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Bitcoin worth $9M buried in garbage dump

Written By limadu on Sabtu, 30 November 2013 | 21.29

landfill

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. To top of page

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


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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. To top of page

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


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Wal-Mart protesters arrested at Black Friday rallies

walmart protests

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. To top of page

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


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Stocks: Set to end November on a high

Written By limadu on Jumat, 29 November 2013 | 21.29

NEW YORK (CNNMoney)

U.S. stock futures were edging higher, with the Dow Jones Industrial Average and the S&P 500 each adding 0.2%, and the tech-heavy Nasdaq up 0.4%.

Trading is likely to be quiet Friday, with U.S. indexes closing at 1:00 p.m. ET after being shuttered Thursday for the Thanksgiving holiday.

Retailers could be in focus as Black Friday gets into full swing.

The annual shopping bonanza kicked off earlier than usual, with some of the biggest stores such as Kmart (SHLD, Fortune 500), Wal-Mart (WMT, Fortune 500), Best Buy (BBY, Fortune 500), Macy's (M, Fortune 500) and Target (TGT, Fortune 500) opening their doors on Thursday evening. Early deals were disappearing fast.

The upbeat start tracks a strong finish for U.S. stocks Wednesday. Solid corporate earnings and continuing bond purchases by the Federal Reserve have helped spur strong buying this month, pushing the Dow and S&P to record highs.

Related: Fear & Greed Index

It was a fairly muted day across global markets. Major European stocks were struggling for direction in morning trade, with London's FTSE inching up 0.1%.

Asian markets were mixed, with China's Shanghai Composite edging up, while Japan's Nikkei retreated from a six-year high to close down 0.4%. To top of page

First Published: November 29, 2013: 5:13 AM ET


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Thanksgiving openings appear to succeed

NEW YORK (CNNMoney)

For all the talk of shopping boycotts -- on the grounds that family values exceed the desire to save a few bucks -- American consumerism has triumphed. The crowds that typically appear before dawn Friday showed up at what's traditionally dinnertime on Thursday.

Mall managers across the country said shoppers showed up in droves this year, only they all did it earlier. That led to a smoother flow of traffic throughout the night instead of the usual rush at midnight. Edward Larson, who manages a J.C. Penney in Great Falls, Mont., said customers were "more purposeful and not as frenzied."

The Town East Mall in the suburbs of Dallas opened at 8 p.m., and thousands made their way to Macy's (M, Fortune 500), Sears (SHLD, Fortune 500) and J.C. Penney. (JCP, Fortune 500) Their demeanor was more calm and reserved than in years past, said mall manager Chad Hastings.

Related: Braving Black Friday in the U.S.? Send us your experiences

"This is definitely a game-changer as far as what the customer expects now," Hastings said. "In future years, the customer will expect stores to open at 8 o'clock."

The earlier start also meant that foot traffic dropped in the morning's early hours, an unusual sight. South Florida's Aventura Mall was nearly empty at 5 a.m.

At a Target in Philadelphia, Qiana Roberts skipped a family dinner for a spot in line. Collin Cook ate extra early on Thursday to join the hordes at J.C. Penney in Wayne, N.J.

Shoppers say workers should be home with their loved ones. But they'll head out anyway.

"I don't like that the hours are earlier. I think people should be able to be with their families on Thanksgiving," said Kim Schaefer as she shopped for shoes at J.C. Penney.

Related: Black Friday: Is it worth it?

And that's why businesses are throwing up their hands and saying: It's not us. It's you.

Randy Tennison manages the Jordan Creek Town Center near Des Moines, Iowa. He remembers how, for years, they opened at 5 a.m. That got pushed back to midnight in 2006, then 8 p.m. this year.

His family has adapted to the change and made Thanksgiving a lunch affair, but this year he had to cut that even shorter.

He doesn't mind, because it's good for business. Foot traffic at his mall last night was 11% higher than last year. He's accepted that Thanksgiving shopping is becoming a tradition of its own.

"I'm not worried. People still have the option of doing what they want," Tennison said. "Retailers are reacting to what customers want. Many people want to stay at home and be with their families, and that's great. Others want to go shopping, and that's great too."

Being better prepared for the crowds also means having more workers around. At the Staten Island Mall in New York, spokesman David Albertson said the big difference this year was "manpower."

"We're in the business to serve. When the customers are asking us to be more accommodating, we listen to them," he said.

Ishamar Dorma cut out of Thanksgiving festivities a little early to hit the West Philadelphia Target around 4 p.m., four hours before the doors would open. He turned 23 on Wednesday and wanted to get himself a belated birthday gift: a large, LED high-definition TV.

"It's a good birthday gift," said Dorma, whose sheepish grin briefly emerged from an orange knit scarf and striped hat.

Here are the kinds of discounts that beckoned them: A 50-inch Element TV going for $229 instead of $600. Half-carat diamond earrings priced at $79. Side deals like Target's $100 gift card with every iPad.

That last one convinced Charlie Wu to don his parka and brave the freezing weather outside a Target in New Jersey.

"I'll buy as many iPads as they'll let me buy," he said. Some will go out as gifts. But he said he'll take advantage of the temporarily low prices and sell the rest online.

Related: J.C. Penney shows signs of life on Black Friday

On the bright side, shoppers said they felt a calmer experience this holiday season. The typical rush into stores gave way to cool-headed families meandering through store aisles, perhaps still under the sleep-inducing effect of a full-sized dinner of turkey and cranberry sauce.

