Wal-Mart's U.S. CEO defends early Thanksgiving Day opening

NEW YORK (CNNMoney)

CNNMoney spoke with Wal-Mart's (WMT, Fortune 500) U.S. CEO Bill Simon.

Is shopping the kind of family tradition Wal-Mart wants to perpetuate?

Simon: Our job is to try to anticipate what the customer wants... Having families out, children in the building... gives it a different feel. And it's one that's in line with who we are at Wal-Mart. It feels a lot better in the evening than it did when it was early in the morning [on Black Friday].

Related: Thanksgiving openings are the new normal

Do you wrestle with the moral implications of [opening on Thanksgiving]?

Simon: We had planned not to move [the opening time] this year, but the market moved... I have a hard time imagining it could be 4:00. Let's hope that it doesn't move.

Are you willing to draw a line?

Simon: "We've seen about as early as it can go. It's hard to imagine that it can move much more."

Simon said he worked throughout most of the night, staying up by sipping coffee and downing a Monster energy drink. He noted that the company provided the 900,000 employees who worked on Thursday with a hot meal and extra pay -- plus a 25% corporate in-store discount for their own holiday shopping.

First Published: November 29, 2013: 10:41 AM ET

08.37 | 0 komentar | Read More

Bitcoin worth $9M buried in garbage dump

A hard drive containing about $9 million in bitcoin is trapped under mounds of trash at a landfill site like this one in the U.K.

LONDON (CNNMoney)

The device is now buried under a mountain of garbage at a landfill site in Wales. It will be almost impossible to find.

James Howells got rid of the drive, which holds a digital store of 7,500 bitcoins, between June and August this year.

The IT worker mined the virtual currency four years ago when it was the exclusive domain of tech geeks.

Back then bitcoin was worth very little. On Friday, the cryptocurrency broke through $1,200, making the missing hard drive worth around $9 million.

Related: Bitcoin worth almost as much as gold

Howells had been hanging onto it for several years before deciding to clean up his home.

After discovering the mistake late last week, a "devastated" Howells began a frantic search through computer files and other drives for a backup. There isn't one.

A trip to the garbage dump was the only option.

"As soon as I saw the site, I thought you've got no chance. The area covered is huge," he told CNN.

A spokesperson for Newport City Council said an item thrown away in the summer months would now be buried under 25,000 cubic meters of waste and earth.

The council, which operates the dump, said it has helped retrieve items in some circumstances "but this would have to be done very quickly after it was thrown away."

Howells said he's had all sorts of suggestions emailed to him about how to get the drive back.

But well-meaning individuals shouldn't bother heading to the tip on his behalf - it's closed to the public for safety reasons.

Related: 8 things you can buy with bitcoin

Speculators have helped power bitcoin's dazzling rise this year.

A growing number of businesses now accept bitcoins, including some Subway sandwich shops and Richard Branson's Virgin Galactic space travel venture, though critics claim it's unlikely to become a legitimate currency.

The program behind bitcoin was created anonymously and introduced on the internet in 2010. Unlike traditional money, bitcoins are not managed by a central authority and exist only in cyberspace.

-- CNN's Adam Dunnakey contributed to this report.

First Published: November 29, 2013: 11:08 AM ET

08.37 | 0 komentar | Read More

Wal-Mart protesters arrested at Black Friday rallies

Demonstrators protesting outside a Walmart in Paramount, Calif. are arrested during a 2012 Black Friday protest. Protesters took to the streets near a number of Walmart locations again this year.

NEW YORK (CNNMoney)

Ten people were arrested on misdemeanor charges Friday at a protest near a Wal-Mart in Ontario, Calif., after they moved into an intersection and failed to disperse, Ontario Police Department Sgt. David McBride said.

McBride called the incident "peaceful," and estimated that between 100 and 150 people had attended the rally. It was unclear how many of those were actual Wal-Mart (WMT, Fortune 500) workers.

Another 10 people were issued citations at a protest near a Wal-Mart in Chicago for blocking a roadway. Protests also occurred in cities including Alexandria, Va.; Quincey, Mass.; Orlando, Fla.; Bellevue, Wash; Lakeside, Colo.; and Hyattsville, Md.

Wal-Mart's U.S. CEO defends early Thanksgiving Day opening

The protesters are calling for Wal-Mart to pay full-time employees at least $25,000 per year, and to increase opportunities for full-time work.

Wal-Mart currently employs 1.2 million hourly associates who earn an average of about $12 an hour and are also eligible for up to $2,500 a year in quarterly bonuses, spokesman David Tovar said. Of that 1.2 million, "over 50%" are full-time employees working an average of 37 hours per week, Tovar said.

Workers are considered full-time at Wal-Mart if they work 34 hours or more per week. The company's part-time workers average about 27 hours a week.

Over 475,000 of the company's associates earned $25,000 or more last year, according to a Wal-Mart presentation from September.

Protest organizers claimed rallies took place at 1500 locations Friday. Tovar said that number was hugely inflated, and that very few demonstrators were actual Wal-Mart employees.

Holiday shopping season kicks off with fights, arrests

Friday's protests were organized by OUR Walmart, a group backed by the United Food and Commercial Workers Union. OUR Walmart and the UFCW do not represent Wal-Mart workers, and say their goal is only "helping Wal-Mart employees as individuals or groups in their dealings with Wal-Mart over labor rights and standards."

OUR Walmart held similar protests last year. Last week, the National Labor Relations Board said it was ready to bring a case against Wal-Mart for allegedly retaliating against workers who took part in those protests.

The NLRB, which protects the rights of workers who organize for better working conditions, alleged that Wal-Mart stores in more than a dozen states "unlawfully threatened, disciplined, and/or terminated employees" who participated in legal strikes and protests.

Speaking to CNN Friday, Wal-Mart U.S. CEO Bill Simon denied the NLRB accusations and defended the company's labor practices, saying its pay is above the median for the retail sector.

"Black Friday...is the big stage and Wal-Mart is a big player on the big stage. Those who want to try to change an industry like retail, it's not unexpected that they would be out on Black Friday at Wal-Mart with something to say about it," Simon said.

First Published: November 29, 2013: 3:52 PM ET

08.36 | 0 komentar | Read More

Disgusted shoppers threaten to boycott Black Friday Thursday

This badge is circulating on Facebook and was shared more than 959,000 times as of mid-day Wednesday.

NEW YORK (CNNMoney)

Among their biggest targets: Kmart plans to kick Thanksgiving day off, opening stores at 6 a.m. and remaining open for 41 hours straight.

Toys "R" Us starts its doorbusters at 5 p.m. At Wal-Mart stores (many of which are open all day), the deals start at 6 p.m.

Best Buy opens at 6 p.m., and then Macy's, Kohl's, J.C. Penney, Target and Sears all open at 8 p.m.

An "I pledge to not shop on Thanksgiving" badge is circulating on Facebook and has been shared more than 959,000 times as of mid-day Wednesday.

Related: Are you working during the holidays? Share your story

"5 pm open on Thanksgiving? Really?" wrote Jaime Etheridge Krauss on the Toys "R" Us Facebook page. "A store who is devoted to children and families opens when Americans sit down at the dinner table? What about your employees?!?"

"Hey Kmart! Because of you being Open on Thanksgiving and totally disrespecting your employees, Our Family will never spend a $ in your store!" writes Frank Chip Munroe.

"Kohl's has always been my absolute favorite place to shop. However, as much as it breaks my heart to say this I will no longer be shopping at Kohl's from this point on or any of the other retailers that are opening ON THANKSGIVING. This is a day for family and giving thanks," wrote Kelli Williams Lord.

"Macy's I am disappointed in you for opening your stores on Thanksgiving. Let your employees have a day with their families! It is not the end of the world to wait until Friday to start the chaos!" wrote Katie Buchanan Reynolds.

"I always wanted to believe that Target was somehow better than Walmart in product, and in policies. I realize that Target does not share my values and will no longer get my business. Give your employees a paid day off!" wrote Sean Pierce.

"Even Ebenezer Scrooge let Bob Cratchit go home a few minutes early on Christmas Eve," wrote Dan Hall on J.C. Penney's page. "When you're eating your Thanksgiving turkey this year, remember that your employees are taking time away from their families to help satisfy your greed."

