's Internet traffic is routed through China. Firms that monitor that traffic say it is comparable to only about 1,000 high-speed homes in the United States.

All of it went offline Monday in a mysterious blackout. Matthew Prince, president of CloudFlare, which monitors Internet traffic worldwide, said three scenarios are likely.

Either the North Korean government pulled the plug (like Syria did in 2012). Or its main Chinese telecom provider turned it off. Or a few computer-savvy misfits overloaded North Korea's tiny Internet "tube" with garbage traffic, a relatively simple tactic known as a Distributed Denial of Service attack.

"It's as if North Korea got erased from the global map of the Internet," Prince said.

Whereas the real Internet is reserved for a select and trusted few, everyone else in North Korea gets access to a national, walled-off intranet, a "pseudo Internet," available for public use called Kwangmyong.

That tiny network has maybe 5,500 websites at most, so users only see what the North Korean government wants them to see.

And yes, they get their own computer operating system. It's called Red Star.

Related: North Korea's attack should scare every company

Related: Sony doesn't know how but says 'The Interview' will be shown

Related: BitTorrent to release 'The Interview'?

First Published: December 22, 2014: 7:45 PM ET

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Sony doesn't know how but says 'The Interview' will be shown

NEW YORK (CNNMoney)

But that's not so, says an attorney for Sony Pictures.

"Sony only delayed this," attorney David Boies said on Sunday on NBC's "Meet the Press."

He was speaking of Sony (SNE)'s decision to cancel the Christmas Day release by pulling the movie from theaters. That followed decisions by the country's largest theater chains to not show the movie, because of an online post threatening a "bitter fate" to anyone who sees the controversial comedy, which depicts an assassination attempt on North Korean Kim Jong-Un.

The theater owners were concerned the audience for other films would stay home on Christmas, when Americans turn out to theaters in droves. But Sony is under all sorts of pressure to get the movie out somehow.

"Sony has been fighting to get this picture distributed. It will be distributed," Boies said. "How it's going to be distributed, I don't think anybody knows quite yet, but it's going to be distributed."

Related: A defiant Sony scrambles to find a way out for 'The Interview'

That was very different from the studio's simple message last Wednesday: "Sony Pictures has no further release plans for the film."

On Sunday, Sony representatives declined to elaborate on Boies' remarks.

But Sony did refute a New York Post report that the company plans to release the film for free on Crackle, the online video site it owns.

"No decisions have been made," said a company spokesman. "Sony is still exploring options for distribution."

Crackle makes money through ads but not through subscriptions or rental transactions, thereby limiting its revenue potential and its appeal to Sony. (After all, "The Interview" cost a reported $44 million to make, and Sony would like to recoup at least some of those costs.)

But the company's statement does not rule out Crackle altogether, it just indicates that there is no firm plan in place yet.

In a CNN interview on Friday, Sony Entertainment CEO Michael Lynton said the studio had not "given in" to pressure from hackers and was still considering ways to distribute the movie.

Besides Crackle, possible options include a release in willing theaters, distribution through a cable video-on-demand service or an online streaming release, on a service like Netflix (NFLX, Tech30), Google (GOOG)'s YouTube or Hulu.

Netflix, YouTube and the theater owner association declined to comment over the weekend.

Related: Steve Carell project canceled because of the Sony breach

The pressure on Sony is piling up.

President Obama on Friday said "I think they made a mistake" by pulling the movie. And on Saturday the Republican National Committee urged theater owners to show the film.

On CNN's "Reliable Sources" on Sunday, famed defense lawyer Alan Dershowitz said he thought Sony had moved too slowly to stand up for the First Amendment.

"What they should have said on Day One is, 'We may have to cancel the theatrical release, but let me tell you, North Korea, more people will see this film because of what you did than anything that would have happened, had you not done this,'" Dershowitz said.

Andrew Wallenstein, a co-editor in chief of Variety, said that "Sony wants to strike while the iron is hot" and release the film in some fashion.

"There's a lot of controversy generating publicity," he said. "They spent a lot of marketing money. I think they want to make it happen soon."

But doing so could expose Sony and its partners to further cyber-attacks.

A message last week purporting to be from the hackers said Sony's decision to not release the film was "very wise," and warned the company not to release the film in the future.

At the same time, Sony Pictures has other big problems to deal with. The massive hack exposed a trove of business secrets. The company is still trying to recover from the intrusions into its computer systems, and on Saturday some corporate email accounts were still crippled.