"I wouldn't have gone out on Friday -- it's too crowded," said Ann Delrio, who took to a J.C. Penney in New Jersey.

The sales numbers showed the calm as well. Disney Store executive Paul Gainer watched as the nation's 216 locations reported their transactions every hour to the company's headquarters.

"It's felt very controlled and spread out with the extended hours," he said.

The lines were still long though. And there were reports of fights. In Claypool Hill, Va., police say a knife fight over a parking space outside a Wal-Mart (WMT, Fortune 500) led to one person stabbed in the arm and two arrests.

On Twitter, the hashtag #WalmartFights became a top search term as people posted videos of violent brawls over low-priced products.

-- CNNMoney's Annalyn Kurtz and Jennifer Liberto contributed to this story To top of page

First Published: November 29, 2013: 6:26 AM ET


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H&M halts angora production over rabbit abuse

angora rabbit

A girl with her pet angora rabbit. The fur of the animals is commonly used to make clothing.

LONDON (CNNMoney)

Other European retailers have also halted production and companies are facing mounting pressure to withdraw angora items from their stores.

The disturbing footage shows rabbits screaming as fur is pulled from their skin.

People for the Ethical Treatment of Animals said its undercover investigators had made the film at a farm in China.

The animal activists said "live plucking" is widespread in the country, which produces 90% of the world's angora. China does not impose penalties for animal abuse, according to PETA.

Soft-feeling angora wool is used to make sweaters, scarves and socks.

Sweden's Hennes & Mauritz (HNNMY) is the biggest name to respond to the video. PETA is campaigning for shoppers to pressure other companies to do the same.

Related: Find out if a company shares your values

H&M said Wednesday it would halt production of all angora products, but won't remove existing products from its stores.

The high street retailer said it will inspect suppliers in the coming weeks to ensure they are not plucking.

"We only allow products made of angora rabbit hair from farms with good animal husbandry," the firm said in a statement.

The store is offering customers refunds if they want to return products made from the wool.

PETA spokesperson Ben Williamson said consumers must pressure retailers by "turning their backs on angora."

There was no humane way to remove fur from angora rabbits, he said. Animals that have their fur cut, rather than plucked, have their legs tied with ropes, and are stretched over a board or suspended in the air. To top of page

First Published: November 29, 2013: 8:20 AM ET


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Disgusted shoppers threaten to boycott Black Friday Thursday

Written By limadu on Kamis, 28 November 2013 | 21.29

pledge not shop

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. To top of page

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


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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. To top of page

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


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U.K. moves to cool property market

uk house prices

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. To top of page

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


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Disgusted shoppers threaten to boycott Black Friday Thursday

pledge not shop

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. To top of page

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


19.33 | 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. To top of page

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


19.33 | 0 komentar | Read More

Black Friday: Is it worth it?

NEW YORK (CNNMoney)

Some of the nation's largest retailers plan to open their doors on Thanksgiving Day, kicking off with Kmart (SHLD, Fortune 500) at 6 a.m.,Toys R Us at 5 p.m. Wal-Mart (WMT, Fortune 500) and Best Buy (BBY, Fortune 500) at 6 p.m. and Macy's (M, Fortune 500), Target (TGT, Fortune 500) and others will open throughout the evening.

The big enticement will be so-called "doorbusters," limited-time only deals offered to the first shoppers in the store. Hot-ticket doorbusters are typically electronic items like TVs and laptops at deep discounts of 50% or more.

Poll: Will you shop on Black Friday or not?

Yet most stores keep such limited supplies of these deals, that few shoppers walk away with them, said Marshal Cohen, chief retail analyst at the NPD Group. "If you're looking for that ultimate score, the half-price big screen TV, if you're not the 24th person in the line, 'good luck,'" he said.

Some die-hard shoppers started camping out in front of an Ohio Best Buy as early as last week to nab its popular doorbuster deals on big-screen TVs, laptops,video games and other electronics, such as a $500 55-inch LG flat-screen TV.

One exception: Wal-Mart is guaranteeing prices for some of its best deals, as long as customers are in line during specific times. If a store runs out of the product, shoppers get a voucher guaranteeing the product at the sale price.

But shoppers may not need to venture out to nab most Black Friday deals in the first place. With competition fierce, many retailers' are offering deals online that rival the ones being offered in stores, said Walter Loeb, a retail analyst and president of Loeb Associates.

Target, for example, will start offering almost all of its in-store deals in the early morning hours of Thanksgiving on Target.com before stores even open. Meanwhile, Consumer Reports has noted that Amazon (AMZN, Fortune 500) is offering Black Friday prices on big-screen TVs that are similar to deals available at Wal-Mart and Best Buy stores.

Related: Black Friday 2013: What to expect

"Prices during the holidays, even for some of the doorbusters, aren't necessarily the best prices of the season," said Patricia Huddleston, a professor of retailing at Michigan State University.

A recent survey by personal finance site, NerdWallet.com, found that 23 out of 25 stores were offering at least one product at the exact same price as last year, while some stores had multiple deal repeats or offered better prices on certain products earlier in the year.

And certain products will likely see even deeper discounts as Christmas approaches.

For example, better prices on winter clothing and generic toys are often found in the final week or two before Christmas as stores attempt to clear their shelves, said Trae Bodge, a spokesperson for RetailMeNot.com, a web site that tracks consumer deals.

So unless you have your eye on a hot product that you're worried will sell out, it's often best to wait. "Black Friday is about specific items," Bodge said. "Do the remainder of your shopping afterwards."