Poll: Do you think Black Friday is worth it?

Of course, the real test of shopper anger will come tomorrow night: Will the the outraged shoppers be outnumbered by people who turn out for the deals?

The holiday shopping season was cut six days shorter this year because Thanksgiving falls later on the calendar, and retailers are fearing sales could be flat.

First Published: November 27, 2013: 2:18 PM ET

08.37 | 0 komentar | Read More

Sriracha factory ordered to put a lid on smell after locals pepper city with complaints

NEW YORK (CNNMoney)

A judge in Los Angeles County has ordered Sriracha maker Huy Fong Foods to suspend operations at a plant in the city of Irwindale that local residents claim has caused an overpowering odor.

Irwindale claimed in a lawsuit that the stench was causing watery eyes, sore throats and headaches, prompting complaints from dozens of residents.

"You couldn't stay outside in some places," Irwindale city manager John Davidson said. "We've had softball teams that have had to cancel their games and practices because their eyes were watering."

The judge's ruling orders Huy Fong to "immediately make changes in its site operations reducing odors and the potential for odors." The city has been pushing Huy Fong to install a new filtration system to address the issue.

"We want to find a balance between letting this business be a business and protecting our residents," Davidson said. "We hope this will allow us to sit down with Huy Fong and come up with a solution that meets the needs of the community."

Huy Fong declined to comment.

For most of its lifespan, Huy Fong has produced the Thai chili sauce without incident in Rosemead, Calif., but it shifted some production to Irwindale earlier this year.

While Huy Fong isn't the originator of Sriracha, the company's distinctive green-topped bottles have become a staple on grocery shelves, kitchen lines and restaurant tables since it began U.S. production in 1983.

The company produced 20 million bottles of Sriracha in 2012, or $60 million worth, all without the benefit of advertising. Consumer devotion to the brand has inspired cookbooks, embroidery, jewelry and a limited-edition flavor of Lay's potato chips.

First Published: November 27, 2013: 4:31 PM ET

08.37 | 0 komentar | Read More

U.K. moves to cool property market

The Bank of England says U.K. house price inflation is accelerating and spreading out from London.

LONDON (CNNMoney)

House prices have increased by about 7% in a year, and by much more in London, raising concerns that borrowers may have trouble making repayments when interest rates start to rise from their record low levels.

Bank of England Governor Mark Carney said house price increases were gaining momentum, and broadening out across the country, but that the risks were manageable.

It was important to act now to avoid more dramatic intervention later, and to allow the bank to keep supporting the broader recovery in the U.K. economy with its low-rate policy, he told reporters.

"Risks to financial stability may grow if there are further substantial and rapid increases in house prices and a further build-up of household indebtedness," he said.

Household mortgage debt stands at about 110% of annual disposable income, below the 2008 peak of 128% but well above the longer term average.

Related: Five housing bubbles to watch

The changes announced Thursday mean that from next year, U.K. banks will no longer be able to use the "Funding for Lending" program to access cheap credit for mortgages and personal loans. Lending to businesses will be unaffected.

The Bank of England is also giving itself the power to vary the affordability criteria that mortgage borrowers must meet. This is supposed to ensure banks don't take on excess risk and homeowners are better able to service their debts if circumstances change.

But some analysts say the measures don't go far enough, particularly as a separate program of subsidized mortgages for borrowers with small deposits -- known as "Help to Buy" -- is unaffected.

Since April, such borrowers have been able to access interest-free loans for five years on newly-built homes. The program will be extended to help buyers purchase existing properties worth up to £600,000.

Related: Surging U.K. economy surprises central bank

Both programs were launched with the aim of stimulating lending in the wake of the financial crisis to support the economic recovery and job creation. But just months after the U.K. was teetering on the brink of a triple-dip recession, a surge in consumer spending and rising house prices have led to a dramatic turnaround.

The strength of the comeback took the Bank of England by surprise, and earlier this month it upgraded its forecasts for growth and signaled that interest rates could rise much sooner than it was forecasting earlier in the year.

The pound has rallied 10% since July to trade near a 12-month high of $1.63.

First Published: November 28, 2013: 8:12 AM ET

08.36 | 0 komentar | Read More

PlayStation 4: For gamers only

NEW YORK (CNNMoney)

Sony (SNE) definitely accomplished that, making for a better console experience over its predecessor. But unlike the PlayStation 3 and Microsoft (MSFT, Fortune 500) Xbox One, the PS4 is not built to be a do-it-all entertainment box, and won't appeal quite as much to a casual gaming audience.

Design: Unlike the clunky and ugly PlayStation 3, the PlayStation 4 is slim and stylish, adding some life to what would otherwise be an ordinary black box.

Sony's design allows you to stand the PlayStation 4 up on its side or lay it flat, which adds a nice bit of versatility over the Xbox One. And for the most part, the PlayStation runs cool and quiet, though it's not unusual to hear the fans and disc drive if you're in the middle of a graphically intense game.

Controller: The DualShock 4 represents the biggest change ever to the PlayStation controller in both form and function. And thankfully all of these changes are for the better. Longtime gamers will still recognize it as a PlayStation controller, but the ergonomic shift towards grips that are longer and less-angular than before make this a much more comfortable controller to hold.

The joysticks have also been redesigned, which are spaced out a little further than before and have a lip around the top which makes makes it all the easier to accurately pull off complex moves. Same goes for the shoulder buttons, with the front pair being made larger, and the rear pair of springy triggers being reshaped to better fit the contours of index fingers.

Related story: Microsoft Xbox One is a $499 PC for your living room

Sony's also added in a handful of other neat features to the controller, including the LED bar and a speaker. "Killzone: Shadow Fall" uses the speaker to deliver an in-game radio broadcast, and the color-changing LED bar to indicate your health status (which you notice once your fingers start glowing).

Performance: Like the Xbox One, the PlayStation 4 is built on an 8-core AMD (AMD, Fortune 500) processor, which should make the console easier to develop for than its predecessor. And like the Xbox One, that also means that the PS4 is not backwards-compatible with any of the old PlayStation titles. Sony promises to launch its game streaming service next year, which will instantly bring a mountain of old games to the PS4. But until then, new owners are stuck waiting.

The PS4 will let games access as much of the processor as they want. Few, if any, launch titles ever really take advantage of a console's full power, but that could lead to the PS4 having the better-looking games than the Xbox One in the future. The Xbox One sealed off a chunk of the processor's power strictly for apps.

For now, the PS4's graphics aren't overwhelmingly superior to the games on the Xbox One, though there is a noticeable improvement over the PS3. Games like "Knack" and "Killzone" are early standouts, with "Knack" showing off some impressive lighting and particle effects.

Software and apps: The PlayStation 4 system software is a mixed bag of sorts. While it's definitely an improvement over the PS3, the user interface feels a bit dated.

Updating games is a pain. If you pop a game disc in and an update is required, you cannot trigger the update from within the game. You have to exit the game, navigate to the notifications menu, and launch the update from there. If you don't remember to fully quit the game, the PS4 won't do it for you, which means you have to navigate back to the home screen before you can update. Figuring that out is very unintuitive.

Related: CNNMoney's Best In Tech

App support is currently pretty sparse, aside from a handful of streaming video apps that include Netflix (NFLX), Hulu, Amazon (AMZN, Fortune 500), Vudu and a few others. Sony's own streaming music service and video store also come loaded on the PS4, but Sony made the peculiar and disappointing decision to not allow users to play or stream their own video and music files.

Camera: The Sony Camera isn't terribly different from the Microsoft Kinect in concept, employing a dual camera and multi-microphone array to track your movement in 3-D space. But Sony opted against packaging the camera with the console, making it a $60 accessory instead.

That means outside of a tech demo that comes with the console and some rudimentary voice controls, there's currently not much you can do with the camera.

PS Vita Remote Play: The ability to stream games from the PlayStation to Sony's portable PS Vita was something that was introduced last generation with the PS3. It's back again on the PS4. Though it's appeal and utility is limited by the number of available games, it's still packing improvements and promise.

