Sepak Gajah

Black Thursday? Thanksgiving sales numbers growing

Written By limadu on Minggu, 30 November 2014 | 21.29

NEW YORK (CNNMoney)

According to early estimates on Black Friday from Shoppertrak, sales at brick-and-mortar stores were down slightly to $12.29 billion in 2014 vs. $12.35 billion a year earlier. But spending was up nearly 24% on Thanksgiving, and slipped 6.9% on Black Friday, Shoppertrak found.

What's more, people were more willing to trek to stores on Thanksgiving: Visits were up 27% on Thursday compared to 2013, but they were down 5.6% on Black Friday, according to Shoppertrak.

Still, shoppers spent nearly three times as much -- $9.1 billion -- on Black Friday than on Thursday, Shoppertrak estimates.

The trend was similar online, with shoppers increasingly willing to buy on Thanksgiving. Online sales were up 14.3% on Turkey Day compared to last year, according to IBM's Digital Analytics Benchmark report, but just 9.5% on Black Friday, less than expected.

Shoppers also are using their phones and tablets more than ever -- both to buy and comparison-shop while in stores, IBM found.

Sales on mobile devices were up more than 28% from Black Friday last year, accounting for more than one in four online sales transactions Friday, IBM found.

IBM had projected online shopping would climb 15% for the period from Thanksgiving through Monday. It projected year-over-year growth of 13% on Black Friday.

Gas prices drop could mean happier holidays

Wal-Mart (WMT), the world's largest retailer, said it shattered sales records on Thanksgiving, posting its second-biggest online sales day. The company said its site saw over 500 million page views, and 70% came from mobile traffic.

Overall, the National Retail Federation projected spending this season will climb 4.1% to $616.9 billion. It estimated online sales would grow between 8% and 11%.

Last year, holiday sales climbed 3.1%, according to the NRF.

Related: 24 hours with a Black Friday worker

The preliminary reports from Shoppertrak and IBM give an early peek at some of the busiest shopping days of the year.

Black Friday isn't the one-day event that it used to be, when malls and department stores threw open their doors at midnight.

Nowadays, there's round after round of "door busters" and a slew of online sales that begin days before Friday. And most major retailers advertise "Black Friday" deals that actually begin Thanksgiving Thursday evening.

First Published: November 29, 2014: 7:05 PM ET

21.29 | 0 komentar | Read More

Soaring ratings for the Macy's Thanksgiving Day Parade

This year's Macy's Thanksgiving Day Parade brought in over 22 million viewers for NBC.

NEW YORK (CNNMoney)

NBC's telecast of the annual New York City parade averaged 22.6 million viewers between 9 a.m. and noon Eastern -- the second-largest audience for the parade in the past decade.

The largest audience came last year when 25.2 million tuned in. (That spike was a surprise because the parade's ratings are pretty steady every year. In 2012, the average audience was 22.4 million.)

In a press release, NBC noted that the parade -- which was hosted by Matt Lauer, Savannah Guthrie, and Al Roker -- was one of the highest-rated telecasts on TV this season, beating "every primetime non-sports telecast on the Big 4 networks."

NBC works with Macy's to produce the "official" telecast of the parade. CBS broadcasts an "unofficial" version along the parade route; ratings for the show weren't immediately available on Friday.

After the parade on Thursday, NBC televised another Thanksgiving tradition, the "National Dog Show Presented by Purina," and it averaged 10.3 million viewers for the network, down slightly from 10.7 million viewers last year.

And NBC's primetime NFL offering of the San Francisco 49ers taking on the Seattle Seahawks netted the Peacock a preliminary audience of 17.7 million viewers, also down slightly from the year before.

First Published: November 28, 2014: 5:44 PM ET

21.29 | 0 komentar | Read More

Should you sell stocks? Check junk bonds first

Junk bonds provide an early warning sign for Wall Street.

NEW YORK (CNNMoney)

Dramatic swings in the junk bond market often provide a valuable warning to investors. During times of turmoil, investors pile into ultra-safe U.S. government debt and rotate away from far riskier junk bonds.

That swing away from junk bonds often happens shortly before stock market downturns.

"High yield does provide useful sell signals to equity investors," Barclays analysts concluded in a recent report.

Related: Is it time to sell stocks?

Barclays combed through the past dozen years of data. The warning signal they found is a 30% or greater increase in the spread between Treasuries and junk bonds before a dip.

History is a guide: Consider 2002. The "spread," or gap between the yields of junk bonds and Treasuries, spiked in July that summer after WorldCom defaulted on its debt and US Airways signaled it was filing for bankruptcy.

Investors who sold stocks based on the turbulence in the high-yield debt market would have escaped a 14% nosedive in the S&P 500 over the next 10 days.

"Had equity investors heeded the warning being sent from high yield, significant losses may have been avoided," Barclays wrote.

While the stock market bounced back from that 2002 episode pretty quickly, the same can't be said about when the sell signal was triggered five years later.

Related: OPEC's message to US shale: Drop dead

Junk bond spreads surged in June 2007 as two Bear Stearns hedge funds dropped a bomb on investors about massive losses in subprime mortgage assets.

Despite the alarm bells ringing in the credit markets, the S&P 500 set all-time highs as late as the fall of 2007. But then stocks began a long descent as it came to light that many more firms had similar subprime mortgage problems.

Many investors clearly wish they listened to that early warning from junk bonds.

Barclays said equity investors should "position defensively" the next time junk bonds start to go haywire. That doesn't necessarily mean dumping stocks altogether. After all, the stock market eventually bounced back from each of the sell-offs Barclays examined.

Instead, lower volatility sectors like consumer staples and utilities could provide investors with cover during a potential storm. The analysis found that after the sell signal was triggered, these sectors outperformed higher-turbulence ones like materials and energy.

What is the signal now? Few people have been positioning defensively these days. Despite a tumble in the energy sector on Friday, the S&P 500 capped off a strong month of November during which it rallied 2.5%. Tech stocks did even better, driving the Nasdaq 3.5% higher.

So what are junk bonds saying about the stock market these days?

Just like the tumbling VIX volatility index, junk bonds are indicating "things have stabilized over the past few weeks," said TD Ameritrade chief strategist JJ Kinahan.

"As we all know, that can change at any moment," he said.

If it does, chances are junk bonds will offer some early clues.

First Published: November 30, 2014: 9:22 AM ET

21.29 | 0 komentar | Read More

Soaring ratings for the Macy's Thanksgiving Day Parade

This year's Macy's Thanksgiving Day Parade brought in over 22 million viewers for NBC.

NEW YORK (CNNMoney)

NBC's telecast of the annual New York City parade averaged 22.6 million viewers between 9 a.m. and noon Eastern -- the second-largest audience for the parade in the past decade.

The largest audience came last year when 25.2 million tuned in. (That spike was a surprise because the parade's ratings are pretty steady every year. In 2012, the average audience was 22.4 million.)

NBC works with Macy's to produce the "official" telecast of the parade. CBS broadcasts an "unofficial" version along the parade route; ratings for the show weren't immediately available on Friday.

And NBC's primetime NFL offering of the San Francisco 49ers taking on the Seattle Seahawks netted the Peacock a preliminary audience of 17.7 million viewers, also down slightly from the year before.

First Published: November 28, 2014: 5:44 PM ET

19.33 | 0 komentar | Read More

Black Thursday? Thanksgiving sales numbers growing

NEW YORK (CNNMoney)

What's more, people were more willing to trek to stores on Thanksgiving: Visits were up 27% on Thursday compared to 2013, but they were down 5.6% on Black Friday, according to Shoppertrak.

Still, shoppers spent nearly three times as much -- $9.1 billion -- on Black Friday than on Thursday, Shoppertrak estimates.

Shoppers also are using their phones and tablets more than ever -- both to buy and comparison-shop while in stores, IBM found.

Sales on mobile devices were up more than 28% from Black Friday last year, accounting for more than one in four online sales transactions Friday, IBM found.

IBM had projected online shopping would climb 15% for the period from Thanksgiving through Monday. It projected year-over-year growth of 13% on Black Friday.