Related: 5 Black Friday tricks to avoid

Jessica Kessler had her first Black Friday experience several years ago, waking up at 3 a.m. on Friday to stand outside in the cold with hundreds of people waiting for Kohl's to open. Since then, she has ventured out with her husband's family in the early morning hours of Black Friday to hunt for deals. But she said there is no discount deep enough to draw her from her home on Thanksgiving.

"I was able to knock out a good bit of my shopping in the years that we went and got some deals that I was happy with," she said. "But at this point, there is no amount of savings that they could offer that would make it worth it to me." To top of page

First Published: November 27, 2013: 12:05 PM ET


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5 Black Friday tricks to avoid

Written By limadu on Rabu, 27 November 2013 | 21.29

NEW YORK (CNNMoney)

"So many people get caught up in the frenzy of Black Friday weekend. All retailers prey on that, " said Marshal Cohen, chief retail analyst at the NPD Group.

So if you decide to brave the stores this Black Friday (or in some cases, Thanksgiving Day), watch out for these common retail tricks.

1. Inferior products: Just because that big screen television looks like the one you've had your eye on for months, it doesn't mean it's the same model.

Many retailers sell cheaper versions of TVs, laptops, tablets and other items made specifically for the holiday season. The items look like the higher-priced model, but typically have fewer features.

Related: Buyer bewarel: Retail cards have a costly trap

For example, a tablet may come with a smaller storage capacity, while a TV or camera will have a lower resolution, Cohen said. "It's a good deal, but it's a money saver for the retailer and the manufacturer," he said.

Consumer Reports warns that these products may also carry shorter warranties.

In order to see whether the product is the one you want, come prepared with the product specifications and model number and make sure to ask about warranty terms.

Related: Wal-Mart's 2013 Black Friday deals

2. Read the fine print: Some Black Friday sales ads include fine print that says the full discount requires a mail-in rebate. So when you get to the register, you'll have to pay a lot more upfront.

For example, Staples is advertising a Toshiba laptop for $300, but the actual register price for the laptop is $350, which can be discounted with an "easy" $50 rebate, personal finance site NerdWallet.com found.

It's also a common department store practice to advertise storewide sales that then exclude dozens of items and categories. So that "one day blowout" that offers 25% off storewide is really only offering the discount on a select assortment of items.

3. Limited Supplies: It's not called a "doorbuster" deal for nothing. Many stores carry very limited supplies of their best deals so you'll likely have to be one of the first people in the store to snag them, Cohen said.

Wal-Mart is bucking this trend by guaranteeing prices for some of its best deals, as long as customers are in in line during a specific time. If a store runs out of a coveted product, shoppers get a voucher guaranteeing it later at the sale price.

Related: Save money on holiday expenses

4. Misleading "original" prices: Some retailers may try to make you think you're getting a deeper discount than you actually are.

Oftentimes, the original price they show in ads or next to the product in stores is higher than the price the item will usually sell for, said Patricia Huddleston, a professor of retailing at Michigan State University.

5. Bait and switch: Miss out on the doorbuster deal? Retailers are hoping that you'll buy a similar nearby product, which are usually more expensive.

Before taking the bait, try using a price comparison app, like Shop Savvy or RedLaser, or do research online to compare prices at other stores.

"If consumers aren't really sure about something, they may want to take a breath and let the smoke clear," Huddleston said. "People tend to follow crowds, but just because there is a crowd around something doesn't necessarily make that a good deal." To top of page

First Published: November 27, 2013: 7:18 AM ET


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Stocks: Cheery mood on Thanksgiving eve

sp 600

Click on chart for more premarket data.

NEW YORK (CNNMoney)

U.S. stock futures were continuing to edge higher Wednesday morning.

The main indexes in the U.S. have risen by 23% to 33% so far this year thanks to an economic recovery spurred on by the U.S. Federal Reserve.

Hewlett-Packard (HPQ, Fortune 500) shares surged in premarket trading, a day after the firm reported quarterly earnings and sales that beat expectations.

Airline investors were staying alert Wednesday morning as they wait on a judge to rule on various issues surrounding the merger between US Airways (LCC, Fortune 500) and American Airlines (AAMRQ, Fortune 500). The ruling is expected around 10 a.m. ET.

Related: Fear & Greed Index

On the economic front, the U.S. government will release its weekly report on initial jobless claims at 8:30 a.m. ET. The report comes a day earlier than usual because of Thursday's Thanksgiving holiday.

Also at 8:30 a.m. ET, the Census Bureau will release data on durable goods orders. At 9:55 a.m. ET, the University of Michigan and Thomson Reuters will release their consumer sentiment index.

Related: No tech bubble here

U.S. stocks finished slightly higher Tuesday, continuing to set new records. The Nasdaq, which is dominated by tech stocks, closed above 4,000 for the first time in 13 years.

European markets were pushing higher in morning trading, in part due to agreement on a new coalition government in Germany led by Chancellor Angela Merkel.

Related: Europe's golden visas lure rich Chinese

Asian markets ended with mixed results. Chinese indexes posted modest gains while Japan's benchmark Nikkei lost 0.4%.

Tensions in the region are rising after China announced the creation of a controversial new air defense zone. Both the United States and its close ally, Japan, refuse to recognize the zone. To top of page

First Published: November 27, 2013: 5:29 AM ET


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Additional legal costs for big banks could top $100 billion

jamie dimon big banks

JPMorgan Chairman and CEO Jamie Dimon at a meeting at the White House in October with other bank chiefs. S&P estimates major banks could be hit with more than $100 billion in additional legal costs and penalties due to problem mortgages.