One of the best implementations is the fact that Electronic Arts (EA) created a custom control scheme for "Battlefield 4" when you're using the PS Vita, ensuring you have access to all the game's functions. It's a small detail for a niche group of PS4 owners, but it's one that makes the feature all the more appealing.

Sony also made many improvements to the online experience of its PlayStation Network. One of the first things you see when you turn the system on is a feed of everything your PSN friends are up to. Launching a party chat is only a few clicks away, and sharing game footage on Facebook (FB, Fortune 500), Ustream or Twitch is as simple as hitting one dedicated button on the controller.

Sony has built an entire experience around the live-streaming of game footage, called Live from PlayStation. You're free to drop in and comment on someone's gaming session, which is a surprisingly engaging experience. Watching someone attempt a comeback in FIFA '14 can evoke some of the same anxiety and excitement you get while watching an actual soccer match. And you can post footage to prove you actually accomplished something unbelievable in "Battlefield 4."

While it's not a feature for the more casual set, it's something that is destined to be embraced by those firmly footed in gaming culture.

Conclusion: Ultimately, the PlayStation 4 is a very good gaming machine that is just now waiting for the games to arrive. Sony made an effort to understand what a hardcore gamer wants out of a console and single-mindedly delivered that experience.

But that also means that this is little else than a gaming machine. It will take some time to see how the app situation shakes out, but as it stands now, the PS4 can't replace the other boxes in your living room. It would be nice to see Sony provide some of media hub functionality to the PS4 in the future.

But if all the PlayStation 4 ever amounts to is a very good gaming machine, it will still be a very satisfying console.

CNN International Senior Producer Ravi Hiranand contributed to this review

First Published: November 26, 2013: 1:19 PM ET

08.37 | 0 komentar | Read More

5 ways identity thieves are targeting you

Fraudsters have many ways of stealing your identity.

NEW YORK (CNNMoney)

Now Jumio, a company that allows customers to make mobile payments and verify their identities online or by phone, has come out with "The Fraudsters' Playbook."

The report outlines the most common ways people steal identities. Jumio collaborated with some reformed former identity thieves, as well as professional criminologists and law enforcement agents.

1. Setting up fake Wi-Fi networks: Fraudsters steal identities anywhere that offers free public Wi-Fi access, like cafes, airports, libraries and hotels.

An identity thief simply sets up a separate Wi-Fi network with the same name as the real one, and you may mistakenly log on. Then, using malware, the perp accesses your computer and hacks into your email and bank accounts. At that point, say goodbye to your identity.

Is this your password? Change it.

2. Posing as Census workers: Some fraudsters go door-to-door pretending to be Census workers collecting information. They ask for your name, address, date of birth or email address. And if you seem especially gullible, they may go even further and ask for more information.

One con cited in Jumio's report said he would target houses with nice cars parked outside. Others call or email victims asking for personal information to "verify a purchase" or "confirm account information."

3. Mining social media profiles: People who still don't have privacy settings on their social media profiles are prime targets.

Identity thieves will locate profiles with the most public information and send them pointed offers based on it -- like to a favorite restaurant or retailer they have listed on their profiles or have visited recently. If they're lucky, this can rope in victims and convince them to supply financial information like their credit card number.

Related: Cyberattacks are the bank robberies of the future

4. Advertising bogus discounts: You'd think that by now people would know not to give their financial information to someone over the phone who they've never met. But the trick still works.

An identity thief pretends to be calling from a local business and offers you discounts on your next purchase. Then he says that to receive the discount, you need to make a small payment and provide your personal information. Bingo! He just got everything he needs to steal your identity -- and money.

5. Buying bank account information: There's an underground market for identity theft, called carding sites, where identity thieves sell credit or debit card information to other criminals for around $100 to $200 a pop, Jumio found.

Card numbers often flood into the marketplace after big data breaches at online retailers and banks. And buyers will even use tactics to find cards with the highest credit limits or the biggest balances -- often looking for certain account numbers that signal a card was opened a long time ago, since older cardholders are more likely to have bigger lines of credit.

First Published: November 26, 2013: 4:21 PM ET

08.36 | 0 komentar | Read More

HP up 6% on strong quarter

NEW YORK (CNNMoney)

On Tuesday, HP (HPQ, Fortune 500) shares soared 6% after the company showed it ended the year with a strong fiscal fourth quarter. HP reported quarterly revenue of $29.1 billion, soundly beating Wall Street analysts' expectations.

The company reported earnings per share of $1.01 for investors, also better than analysts had forecast.

The strong finish will serve to combat perceptions that the aging tech giant is losing the fight to remain relevant, especially as consumers move away from desktops and laptops, reaching instead for tablets like Apple's (AAPL, Fortune 500) iPad.

Related: Thanks, bull market! Stocks keep rallying

Those concerns became even more apparent in September, when HP was dropped from the Dow Jones Industrial Average. It became the first to be replaced from the group that joined the DJIA in 1997, which includes Wal-Mart (WMT, Fortune 500), Travelers (TRV, Fortune 500) and Johnson & Johnson (JNJ, Fortune 500).

If the company is indeed experiencing an upswing, credit would go to CEO Meg Whitman, who has laid out a five-year plan to increase investment in research and development, especially for software and cloud services.

"Overall, I'm pleased with the progress we've made. But we still have a a lot of work to do," Whitman said during the earnings call with analysts on Tuesday.

Indeed, HP performed better than expected, but its fourth quarter revenue was $900 million short of the same quarter last year. A look at the company's many divisions shows what it's facing internally:

• PC sales were down 2% since last year, showing that HP isn't immune from the worldwide drop in demand for that hardware. However, it's doing better than its competitors. PC sales fell 8% worldwide, according to tech research firm Gartner.
• Its division providing back-end servers saw revenue rise 2%.
• The "enterprise" unit, which provides services to businesses, had sales drop 9% compared to last year. But that follows an industry trend that's hitting IT providers Cisco (CSCO, Fortune 500) and IBM (IBM, Fortune 500) as well.

Whitman said HP would concentrate on lowering prices to grow its customer base and increase profitability. With that in mind, HP executives on the call said the company -- which has already cut 13,000 jobs this fiscal year -- will cut several thousand more in the next 12 months.

Investors focus on HP because, with its significant exposure in the consumer and business worlds, it's considered a good indicator of the global economy.

First Published: November 26, 2013: 4:34 PM ET

08.36 | 0 komentar | Read More

FDA orders genetic testing firm 23andMe to halt sales

The FDA says 23andMe "has failed to address the issues described during previous interactions with the Agency."

NEW YORK (CNNMoney)

23andMe is led by Anne Wojicki, who co-founded the company in 2006 and recently separated from her husband, Google co-founder Sergey Brin. Google (GOOG, Fortune 500) has invested millions of dollars in the company in recent years.

23andMe offers $99 saliva-testing kits that customers use at home and then send to the company for reports on their heritage, their receptiveness to medications and their genetic risk for dozens of health conditions.

"Strike back before cancer has a chance to strike," the California-based company says on its website.

But in a letter dated Friday and posted on its website, the FDA said that despite extensive correspondence with 23andMe, regulators "still do not have any assurance that the firm has analytically or clinically validated the [personal genome service] for its intended uses."

Related: The race to a $100 genome

The agency warned of the potential health consequences for customers whose results contain inaccurate positive results for health risks. Women whose results indicate a risk for breast cancer, for example, could undergo unnecessary surgery or chemotherapy.

The FDA said 23andMe "must immediately discontinue marketing the [personal genome service] until such time as it receives FDA marketing authorization."

23andMe said it "recognize[s] that we have not met the FDA's expectations regarding timeline and communication."

"Our relationship with the FDA is extremely important to us and we are committed to fully engaging with them to address their concerns," the company said in a statement.

Wojicki has claimed that 23andMe has already mapped the genotypes of nearly 500,000 people. The company's name is a reference to the 23 chromosome pairs present in human cells.

FDA spokeswoman Erica Jefferson said the agency "supports innovative products that can be demonstrated to work as claimed."

"The FDA has worked and will continue to work closely with any company marketing direct-to-consumer genetic tests without stifling innovation," she said.

A variety of commercial genetic testing companies have emerged in recent years, though most aren't regulated. The sector has been criticized by the Government Accountability Office, which warned in 2010 that consumers were receiving results "that are misleading and of little or no practical use."