Gas prices drop could mean happier holidays

Overall, the National Retail Federation projected spending this season will climb 4.1% to $616.9 billion. It estimated online sales would grow between 8% and 11%.

Last year, holiday sales climbed 3.1%, according to the NRF.

Related: 24 hours with a Black Friday worker

The preliminary reports from Shoppertrak and IBM give an early peek at some of the busiest shopping days of the year.

Black Friday isn't the one-day event that it used to be, when malls and department stores threw open their doors at midnight.

First Published: November 29, 2014: 7:05 PM ET

19.33 | 0 komentar | Read More

Walmart hit with protests on Black Friday

NEW YORK (CNNMoney)

This year, some of the biggest demonstrations took place outside Walmarts in Chicago and Washington D.C., as well in cities in California, Washington, Texas and New Jersey.

At a store in North Bergen, N.J., about 75 protesters marched around the parking lot. They carried signs that read: "People who work deserve a living wage" and "Shame on Walmart." At times they chanted: "Walmart, your kingdom must come down."

Most of them were not Walmart employees but are asking the company to pay all workers at least $15 an hour. Walmart says it pays full-time workers an average of $12.94 an hour.

It is the third year in a row that union-backed groups organized Black Friday protests at some Walmart locations.

Related: 24 hours with a Black Friday worker

But while organizers said demonstrations were planned for 1,600 stores, they could not say exactly how many were taking place. On Friday afternoon, they still expected it to be the biggest action on Black Friday to date, according to Dan Schlademan, a campaign director.

Hundreds of workers were participating on Friday, he said. That includes 30 workers who organizers said walked off the job at stores in Maryland, Virginia and D.C. and seven who were arrested for blocking traffic outside a store in Chicago.

But Walmart spokeswoman Brooke Buchanan said as of Friday afternoon, no employees at any location had come into work and then walked off the job. The company had received a handful of notices from workers who said they were planning to strike today, she said, but an official tally of employees who didn't show up for work was not yet available.

Protesters marched in D.C. Friday morning.

Only one Walmart worker, Barbara Gertz, spoke at the rally outside the New Jersey store, and she actually works in Colorado. The union-backed groups often cover travel costs for workers who come to protest.

Most of the protesters in New Jersey were not workers, but members of unions including the United Food and Commercial Workers Union and the American Postal Workers Union. Some declined to speak with CNNMoney because they said they were not authorized to speak on behalf of the union groups. But Randi Weingarten, president of the American Federation of Teachers union, got on the megaphone to speak to the crowd.

"We will not rest until Walmart workers have a right to a union, a right to a living wage, and a right to decent working conditions and hours," she said. (While some of the unions present are not tied to retail and service employees, they say low hourly wages are a community issue, not just a Walmart issue.)

In the past, unions have been unsuccessful at organizing Walmart workers.

The union groups don't represent Walmart and the protesters do not reflect the view of Walmart associates, Buchanan said.

There are more than 4,000 Walmart (WMT) stores across the country and the company employs about 1.3 million workers in the U.S.

Related: What shoppers are searching for

First Published: November 28, 2014: 4:21 PM ET

19.33 | 0 komentar | Read More

Madonna's 'Material Girl' look hits the auction block

Written By limadu on Sabtu, 08 November 2014 | 21.29

NEW YORK (CNNMoney)

Several iconic pieces from Madonna's career and personal life are on the auction block, including the Marilyn Monroe-inspired dress, stole and jewelry featured in the 1984 "Material Girl" music video.

The dress is expected to go for $40,000-$60,000 and $4,000-$6,000 for the stole when the items go up for auction starting Friday in Beverly Hills.

Julien's annual Icons & Idols: Rock 'n' Roll auction has 700 items up for bid, including John Lennon's glasses, a T-shirt worn by Kurt Cobain, a guitar from David Bowie and belongings from Elvis Presley, Lady Gaga and more.

Remember 'Easy Rider'? That bike just sold for $1.35 million

But Madge is a top attraction of the auction, with 140 of her items up for sale, including a personal day planner, the inauguration dress she wore when she played Eva Peron in the movie "Evita" and her wedding dress and shoes from her marriage to Sean Penn. You can also get her signed, expired American Express credit card and the baseball uniform she wore in 1992's "A League of Their Own."

The deep pink satin gown had a starting bid of $20,000

"Very little of her stuff comes to auction now," said Martin Nolan, executive director of the auction house.

He said Julien's is looking to set records with the two-day auction that allows people to bid in-person, over the phone and online.

Bids come from all over the world, according to Nolan, but the face of bidders have changed significantly since 2005. "Back then, it was what we call fanatical people, the huge fans that would bid on items. Now, you still see some fans, but they don't have the big dollars that are needed. Museums are big buyers."

Men are buying up these $1,200 sneakers

The starting bid for Madonna's day planner circa 1988 was $1,000

A large portion of the items from The Queen of Pop up came from a private investment firm in the U.K. "They got together and pooled their money in 2007 and chose her as their blue chip icon," said Nolan. "They've now decided to liquidate their Madonna portfolio."

So how strong of a return on investment are celebrity-worn collectibles? In 2005, Julien's held a 200-lot auction of Marilyn Monroe's items that brought in $1 million. Today, Nolan said it would have sold for $10 million. "And that's being conservative." A skirt purchased in that auction for $1,500 sold for $50,000 two years ago.

First Published: November 7, 2014: 5:11 PM ET

21.29 | 0 komentar | Read More

America's dual economy

NEW YORK (CNNMoney)

If you're a glass half-full type, it's easy to point to the fact that the economy is expanding again and unemployment is at a six year low. Gas is back under $3 a gallon, the stock market is at an all-time high and this year's job gains are on track to be the best since 1999.

America is certainly better off than it was during the financial crisis, and the nation looks a lot stronger economically than Japan and Europe.

America has added 2.3 million jobs in 2014

But there's a glass half-empty side of this economy, too.

Wages aren't rising for most Americans. A middle class family is actually bringing home the same income as it did in 1995, and millions of people want full-time jobs but are stuck in part-time positions.

There's no denying the rich are getting richer and the rest are stagnating.

The fact is there is truth in both sides -- the result of a slow-burn recovery from the worst financial crisis in generations.

Why voters hate the Obama economy

Here are the three key stats to that drive home America's dual economy:

1. Lucky to be employed.

On Friday the government reported another strong month of job gains. The unemployment rate is 5.8%, not far from what most economists think is typical rate of around 5% when the economy is humming along.

But the improving number masks the fact that the U.S. has 2.9 million people who have been out of work for half a year or more. That's double the number of long-term unemployed than before the recession.

Even more troubling is that the U.S. has over 7 million people who are working part-time but want full-time employment.

2. Wages aren't growing.

Americans are spenders. We like to buy things and that powers our economy. But people can't make purchases if they don't have money. That's why it's so worrying that U.S. wages aren't getting any bigger.

Wages today are about the same as they were just before the recession.

In the past year, wages went up about 2%, but that is just ahead of how fast costs have been rising so the gains are basically canceled out.

The complete list of companies that are open and closed on Thanksgiving

3. More gains went to Wall Street than Main Street.

The one area that has bounced back since the end of the recession is the stock market. It bottomed out in March 2009 and has been on an incredible tear ever since.

The S&P 500 -- the benchmark index that has a lot of funds that mimic or track it -- is up nearly 200% since that 2009 low point.

But the catch is that only half of Americans have any money in the stock market. So all those gains have only exacerbated the "have versus have not" economy.

Wealthy whites are the most likely to own stocks. And since the rich own more stocks, they benefited more.

First Published: November 7, 2014: 4:43 PM ET

21.29 | 0 komentar | Read More

Berkshire earnings take a hit on Tesco losses

NEW YORK (CNNMoney)

That's because the investment company took a massive $678 million charge for its investment in Tesco (TESO), a British grocery chain that has seen its shares plunge this year. The grocer has been struggling amid increased competition and an accounting scandal in which it admitted to overstating its profit forecasts.

Berkshire is one of Tesco's largest shareholders.

Related: Warren Buffett's huge grocery bill

Despite the individual investment losses, Berkshire's portfolio is still ahead for the year.