NEW YORK (CNNMoney)

But despite that massive cost, which would dwarf the fines and costs they have faced to date, S&P believes the banks have the financial wherewithal to pay out those claims. It does not anticipate downgrading the credit ratings for the banks with the largest exposure.

The cost estimate for the legal expenses ranges from $55 billion to $105 billion, according to the note. But S&P admits it made the estimate using a "significant amount of simplifying assumptions," and that the final cost could fall either below or above that range.

The note published Tuesday estimates that the major banks -- Bank of America (BAC, Fortune 500), Citigroup (C, Fortune 500), Goldman Sachs (GS, Fortune 500), JPMorgan Chase (JPM, Fortune 500), Morgan Stanley (MS, Fortune 500) and Wells Fargo (WFC, Fortune 500) -- together are already on the hook for more than $45 billion of payouts since 2009, and have incurred legal expenses of $50 billion.

Related: Banks fork over $17 billion for misdeeds in 2013

All the banks bundled home loans into mortgage-backed securities during the last decade's housing boom and sold those securities to investors, including government-backed mortgage finance firms Fannie Mae and Freddie Mac.

When it turned out that underwriting standards for those loans were lax and foreclosure rates started to soar, it caused massive losses for those holding the securities -- and a meltdown in the financial system that proved to be one of the root causes of the Great Recession.

Related: JPMorgan can deduct a big chunk of $13 billion deal

But S&P points out that the six banks, along with PNC Financial (PNC, Fortune 500) and US Bancorp (USB, Fortune 500), have reported $94 billion in combined 2012 pretax earnings. It also estimates they have a combined $155 billion "buffer," set aside to absorb losses from a range of additional mortgage-related and other legal exposures.

In addition, they have a combined capital cushion of another $95 billion to weather possible additional legal costs.

The largest single settlement to date was JPMorgan Chase's $13 billion deal announced last week with the Justice Department. That settlement includes a $4 billion fine it agreed to pay in October to settle claims about mortgages sold to Fannie Mae and Freddie Mac. To top of page

First Published: November 27, 2013: 8:30 AM ET


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Stocks: Cheery mood on Thanksgiving eve

sp 600

Click on chart for more premarket data.

NEW YORK (CNNMoney)

U.S. stock futures were continuing to edge higher Wednesday morning.

The main indexes in the U.S. have risen by 23% to 33% so far this year thanks to an economic recovery spurred on by the U.S. Federal Reserve.

Hewlett-Packard (HPQ, Fortune 500) shares surged in premarket trading Wednesday after the firm reported quarterly earnings and sales that beat expectations after the close Tuesday.

Airline investors were staying alert Wednesday morning as they wait on a judge to rule on various issues surrounding the merger between US Airways (LCC, Fortune 500) and American Airlines (AAMRQ, Fortune 500). The ruling is expected around 10 a.m. ET.

Related: Fear & Greed Index

On the economic front, the U.S. government will release its weekly report on initial jobless claims at 8:30 a.m. ET. The report comes a day earlier than usual because of Thursday's Thanksgiving holiday.

Also at 8:30, the Census Bureau will release data on durable goods orders. At 9:55, the University of Michigan and Thomson Reuters will release their consumer sentiment index.

Related: No tech bubble here

U.S. stocks finished slightly higher Tuesday, continuing to set new records. The Nasdaq index, which is dominated by tech stocks, closed above 4,000 for the first time in 13 years.

European markets were pushing higher in morning trading, in part due to agreement on a new coalition government in Germany led by Chancellor Angela Merkel.

Related: Europe's golden visas lure rich Chinese

Asian markets ended with mixed results. Chinese indexes posted modest gains while Japan's benchmark Nikkei lost 0.4%.

Tensions in the region are rising after China announced the creation of a controversial new air defense zone. Both the United States and its close ally, Japan, refuse to recognize the zone. To top of page

First Published: November 27, 2013: 5:29 AM ET


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No tech bubble here

tech bubble

Market analysts say this Nasdaq run-up is nothing like the tech bubble of 13 years ago.

NEW YORK (CNNMoney)

It makes sense that benchmarks like the Nasdaq at 4,000 could reignite bubble fears. It comes after the recent string of successful initial public offerings from unprofitable companies like Twitter (TWTR), and reports of startup Snapchat turning down a $4 billion buyout -- despite bringing in no revenue.

But analysts say the rush to call a tech bubble, while understandable, isn't grounded in reality.

"Anytime you have a substantial run in an asset -- especially one like the Nasdaq ... you can't help but ask the [bubble] questions," said Drew Nordlicht, managing director at asset management firm HighTower Advisors. "But there are big divergences between now and the tech bubble of 2000."

2000 vs. 2013: The biggest difference between now and then: The hype in 2013 is fairly muted compared with the dot-com heyday.

Sure, Facebook's (FB, Fortune 500) IPO may have been overhyped, and select startups will continue to raise money at seemingly astronomical valuations. But analysts insist the exuberance level doesn't even come close to the old days.

"In 2000, people said the [dot-com boom] was on par with the Industrial Revolution -- we were going to be living in one of those sci-fi movies," Nordlicht said. "We don't have that level of a mass fever pitch today."

Todd Salamone, senior research VP at Schaefer's Investment Research, agreed.