--CNN's Carma Hassan contributed to this report.

First Published: December 21, 2014: 10:28 AM ET

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Tom Brokaw says his cancer is in remission

Tom Brokaw was awarded the Presidential Medal of Freedom in November.

NEW YORK (CNNMoney)

"A year ago my future was more uncertain than I cared to acknowledge but now I face the New Year with very encouraging news," he wrote in a letter NBC News said was distributed to staff. "The cancer is in remission and I will shortly go on a drug maintenance regimen to keep it there."

Brokaw, 74, said in February he was diagnosed with multiple myeloma, which involves cancer cells overtaking healthy, disease-fighting cells in bone marrow. NBC said at the time doctors were "optimistic about the outcome of the treatment he is receiving."

He is now retired from anchoring "NBC Nightly News," his primary role at the network from 1982 to 2004. He is now a special correspondent at NBC and his work includes chronicling the "greatest generation" of Americans, who grew up in the Great Depression and fought World War II.

Last month, he was awarded the Presidential Medal of Freedom, the nation's highest civilian honor. President Obama said the nation "trusted him to tell us what we needed to know and to ask the questions that needed asking. I know, because I've been on the receiving end of some of those questions."

In the Sunday announcement, Brokaw reflected on attending a ceremony with about 30 veterans commemorating the WWII Battle of the Bulge.

"I flew home reflecting again on how lucky we are that generation gave us the lives we have today -- how my last year was a challenge but I was meeting it in world class hospitals with brilliant physicians, not in a foxhole in the Ardennes," he wrote.

He signed the note "T Bone."

Related: Brian Williams renews contract with NBC for five more years

First Published: December 21, 2014: 12:58 PM ET

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Meet the world's No. 1 dealer in Guinness art

NEW YORK (CNNMoney)

He has bought hundreds of paintings, once lost to obscurity in a London archive, that were original renderings of iconic Guinness posters displayed in pubs and college dorm rooms.

The paintings are by the English artist John Gilroy, who died in 1985.

Gilroy worked for S.H. Benson, an advertising agency that held the Guinness account from 1929 until the late 1960s. Gilroy designed thousands of posters for the beer giant's ad campaigns.

Lloyd, the antique dealer, came upon his Guinness obsession somewhat accidentally.

Nearly five years ago, he was at an antique show in Florida when he stumbled on a few of the original Guinness paintings.

Lloyd bought what the dealer had on hand but was thirsty for more. He went to London to see the rest of the paintings -- and wasted no time snapping them up.

"I bought them from a very astute business man," said Lloyd, declining to elaborate. "They were not on the market."

The paintings had apparently spent some 40 years stored away in a London building that had housed the offices of the S.H. Benson agency.

Lloyd won't say exactly how many he bought, but he said he has sold a couple hundred and has about 125 left.

The paintings are all single originals -- there are no copies.

Related: There's a black market for beer. And it's bad for drinkers

"The genius of Gilroy was the empathy the public had with his drawings," writes David Hughes, an ex-Guinness brewer and author of "Gilroy was good for Guinness."

Gilroy was in fact very good for Guinness. But in 1969, a change in leadership at Guinness meant S.H. Benson and Gilroy were out. And so were the paintings.

There is some speculation about who might have had them for 40 years. Hughes suspects it was Jacob Rothschild, a British banker who bought the building that housed S.H. Benson for years.

Today, Lloyd is cashing in on the paintings. He sells them for $9,500 to $40,000 each at local antique fairs and out of his shop in Manhattan.

Lloyd declined to say what his collection is worth. But Hughes, the author, suspects Lloyd could have close to $2 million worth of Guinness paintings.

Among his customers: Rory Guinness, related to the founder of Guinness, who bought a number of paintings for his personal collection.

Related: Beer 101 - Big changes are brewing

Related: How to vacation like an aristocrat

First Published: December 21, 2014: 4:55 PM ET

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A defiant Sony scrambles to find a way out for 'The Interview'

NEW YORK (CNNMoney)

This weekend the embattled movie studio is in active discussions with potential distribution partners, figuring out if there's a way forward for the film that provoked a crippling cyberattack, an FBI investigation and a presidential critique of the company.

Netflix (NFLX, Tech30), YouTube and major movie theater owners are not commenting.