The company said it earned $4.6 billion, or $2,811 per Class A share during the third quarter. That's better than Wall Street was expecting, but still down 8.6%, from the same period last year. Profits for the first nine months of the year, however, are doing better than they were this far into 2013.

The company's Class A shares closed Friday at $214,970 a piece. Berkshire's more accessible B-shares, which are worth 1/1500th of their pricier counterparts were flat in after-hours trading.

Next quarter might be a rough one as well. Berkshire lost big money late last month on shares of Coca-Cola (KO) and IBM (IBM, Tech30) after both companies delivered disappointing earnings. Coca-Cola, which is one Berkshire's largest investments, subsequently cut executive pay following some Buffett grumbling.

Warren Buffett loses $2 billion, but there's good news

First Published: November 7, 2014: 8:05 PM ET

21.29 | 0 komentar | Read More

America's dual economy

NEW YORK (CNNMoney)

America is certainly better off than it was during the financial crisis, and the nation looks a lot stronger economically than Japan and Europe.

America has added 2.3 million jobs in 2014

But there's a glass half-empty side of this economy, too.

There's no denying the rich are getting richer and the rest are stagnating.

The fact is there is truth in both sides -- the result of a slow-burn recovery from the worst financial crisis in generations.

Why voters hate the Obama economy

Here are the three key stats to that drive home America's dual economy:

1. Lucky to be employed.

Even more troubling is that the U.S. has over 7 million people who are working part-time but want full-time employment.

2. Wages aren't growing.

Wages today are about the same as they were just before the recession.

In the past year, wages went up about 2%, but that is just ahead of how fast costs have been rising so the gains are basically canceled out.

The complete list of companies that are open and closed on Thanksgiving

3. More gains went to Wall Street than Main Street.

The one area that has bounced back since the end of the recession is the stock market. It bottomed out in March 2009 and has been on an incredible tear ever since.

The S&P 500 -- the benchmark index that has a lot of funds that mimic or track it -- is up nearly 200% since that 2009 low point.

But the catch is that only half of Americans have any money in the stock market. So all those gains have only exacerbated the "have versus have not" economy.

Wealthy whites are the most likely to own stocks. And since the rich own more stocks, they benefited more.

First Published: November 7, 2014: 4:43 PM ET

19.33 | 0 komentar | Read More

Madonna's 'Material Girl' look hits the auction block

NEW YORK (CNNMoney)

The dress is expected to go for $40,000-$60,000 and $4,000-$6,000 for the stole when the items go up for auction starting Friday in Beverly Hills.

Remember 'Easy Rider'? That bike just sold for $1.35 million

The deep pink satin gown had a starting bid of $20,000

"Very little of her stuff comes to auction now," said Martin Nolan, executive director of the auction house.

He said Julien's is looking to set records with the two-day auction that allows people to bid in-person, over the phone and online.

Men are buying up these $1,200 sneakers

The starting bid for Madonna's day planner circa 1988 was $1,000

First Published: November 7, 2014: 5:11 PM ET

19.33 | 0 komentar | Read More

Berkshire earnings take a hit on Tesco losses

NEW YORK (CNNMoney)

Berkshire is one of Tesco's largest shareholders.

Related: Warren Buffett's huge grocery bill

Despite the individual investment losses, Berkshire's portfolio is still ahead for the year.

The company's Class A shares closed Friday at $214,970 a piece. Berkshire's more accessible B-shares, which are worth 1/1500th of their pricier counterparts were flat in after-hours trading.

Warren Buffett loses $2 billion, but there's good news

First Published: November 7, 2014: 8:05 PM ET

19.33 | 0 komentar | Read More

Russia's currency won't stop falling

Written By limadu on Jumat, 07 November 2014 | 21.29

LONDON (CNNMoney)

The ruble is hitting record lows against the dollar after falling by about 30% since the start of the year.

It plunged by about 10% this week alone, after the Russian central bank said it would reduce its support for the currency, allowing the ruble to trade more freely.

"The ruble was always likely to fall following the decision by the central bank earlier this week," said Neil Shearing, chief emerging markets economist at Capital Economics. "But the scale of the fall is likely to have set alarm bells ringing among policymakers."

Pressure on Putin is mounting as tumbling oil prices, a sanctions stand-off with the West and continued tensions with Ukraine weigh heavily on the currency.

This year's dramatic devaluation creates problems for Russian consumers and companies since it becomes far more expensive to import goods, and to pay off debts denominated in foreign currencies.

Inflation in the country is running well above 8%, and the central bank warned that it doesn't expect the outlook for prices to improve significantly anytime soon.

Related: Oil trades at $80, but Russia is budgeting for $100

It has been jacking up interest rates all year -- most recently last week when it raised the key borrowing rate to 9.5% from 8% -- but with little effect.

"We suspect that another large increase in interest rates may be needed to stabilize the ruble," said Shearing, adding rates may have to rise to about 12%.

A move of that magnitude would further depress Russia's stagnant economy, and alone may not do the trick. The central bank could be forced to spend billions of dollars more from its reserves to buy rubles.

Related: Norway's new banknotes are art

First Published: November 7, 2014: 8:55 AM ET

21.29 | 0 komentar | Read More

Detroit close to bankruptcy exit

NEW YORK (CNNMoney)

Federal Bankruptcy Judge Steven Rhodes will rule Friday on the city's plan to emerge from bankruptcy. But after a contentious case that sparked regular protests in the streets and more than 8,100 court filings, the final outcome is now all but certain. Emergency Manager Kevyn Orr, who has overseen city finances for most of the last two years, has reached deals with just about all of the city's creditors.

"I think if you look at the complexity of Detroit's finances and how far gone it was, this case has gone as well as anyone could have hoped," said Ted Gavin, an expert in municipal bankruptcies.

Here's what the bankruptcy has meant for Detroit -- and where its turnaround stands:

Improved financial condition

Detroit will shed most of the $11 billion in debt that forced it to file for bankruptcy in July 2013.

It will have $1.5 billion to spend over the next 10 years to improve essential services. That includes investments in police, fire and sanitation departments. The city will also fix its fleet of 88,000 street lights, 40% of which are broken.

The city will also fix street lights -- an estimated 40% of the 88,000 street lights don't work.

Other federal funds will be used to remove the blighted buildings that occupy much of the city.

Worst-case scenarios avoided .

Pension payments to the city's 23,000 retirees were trimmed, but not slashed.

Civilian employees had their benefits reduced 4.5% and they lost their cost of living increases.

Police and fire department retirees only had to give up half their cost of living increases.

The retirees voted overwhelmingly to accept the cuts.

Related: I bought a house in Detroit for $1,000

The state of Michigan and various private foundations and companies stepped up with hundreds of millions of dollars of assistance to save the retirees from deeper benefit cuts.

Donations also allowed the Detroit Institute of Arts to avoid selling off its artwork, as some creditors demanded.

The city has enjoyed something an economic turnaround during the reorganization process, helped by a rebound in auto sales and a boom in office and apartment construction in the downtown area.

But Detroit still has only 40% of the population it had in 1960. Jobs in the metro Detroit area are down more than 20% from where they stood as recently as 2000.

Related: I've been priced out of downtown Detroit

The city spent nearly $90 million in fees to attorneys, accountants and other professionals on the bankruptcy case through the end of June, with tens of millions more in bills yet to come.

First Published: November 7, 2014: 9:10 AM ET

21.29 | 0 komentar | Read More

U.S. has added 2.3 million jobs this year

NEW YORK (CNNMoney)

The unemployment rate fell to 5.8%, according the federal jobs report released Friday. The rate fell below 6% in September for the first time in six years.

Economists are growing more optimistic about hiring. The consensus forecast from economists surveyed by CNNMoney was for a jobs gain of 233,000 jobs and an unemployment rate of 5.9%. While October's hiring fell short of expectations, experts still say it's positive.

"Anytime you're over the 200,000 mark, things are going well," says Rich Thompson, chief economist at Adecco Group North America. "It's still good. It's consistently solid."

On average, the economy has been adding well over 200,000 jobs a month this year, a positive sign that means the U.S. is on track for its best year of job gains since 1999. There have been nearly 2.3 million jobs added so far this year.