"There was a 'sky's the limit' mentality in 2000, in terms of revolutionary technology leading to productivity enhancements," Salamone said. "There was no prediction that was too high. Today there is a lot more hand-wringing, more caution."

By the numbers: It's not just about irrational excitement: Tech company valuations this time around simply don't rival those of 2000.

Back in 2000, a person would hardly blink an eye at a company like Cisco (CSCO, Fortune 500) trading at 66 times earnings estimates for the coming year, said Nordlicht, the HighTower managing director.

These days, Cisco's price-to-earnings ratio is hovering below 12 -- near that of mighty Apple (AAPL, Fortune 500). Even Google (GOOG, Fortune 500), which has generally reported strong earnings this year and is poised to overtake Exxon Mobil (XOM, Fortune 500) in market capitalization, is trading at 24 times earnings expectations for next year.

While the Nasdaq does have outliers like Netflix (NFLX) trading at more than 200 times earnings, such high ratios aren't the norm -- and the broader index are much more grounded in reality than 13 years ago.

"These ratios aren't levels that have defined peaks in the past," said Salaome, the Schaefer's senior research VP. "Far from it."

Price-to-earnings ratios soared so high in 2000 because "people were buying companies based on future prospects -- where you expected them to be a in a decade," Nordlicht said. "You don't see that today. Even if people aren't demanding profitability right now, they want to see a road that leads to profit."

Related story: 8 things to know about the 2013 bull market

A slower rise to 4,000: Looking at the Nasdaq's overall gains, Salamone pointed out the 1999-2000 run-up was "parabolic": The index hit 3,000 in November 1999 and topped 4,000 the following month, before reaching a high above 5,000 in March 2000.

"Today's move is not what I would call parabolic," Salamone said. This time around, the Nasdaq took nearly a year to jump from 3,000 to 4,000.

What's more, the Nasdaq has risen along an overall 2013 bull market, on stronger macroeconomic conditions: the Federal Reserve's bond-buying program, the overall improving economy and low earnings expectations. The Nasdaq's 32% gain so far in 2013 is only six percentage points above that of the S&P (SPX) 500 index, and ten points above the Dow's (INDU) jump.

Startups will continue to raise gobs of cash, and select tech sectors like social-media stocks may get rather frothy. But the established techs in the Nasdaq -- and the index's gain -- aren't where to look if you're trying to prove a bubble.

In fact, Salamone thinks the memory of 2000 is still too fresh to let the excitement soar into bubbly exuberance.

"In 2000, everybody looked back and was shocked by how badly they were burned," he said. "Now everyone's afraid of that happening again -- and it's hard to have a bubble when everybody fears a bubble." To top of page

First Published: November 27, 2013: 3:48 AM ET


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5 Black Friday tricks to avoid

NEW YORK (CNNMoney)

"So many people get caught up in the frenzy of Black Friday weekend. All retailers prey on that, " said Marshal Cohen, chief retail analyst at the NPD Group.

So if you decide to brave the stores this Black Friday (or in some cases, Thanksgiving Day), watch out for these common retail tricks.

1. Inferior products: Just because that big screen television looks like the one you've had your eye on for months, it doesn't mean it's the same model.

Many retailers sell cheaper versions of TVs, laptops, tablets and other items made specifically for the holiday season. The items look like the higher-priced model, but typically have fewer features.

Related: Buyer bewarel: Retail cards have a costly trap

For example, a tablet may come with a smaller storage capacity, while a TV or camera will have a lower resolution, Cohen said. "It's a good deal, but it's a money saver for the retailer and the manufacturer," he said.

Consumer Reports warns that these products may also carry shorter warranties.

In order to see whether the product is the one you want, come prepared with the product specifications and model number and make sure to ask about warranty terms.

Related: Wal-Mart's 2013 Black Friday deals

2. Read the fine print: Some Black Friday sales ads include fine print that says the full discount requires a mail-in rebate. So when you get to the register, you'll have to pay a lot more upfront.

For example, Staples is advertising a Toshiba laptop for $300, but the actual register price for the laptop is $350, which can be discounted with an "easy" $50 rebate, personal finance site NerdWallet.com found.

It's also a common department store practice to advertise storewide sales that then exclude dozens of items and categories. So that "one day blowout" that offers 25% off storewide is really only offering the discount on a select assortment of items.

3. Limited Supplies: It's not called a "doorbuster" deal for nothing. Many stores carry very limited supplies of their best deals so you'll likely have to be one of the first people in the store to snag them, Cohen said.

Wal-Mart is bucking this trend by guaranteeing prices for some of its best deals, as long as customers are in in line during a specific time. If a store runs out of a coveted product, shoppers get a voucher guaranteeing it later at the sale price.

Related: Save money on holiday expenses

4. Misleading "original" prices: Some retailers may try to make you think you're getting a deeper discount than you actually are.

Oftentimes, the original price they show in ads or next to the product in stores is higher than the price the item will usually sell for, said Patricia Huddleston, a professor of retailing at Michigan State University.

5. Bait and switch: Miss out on the doorbuster deal? Retailers are hoping that you'll buy a similar nearby product, which are usually more expensive.

Before taking the bait, try using a price comparison app, like Shop Savvy or RedLaser, or do research online to compare prices at other stores.