But CNN's Fareed Zakaria, who interviewed Sony Pictures CEO Michael Lynton on Friday, said later on CNN that he came away with the sense that "Sony intends to release this movie in some form, relatively soon. I don't think we're talking about six months from now. This movie will be seen."

What was just a lousy comedy a few short days ago is now a symbol of two essential American values -- freedom of expression and freedom from fear.

On Tuesday, the hackers that previously stole terabytes of data from Sony's servers explicitly targeted the Christmas release of "The Interview" by issuing a message that invoked 9/11. They warned Americans not to venture to movie theaters playing the film.

Sony then signaled that movie theater owners could back out of plans to screen the film if necessary -- and they did just that, like a series of falling dominoes.

The owners were concerned that families would forgo holiday season trips to the movies due to safety concerns and hurt every big Christmas film release, not just "The Interview."

So on Wednesday, with virtually nowhere to show the film, Sony canceled the Christmas release. (Lynton told Zakaria that the studio tried and failed to find a digital distributor, so it ruled out an immediate online release, too.)

Backlash to the decision was ferocious.

On Friday, President Obama echoed the feelings of many in Hollywood when he said Sony had made a mistake: "We cannot have a society in which some dictator someplace can start imposing censorship here in the United States."

Obama also openly worried about the possibility of producers and distributors "engaging in self-censorship because they don't want to offend the sensibilities of somebody whose sensibilities probably need to be offended."

Related: Sony exec fires back at President Obama

Speaking to Zakaria shortly after the president weighed in, Lynton said he essentially agreed with the president -- but that Sony (SNE) couldn't go it alone.

"We don't have that direct interface with the American public," Lynton said. "So we need to go through an intermediary to do that."

Theoretical distributors include theater chains like AMC and Regal, if they're willing to reverse their prior decision; cable video-on-demand operators like Comcast (CCV) and Time Warner Cable (TWC); subscription streaming sites like Netflix and Amazon (AMZN, Tech30); and movie rental services like iTunes by Apple (AAPL, Tech30).

Sony Pictures has a video streaming site of its own, Crackle, but it's free for users and doesn't have the capability to charge customers to watch a movie. Charging for "The Interview" would help Sony recoup some of the movie's $44 million budget.

One of the studio's sibling divisions, Sony Computer Entertainment, has another route to consumers: the PlayStation Store, which lets owners of the video game console rent or buy movies via the Internet. The company has declined to comment on whether it might choose to release "The Interview" there.

Of course, Sony -- and any company that helps it release the film in the future -- has to consider the risk of further intrusions by the hackers and further leaks of the stolen data they already have.

In a threatening message to executives on Thursday night, an anonymous hacker said Sony was "very wise" to cancel the film and claimed they would "ensure the security of your data unless you make additional trouble."

Releasing the film in some form would presumably be considered "additional trouble."

Related: Hackers send a new message

But among all the emotions that are spilling forth from Sony's leaders -- anger, fear, frustration -- a new one has emerged: defiance.

Lynton told Zakaria that "we're trying to weigh the options as to how we can get this" released.

Disappointment inside the studio about the lack of support from other major Hollywood players is beginning to subside.

After weeks of almost nothing but silence, The Motion Picture Association of America spoke out forcefully on Friday, following the FBI's statement that North Korea was behind the late November cyberattack.

Lynton, who was in New York on Friday night, awoke on Saturday morning to a front-page New York Times column that expressed "disgust" at the "readiness of theater owners and Sony to cave in to far-fetched threats."

But there was also this call by the New York Daily News editorial board: "Patriotism demands: Show the movie and show it now."

Meantime, the studio released another movie on Friday -- the highly-anticipated "Annie." It had leaked onto illegal film-sharing web sites after the cyberattack, but it is still expected to earn tens of millions of dollars.

"It's a rare bit of good news for Sony," The Hollywood Reporter said, for a studio that needs some.

Related: N. Korea blasts 'childish attempt to frame us'

First Published: December 20, 2014: 9:16 AM ET

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Last-minute Christmas shopping guide

NEW YORK (CNNMoney)

You've already missed the deadline for free shipping from Amazon (AMZN, Tech30), for example. (It was Friday.)

But the online store says gifts ordered as late as Tuesday can still be under the tree on Thursday if you pay for one-day delivery. Some customers in major cities can even place orders by 10 a.m. on Christmas Eve and receive same-day delivery.

Hitting the stores: If you want to do your last-minute shopping the old fashioned way, expect stores to be crowded and lines to be long this weekend.