"It also helped that October's gain was widespread, with nearly every industrial sector contributing to the job gains," says Paul Ashworth, chief economist at Capital Economics. Food services and health care had the biggest hiring sprees.

Wages still stuck: Americans, however, have not been as upbeat about the economy. Though unemployment has fallen from 7.2% a year ago, the economy remains their top concern and played into the midterm voting.

That's mainly because wages have remained stagnant. Average hourly earnings remained steady last month at $24.57. Wages are a key factor in how much money people have to spend, which drives economic growth.

While wages are up 2% over the past year, that's just slightly ahead of inflation, which means most U.S. workers don't feel any better off.

To put it another way, median family income in the U.S. has fallen back to 1995 levels.

Long-term unemployed: Another lingering problem for the economy are workers who haven't been able to find a good job for months, if not years.

Over seven million Americans cannot find the work they need. The number of people working part-time jobs who really want full-time employment remained high in October and is one the reasons the Federal Reserve is hesitant to change interest rates.

Related: Why voters hate the Obama economy

Federal Reserve Chair Janet Yellen and other officials are closely monitoring the monthly jobs report. They are waiting for hiring and wages to become healthy enough before raising interest rates.

The Fed said last week that the job market is improving.

"On balance, a range of labor market indicators suggests that underutilization of labor resources is gradually diminishing," the Fed statement said.

First Published: November 7, 2014: 8:44 AM ET

21.29 | 0 komentar | Read More

Takata hid results of secret airbag tests - report

HONG KONG (CNNMoney)

The report, published by the New York Times, alleges that Takata engineers carried out secret tests on discarded airbags in 2004, after becoming concerned over an incident in Alabama in which one of the company's airbags ruptured.

The Japanese company's engineers were alarmed by what they found. But instead of alerting regulators, the report says that Takata executives "ordered the lab technicians to delete the testing data from their computers and dispose of the airbag inflaters in the trash."

The first airbag recall would not be issued until November 2008.

"All the testing was hush-hush," one former employee told the Times. "Then one day, it was, 'Pack it all up, shut the whole thing down.' It was not standard procedure."

Shares in Takata, which had been trading higher in Tokyo, plunged more than 7% after the report was published. Hideyuki Matsumoto, a Takata spokesperson, said the company had no comment.

In total, 10 different automakers have recalled vehicles due to flawed airbags that can explode and hit passengers with shrapnel. There have been four deaths and dozens of serious injuries tied to the faulty airbags, according to the Center for Auto Safety.

Related: The fix for exploding airbags may be more deadly than the problem

Last week, Takata and Honda Motor (HMC), one of the affected brands, were hit by a U.S. federal lawsuit. The suit seeks class action status on behalf of the owners of all five million Hondas affected by the recall, alleging that they've suffered inconvenience and financial losses.

Other automakers including Toyota (TM), BMW, Mazda (MZDAF), Mitsubishi (MBFJF), Subaru, Nissan, Ford (F) and General Motors (GM) have also issued recalls.

This has been a record year for car recalls affecting more than 52 million vehicles. About one in every five cars on the road has been recalled.

First Published: November 6, 2014: 11:33 PM ET

19.33 | 0 komentar | Read More

Stocks: 5 things to know before the open

Click chart for in-depth premarket data.

LONDON (CNNMoney)

For starters, it's Friday. And the U.S. government is releasing its monthly jobs report, which just might send stocks to new record highs.

Here are five things you need to know before the opening bell rings in New York:

1. Jobs, jobs, jobs: The U.S. Bureau of Labor Statistics will post its monthly jobs report at 8:30 a.m. ET. Economists surveyed by CNNMoney project that 233,000 jobs were created in October, and the unemployment level will remain at 5.9%.

In September, employers created 248,000 new jobs and the nation's unemployment rate fell below 6% for the first time in six years.

"U.S. [jobs] data is the most important data on earth and any kind of extreme reading today could have a significant impact on the markets," said Naeem Aslam, chief market analyst at AvaTrade.

2. Market moves: U.S. stock futures are inching higher in anticipation of a strong jobs report.

Gold and oil prices were relatively flat.

The main U.S. stock market indexes all closed with gains Thursday. The Dow Jones industrial average and S&P 500 rose by about 0.4%, closing at new all-time highs.

Related: Fear & Greed Index

3. What's up Warren Buffett?: Berkshire Hathaway (BRKA), the investment company run by famed billionaire Warren Buffett, is slated to report quarterly results after the close of trading.

Berkshire has suffered some losses recently on its stakes in Coca-Cola (KO), IBM (IBM, Tech30) and British grocery chain Tesco (TSCDY).

4. Other earnings -- Disney, Allianz: Shares in Disney (DIS) were falling by about 2% premarket after the firm reported fourth quarter results that beat Wall Street expectations.

Much of Disney's success came from Marvel's summer standout "Guardians of the Galaxy" and its "Sleeping Beauty" redux "Maleficent."

Shares in Allianz (AZSEY) were surging by 5% in Germany after the company posted upbeat quarterly results and announced a dividend hike. Revenue and profits rose in the third quarter, despite problems at its asset management arm, which includes Pimco.

Investors pulled 49.2 billion euros ($61 billion) out of Pimco funds in the quarter, mostly after the founder, Bill Gross, made his abrupt departure from the company.

5. International markets overview: European markets are mostly rising in early trading.

Asian markets ended the week with mixed results.

The Russian ruble continues to weaken against the U.S. dollar -- trading near record lows -- after the central bank said it would limit its intervention in markets to support the currency.

First Published: November 7, 2014: 5:07 AM ET

19.33 | 0 komentar | Read More

The 'temporary' recession tax you're still paying

NEW YORK (CNNMoney)

The downturn, of course, hammered state budgets. In response, 14 states and the District of Columbia tried to plug their revenue shortfalls in part by imposing temporary taxes, a new report from the Tax Policy Center found.

Combined, those states and D.C. imposed 25 temporary tax measures between 2008 and 2011.

Related: States with the highest state and local taxes

Of those 25, however, 13 have since been extended, made permanent or replaced. Nine were actually allowed to expire on schedule and 3 still haven't reached their expiration date.

Connecticut, for instance, extended its temporary 10% corporate income surtax twice, and has since increased it to 20%.

Hawaii temporarily increased its lodging tax by 2 percentage points to 9.25%, then made that increase permanent.

Kansas raised its sales and excise tax from 5.7% to 6.3%. Then it ratcheted back the increase a little - to 6.15% - and made that permanent.

Similarly, Delaware increased its top income tax rate by 1 percentage point to 6.95%, then lowered it to 6.6% in two steps and made it permanent.

Related: What now for taxes after Republican sweep?

New York, meanwhile, replaced part of its recession-era income tax hike on the rich with another temporary tax hike on the even richer. The second temporary tax, now set to expire in 2017, imposes an 8.82% top rate on income over $2 million.

Among states that actually let their temporary tax hikes expire on schedule and for good are: Arizona, Maryland, New Jersey and North Carolina.

Temporary taxes weren't the only tools those 14 states used to balance their budgets, which they're required to do. Due to the depth of the recession and their limited rainy-day funds to combat it, the report found these states also -- along with most states -- had to cut spending and raise taxes in other ways.

First Published: November 7, 2014: 5:50 AM ET

19.33 | 0 komentar | Read More

Facebook launches Ebola fundraising campaign

Written By limadu on Kamis, 06 November 2014 | 21.29

Facebook is launching a fundraising campaign to help groups fighting Ebola.

NEW YORK (CNNMoney)

The social network, whose founder Mark Zuckerberg announced a personal $25 million donation to help battle the deadly disease, will make is easier for others to donate as well.

But while Zuckerberg and some other billionaires and companies have made some big donations, small donations from the general public have lagged far behind the $1 billion the United Nations estimates it will take to fight the crisis.

Zuckerberg's donation went to the Centers for Disease Control Foundation. But Facebook is seeking donations for three other groups: the International Medical Corps, the International Federation of Red Cross and Red Crescent Societies and Save the Children. Facebook's 1.3 billion users will see a message at the top of their news feed with an option to donate to those groups.