The FDA announced plans to regulate genetic testing in 2010, but has yet to issue guidance on the subject, according to the National Human Genome Research Institute. The agency has been handling its enforcement responsibilities on a case-by-case basis.

Actress Angelina Jolie made headlines earlier this year when she announced her decision to undergo a preventative double mastectomy based on the results of a genetic test showing a cancer risk.

First Published: November 25, 2013: 5:13 PM ET

08.36 | 0 komentar | Read More

Gas prices may fall on Iran deal

Click here to see gas prices in your state.

NEW YORK (CNNMoney)

In fact, analysts expect gas prices to decline after the big Thanksgiving travel week regardless of the Iran deal.

Iran entered into a preliminary agreement over the weekend with the United States, Russia, UK, China, France and Germany to limit its nuclear program in exchange for lighter economic sanctions. Oil prices were down Monday morning on the news. And that may be the start of a larger, long-term price decline that could occur as a result of the deal, according to Oppenheimer oil analyst Fadel Gheit.

"The market is trying to tell us, the more good news coming from Iran, the lower oil prices will be. But it's not going to happen overnight," he said.

Related: Find the gas price in your state

Gheit said oil traders will wait to see if the deal goes through. Even if sanctions are eased, it will take time for new foreign investment to reach Iran and spur production there.

"But once the sanctions are removed, I think we'll all see tremendous increase in oil and gas production that is good for the consumer and the global economy," he said. "If the deal goes through with no glitches, I truly believe we could see gasoline down 40-50 cents a gallon by next summer."

Tom Kloza, chief oil analyst with the Oil Price Information Service and GasBuddy.com, agrees that the impact on U.S. gas prices will be minimal in the near term.

"It's not a major game changer for the next six months," he said.

But he says that U.S. drivers will see the lowest pump prices in several years before Christmas anyway.

Related: U.S. to become top oil producer by 2015

The average price of a gallon of self-serve regular gas stands at $3.28 a gallon, up about 7 cents in just last seven days. Only about 8% of stations nationwide reported prices under $3 per gallon, compared to more than 20% just last week.

The recent run-up in prices has been due to short-term factors, including problems at some Gulf Coast refineries that are nearly resolved, according to Kloza.

But the average price for gas is still down 15 cents, or about 4%, compared to a year ago. The boost in U.S. oil production and a decline in U.S. demand due to more efficient vehicles has removed the threat of very expensive gas.

Only 1% of stations nationwide now charge more than $4 a gallon, compared to 10% that did six months ago.

First Published: November 25, 2013: 12:57 PM ET

08.36 | 0 komentar | Read More

Yahoo hires Katie Couric as 'global anchor'

NEW YORK (CNNMoney)

CEO Marissa Mayer confirmed Couric's hiring in a Tumblr post on Monday. The post didn't go into great detail about what Couric's role will entail, but she will be "the face of Yahoo News and [shoot] features for our homepage," Mayer wrote. Yahoo recently purchased Tumblr for $1.1 billion.

The Yahoo (YHOO, Fortune 500) deal appears to end the news role that Couric held at ABC News -- but she will continue to host her ABC daytime talk show, "Katie," which debuted in September 2012 and was renewed for a second season at the beginning of this year.

The Hollywood Reporter posted an article on Friday saying Couric would host "a newsmaker interview program" to air on Yahoo's homepage. Tech blog AllThingsD first reported that Couric would be named "global news anchor."

Couric brings a ton of star power to Yahoo, as Mayer appears to be on a quest for big-name media talent.

Related story: Marissa Mayer hasn't saved Yahoo yet

Just last month, Yahoo announced it had poached longtime New York Times tech columnist David Pogue to head up its own consumer-tech coverage. Yahoo also recently hired former New York Times editor Megan Liberman to become the Yahoo News editor-in-chief, and New York Times Magazine's political correspondent Matt Bai as Yahoo News' national political columnist.

In addition to the recent media bent, Mayer has also focused on video as a major pillar of Yahoo's content. A homepage news show from Couric would certainly fit into that philosophy.

S&P Capital IQ analyst Scott Kessler said in a note to clients Monday that he thinks it makes sense for Yahoo to hire established media personalities like Couric in order to grab more traffic and attract advertisers.

But, Kessler noted, details about specific coverage plans for Couric remain scant -- as well as how much cash Yahoo had to shell out to get her.

Couric has worked as an anchor, host or news correspondent at most of the major broadcasters: Comcast (CMCSA, Fortune 500)-owned NBC, CBS (CBS, Fortune 500) and Walt Disney's (DIS, Fortune 500) ABC. While at CBS, she became the first woman to be the solo anchor of an evening news program.

The jump from ABC News to Yahoo isn't a giant leap for Couric: The two companies inked a news partnership back in 2011, and Couric's web show "Katie's Take" appears on both companies' sites.

- CNN's Rachel Wells contributed reporting.

First Published: November 25, 2013: 12:31 PM ET

08.36 | 0 komentar | Read More

Credit Suisse banker sentenced to 30 months in prison

NEW YORK (CNNMoney)

Serageldin, who had been extradited from the UK in April, had pled guilty to the charges. At the time of his February 2012 indictment, authorities said he faced up to 45 years in prison if convicted. Preet Bharara, the U.S. Attorney for the Southern District of New York, announced the sentencing late Friday evening.

According to the statement from Bharara's office last year, Serageldin's manipulated the prices of the mortgage bonds to try to cover up the trading loss. His price manipulation, it said, was responsible for $540 million of the $2.85 billion charge that Credit Suisse (CS) was forced to take in early 2008.

Serageldin's co-conspirators, David Higgs and Salmaan Siddiqui, have also pleaded guilty and are awaiting sentencing.

First Published: November 22, 2013: 7:56 PM ET

08.37 | 0 komentar | Read More

Investors thankful for stocks at records

Click the chart for more stock market data.

NEW YORK (CNNMoney)

Trading volume is typically quiet during the holiday-shortened week. The U.S. markets will be closed on Thursday for Thanksgiving and will shut down at 1 p.m. EST on Friday.

Still, stocks have historically moved higher even as investors may be more focused on turkey and football. The S&P 500 has averaged a gain of 0.6% during Thanksgiving week over the past 20 years, according to Schaffer's Investment Research.

And with just a small move up, the Nasdaq could top 4,000, a level it hasn't touched since September 2000 -- just months after the tech market collapsed. The Nasdaq ended last week just shy of 3,992.

Related: 8 things to know about the 2013 bull market

Meanwhile, world focus was on the nuclear deal reached between Iran and the five permanent members of the U.N. Security Council plus Germany this weekend.

Under the deal, Iran has agreed to significantly reduce its nuclear program. In exchange, the six world powers will temporarily lift several sanctions against Iran, including those on gold and precious metals. Nearly $4.2 billion in Iranian oil reserves that had been frozen will also be unlocked.

Investors continue to wait for more clarity from the Federal Reserve about when it may pull back on some of its stimulus measures.

Minutes from the Fed's October meeting released last week showed that policymakers believe scaling back, or tapering, its bond buying program is warranted "in coming months." But exactly when the Fed will make the tapering announcement remains unclear.

Some experts believe the Fed could begin pulling back on its $85 billion per month in bond purchases as early as December.

Poll: How will the stock market do in 2014?

But others think the Fed will wait until early 2014 after Ben Bernanke's term as Fed chair is over.

Current Fed vice chair Janet Yellen is awaiting approval from the Senate to be the next head of the Fed.

Her confirmation is expected to be a formality after the Senate Banking Committee voted last week to send her nomination to the full Senate for a vote that is likely to take place next month.

The Fed's stimulus measures have been a major factor fueling the bull market for the past several years.

HP earnings and retail sales in the spotlight: Though the week ahead will likely be light on economic news, investors will be keeping an eye on a few earnings reports.

Hewlett-Packard (HPQ, Fortune 500) will be in focus as investors look for an update on Meg Whitman's turnaround plan for the PC and printer maker. Investors have been pleased with Whitman so far, and HP has been beating low expectations. Shares of HP are up almost 80% so far this year.