Many stores like Target (TGT) and J.C. Penney (JCP) will be open for extended hours.

Toys 'R' Us and Kohl's (KSS) will be remain open all hours until Christmas eve.

Shopping online: And you can also shop online at these same stores.

Walmart's (WMT) free shipping deadline passed (last Wednesday), but "rush shipping" is available through Monday for a fee. And if the item is in stock at a nearby store, orders for in-store pickup can be placed even on Christmas Eve.

There's still time for free shipping through Best Buy (BBY). It says orders over $35 placed by 11:30 a.m. ET on Monday qualify for free delivery by Christmas. It also offers free in-store pickup.

The deadline at Kohl's and Target is Saturday. Sears' and Macy's is Monday.

Last call at the Post Office: If you already have a gift you have to mail, that clock is ticking, too. The U.S. Postal Service will accept packages through Tuesday for Priority Mail Express. You can save a few bucks -- and time in line -- by dropping off the package by Saturday and using First Class Mail (for Christmas cards) or Priority Mail (for packages).

The deadline for Thursday delivery from UPS (UPS) and FedEx (FDX) is Tuesday.

Related: Toys 'R' Us extends hours for last-minute shoppers

Related: Mall Santa 101

First Published: December 20, 2014: 7:21 AM ET

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Republicans to theaters: Don't be 'bullied,' show Sony's 'The Interview'

NEW YORK (CNNMoney)

In a letter obtained first by CNN, RNC chairman Reince Priebus encouraged the CEOs of 10 major theater chains to show the controversial comedy starring Seth Rogen and James Franco.

"I want to speak clearly on behalf of the Republican Party: I urge you to show the movie," he wrote to the CEOs.

"As a sign of my commitment, if you agree to show this movie, I will send a note to the Republican Party's millions of donors and supporters urging them to buy a ticket -- not to support one movie or Hollywood, but to show North Korea we cannot be bullied into giving up our freedom," he added.

The letter continued, "Like many Americans, I'm deeply concerned that we would allow a foreign regime to dictate the movies we can and cannot watch."

The RNC petition underscored the increasingly political nature of the fracas surrounding the film and the devastating cyberattack that was directed at Sony Pictures one month before its scheduled release.

This weekend the embattled movie studio is in active discussions with potential distribution partners, figuring out if there's a way forward for the film that provoked the attack, an FBI investigation and a presidential critique of the company.

Sony representatives declined to comment on the RNC letter.

A spokesman for the association that represents theater owners did not immediately respond to a request for comment.

When debating whether to screen "The Interview" -- if Sony were to reverse its decision -- the owners have to consider a complicated set of factors, including customers' concerns about security, commitments to screen other films, and overall revenue potential.

President Obama calls out Sony: The letter comes one day after President Obama publicly chastised Sony for canceling the movie. Sony "made a mistake," the president said at an afternoon news conference.

Obama's comment led Sony Pictures CEO Michael Lynton to tell CNN's Fareed Zakaria that the president -- and others -- were "mistaken" about what had happened.

"We do not own movie theaters," Lynton said. "We cannot determine whether or not a movie will be played in movie theaters."

Lynton indicated that it was the theater owners that backed away from the film following a Tuesday threat from hackers that invoked 9/11.

Sony then canceled the film's Christmas release. But it is now seeking help to distribute the film in theaters or online.

Issue 'goes far beyond politics': The letter marks a strange bedfellows moment in the controversy over the movie, as the RNC itself acknowledged.

"As you know, the Republican Party and Hollywood have at times been at odds," the letter states. "But we can all agree that the current situation regarding the release of 'The Interview' goes far beyond politics. It is about freedom and free enterprise."

It also suggested to the theater owners and Sony (SNE) that "a share of the profits be donated to the USO or the Yellow Ribbon Fund."

The letter contributed to a feeling of national unity with regard to freedom of expression. Similar sentiments have been heard on television, in newspaper op-eds and on social media.

But at the same time, the letter did include a political shot across the aisle, accusing Obama of sending "mixed messages on this issue."

An RNC spokesman said "mixed messages" referred to the contrast between the president's comments in an ABC interview on Wednesday -- when he passed on an opportunity to criticize Sony -- and Friday, when he did.

However, the ABC interview was taped before Sony pulled the film from Christmas release.