The company will also team with UNICEF to provide information through Facebook to people in targeted regions about Ebola symptoms and treatment. Additionally, it will team with NetHope to provide communications services to medical and aid workers in Guinea, Liberia and Sierra Leone.

Related: Paul Allen pledges $100 million to fight Ebola

"In times of crisis, people turn to Facebook (FB, Tech30) to learn about what's happening, share their experiences and offer support," said the company's statement. "If not addressed, the Ebola epidemic could become a long-term global health crisis. Together with our partners, we're hopeful that by offering people the tools they need, we can all help fight this disease."

More information on its efforts is available at facebook.com/fightebola.

First Published: November 6, 2014: 9:04 AM ET

21.29 | 0 komentar | Read More

Luxembourg: The tax haven at the heart of Europe

A report on Luxembourg's role as a tax haven will make uncomfortable reading for the country's former prime minister, Jean-Claude Juncker -- now the EU's top official.

LONDON (CNNMoney)

A report by the International Consortium of Investigative Journalists, representing a team of 80 from 26 countries, claims that companies such as Pepsi (PEP) and AIG (AIG) obtained assurances from Luxembourg that plans to minimize tax would be viewed favorably by officials.

"These legal secret deals feature complex financial structures designed to create drastic tax reductions," the ICIJ report stated.

IKEA, Deutsche Bank (DB) and Abbott Laboratories (ABT) also feature on the list of about 340 companies which took advantage of controversial arrangements to slash the tax they pay on hundreds of billions in profits funneled through Luxembourg.

In some cases the rate of tax paid was less than 1%.

Apple (AAPL, Tech30) -- under scrutiny for its tax arrangements in Ireland -- is there too, as is Amazon (AMZN, Tech30).

European regulators recently began a probe into whether Amazon received illegal state aid from Luxembourg for over a decade, thanks to a preferential tax deal. A unit of Fiat (FCAU) is facing a similar investigation.

The ICIJ report comes at a sensitive time for the EU. The consortium analyzed leaked documents covering at least 548 tax rulings made from 2002 to 2010, when the EU's top official -- Jean-Claude Juncker -- was prime minister of Luxembourg.

"In many cases Luxembourg subsidiaries handling hundreds of millions of dollars in business maintain little presence and conduct little economic activity in Luxembourg," the ICIJ said.

Many companies appeared to be using Luxembourg simply as a mailbox address, it added, citing three buildings apparently home to more than 4,000 firms.

"Luxembourg is like a corporate version of extraordinary rendition, a place where companies can do their dirty work that would not be permitted at home," said Crawford Spence, professor of accounting at Warwick Business School.

PricewaterhouseCoopers helped the companies obtain the advance tax rulings, according to the ICIJ.

PwC, Luxembourg officials and spokespeople for some of the companies named in the report denied any wrongdoing in statements to the ICIJ.

Related: What now for taxes after Republican sweep

Related: Treasury acts to stop overseas tax 'inversions'

First Published: November 6, 2014: 8:45 AM ET

21.29 | 0 komentar | Read More

Housing for retirees: Unaffordable

NEW YORK (CNNMoney)

Sadly, though, my dad's plan may be harder for many other seniors to pull off. A study from the Joint Center for Housing Studies at Harvard University found that affordable housing remains a huge challenge for seniors — and it's going to get worse as the baby boomers age.

And if you, Mr. 20-something, think this a moot point for you, you're wrong. Your taxes, your city, your commute and very likely your own parents are in these crosshairs, too. Listen up.

Related: Baby boomers aren't moving out of their homes

Let's start with the boomers. Thanks to them, 18 percent of the U.S. population will have hit 65 or older by 2030, according to the Pew Research Center. The wave has already begun, with the oldest boomers hitting that milestone in 2011.

Related: Study abroad, get married

Already more seniors are living longer in their single-family houses, the Harvard researchers found, but the cost of housing remains one of the biggest obstacles to quality end-of-life care, with millions of seniors paying more than 30 percent (the rate considered financially sustainable) of their income for housing — and cutting back on food and medical care to do so. Many seniors who still rent or haven't paid off mortgages are implicated.

The Numbers

13.4 million people over age 75 will live alone by 2035.
One in four has a serious medical impairment.
70 percent of people over age 65 will need long-term care as they age.
The median income for seniors in their 80s remains less than $30,000 — no matter how well-off they started.

Related: Foreign countries offer U.S. retirees discounts and tax breaks

In sum, a lot of aging people want to stay in their homes, but will live alone, with little income and big needs.

The study finds that one of the biggest needs as boomers age will be for subsidized housing, giving those who can't work anymore a reliable roof — but we as a nation aren't set up for that.

"We're a country where we'll have a lot of older adults facing hunger, having inadequate housing, being isolated," says Vivian Vasallo, the vice president for housing with the AARP Foundation, which commissioned the study.

The next 10 years are crucial for planning how we as a nation age, she says — before the boomers hit and our social services and safety nets shudder.

What are your plans?

This article originally appeared in Ozy. CNNMoney and Ozy are partnering to tell the story of the "Real Economy."

First Published: November 6, 2014: 9:12 AM ET

21.29 | 0 komentar | Read More

The latest trend in housing? Roommates

NEW YORK (CNNMoney)

The percentage of adults living with someone other than a spouse or partner hit 32% nationwide in 2012, up from 26% in 2000, according to Zillow's analysis of the latest Census Bureau data.

And, judging by the ongoing decline in homeownership rates and tightened supply of rental vacancies, the trend appears to be gaining momentum.

People start pairing up when rents are climbing and incomes aren't keeping up -- and in recent years, rents have really been on a tear. They rose 6.5% over the 12 months ended in September, according to Trulia. Meanwhile, wages have remained more or less flat.

Related: Why I have a roommate at my age

The numbers make the case for sharing space.

In Brooklyn, N.Y., for example, the average one-bedroom apartment rents for more than $2,600 a month, according to Jonathan Miller, president of appraisal firm Miller Samuel. Renters willing to live together, however, pay an average of $3,200 for a two bedroom, each saving $1,000 a month. Those living in three bedrooms, which average $4,200 a month, save even more at $1,200 per person.

Related: Most innovative cities

Working adults in doubled up households tend to earn less, according to Zillow. So sharing a place enables them to afford and compete for more attractive housing.

Writer Dina Wilcox and executive coach, Ann Fry, live in Manhattan, one of the nation's most expensive housing markets. Both in their late 60s, most of Wilcox's and Fry's peers live with significant others or by themselves.

But these two have found life more enjoyable and affordable by splitting things like the utility bills and food costs in their Harlem apartment. Fry, for example, pays just $1,500 a month for her share of housing expenses.

"Financially, it's terrific. It meant I could pay what I was paying in my old sublet," said Fry.

There's also the added bonus of companionship: The two often entertain and cook together, she said.

Dina Wilcox and Ann Fry live together in an apartment in Harlem.

Thikshan Arulampalam, 46, said he has had a roommate for almost the entire 18 years he's lived in New York City. He's been thankful for the savings. Money got very tight after he was laid off last year and started his own IT company.

"My friends think I am crazy and should move to a suburb and live on low rent on my own," he said.

Related: Colleges with the highest paid grads

Not surprisingly, the metro areas with the largest percentage of doubled (or tripled or quadrupled) up households are the priciest ones. Among the cities where 42% or more of households include roommates: Honolulu, Los Angeles, Riverside, Calif., Miami, and New York, according to Zillow's analysis of Census data.

Cities where roommates are few and far between are mainly small affordable places in the Midwest, where slow growth means little pressure on housing stocks and rents and home prices are reasonable. These are places like Sheboygan, Oshkosh and Wausau, Wisc. as well as Ithaca, N.Y.

First Published: November 5, 2014: 6:52 PM ET

19.33 | 0 komentar | Read More

This suit will give you superhuman strength

NEW YORK (CNNMoney)

Lockheed Martin (LMT) has developed Fortis, an exoskeleton that can shoulder the first 36 pounds of whatever its user is holding. The company is beginning to test the technology in factories around the country, starting with the C-130 plant in Marietta, Ga.