Related: Retailers brace for a tough holiday season

Tiffany's (TIF) and Barnes & Noble (BKS, Fortune 500) are also on tap to report their latest quarterly results. Retailers will generate a lot of attention on the night of Thanksgiving and Black Friday as the holiday shopping season kicks off.

There are some worries that consumers may be less willing to spend as much on gifts this year. But stores are opening earlier than ever before in hopes to attract more shoppers for Black Friday, one of the busiest days of the year for retailers.

Kmart, a subsidiary of Sears (SHLD, Fortune 500), is leading the pack, opening at 6 a.m. on Thanksgiving Day and staying open for 41 hours straight -- a move that has generated backlash from some customers who feel that store employees should be given a break to spend time with family on the holiday.

Wal-Mart (WMT, Fortune 500)is opening doors at at 6 p.m. on Thanksgiving Day, two hours earlier than last year. Macy's (M, Fortune 500), Kohl's (KSS, Fortune 500), J.C. Penney (JCP, Fortune 500) and Sears will let customers in at 8 p.m.

First Published: November 24, 2013: 11:17 AM ET

08.37 | 0 komentar | Read More

Swiss voters reject proposal to cap executive pay

The campaign to cap executive pay at 12 times the lowest salary was led by young members of Switzerland's Social Democratic party.

LONDON (CNNMoney)

The "1:12 -- for fair wages" initiative, which proposed capping executive salaries at 12 times the lowest paid employee's, was rejected by 65.3% of voters, and failed to win majority support in any of the country's 26 districts.

The vote means that Swiss-based executives at companies such as UBS, (UBS) Credit Suisse (CREDIT SUISSE AG), Novartis (NVS)or Glencore Xstrata (GLCNF), will still be able to earn salaries worth more in a month than their lowest paid workers make in a year.

Switzerland's constitution allows four popular initiatives to be put to a national vote each year, provided the organizers gather 100,000 signatures in support.

In order to force a change in the law, the initiative would have needed to be approved by a majority of the electorate and the country's 26 cantons, or districts.

Related: Opinion: U.S. should follow Swiss on pay cap

The Swiss federal government and parliament had recommended voting against the cap, joining business leaders in warning that it could force some companies to leave the country and others to shed jobs.

Switzerland is a wealthy country, enjoying above average rates of growth and employment and relatively short working hours. The average household has net disposable income of about $30,000, compared with the OECD average of $23,000.

But OECD figures also show a considerable gap between rich and poor -- the top 20% of the population earn nearly five times as much as the bottom 20% -- and anger at growing inequality has been increasing as executive pay packages soar.

Examples of excess -- such as a plan by Novartis, subsequently dropped, to pay its outgoing chairman nearly $78 million over six years -- gave the 1:12 campaign momentum.

Related: UK moves to block bankers' bonus cap

Some of Switzerland's neighbors have also responded to popular anger over executive pay at a time of record unemployment and stagnant wages.

EU policymakers are hoping to limit bonuses for any banker earning more than 500,000 euros a year (or $678,000 U.S.). The maximum payout would be equal to annual salary or twice salary if a majority of shareholders approve.

The cap -- which is being challenged in court by the British government -- would apply globally to banks based in the EU, and to international banks operating within Europe. It could affect more than 35,000 bankers around the world, the vast majority of them in London.

First Published: November 24, 2013: 12:48 PM ET

08.37 | 0 komentar | Read More

Cable stocks surge on takeover chatter

Click the chart to track shares of Time Warner Cable.

NEW YORK (CNNMoney)

Charter Communications (CHTR, Fortune 500), the fourth largest cable provider with just over 4 million subscribers, has reportedly been in talks with major banks to borrow money to fund a possible bid for Time Warner Cable (TWC, Fortune 500), the second largest cable company with over 11 million subscribers.

But according to a source familiar with the matter, Time Warner Cable has reached out to Comcast (CMCSA, Fortune 500) for a possible deal. There are currently no ongoing conversations though, the source added. With over 21 million subscribers, Comcast is the nation's largest cable provider. (Time Warner Cable was spun off from CNNMoney owner Time Warner (TWX, Fortune 500) in 2009.)

Time Warner Cable and Comcast declined to comment, while Charter could not be reached.

Shares of Time Warner Cable jumped almost 10% on the chatter, while Comcast and Charter shares also gained ground. Another smaller cable company, New York-based Cablevision (CVC, Fortune 500), shot up on the reports as well. Cablevision has long been considered a takeover target.

Related: Who's cutting the cord? Cable stocks soaring

Citing people familiar with the situation, the Wall Street Journal said Charter has held talks with Bank of America (BAC, Fortune 500), Barclays (BCS) and Deutsche Bank (DB) to help come up with financing for a Time Warner Cable bid.

The company may also be reaching out to sovereign wealth funds and wealthy individuals to help pay for the buyout without taking on too much debt. Time Warner Cable is worth $34 billion -- almost three times as much as Charter.

Media mogul John Malone's Liberty Media (LMCA) is the largest shareholder in Charter and Malone has been a loud supporter of more consolidation in the cable industry, which is facing rising costs in programming.

Plus, cable companies are worried about losing subscribers, as some consumers cut the cord and shift to devices like Apple (AAPL, Fortune 500) TV and Roku as well as streaming video services like Aereo, Netflix (NFLX), Hulu and Amazon's (AMZN, Fortune 500)' Prime Instant Video.

While speculation of a deal has been rising for several months since Malone became a shareholder of Charter, the financing efforts represent "perhaps the most concrete step discussed to date," said Nomura analyst Adam Ilkowitz in a note to clients.

He expects Charter will have to raise about $25 billion in total -- $15 billion in debt and $10 billion in cash from other sources.

A merger between the two would likely save $500 million in programming expenses a year, Ilkowitz said.

But IHS cable networks analyst Erik Brannon said those savings may or may not trickle down to consumers, given the rising expenses and intense competition among cable providers.

Meanwhile, further consolidation between the nation's largest cable providers could raise concern among government regulators -- most notably the Department of Justice and the Federal Communications Commission. Citing unnamed sources, CNBC reported that Comcast is seeking advice on antitrust and FCC concerns.

A merger between Comcast and Time Warner Cable would result in one company with over 32 million subscribers, or nearly a third of all cable subscribers, Brannon said. But he doesn't think a merger between the two is likely.

"I don't think it makes sense for Comcast at this point," he said, noting that Time Warner Cable has been losing an average of about 175,000 subscribers per quarter recently. During the third quarter alone, the company lost a startling 306,000 subscribers due to its month-long fight with CBS (CBS, Fortune 500). "There isn't much upside versus the expenditures Comcast would have."

First Published: November 22, 2013: 1:32 PM ET

08.36 | 0 komentar | Read More

Foxconn to build plant in Pennsylvania

A Foxconn factory in China. The contract manufacturer for Apple and other leading U.S. tech companies announced plans to build a plant in Pennsylvania.

NEW YORK (CNNMoney)

The company, which a year ago said it was looking at expanding its U.S. operations, will also give $10 million to Carnegie Mellon University as part of a strategic research and development partnership with the Pennsylvania college. The money will go towards research and education in the fields of robotics and advanced manufacturing.

The company made the announcement Thursday evening, only one day after Terry Gou, the founder and chairman, first met with Pennsylvania Gov. Tom Corbett.

"This is somewhat of a rarity for us that a project moved along as quickly as it has," said Steve Kratz, spokesman for the state's department of Community and Economic Development.

A location for the plant has yet to be selected.

Related: Apple faces new Chinese labor allegations

Foxconn said last December that it wanted to increase its U.S. operations beyond plants it operated in Texas and Indiana. The company has 30 employees in Harrisburg already, although state officials could not say what the facility there did now.

The statement about its U.S. expansion plans came on the heels of an announcement by Apple (AAPL, Fortune 500), a major Foxconn customer, that it planned to start building some Apple products in the United States.

Foxconn's plants in Asia are massive, employing as many as 190,000 workers at a single factory by some estimates, many of whom live at the plants as well as work there. The company has been criticized for work conditions and for the large number of workers at some plants who have committed suicide.