"If consumers aren't really sure about something, they may want to take a breath and let the smoke clear," Huddleston said. "People tend to follow crowds, but just because there is a crowd around something doesn't necessarily make that a good deal." To top of page

First Published: November 27, 2013: 7:18 AM ET


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Men's Wearhouse turns tables, bids for Jos. A Bank

Written By limadu on Selasa, 26 November 2013 | 21.29

mens wearhouse jos a bank

Men's Wearhouse is now making an unsolicited bid for rival Jos. A. Bank.

NEW YORK (CNNMoney)

Men's Wearhouse, which recently fought off a hostile bid from smaller rival Jos. A. Bank, announced its own $1.5 billion bid Jos. A Bank Tuesday. Men's Wearhouse said in a statement that it evaluated a number of alternatives after Jos. A. Bank took its unsolicited offer public on Oct. 9. Men's Wearhouse concluded that an acquisition of Jos. A. Bank made the most sense.

Men's Wearhouse (MW) is offering $55 a share in cash, about a 9% premium from its close on Monday. Shares of Jos. A. Bank (JOSB) were up even more than that in premarket trading on news of the bid, and shares of Men's Wearhouse were also higher.

Spokespeople for Jos. A. Bank were not immediately available for comment on the takeover offer.

While Jos. A. Bank abandoned its bid for Men's Wearhouse earlier this month, Men's Wearhouse is still facing a proxy fight by its largest shareholder, Eminence Capital.

Eminence, which owns just under 10% of Men's Wearhouse, said a few weeks ago it wanted the company to accept the Jos. A. Bank offer. At that time, Eminence said it wanted a special meeting of Men's Wearhouse's shareholders to vote on possible removal of the company's directors.

The decisions of the management team at Men's Wearhouse have been questioned a lot lately.

Earlier this year, Men's Wearhouse announced the firing George Zimmer, its chairman, founder and largest individual shareholder. The company did so even though Zimmer was also the long-time pitchman for the chain who became well-known for his personal guarantee to customers that "you're going to like the way you look."

Management said Zimmer was not supportive of the new CEO Doug Ewert and depicted Zimmer as power-hungry because he wanted to sell the company to private investors. To top of page

First Published: November 26, 2013: 9:06 AM ET


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Fake meat is on the menu this Thanksgiving

beyond meat salad

Beyond Meat's Chicken-Free Strips mimic the look and feel of the real thing.

NEW YORK (CNNMoney)

Forget about the Tofurky you tried at your cousin's vegan wedding. Companies like Beyond Meat and Hampton Creek Farms are using high-tech processes to synthesize meat and egg textures from plant proteins. The goal isn't replacement steak for vegans, says Beth Bloom, a food analyst with research firm Mintel, but to create an entirely new product that's actually full of flavor.

Beyond Meat is one company hoping to take advantage of the $553 million "meat-alternatives market." Founded in 2009 by Ethan Brown, the son of a dairy farmer, the company manufactures low-fat, cholesterol-free, chicken-like strips that come in carnivore-friendly flavors like lightly seasoned and southwest style.

Hoping to "mimic the fiber structure of animal protein as it cuts across your teeth," Brown teamed up with University of Missouri professor Fu-Hung Hsieh, who spent 15 years fine-tuning a process that involves feeding plant-based ingredients into a machine called an extruder. Then, using a precise combination of heating, cooling and pressure, plant proteins are painstakingly realigned to mimic animal muscle or tissue.

"We're doing what evolution did over a very long period of time; it's just that we're doing it in less than two minutes," says Brown, whose company licenses the technology from Hsieh.

Related: Shop yourself within a few degrees of Kevin Bacon

In April, Beyond Meat launched their Chicken-Free Strips in Whole Foods stores. And restaurant chain Tropical Smoothie now offers Beyond Meat as a substitute for chicken in hundreds of locations in 36 states.

The company can produce the equivalent of more than 1.5 million chickens per year -- a fraction of the 8.6 billion chickens that will be sent to slaughter this year in the U.S. Yet its highly efficient production system is better for the environment (requiring less land and water while producing less waste), which has captured the attention -- and pocketbooks -- of big-name investors like Twitter (TWTR) co-founder Biz Stone.

"If you believe that it's possible to replicate the animal protein with plant protein, it makes for a pretty compelling investment," says Brown.

Related: How to boost your online sales this holiday season

Hampton Creek Foods is another food tech start-up attracting A-list investors, including Peter Thiel and Bill Gates. The two-year-old San Francisco-based company examined the molecular structure of over 1,500 plant species and identified 11 varieties that could replace the functions of a chicken egg, from adding volume to a pound cake to providing texture to a muffin.

The result is Beyond Eggs -- a plant-based egg substitute that's currently being sold to industrial manufacturers as a baking ingredient for their own product. And if investors have their way, it could eventually serve as an affordable source of protein in developing countries.

In October, Hampton Creek began selling its flagship product, JustMayo, in Whole Foods. JustMayo is an egg-free mayonnaise that the company says is 10% cheaper to manufacture than its non-vegan counterpart. And next year, Hampton Creek plans to release JustScrambled, the world's first plant that scrambles like an egg.

They don't quite replace the holiday meals of turkey and Cornish game hens, but they're getting pretty close.

Related: How to launch a second startup To top of page

First Published: November 26, 2013: 8:57 AM ET


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Storm prompts airlines to relax travel policies

travel delays

Some airlines are waiving change fees as a storm ravages the U.S. just ahead of Thanksgiving.

NEW YORK (CNNMoney)

There are caveats, of course. But the savings could be considerable, since change fees can range from $100 to $300 per flight.