Online reactions to the letter varied on Saturday night: While some people decried it as a publicity stunt, others said it was a necessary statement that might increase public pressure on Sony and the theater owners."

First Published: December 20, 2014: 6:00 PM ET

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Reporter behind story of $72 million teen trader stays at NY Mag

NEW YORK (CNNMoney)

Jessica Pressler was slated to join the Bloomberg News investigative unit, but got caught up in controversy this past week following a story she wrote about a New York City high school student who said he'd made $72 million trading stocks. (Spoiler alert: He hadn't.)

New York Magazine's editor-in-chief Adam Moss told his staff Friday in an announcement that reporter Jessica Pressler would be staying at the magazine.

"Can't say that we expected things to turn out this way, but we feel very lucky to be keeping [Pressler] on, and look forward to publishing more of her with pride," Moss wrote in the memo, which was first published by Capital New York. New York Magazine confirmed the authenticity of the memo to CNNMoney.

Pressler's profile of Stuyvesant High School senior Mohammed Islam stirred up controversy and plenty of doubters from the start.

A front page piece about the story by the New York Post and a flurry of Facebook (FB, Tech30) shares later, the improbable tale unraveled quickly. Islam told the New York Observer on Monday that he never actually made any money at all. As the criticism mounted, Pressler defended her reporting.

"I still think the piece is skeptical enough," Pressler told CNNMoney Monday. "The story says, 'This is a rumor and draw your own conclusions.'"

People began to wonder whether Pressler would move to her new job as early as Tuesday, when blogger Jim Romenesko published an email he sent to Bloomberg questioning the company's plans to hire her. A Bloomberg spokesperson declined to comment to Romenesko at the time, and Bloomberg again declined to comment Friday to CNNMoney.

Pressler seems to be taking it all in stride, tweeting Friday, "Good news is I'm staying @NYMag. Bad news is I lost a shoe at holiday party; not the worst thing this week but annoying so if you see it lmk."

First Published: December 19, 2014: 6:41 PM ET

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'Colbert Report' says goodbye with record ratings

NEW YORK (CNNMoney)

On Thursday, 2.5 million viewers watched as Stephen Colbert ended his very popular satirical news show, "The Colbert Report."

This made the finale the most-watched episode in the show's history.

And that number may even grow considering that "The Report" was shown at 11:30 at night, and many viewers may watch the sendoff days later thanks to their DVRs.

After nine years, Colbert said goodbye to his patriotic pundit persona in grand fashion.

First by killing his guest, The Grim Reaper AKA Grimmy, and then riding off into the night with Santa Claus, Abraham Lincoln and Jeopardy's Alex Trebek.

However, Colbert wasn't the only one who said goodbye to the character.

In a nearly five-minute sing along to "We'll Meet Again," Colbert was joined by a stage full of people singing Colbert's persona off into the sunset.

This included the Daily Show's Jon Stewart, musician Randy Newman, ESPN's Keith Olbermann, actor Bryan Cranston, NBC's Tom Brokaw, New York City mayor Bill de Blasio, "Star Wars" director George Lucas, CNN's Christiane Amanpour, and even Sesame Street's Cookie Monster.

Colbert will be taking over the CBS "Late Show" from David Letterman sometime in 2015. The show will be owned by the network.

As for Comedy Central, it will fill Colbert's slot with the new "The Nightly Show starring Larry Wilmore" starting on January 19.

First Published: December 19, 2014: 6:19 PM ET

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How has middle class Christmas changed?

NEW YORK (CNNMoney)

CNNMoney wants to know what was under your Christmas tree 30 years ago (Think: Trivial Pursuit, Cabbage Patch dolls, Transformers) and what are you wrapping this year (Think: iPhones, Fitbits and PlayStation)?

Do you, your kids or grandkids expect more expensive presents nowadays? Is it more than you gave or received 30 years ago?

Tell us about it.

First Published: December 19, 2014: 7:40 PM ET

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Texas is in danger of a recession

NEW YORK (CNNMoney)

The shale oil boom has been a blessing to Texas, making the state an economic standout during the past few years of ho-hum U.S. growth.

But oil's dramatic plunge below $55 a barrel is scaring the shale industry. Since some wells are unprofitable at lower prices, shale companies will be forced to dial back capital spending and cut jobs.

While cheap gas is likely to be a net positive for the U.S., Texas is poised to take a hit because of the pivotal role that oil plays in the state's economy.