Putting on Fortis looks a bit like attaching robot parts to your own appendages, with metal rods and braces outlining the body of the suit. While wearing it, a large tool feels light enough to swing around.

A 30-plus pound riveter felt "pretty much weightless" to Jim Medley, an assembly line worker at the cargo plane factory.

He was more graceful with his tools than on his feet, however: walking in Fortis is closer to a waddle. Still, Medley found that the equipment substantially lightened his load while drilling and riveting a section of a C-130J wing.

The benefit of this newfound strength (aside from feeling like a superhero) is that it enables workers to go for long periods without needing a break. The suit minimizes muscle fatigue, which increases productivity.

"It's actually holding the weight ... I just have to balance it and maneuver it to where it needs to go, " Medley said.

Fortis works by transferring weight from the arm of the exoskeleton through a series of joints and ultimately to the ground. It has counterweights on the back so users don't fall over.

The technology was under development for six years. Lockheed has developed four units so far, with more on the way. Two were sent to the Navy in mid-October for testing and evaluation at their shipyards.

Related: Shopping? The robot will help you now

"Workers there were experiencing fatigue from holding grinders up on the sides of ships for long periods of time," Lockheed's exoskeleton technology manager Patricia Aelker said.

The other two are traveling to Lockheed facilities around the country as the company tests different applications. At the C-130 plant, Fortis was put to work for riveting, grinding and overhead drilling.

"Iron Man is a fictional character that breaks the laws of physics, but Fortis is a real product for real people," Aelker said.

First Published: November 5, 2014: 11:53 PM ET

19.33 | 0 komentar | Read More

Stocks: 5 things to know before the open

Click chart for in-depth premarket data.

LONDON (CNNMoney)

U.S. stock futures are dipping lower after both the Dow Jones Industrial Average and the S&P 500 surged to new all-time highs Wednesday.

Here are five things you need to know before the opening bell rings in New York:

1. Market movers: Shares in Tesla (TSLA) are set to jump Thursday after the company posted earnings that beat expectations. Whole Foods (WFM) stock is also expected to pop after reporting record sales.

Shares in Time Warner (TWC) -- which owns CNNMoney -- could also be on the move after its quarterly results impressed investors.

2. Earnings: Some of the big names reporting earnings before the opening bell include AOL (AOL, Tech30), AstraZeneca (AZN), Cablevision (CVC), and DirecTV (DTV). Walt Disney (DIS) and Zynga (ZNGA) will post after the close.

In Europe, investors will be parsing through earnings from Adidas (ADDYY), Commerzbank (CRZBY), Siemens (SIEGY) and fashion brand Hermes (HESAY).

Related: Fear & Greed Index

3. Oil: OPEC will present its World Oil Outlook at 8:30 a.m. ET. Traders are hoping it will give more insight into long term plans for oil production and prices.

Crude oil prices have fallen by about 26% since the middle of June and are currently trading below $79 per barrel in New York, which is squeezing many nations that depend on energy exports.

Related: These countries are getting killed by cheap oil

4. Economics: There's a focus on U.S. jobs this morning. The U.S. government will post weekly jobless claims at 8:30 a.m. ET. The Challenger Job Cuts report for October will also be out at 7:30 a.m.

Central banks are also top of mind: Traders are waiting on the European Central Bank to issue its latest monetary policy decision at 7:45 a.m ET and hold a news conference at 8:30 a.m.

The Bank of England will also issue its policy decision this morning.

Related: CNNMoney's Tech30

5. International markets overview: All the major European markets were declining in early trading.

Asian markets mostly closed in the red.

First Published: November 6, 2014: 5:10 AM ET

19.33 | 0 komentar | Read More

CEOs put on their best smiley face

Written By limadu on Rabu, 05 November 2014 | 21.29

CEOs think that it's all good even though there are many concerns about the global economy.

NEW YORK (CNNMoney)

There's a lot to be nervous about. But Big Business is taking it all in stride. The theme song of corporate leaders might as well be Bobby McFerrin's 1988 hit "Don't Worry, Be Happy." ("In every life we have some trouble, when you worry you make it double.")

I spoke to several C-level executives during the past few weeks while companies were reporting their latest earnings. A common theme is that things in the United States are okay, despite all the volatility in the stock market and global macroeconomic/geopolitical concerns.

Alexander "Sandy" Cutler, CEO of multinational industrial conglomerate Eaton (ETN), concedes that there's more to be concerned about economic conditions in other parts of the world. But he thinks American consumers will continue to spend.

"The challenges now are not particularly new. Since we came out of recession, we've been dealing with slowing growth," said Cutler, who leads the S&P 500 company worth more than $32 billion. "But people in the U.S. are generally of a mindset that the U.S. economy is continuing to improve."

Related: Cheap gas reignites America's love affair with gas guzzlers

He pointed to lower gas prices as a particularly good thing for the U.S. automotive industry since it should lead to a boom in truck sales by consumers and businesses.

That would certainly help Eaton. Nearly 20% of its sales and operating profits come from its vehicle components division.

Other executives said that the market volatility could have been a bigger problem if it lasted longer.

Mark Barrenechea, CEO at Open Text (OTEX), a Waterloo, Ontario-based software company that is now the most valuable Canadian firm on the Nasdaq (sorry, BlackBerry (BBRY, Tech30)!) said his firm did see some change in corporate tech spending patterns last quarter.

But Barrenechea believes his customers are growing more confident again since it appears unlikely that any of the big macro issues will cause another global downturn like 2008.

"The good news is that it is not structural. This is not another housing crisis," he said.

Related: CNNMoney's Fear & Greed Index still shows that investors are scared

At the end of the day, most executives said it's not healthy to worry about things you can't control. It's better to just focus on your own business and the competition.

"Macro conditions are not something you can do much about. As long as you run your company in a fairly tight fashion, you should be okay," said John McAdam, CEO of networking security company F5 Networks (FFIV).

McAdam said that even though there are things big businesses can worry about, now is not the time to just clamp down on spending because of fear of what may be next. In fact, his firm is benefiting from one of the larger threats facing many companies: cyberattacks.

He said many businesses, particularly financial services firms, realize that they have to invest in security because the risk of not doing that outweighs worries about spending too much in a time of uncertainty.

All that said, companies can't completely ignore the daily headlines either.

Paul Reilly, CFO of technology component supplier Arrow Electronics (ARW), said his firm has monthly meetings with its divisions throughout the world to discuss what's going on in those individual markets.

"We watch geopolitical events closely so we can take advantage of opportunities or play defense," Reilly said. "The economy is better than it has been. But it's still fragile."

That is definitely true. And that's why you have to wonder how much longer the U.S. economic recovery can go on if Europe's problems worsen.

This may not be another 2008. But we should have all hopefully learned by now that the notion of economic decoupling is as mythical as a unicorn.

So executives can continue to be upbeat for now. But they may have to change their tune if global conditions don't improve in 2015.

First Published: November 5, 2014: 9:13 AM ET

21.29 | 0 komentar | Read More

New Berkeley soda tax costs 68 cents per two liter bottle

Voters in Berkeley, California passed a tax on sugary soda while a similar measure failed to pass in San Francisco.

NEW YORK (CNNMoney)

Voters in the city approved a 1-cent-an-ounce tax on sugary sodas and energy drinks, according to unofficial results released by local officials.

That adds about 12 cents to the price of a can of soda and about 68 cents to a two liter bottle.

Across the bay in San Francisco, a similar measure didn't receive enough support to pass.

Results showed the Berkeley measure won 75% of the vote.

It was backed by a variety of groups from the Berkeley Dental Society to the local chapters of the NAACP and teachers union. The Berkeley City Council and school board also backed the measure.

"Overwhelming scientific evidence shows that consumption of sugary drinks causes widespread health problems, starting in childhood," advocates argued, pointing to links between the drinks and diabetes, heart disease and tooth decay.

They argued most of the opposition came from interest groups tied to soda manufactures, such as the American Beverage Council.

Related: Red state voters raise minimum wage

Opponents argued that the measure, which exempts 100% juice drinks, chocolate milk and diet sodas as well as some retailers who pick up beverages outside of city limits, "has too many loopholes, too many exemptions and too few safeguards."

Local opponents included movie theater and restaurant owners.