If you're flying on Delta (DAL, Fortune 500), the airline is offering a one-time ticket change, without a fee, to Thanksgiving travelers to and from New York City, Washington, D.C., Boston, Baltimore and other airports in the East.

Delta also said travelers are entitled to refunds if their flights are canceled or "significantly delayed."

Related: Fewer people traveling for Thanksgiving

US Airways (LCC, Fortune 500) is also relaxing its change-fee policies for travelers scheduled to fly during the days leading up to Thanksgiving, so long as the airports and the fares remain the same.

JetBlue (JBLU, Fortune 500) and American Airlines of AMR Corp. (AAMRQ, Fortune 500) waived their change fees for customers who were scheduled to fly to or from Dallas/Fort Worth on Nov. 24 or 25, after Texas got pummeled by an ice storm.

United, of United Continental Holdings (UAL, Fortune 500), is waiving fees for some passengers traveling to or from Cleveland, Washington-Dulles or Newark, N.J.

The storm is expected to hit the East Coast on Wednesday.

As a word of advice, Airfarewatchdog president George Hobica said fliers should buy travel insurance during the winter holiday season, because of the high chance of cancellations and delays.

Related: More people are flying, with fewer complaints

Also, don't rule out the more reliable travel by land, he said.

"If your flight is canceled, try to get as close to where you're heading as possible if you can't get all the way there," he said. "If your JFK to LA flight is canceled, see if the airline will fly you to Las Vegas, for example. From there you can hop on Southwest or rent a car to LA." To top of page

First Published: November 26, 2013: 9:19 AM ET


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Not wanted: 100,000 Medicaid enrollees

Written By limadu on Senin, 25 November 2013 | 21.29

medicaid take up rates

More people currently eligible for Medicaid are signing up, thanks to Obamacare outreach.

NEW YORK (CNNMoney)

More than 100,000 people were approved for Medicaid last month in the 25 states that have opted not to expand the government program, according to a CNNMoney analysis. These folks currently qualified for Medicaid, but had not enrolled. Likely drawn in by all the campaigns to enroll the uninsured, the so-called woodwork effect, they applied through the federal Obamacare exchange.

"They are picking up people who should have been on Medicaid all along, but there was never this outreach effort," said Sara Rosenbaum, law professor at George Washington University's School of Public Health.

Expanding Medicaid has split the nation since the Supreme Court ruled in 2012 that states could decide whether to widen coverage to all residents up to 138% of the poverty level, or $15,900 for individuals and $32,500 for a family of four, as Obamacare called for. The federal government will pick up the total cost of the expansion for the first three years, after which the funding will phase down to 90%.

Many states, mainly led by Republican governors and legislators, have said they cannot afford to extend the public health program, which has 54.1 million adults and 5.5 million children enrolled nationwide. Medicaid ate up a quarter of total state spending in fiscal 2013, outstripping every other category, according to the National Association of State Budget Officers.

Share your story: Are you signing up for Obamacare?

Currently, states set their own eligibility criteria. Some are generous. New York, for instance, allows parents with incomes up to 150% of poverty and childless adults up to the poverty line to enroll. Others are much more restrictive, such as Texas, which only extends the benefits to working parents with incomes up to 25% of the poverty line and jobless parents up to 12%.

But many states also don't do a good job reaching out to people who meet the current standards. Only an estimated 63% of eligible adults are enrolled, as are 87% of children.

Now, however, there is an unprecedented national effort to sign people up for private insurance on the exchanges or for Medicaid. The federal government is pouring millions of dollars into non-profit groups and community health centers to encourage enrollment. Some organizations are checking in with people who are eligible for food stamps or unemployment insurance to see whether they qualify for Medicaid.

As a result, Medicaid rolls are mushrooming everywhere, with nearly 400,000 people signing up in October nationwide. The numbers are also notable in non-expansion states, including 13,000 in Florida and 11,700 in Texas, for instance. The applications will be sent from the federal exchange to the states, which will complete the enrollment.

Some state officials are not pleased.

"...forcing people to take government welfare is not the answer to increasing access to quality health care," said Josh Havens, spokesman for Texas Governor Rick Perry, a staunch opponent to Medicaid expansion. "Medicaid remains an unsustainable, broken system, and forcing more people into it will just push state budgets closer to the breaking point."

States will have to come up with the funds to pay for these additional enrollees, since the federal government only covers a share of the cost of the currently eligible.

"It's not free. It's 30 to 50 cents on the dollar," said Jeff Goldsmith, associate professor of public health at University of Virginia. "This was the core of states' anxiety about this bill." To top of page

First Published: November 25, 2013: 6:58 AM ET


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Startups find free money in South America

start up chile

Start-Up Chile offers $40,000 of equity-free funding to entrepreneurs who move to Chile for six months to work on their projects.

NEW YORK (CNNMoney)

What changed? Bernardo took advantage of Start-Up Chile, one of several South American initiatives luring entrepreneurs from abroad. In 2010, he moved to Chile where the government gave him $40,000 to help grow his business.

He's not alone. Since 2010, the Chilean government has offered $40,000 of equity-free funding to startups accepted into its program Start-Up Chile. The governments in Brazil and Colombia back similar programs and Peru soon will too.

In the last three years, Start-Up Chile has accepted more than 750 companies, 25% of them from the United States. In return, business owners must move to Chile for six months and mentor local entrepreneurs.

