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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