"We think Texas will, at least, have a rough 2015 ahead, and is at risk of slipping into a regional recession," Michael Feroli, JPMorgan Chase chief U.S. economist, predicted Thursday.

Texas has become a dominant oil producer, boosting its share of U.S. crude production from 25% to more than 40% over the past five years.

That heavy exposure to crude should go from a big positive to a big negative. Crude oil traded above $100 in June. Now the price is about half that at $54.

Related: 3 things Rick Perry should know about income inequality

1986 all over again? The current situation has echoes of 1986, when oil prices collapsed and caused a painful recession in Texas but the rest of the country kept humming along.

"The labor market response was severe and swift," said Feroli, pointing to a two-percentage point jump in the state's unemployment rate from January to March of 1986 alone.

Of course, it's not entirely the same. As Feroli concedes, natural gas prices aren't collapsing now like they did in 1986, exacerbating the industry's problems.

Also, the oil industry has undergone dramatic technological changes that have make extraction profitable at lower and lower prices.

Related: Cheap gas is like a $60B tax cut

Real-estate, banking fallout: Still, JPMorgan believes Texas will bear the brunt of the pain caused by the oil meltdown, along with North Dakota, America's second-largest crude producer. .

"There are some reasons to think that it may not be as bad this time around, but there are even better reasons not to be complacent about the risk of a regional recession in Texas," Feroli wrote.

The fallout of a recession in Texas could throw cold water on the state's hot real estate market and cause pain for regional banks.

Home prices shrank 14% from their peak during the 1986 recession and hundreds of banks were forced to shut down, JPMorgan said.

Representatives from Texas Governor Rick Perry's office were not immediately available to comment on the report.

First Published: December 18, 2014: 3:38 PM ET

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Toyota's futuristic, freaky fuel-cell car

NEW YORK (CNNMoney)

It is kind of ugly.

Toyota's designers wanted an appearance that clearly showed this car is something different. Score one there.

They also wanted a design that would never grow boring now matter long the car was on the road or how many of them you saw. Two wins for the Toyota design team.

Hydrogen fuel cell vehicles, this one included, have a lot going for them. You fill up with compressed hydrogen gas -- that takes about five minutes -- then a fuel cell stack in the car combines that hydrogen with oxygen from the atmosphere in a process that makes water (H₂O) while throwing out a stream of electricity. So, as with a plug-in electric car, you get no nasty emissions from the car plus it takes only a few minutes, not hours, to "recharge" for a full 300 mile range.

The most obvious downside is... Hydrogen? They don't sell that down at the Shell station, do they? No, unless you live in California, they almost certainly don't. But Toyota and a few other automakers with hydrogen vehicles to sell are working to make hydrogen at least a little easier to get. And they're also working on environmentally friendly ways to make pure hydrogen gas.

Related - Hydrogen cars: A zero-emission long-shot

Making hydrogen is where a lot of the controversy comes in. While hydrogen is the most abundant element in the entire universe it just happens to be a particularly friendly element, too. It doesn't naturally hang out by itself. That means it has to be split out from some other substance like water or, very often, natural gas.

Wait... Natural gas? That means fracking! Fracking is an extremely controversial method of getting natural gas out of the earth's crust. It makes a lot of people very, very angry.

But hydrogen doesn't have to be made from natural gas taken out of the ground. For instance, there are hydrogen fueling stations that make hydrogen from the gases produced by rotting garbage or even the stuff you flush down the toilet. Yeah, I know. Nasty. But at least they're making good use of it.

Then there's the way the hydrogen is extracted from gas or water. To get hydrogen out of whatever it is in you have to apply energy. That's sometimes done with electricity but most often by applying heat from something like burning natural gas. And , again, that gas could come from sources other than the earth.

Now, about the car itself... Toyota touts the Mirai as a fun-to-drive car and, in a weird way, it sort of is. Despite a supposedly low center of gravity, thanks to heavy batteries, it is still a tall car and it wobbles through turns. The up-side of the Mirai's canoe-like rocking is that the ride is quite comfy. The backseats are also roomy and fairly comfortable.

Seen from the inside -- which is really the best way to see this car -- the Mirai could almost be a Lexus. The futuristic interior with its gear selector toggle has a hint of Prius about it but the overall quality and construction seem up to luxury car standards or at least really close.