"We can't tax our way to health with a measure that provides absolutely zero accountability in terms of how the revenue is spent," argued opponents.

Related: Oregon, Washington DC legalize marijuana

The similar measure in San Francisco would have imposed a 2-cent-a-ounce tax. It received support of nearly 55% of voters there, but fell short of the two-thirds super-majority vote needed for passage.

Related: Full CNN election coverage

First Published: November 5, 2014: 7:46 AM ET

21.29 | 0 komentar | Read More

India's economy will get its "big bang"

NEW DELHI (CNNMoney)

That's the message from the country's new finance minister, Arun Jaitley, in an interview with CNN at the World Economic Forum in New Delhi.

Jaitley said the changes he's planning to revive growth in Asia's third biggest economy will be fundamental.

"If you see the cumulative effect of what we are doing, the cumulative effect is a big bang reform," he said.

India's new government -- led by business-friendly Prime Minister Narendra Modi -- has gone to great lengths to welcome foreign investors since a landslide win in May's parliamentary elections.

In anticipation of change, India's main stock index has risen 32% this year; economic growth has ticked up to 5.7%, the fastest rate in two years; and foreign direct investment has begun to return.

The big question is whether the new government can sustain its early momentum with real action.

Related: Can India change business as usual?

Some of those early changes include deregulating diesel prices, a subsidy that was long a major drag on India's budget. The new government has also launched a glitzy ad campaign calling on the world to "Make in India."

"We need to ensure there is stability of taxation policy," said Jaitley. "We have to have a world class infrastructure. We have to provide avenues where people can do business and make profit."

The need for change is clear. India ranks just 142nd on a World Bank list of best places to do business.

Related: Larry Summer: Beware of China and India

Jaitley says he sees India doing much better in the coming years.

"The initial policies of this government have sent a message. The decisiveness of our prime minister has sent an important message. There's a lot of buzz about India."

But he admitted that much of India's hopes rest on the economy achieving growth of between 7% and 9% a year.

"I think that's our optimum and we should be able to realize that."

First Published: November 5, 2014: 7:57 AM ET

21.29 | 0 komentar | Read More

Red-leaning states say yes to a higher minimum wage

NEW YORK (CNNMoney)

Based on the results tallied by 2:45 a.m. EST, voters in Alaska, Arkansas, Nebraska and South Dakota -- all red-leaning states -- had approved proposals to raise their state-level minimum wages over the next few years.

Alaska: The minimum wage will rise from $7.75 an hour today to $9.75 by 2016.

Arkansas: The minimum wage will rise from $6.25 an hour now to $8.50 by 2017.

Nebraska: From $7.25 today to $9.00 by 2016.

South Dakota: From $7.25 currently to $8.50 next year; it will be adjusted for inflation thereafter.

They join 12 other states and Washington, D.C., all of which have moved in the past two years to raise their state minimums.

2014 minimum wage, state by state

Voters in Illinois also approved a measure Tuesday night to raise that state's minimum wage from $8.25 today to $10. But the vote was nonbinding, operating as more of an opinion poll, and the results won't change Illinois law.

Meanwhile, the Democratic push in Congress to raise the federal minimum wage to $10.10 from $7.25 has gone nowhere.

Banks to pay everyone at least a 'living wage'

At a more local level, voters in the California cities of San Francisco, Oakland and Eureka also were asked to weigh in on a higher minimum wage.

Votes there are still being tallied, but preliminary numbers suggest the measure was approved in San Francisco, where the minimum wage would be gradually raised to $15 by 2018, up from $10.74 currently.

L.A. mayor calls for $13.25 minimum wage

San Francisco Mayor Edwin Lee declared victory on the issue, saying "San Francisco voters sent a message loudly and clearly to the nation that we can take on the growing gap between rich and poor, we can give a well-deserved raise to our lowest-wage workers, and we can do it in a way that protects jobs and small business."

If the final tally does confirm majority approval of the wage hike in San Francisco, that city will be at the front of the pack with Seattle, which recently approved a $15 minimum by 2017.

Many low-wage workers not protected by minimum wage

First Published: November 5, 2014: 1:20 AM ET

19.33 | 0 komentar | Read More

Stocks: 5 things to know before the open

Click chart for in-depth premarket data.

LONDON (CNNMoney)

Here are the five things you need to know before the opening bell rings in New York:

1. Midterm election results: CNN projections show Republicans won the balance of power in both the Senate and the House.

This gives the GOP control of Congress and the power to pin down President Obama during his last two years in office. Many investors expect that the Republican takeover of the Senate will lead to more pro-business policies, and benefit the energy and financial sectors.

U.S. stock futures were pushing higher before the open.

2. Earnings and economics: Time Warner (TWC), Tim Hortons (THI) and Mondelez International (MDLZ) are set to post quarterly results before the opening bell.

Tesla Motors (TSLA), CBS (CBS), News Corp (NWS) and Whole Foods (WFM) will report after the close.

Shares in TripAdvisor (TRIP) are getting pummeled premarket -- down 12% -- after the travel website reported worse than expected earnings Tuesday. Competitor Priceline (PCLN, Tech30) also took a beating in the market earlier this week after issuing a weak forecast.

On the economics side, the ADP national employment report for October will be published at 8:15 a.m. ET. This comes just ahead of Friday's highly anticipated monthly jobs report from the U.S. government.

Related: Fear & Greed Index

3. European market movers: European markets were all rising in early trading.

A stand-out performer was British grocery chain Marks and Spencer (MAKSY). The company reported better than expected earnings and shares shot up by 8%.

Meanwhile, Rolls-Royce (RYCEY) shares were edging down by about 1% in London, a day after the company said it was cutting 2,600 staff and appointing a new finance chief.

4. Asian market movers: Shares in Japan's Softbank (SFTBF) declined by 2.3% after the telecom company slashed its earnings expectations for the year, based on its investment in Sprint (S). The struggling U.S. carrier said this week it's laying off 2,000 people, after posting another quarter of massive losses.

Shares in Japanese automaker Nissan (NSANY) got a 2% boost after it reported better than expected quarterly results. The weaker yen has helped, making it cheaper for foreigners to buy its cars.

Meanwhile, Asian markets ended with mixed results, though the moves were not particularly dramatic.

Related: CNNMoney's Tech30

5. Tuesday market recap: U.S. stocks closed mixed Tuesday. The Dow Jones industrial average posted a gain of nearly 18 points, while both the S&P 500 and Nasdaq slid about 0.3%.

First Published: November 5, 2014: 5:28 AM ET

19.33 | 0 komentar | Read More

Jetpacks are real. And they're awesome

NEW YORK (CNNMoney)

Jetpacking may sound like something out of a science fiction film, but I experienced firsthand why it's an activity that's quickly gaining popularity among thrill seekers worldwide.

Don't feel bad if you've never heard of jetpack rides. They've been around for just a few years and are only available in a limited number of warm weather locales. But the plunging price tag for jetpacks could expand the water sport's appeal.

How was it? In a word, thrilling. My experience at Jetpack America in Newport Beach, Calif. was a lot of fun despite the somewhat unnerving initial feeling that naturally goes along with strapping on a 30-lb. pack and jumping into the water.

There's definitely a learning curve that goes with this water sport. Think: not as simple as hopping on a jet ski but not as difficult to get the hang of as surfing.

After a few minutes of learning the basics, I managed to take off, fly a few feet above the water and make basic turns. Ten minutes later I was able to soar about 25 feet in the air and dive beneath the surface.

Of course, this wouldn't have been possible without a comprehensive training course that put me at ease.

It was also hugely helpful to have an instructor in my ear at all times calmly telling me what I was doing right -- and wrong. The training and supervision from multiple instructors and requirement to wear a life jacket also made the whole experience feel safer than it may sound at first blush.

Related: Branson still plans to be first space passenger

How does it work? The jetpack is powered by a jet ski or a pod that sucks up huge amounts of water and shoots it to the jetpack through a hose. An instructor or the user then controls the throttle, regulating how much water propels the rider.

"It's truly the newest water sport out there. There really hasn't been anything since the jet ski or parasailing," said Dean O'Malley, president of Jetpack America.