First Published: November 22, 2013: 7:12 PM ET

08.36 | 0 komentar | Read More

Credit Suisse banker sentenced to 30 months in prison

NEW YORK (CNNMoney)

Serageldin, who had been extradited from the UK in April, had pled guilty to the charges. At the time of his February 2012 indictment, authorities said he faced up to 45 years in prison if convicted. Preet Bharara, the U.S. Attorney for the Southern District of New York, announced the sentencing late Friday evening.

According to the statement from Bharara's office last year, Serageldin's manipulated the prices of the mortgage bonds to try to cover up the trading loss. His price manipulation, it said, was responsible for $540 million of the $2.85 billion charge that Credit Suisse (CS) was forced to take in early 2008.

Serageldin's co-conspirators, David Higgs and Salmaan Siddiqui, have also pleaded guilty and are awaiting sentencing.

First Published: November 22, 2013: 7:56 PM ET

08.36 | 0 komentar | Read More

Cable stocks surge on takeover chatter

Click the chart to track shares of Time Warner Cable.

NEW YORK (CNNMoney)

Charter Communications (CHTR, Fortune 500), the fourth largest cable provider with just over 4 million subscribers, has reportedly been in talks with major banks to borrow money to fund a possible bid for Time Warner Cable (TWC, Fortune 500), the second largest cable company with over 11 million subscribers.

But according to a source familiar with the matter, Time Warner Cable has reached out to Comcast (CMCSA, Fortune 500) for a possible deal. There are currently no ongoing conversations though, the source added. With over 21 million subscribers, Comcast is the nation's largest cable provider. (Time Warner Cable was spun off from CNNMoney owner Time Warner (TWX, Fortune 500) in 2009.)

Time Warner Cable and Comcast declined to comment, while Charter could not be reached.

Shares of Time Warner Cable jumped almost 10% on the chatter, while Comcast and Charter shares also gained ground. Another smaller cable company, New York-based Cablevision (CVC, Fortune 500), shot up on the reports as well. Cablevision has long been considered a takeover target.

Related: Who's cutting the cord? Cable stocks soaring

Citing people familiar with the situation, the Wall Street Journal said Charter has held talks with Bank of America (BAC, Fortune 500), Barclays (BCS) and Deutsche Bank (DB) to help come up with financing for a Time Warner Cable bid.

The company may also be reaching out to sovereign wealth funds and wealthy individuals to help pay for the buyout without taking on too much debt. Time Warner Cable is worth $34 billion -- almost three times as much as Charter.

Media mogul John Malone's Liberty Media (LMCA) is the largest shareholder in Charter and Malone has been a loud supporter of more consolidation in the cable industry, which is facing rising costs in programming.

Plus, cable companies are worried about losing subscribers, as some consumers cut the cord and shift to devices like Apple (AAPL, Fortune 500) TV and Roku as well as streaming video services like Aereo, Netflix (NFLX), Hulu and Amazon's (AMZN, Fortune 500)' Prime Instant Video.

While speculation of a deal has been rising for several months since Malone became a shareholder of Charter, the financing efforts represent "perhaps the most concrete step discussed to date," said Nomura analyst Adam Ilkowitz in a note to clients.

He expects Charter will have to raise about $25 billion in total -- $15 billion in debt and $10 billion in cash from other sources.

A merger between the two would likely save $500 million in programming expenses a year, Ilkowitz said.

But IHS cable networks analyst Erik Brannon said those savings may or may not trickle down to consumers, given the rising expenses and intense competition among cable providers.

Meanwhile, further consolidation between the nation's largest cable providers could raise concern among government regulators -- most notably the Department of Justice and the Federal Communications Commission. Citing unnamed sources, CNBC reported that Comcast is seeking advice on antitrust and FCC concerns.

A merger between Comcast and Time Warner Cable would result in one company with over 32 million subscribers, or nearly a third of all cable subscribers, Brannon said. But he doesn't think a merger between the two is likely.

"I don't think it makes sense for Comcast at this point," he said, noting that Time Warner Cable has been losing an average of about 175,000 subscribers per quarter recently. During the third quarter alone, the company lost a startling 306,000 subscribers due to its month-long fight with CBS (CBS, Fortune 500). "There isn't much upside versus the expenditures Comcast would have."

First Published: November 22, 2013: 1:32 PM ET

08.36 | 0 komentar | Read More

Foxconn to build plant in Pennsylvania

A Foxconn factory in China. The contract manufacturer for Apple and other leading U.S. tech companies announced plans to build a plant in Pennsylvania.

NEW YORK (CNNMoney)

The company, which a year ago said it was looking at expanding its U.S. operations, will also give $10 million to Carnegie Mellon University as part of a strategic research and development partnership with the Pennsylvania college. The money will go towards research and education in the fields of robotics and advanced manufacturing.

The company made the announcement Thursday evening, only one day after Terry Gou, the founder and chairman, first met with Pennsylvania Gov. Tom Corbett.

"This is somewhat of a rarity for us that a project moved along as quickly as it has," said Steve Kratz, spokesman for the state's department of Community and Economic Development.

A location for the plant has yet to be selected.

Related: Apple faces new Chinese labor allegations

Foxconn said last December that it wanted to increase its U.S. operations beyond plants it operated in Texas and Indiana. The company has 30 employees in Harrisburg already, although state officials could not say what the facility there did now.

The statement about its U.S. expansion plans came on the heels of an announcement by Apple (AAPL, Fortune 500), a major Foxconn customer, that it planned to start building some Apple products in the United States.

Foxconn's plants in Asia are massive, employing as many as 190,000 workers at a single factory by some estimates, many of whom live at the plants as well as work there. The company has been criticized for work conditions and for the large number of workers at some plants who have committed suicide.

First Published: November 22, 2013: 7:12 PM ET

08.36 | 0 komentar | Read More

Credit Suisse banker sentenced to 30 months in prison

NEW YORK (CNNMoney)

Serageldin, who had been extradited from the UK in April, had pled guilty to the charges. At the time of his February 2012 indictment, authorities said he faced up to 45 years in prison if convicted. Preet Bharara, the U.S. Attorney for the Southern District of New York, announced the sentencing late Friday evening.

According to the statement from Bharara's office last year, Serageldin's manipulated the prices of the mortgage bonds to try to cover up the trading loss. His price manipulation, it said, was responsible for $540 million of the $2.85 billion charge that Credit Suisse (CS) was forced to take in early 2008.

Serageldin's co-conspirators, David Higgs and Salmaan Siddiqui, have also pleaded guilty and are awaiting sentencing.

First Published: November 22, 2013: 7:56 PM ET

08.36 | 0 komentar | Read More

California: 10K a day applying for Obamacare

More people are signing up for Obamacare coverage in California.

NEW YORK (CNNMoney)

The Covered California board also voted Thursday not to allow residents to extend individual policies that don't comply with Obamacare. Seeking to quell an uproar over insurers canceling plans, President Obama last week allowed state regulators and insurers to extend these policies for another year.

More than 360,000 people have created accounts on the Covered California website, through Nov. 19, according to health exchange officials. Some 39% of them are eligible for Medi-Cal. The rest can pick a private insurance policy on the exchange, with about half of them eligible for federal subsidies to defer premiums or out-of-pocket expenses.

Nearly 80,000 residents have signed up for a policy, the final step on the exchange before working out payment with the insurance company. That's up from 59,000 in mid-November.

"What we're seeing is people signing up," said Peter Lee, Covered California's executive director.

Younger Californians age 18 to 34 account for about 22.5% of the sign ups in October, just about the share they represent in the state population. Luring in younger and healthier consumers, who use fewer medical services and would offset older, costlier policyholders, are vital to the health of the state exchange. If young people don't enroll, then rates could soar for 2015.

"Not only are we seeing strong enrollment numbers overall, but enrollment in key demographics like the so-called young invincibles is very encouraging," said Lee.

Share your story: Are you signing up for Obamacare?

Those ages 55 to 64 account for about one-third of the 30,830 people in October who signed up for a plan.

Anthem Blue Cross, Kaiser Permanente and Blue Shield of California are capturing the majority of those picking plans, with each securing just over a quarter, according to exchange data.

One area where the exchange needs improvement is outreach to non-English speaking Californians, advocates at the exchange's board meeting said. Some 85.5% of those signing up are English-speakers, though only 56.1% of the state population is.