With an advertised zero-to-60 time of nine seconds, the Mirai is a shade slower than the average boring family car. That zero-to-sixty time doesn't really tell the story, though, at least in terms of how the Mirai feels. Electric motors deliver their full pulling force as soon as you step on the pedal unlike gasoline engines that have to wind up a bit to really start pulling. So electrically driven cars can feel peppy and fun even in cases where, by standard measures, they're not.

The Mirai will go on sale late next year, initially only in California but in more states soon after as Toyota (TM) joins Honda (HMC) and Hyundai (HYMTF) in offering limited numbers of hydrogen fuel cell vehicles to the public. The Mirai will not be cheap, though. Prices will start at $57,500. In California, after federal and state incentives, that translates to $44,500. You can also lease one for about $500 a month. That's a lot of money for something that is, after all, a fairly small Toyota. But you will, very likely, be the only one on your block with a Mirai dripping freshly made water onto your driveway.

First Published: December 18, 2014: 3:45 PM ET

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Uber agrees to temporarily suspend service in Portland

NEW YORK (CNNMoney)

The company said it would stop picking up customers there for three months after the city sued, asking a judge to order Uber to stop operating until it is in compliance with safety, health and consumer protection rules.

But Uber fully expects to be back. In fact, this could be good news for Uber fans in the long-run.

The city has agreed to update its laws, creating a new regulatory framework for companies like Uber that tend to fall somewhere between a taxi and a ridesharing service. People use it by requesting a driver with a smartphone app.

Related: Uber's global ambitions hit roadblocks

Uber, which operates in 60 cities across 21 countries, has run into problems because its drivers do not always meet the city's regulations for taxi and car services.

Last week, for example, a judge in Spain temporarily blocked Uber because the Madrid taxi service said it was unfair to competition and not properly licensed.

The mayor's office said it will set up a task force and present its findings at the April 9 council hearing. If new regulations are not available by then, the city will allow Uber to operate while it continues to work on the new regulatory framework.

Uber will stop picking up customers in Portland on Dec. 21, but said it will still operate in other parts of the metro area, including Beaverton, Gresham, Hillsboro and Tigard.

First Published: December 18, 2014: 7:13 PM ET

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Cuba poised to join the Internet age

NEW YORK (CNNMoney)

Internet access in Cuba is heavily restricted and the cost is well above what most Cubans can afford. Just 5% of Cubans have unfiltered access to the Internet, according to Freedom House, a watchdog group.

But all that could change now that President Obama has begun easing decades-old trade restrictions with the Communist country.

The White House will begin allowing telecommunications companies to help upgrade Cuba's telecom and Internet service. It is also allowing the export of certain devices and software that will help expand Internet use on the island.

Obama said U.S. sanctions on Cuba over the past 50 years "have denied Cubans access to technology that has empowered individuals around the globe."

"So I've authorized increased telecommunications connections between the United States and Cuba," he continued. "Businesses will be able to sell goods that enable Cubans to communicate with the United States and other countries."

As part of the landmark deal, U.S. contractor Alan Gross was freed after being held by the Cuban government since 2009. Ironically, Gross was arrested after traveling under a program to deliver satellite phones and other communications equipment to the island's small Jewish population.

Cuban officials charged he was trying to foment a "Cuban Spring." In 2011, he was convicted and sentenced to 15 years in prison.

Just 5% of Cubans have unfiltered access to the Internet. But that could change now.

Related: The promise for American businesses if Cuba sanctions are lifted

Only one quarter of Cuba's 11 million inhabitants have access to the Internet, according to the International Telecommunication Union. That puts Cuba slightly ahead of Swaziland, Kyrgyzstan and El Salvador in terms of Internet penetration.

But most Internet users in Cuba only see information available on a government controlled intranet, which consists mainly of a national email system, domestic websites and some foreign websites that are supportive of the Cuban government.

Cuba opened a new fiber-optic cable in 2013, which helped improve Internet speeds and wireless access at a few locations. But the nation's Internet and cellphone business has been dominated by the state-owned telecommunications company, Etecsa.

So, will American telecommunication companies jump at this opportunity.

It's too soon to tell.

AT&T (T, Tech30) and Sprint (S) declined to comment, while Verizon (VZ, Tech30) said it remains focused on its U.S. customers.

Vodafone, the British telecom giant, and Mexico's American Movil are among the other companies that could also be eyeing expansion in the Cuban market. T-Mobile (TMUS) did not immediately respond to requests for comment.

First Published: December 17, 2014: 4:05 PM ET

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