The seed money was the main reason Bernardo relocated, but he found an added bonus. The market in Santiago is even better than San Francisco for his service, which advises restaurant owners on developing wine lists and provides a mobile sommelier-like app for their customers. There's a lot less competition in South America, he said. It's easier for his sales team to get the ear of restaurant owners when they're not bombarded by tons of Silicon Valley entrepreneurs who think their product can revolutionize the industry.

Bernardo has since branched out to São Paulo, Brazil, a larger market with even more restaurant owners interested in his pitch.

Related: How to successfully launch a second startup

Although funding might be the primary draw, South American incubators are instrumental in helping to obtain proper visas and open bank accounts.

"Everything down here takes a long time," said Sean Kilachand, who will receive about $88,000 over the course of a year from Start-Up Brasil to launch his company. The money must be used to hire local employees for EduSynch, Kilachand's educational assessment service.

Kilachand, a former New Yorker, knew few people and didn't speak any Portuguese when he moved to Brazil in January. Without help from the government-backed program, Kilachand says he might still be waiting for the correct visa.

Related: 5 Americans who launched startups in Chile

When John Njoku signed up for Start-Up Chile, the program not only helped him and his team at Kwelia obtain visas, but they had Chilean ID cards and personal bank accounts set up within two weeks of arriving. After spending six months in Chile working on their software, which provides data about apartment rental prices for property managers, the team decided it was best to return to the States.

Only about 15% of companies stay longer than the six months it takes to complete Start-Up Chile, but that's "totally fine," said Horacio Melo, the program's executive director. In fact, he helps companies relocate if business will be better for them elsewhere, so that they grow a global entrepreneurial network with ties to Chile.

That network is valuable to entrepreneurs in Chile, and local startup owners are already benefiting from having foreigners -- mostly tech entrepreneurs -- there for six months. Instead of asking for equity, the program asks for what Melo calls a "social return." Program participants must mentor Chilean entrepreneurs and speak to students at local universities.

Related: Startups emerge behind bars

Melo says the program is working, pointing to the growing number of Chilean startups that apply for the program. In the first few rounds, there were no Chilean entrepreneurs accepted. In its eighth round, there were 14.

For many entrepreneurs in South America, the growing network of startups is more valuable even than the seed money.

Startup Buenos Aires -- launched this year by U.S. expat Lisa Besserman -- doesn't provide funding, but does offer weekly classes, a coworking space and hopes to ultimately bring college students from around the world to intern at Argentinian startups. It already boasts close to 700 members.

"The tremendous growth further exemplifies how much of a need there was for this," said Besserman. "They were waiting for it." To top of page

First Published: November 25, 2013: 6:07 AM ET


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Highest property taxes in America

NEW YORK (CNNMoney)

They're home to the three counties that charge the highest average property taxes in the country.

By contrast, a number of counties in Alabama and Louisiana have some of the lowest.

Those are among the findings of a new residential property tax study from the Tax Policy Center, which analyzed data from the American Community Survey.

Across the United States as a whole, between 2007 and 2011, 60% of counties reported average property tax burdens of between $500 and $1,500 a year.

That might cover one month's tax burden for many homeowners in one of the three most expensive counties: Westchester County, N.Y. ($9,647 a year); Nassau County, N.Y., ($9,080) and Bergen County, N.J. ($8,893).

Another five counties in New Jersey had average annual burdens topping $8,000.

By contrast, of the 24 counties nationwide with annual property taxes below $250 a year, nearly all were in Alabama and Louisiana, the study found.

In some states, property taxes are modest in dollar terms, but rank high when the tax burden is measured as a share of home price.

Related: American dream homes: What you'll pay in 10 cities

Parts of Michigan, Nebraska, North Dakota and Ohio fall into this category. Their property taxes on average well exceed 1% of home prices, whereas in most counties in the nation, the average property taxes fall below the 1% mark.

Property taxes are some of the most opaque for taxpayers to figure out.

For one thing, there's no single formula that every county and state uses to calculate them.

In addition, the "assessed" value of your home on which your property taxes are based can bear little resemblance to your home's market value.

And there's no telling from one year's assessment to another how high your bill will be. "[M]any localities set a revenue target to meet expenditure needs and then vary the tax rate to meet this target, conditional on the tax base," the study said.

No wonder, then, when asked by Gallup what they considered to be the least fair tax, the percent of Americans who chose the local property tax has nearly doubled, from 24% in 1988 to 42% in 2005.

Of course, counties with higher property taxes tend to spend more on things like education and public services. They may also have higher priced homes. Or they may be higher simply because the local government isn't bringing in other major sources of revenue, like an income tax.

"In general, localities in states with high property tax burdens tend to have little or no other local taxes," the Tax Policy Center study noted. To top of page

First Published: November 25, 2013: 7:21 AM ET


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Cable stocks surge on takeover chatter

Written By limadu on Minggu, 24 November 2013 | 21.29

time warner cable stock

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." To top of page

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


21.29 | 0 komentar | Read More

Foxconn to build plant in Pennsylvania

foxconn factory

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. To top of page

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


21.29 | 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. To top of page

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


21.29 | 0 komentar | Read More

Foxconn to build plant in Pennsylvania

Written By limadu on Sabtu, 23 November 2013 | 21.29

foxconn factory

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. To top of page

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


21.29 | 0 komentar | Read More

Cable stocks surge on takeover chatter

time warner cable stock

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." To top of page

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


21.29 | 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. To top of page

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


21.29 | 0 komentar | Read More

Cable stocks surge on takeover chatter

time warner cable stock

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." To top of page

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


19.33 | 0 komentar | Read More
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