Coverage begins on Jan. 1, while open enrollment runs through March 31. Those who don't enroll face a penalty of $95 or 1% of family income, whichever is greater.

Also, although roughly 450,000 residents who are losing their current individual policies face higher premium prices on the exchange, the board opted not to take Obama up on his "fix." Extending the policies risks destabilizing the exchange because it is likely to attract sicker people seeking more comprehensive coverage, while allowing healthier policy holders to retain their bare bones plans. That could cause rates to rise in 2015. Also, it will cause much confusion among Californians. An insurance trade group representative urged board members not to allow extensions.

California joins at least eight other states rejecting the extensions. Some 200,000 residents will be allowed to extend their plans into early next year because their carriers -- Blue Shield of California and Anthem Blue Cross -- did not give them sufficient notice.

First Published: November 21, 2013: 5:42 PM ET

08.36 | 0 komentar | Read More

Jury orders Samsung to pay Apple another $290 million

Samsung's smartphones (right) were found to have infringed on Apple's patents for the iPhone in a ruling last August.

NEW YORK (CNNMoney)

Thursday's ruling is the latest judgment in a serpentine case that has been ongoing for more than two years. In August 2012, the Korean smartphone maker was found to have violated several of Apple's patents, and a jury ruled that Samsung owed Apple more than $1 billion in damages. U.S. District Court Judge Lucy Koh later said the jury had miscalculated the award, and about $450 million worth of those damages were reconsidered in a new trial.

After Thursday's ruling, Samsung now owes Apple another $290 million in damages on top of the $640 million in damages that Judge Koh upheld in the original damages trial.

Apple (AAPL, Fortune 500) argued it deserved another $379 million, while Samsung said it owed only about $52 million.

The damages total is now $935 million -- close to the original $1.05 billion figure.

But to further complicate the issue, both companies have appealed the original August 2012 ruling ... so Thursday's decision could mean little or nothing.

Apple and Samsung are embroiled in dozens of patent disputes in courts around the world, but Thursday's ruling involves the biggest case. Apple accused Samsung of "slavishly" copying both the iPhone and iPad for its own devices, including the hardware design as well as software features like double-tap zooming. Samsung countersued, accusing Apple of infringing on its own software patents.

It could take years for the lawsuits to be resolved. And so it goes in the litigious world of smartphone patents.

First Published: November 21, 2013: 5:24 PM ET

08.36 | 0 komentar | Read More

Banks warned on high-interest loans

NEW YORK (CNNMoney)

Deposit advance loans are short-term loans offered by firms including U.S. Bank (USB, Fortune 500), Wells Fargo (WFC, Fortune 500) and Regions (RF, Fortune 500), typically in increments of a few hundred dollars or less.

Like payday loans, they often carry stiff fees and interest rates that can stretch well into the triple digits on an annualized basis. But unlike payday loans, they are limited to a bank's account holders, with the lender automatically deducting repayment from the customer's direct deposit.

While advertised as a convenient source for emergency cash, these loans can quickly become a recurring expense for borrowers.

"[T]hese products can trap customers in a cycle of high-cost debt that they are unable to repay," Thomas Curry, head of the Office of the Comptroller of the Currency, said in a statement.

The OCC and the Federal Deposit Insurance Corporation said deposit advance loans could potentially violate the Truth in Lending Act and other consumer-protection laws.

The FDIC said it recognized "the demand for responsible small-dollar credit products," but called for such loans to be affordable and underwritten with attention to the borrower's ability to repay. Bank examiners will assess deposit advance programs with an eye to protecting consumers, the OCC said, flagging those with poor underwriting standards and excessive fees.

Related: Top 10 consumer complaints

Regulators have previously issued similar guidance on payday and subprime loans.

Consumer advocates have long criticized deposit advance loans, and called for the country's other major banking regulator, the Federal Reserve, to address them as well.

"At long last, two key financial watchdogs have taken decisive action against the predatory loan practices of national banks and federal savings associations," Americans for Financial Reform said.

U.S. Bank, Wells Fargo and Regions said they were reviewing the guidance to see how it would affect their lending programs. The Consumer Bankers Association, an industry group, warned that the regulators could end up driving consumers to pawnshops and unregulated lenders.

A survey on payday loans released earlier this year by the Pew Charitable Trusts found that 72% of borrowers believed more regulation of the industry was needed, though 48% said they thought payday loans help borrowers more than they hurt them.

"Payday borrowers' experiences -- receiving credit to cover expenses but then ending up spending far more than suggested by the loan's two-week price tag -- lead to complicated and conflicted feelings," the report said.

First Published: November 21, 2013: 6:42 PM ET

08.36 | 0 komentar | Read More

Help! A bill collector is coming after me

NEW YORK (Money Magazine)

You have 30 days after a collection agency has contacted you in writing to ask for proof of the debt, says John Ulzheimer, a contributor to CreditSesame.com.

Should that month have passed, try negotiating with the shipper.

No luck? Your best choice (albeit unfair) is to give in. If the company still owns the debt, paying it may keep the claim off your credit report. If the shipper has sold the debt, though, the claim will stay even if you pay.

Why worry about a collections claim? Having one could ding an 800-plus FICO score by 200 points, raising rates with lenders and maybe insurance premiums too.

Related: Can my 80-year-old dad give me money from his IRA?

Your score will start to recover after a year, but Ulzheimer says it is not likely to exceed the mid-700s for the seven years the claim is listed.

First Published: November 20, 2013: 5:18 PM ET

08.37 | 0 komentar | Read More

CBO: Real debt ceiling deadline could hit in March

Treasury Secretary Jack Lew this week again noted that political brinksmanship over raising the debt ceiling benefits no one. And he urged lawmakers to raise the limit soon to create certainty for the economy.

NEW YORK (CNNMoney)

But soon enough, they will have to turn their attention to raising the debt ceiling.

If they don't they will risk a potential default on U.S. debt as early as March, according to a report released Wednesday by the Congressional Budget Office.

The deal lawmakers brokered in October to end the government shutdown let the Treasury Department continue borrowing new money through February 7 without regard to the debt limit. Then, on February 8, the debt limit will automatically reset to a higher level that reflects how much Treasury borrowed during the nearly 4-month debt ceiling suspension period.

At that point, however, Treasury will still be able to use "extraordinary measures," the special accounting maneuvers that let it keep paying the country's bills without going over the debt limit.

But the measures won't last very long.

"CBO projects that those measures would probably be exhausted in March. However, the timing and magnitude of tax refunds and receipts in February, March, and April could shift that date of exhaustion into May or June," the agency said.

Related: Budget czar to Congress: Just do it

Given how uneven the government's cash flow is from day to day and month to month, it's impossible to say with more precision when an actual default could occur.

CBO notes that the Treasury typically issues a large amount of tax refunds in February and March, which can lead to big monthly deficits. By contrast, April tends to create a large surplus because everyone is sending in their federal tax returns along with checks for any additional taxes they owe for the previous year.

Treasury Secretary Jack Lew has noted many times that political brinksmanship over raising the debt ceiling benefits no one. And he suggested as much again this week at the Wall Street Journal CEO Forum, where he urged lawmakers to raise the limit without drama.

"I hope ... they just do the debt limit in a business-like way and give some certainty to the U.S. and global economy. That would be the right thing to do."

First Published: November 20, 2013: 5:39 PM ET

08.37 | 0 komentar | Read More

Google launches prepaid card

Google's new prepaid card will be funded by Google Wallet accounts.

NEW YORK (CNNMoney)

The tech giant announced the launch of a physical prepaid card on Wednesday. The new Google Wallet Card will be tied to a customer's Google Wallet account and can be used to make purchases and withdraw money from ATMs.

Google Wallet, which has been around since 2011, is a virtual wallet that is funded by transfers from other Google Wallet users or money transferred from other bank and credit card accounts. You can then use that balance to pay with a mobile phone at certain retailers.

The venture hasn't really taken off, however -- iPhones haven't adopted the technology necessary to use the in-store payment feature, and many retailers don't have the appropriate point-of-sale equipment to process the transactions.

Related: Occupy Wall Street's prepaid card for the 99%

But with the launch of this new prepaid card, a phone is no longer necessary to pay in stores -- customers can simply swipe their card the old-fashioned way instead.

The Google Wallet Card can be used at all locations where MasterCard is accepted, and it doesn't come with any fees. It doesn't even charge you to withdraw cash at the ATM (though some ATMs will charge you a separate fee).

The card can be requested through the Google Wallet Android app or online.

Google (GOOG, Fortune 500) is just the latest in a long line of companies, organizations and celebrities to jump on the prepaid card bandwagon. Last month, Occupy Wall Street debuted the Occupy Card. Walgreens, Justin Bieber and Suze Orman are among the many other newcomers to the business.

First Published: November 20, 2013: 6:49 PM ET

08.37 | 0 komentar | Read More

Bernanke: Recent jobs reports are 'disappointing'

NEW YORK (CNNMoney)

The latest data show the economy added an average of 200,000 jobs each of the last three months -- marking a sudden breakout for the labor market after months of weaker reports.

Immediately after the October report was released, Fed watchers started speculating that it may just be the good news the Fed has been waiting for: Would the Fed start winding down its stimulus program at its next meeting in December?

Now, it doesn't sound like it.

In a speech Tuesday evening, Bernanke characterized that data as "somewhat disappointing."

The Fed stands by its stimulus program, he said, repeating comments that Vice Chair Janet Yellen delivered to the Senate Banking Committee last week.

"The FOMC remains committed to maintaining highly accommodative policies for as long as they are needed," Bernanke said in prepared remarks.

The Fed is currently engaged in its third bond-buying spree in the last five years, purchasing $85 billion in Treasuries and mortgage-backed securities each month. It's a controversial policy with unknown risks, but the aim is to stimulate the economy by keeping long-term interest rates low.

The central bank is looking for substantial improvement in the job market before it starts gradually reducing that bond-buying program.

Bernanke repeated Tuesday that the bond purchases are "not on a preset course, and the committee's decisions about their pace will remain contingent on the committee's economic outlook."

Related: Smooth sailing for Yellen in front of Senate

Yellen is currently under consideration to succeed Bernanke as Fed Chair, when his second term ends in January. Like Bernanke, she has recently spoken out in favor of continued stimulus.

"I consider it imperative that we do what we can to promote a very strong recovery," she told lawmakers last week.

First Published: November 19, 2013: 7:04 PM ET

08.36 | 0 komentar | Read More

Yahoo adds $5 billion to stock buyback

Yahoo CEO Marissa Mayer has announced a $5 billion buyback expansion, which will add to current shareholder goodwill.

NEW YORK (CNNMoney)

Shares of Yahoo rose 1.7% in after-hours trading Tuesday on the announcement. The company also revealed it will sell $1 billion in debt, with notes that mature in 2018. About $200 million of the proceeds from that debt will be used for stock buybacks.

Yahoo's (YHOO, Fortune 500) shares are already up 74% so far this year, and the $5 billion buyback expansion will likely add to that shareholder goodwill.

With Tuesday's announcement, Mayer & Co. are doubling the separate $5 billion stock buyback that Yahoo embarked upon in May 2012. Yahoo said in its last quarterly earnings statement that as of Sept. 30, it had repurchased all but $324 million of that amount.

Related story: How Yahoo's acquisitions fit into Mayer's master plan

That original buyback program included Yahoo repurchasing 40 million of its shares from activist investor Third Point. Yahoo also helped fuel that buyback by selling part of the stake it owns in Chinese e-commerce giant Alibaba.

Mayer's appointment as CEO helped inject excitement into Yahoo, and moves like buybacks and big acquisitions have helped boost the company's profile. But stock analysts still see Yahoo's existing 24% stake in Alibaba as the major driver of Yahoo's own stock value.

Alibaba, whose nine distinct businesses span all parts of the e-commerce chain, is preparing for an initial public offering -- plans that have helped keep Yahoo's stock high.

First Published: November 19, 2013: 6:09 PM ET

08.36 | 0 komentar | Read More

JPMorgan can deduct big chunk of $13 billion deal

NEW YORK (CNNMoney)

Here's why: Many of the costs associated with corporate legal cases are treated as deductible under the tax code, in much the same way that a company's wages or equipment expenses are.

That means JPMorgan will be able to reduce its tax bill because of many of the settlement payments that it must make.

"From 1913, our tax laws have permitted companies to deduct their 'ordinary and necessary' expenses, which include compensation and restitution payments," said Steve Rosenthal, a lawyer specializing in financial institution taxation and a visiting fellow at the Tax Policy Center.

But not all types of settlement payments are deductible. For instance, companies are prohibited from deducting fines and penalties payable to the federal government.

"In 1969, Congress decided that allowing companies to deduct fines and similar penalties frustrated public policy, so it disallowed deductions for these payments -- and, separately, disallowed deductions for antitrust damages, illegal bribes, and kickbacks," Rosenthal said.

Related: JPMorgan agrees to $13 billion settlement

The U.S. Department of Justice, which negotiated the deal with JPMorgan, said the bank will pay $2 billion as a "civil penalty" to settle certain legal claims.

And it's JPMorgan's understanding that the $2 billion is not deductible, the bank's chief financial officer said on an analyst call Tuesday.

It wasn't immediately clear how much of the rest of the $13 billion settlement, if any, may be considered non-deductible as well.

But here's the general bottom line: The compensation or restitution portions of a settlement like the one struck by JPMorgan (JPM, Fortune 500) may be deducted, but the penalties can't.

While that may seem like a bright line, settlements are often written in a way that can leave a lot open to interpretation.

In some deals, for instance, a penalty may be characterized in such a way that the company could argue that it should be deductible.

That's why some are pushing for much greater transparency in the drafting of government settlements.

Phineas Baxandall, a senior analyst at the U.S. Public Interest Research Group, wants agencies like Justice to expressly label what is "a penalty for tax purposes."

Senators Charles Grassley and Jack Reed recently introduced a bill that would narrow the scope of what can be considered deductible in such a deal.

Under their bill, all settlement payments over potential violations of the law would be considered non-deductible -- unless they meet the criteria of restitution or a payment needed to bring a company into compliance with the law.

The legislation would further require agencies to spell out what is deductible and what is not.

"If a company is paying thousands, millions or even billions in fines, it shouldn't save money for those same misdeeds. It should be held accountable," Reed said in a statement.

First Published: November 19, 2013: 6:55 PM ET

08.36 | 0 komentar | Read More

U.S., JPMorgan near $13 billion settlement

JPMorgan and Justice Department could announce settlement as soon as Tuesday.

WASHINGTON (CNNMoney)

Elements of the proposed pact are now being signed by states that are parties to the agreement, the person said. Only a few details remain to be completed.

The outlines of the deal were first tentatively agreed to in October in negotiations led by Attorney General Eric Holder and JPMorgan (JPM, Fortune 500) Chief Executive Jamie Dimon.

A spokesman for the bank declined to comment on Monday evening.

In recent days, the parties finalized one of the last major pieces of the deal calling for $4 billion in money to help consumers.

Of that amount, at least $1.5 billion will go to reduce loan payments for homeowners mortgages are underwater, meaning the money owed on the loan exceeds the value of the home. Another $300 million to $500 million will pay for partial loan forgiveness and other aid for homeowners, with the goal of keeping them in their homes.

The remaining $2 billion could be used in a variety of ways, including funding new loans for low-income home buyers that the bank would be required to keep on its books instead of selling to investors. The bank could also use some of the money to pay for knocking down foreclosed homes in areas hard hit by the mortgage crisis.

An independent monitor will keep an eye on the bank to ensure compliance.

At issue in the deal are mortgage-backed securities and related derivatives that were blamed as a key cause of the financial crisis.

Related: Where are key players from the financial crisis now?

The $13 billion settlement includes an already-completed $4 billion deal with the Federal Housing Finance Agency to compensate Fannie Mae and Freddie Mac for allegedly misleading practices in loans sold to those agencies.

A federal criminal investigation based in Sacramento, California, would continue against the bank and several employees, and JPMorgan Chase has agreed to cooperate with that probe.

First Published: November 18, 2013: 6:57 PM ET

08.36 | 0 komentar | Read More