It's not cheap. Flights at Jetpack America range between $99 for a 10-minute flight and $699 for a 60-minute "James Bond Flight Experience" that includes premium video (three GoPro (GPRO) cameras), a T-shirt and a hat.

My 25 minutes of flying time ($169 on Groupon (GRPN)) felt about right because the learning process was tiring.

The lofty price tag stems from the fact that until recently, jetpacks retailed for an eye-popping $100,000. That's not even counting the $10,000 to $20,000 in liability coverage each unit carries.

Related: Floating train could whisk you from DC to NY in an hour

Cheaper prices propel expansion: However, jetpacks manufactured by Shanghai-based X-Jetpacks are now selling for $9,500 plus the additional cost of a jet ski.

"If you look at the numbers, very quickly you can pay off the initial investment and be operating under a strong cash flow positive business," said O'Malley.

The toughest part is finding the perfect location that offers a constant stream of thrill seekers and warm weather.

For obvious reasons, Florida is already a popular place for jetpack operators. Jetpack America has locations in Newport Beach and San Diego, plus it recently expanded to Las Vegas.

Liftoff mode? Thanks to the lower prices, the company is also looking at expanding north to seasonal spots like San Francisco, Seattle and even Vancouver. It provides training and equipment for new entrants to the jetpack market all over the world, including Cabo San Lucas, the Cayman Islands, Singapore and Vietnam.

"We've done so much to expand the awareness and grow the sport but we haven't hit that tipping point where it's truly mainstream, which is frustrating. It's also exciting knowing that there is that next level we will hit at some point," said O'Malley.

Jetpack America leans heavily on Facebook (FB, Tech30), Instagram and YouTube to drum up interest. The company also sports lofty rankings and lots of positive reviews on sites like Yelp (YELP) and TripAdvisor (TRIP).

Eventually, jetpacking could achieve lift off and gain enough popularity to take a piece of the $646 billion that Americans spend on outdoor recreation each year.

"It's the perfect kind of attraction for the generation that requires a little more stimulus to keep their pulses going," said Jess Ponting, a tourism professor at San Diego State University.

First Published: November 5, 2014: 7:08 AM ET

19.33 | 0 komentar | Read More

Alibaba's growth can't be stopped

Written By limadu on Selasa, 04 November 2014 | 21.29

NEW YORK (CNNMoney)

The Chinese Internet conglomerate had 307 million annual active buyers on its retail marketplaces at the end of September, a jump of 52% from the same period last year. That's a gain of 105 million users, which is equal to roughly one third the population of the United States.

The figures were revealed in Alibaba (BABA, Tech30)'s earnings report Tuesday, its first as a public company since the record-setting September IPO.

Related: Alibaba now worth more than Wal-Mart

The company also stepped up its mobile game last quarter, having added 91 million active mobile users since the third quarter of 2013. And it's actually making money of those customers, with mobile revenue skyrocketing over 1,000%.

Alibaba's overall revenue soared 54% to over $2.7 billion, which was better than Wall Street forecasts of $2.6 billion. The company earned 45 cents per share, which was in line with expectations.

The company also shelled out a bit more on sales and marketing expenses, which ate into its revenue pie. Alibaba said the increase was due to heavy advertising spending to promote the online marketplaces in China.

Shares initially moved up in premarket trading, then evened out.

Related: Alibaba auctions China's seized treasure

Investors have bid up shares in Alibaba since the IPO in anticipation of strong earnings. Its stock is up 8% from its first day closing price, and trades at 45 times forecast earnings for the fiscal year ending in March 2015.

How Alibaba makes money

The company's largest digital marketplace -- Taobao -- allows consumers to buy directly from small businesses. Tmall, Alibaba's other major marketplace, connects larger brand retailers to consumers.

Related: Battle of the billionaires: Jack Ma vs. Warren Buffett

Alibaba makes money on Taobao by selling advertisements and search placement to retailers. The company takes a commission from the larger retailers on Tmall. The company's fat profit margins are among the best in the industry.

In the run-up to the IPO, Alibaba shelled out billions to expand its digital empire, acquiring a mapping company and making a move into entertainment.

Some analysts argue that Alibaba now needs to concentrate on its core business. While it enjoys a dominant position now, competition is increasing. JD.com (JD), another prominent Chinese e-commerce company that went public earlier this year, is also doing well. And it has the backing of Chinese social media giant Tencent.

All three companies are putting an emphasis on mobile as more and more consumers use smartphones to communicate and shop -- functions that were previously done with desktop computers.

-- CNN's Paul LaMonica and Charles Riley contributed reporting

First Published: November 4, 2014: 7:52 AM ET

21.29 | 0 komentar | Read More

Starwood hotels let you unlock your hotel room with your phone

NEW YORK (CNNMoney)

Starting Wednesday, guests will be able to use their smartphones as room keys at ten Starwood hotels (HOT) around the world. The technology will be available in all 150 Aloft, Element, and W Hotels by early next year.

"My mobile device now is like my remote control for life," Starwood Hotels and Resorts CEO Frits van Paasschen told CNNMoney. "There's no reason why that shouldn't be your portal to get to your room, ask for what you want, or anything else."

Guests can check in using the Starwood app. They receive their room number and Bluetooth key. That means they can bypass the front desk and head straight to their room.

Related: Harry Potter hotel website crashes

To open the hotel door, it's as simple as holding the phone up to the door lock and waiting for a click.

Van Paasschen says mobile keys are a safer option for guests.

"If you lose your mobile device, you notice right away. If you have to use your passcode to get into your phone, even if someone finds your phone they can't get into your room," van Paasschen said.

Starwood, the parent company of Sheraton, Westin, and St. Regis hotels, is not the only chain trying to make key cards obsolete. Hilton (HLT) is working on a similar technology.

And most major hotel chains are funneling money into improving their apps and mobile services. They're betting on mobile options like check-in and check-out to win over millennials. Apps may also provide a better way to sell room service, upgrades, and other offerings.

Related: How much should you tip housekeeping?

Starwood says mobile keys and check-in are just an initial step in its mobile plans.

"We're increasingly going to upgrade the functionality of the app so you can do things like tell us where you are and what you want," van Paasschen said. "We can start to send you offers targeted to exactly what you want."

First Published: November 4, 2014: 6:45 AM ET

21.29 | 0 komentar | Read More

Income inequality is stealth issue in midterm elections

NEW YORK (CNNMoney)

But income inequality is at the forefront of many Congressional and governors' races. Debates and ads are focusing on issues like the minimum wage, taxes and Obamacare, says Richard Reeves, economic studies fellow at the Brookings Institution.

"Both the anxiety and language about inequality are based more on anxiety about the middle than anger at the rich," Reeves said.

Even though the nation's economy has improved by many measures, the economy still dominates the polls as Americans' biggest concern.

Related: Why people still feel the economy stinks

Income inequality is at the heart of three contentious issues in the midterms:

Minimum wage: Stagnant wages and poor pay at many low-level jobs are hot-button topics this election. Minimum wage hikes are on the ballot in four Republican-leaning states -- Alaska, Arkansas, Nebraska and South Dakota. And in six competitive races for Senate or governor, there is strong support to raise the minimum wage to $10.10 an hour, said Reeves, citing Public Policy Polling.

Related: Voters to decide on raising minimum wage

Taxes: There's less anti-rich campaigning this cycle, but Democrats are pointing to the fallout of cutting taxes on the wealthy. In Kansas, for instance, Democrats are hammering Governor Sam Brownback for pushing through deep tax cuts that have led to a serious budget crisis and forced big cuts in education funding. Republicans, meanwhile, say that lowering taxes will spur the economy and create jobs for everyone.

Obamacare: Although the outright calls for repealing Obamacare have mellowed, candidates are still arguing about health care reform. Republican hopefuls are using it to tie their opponents to President Obama, whose approval ratings remain a low 41%, according to Gallup. Democrats are pointing to how Obamacare has helped many previously uninsured Americans gain coverage, which helps blunt the consequences of inequality.

Related: Legal pot on the ballot in Alaska, Oregon and D.C.

Related: Illinois to vote on millionaire tax

First Published: November 4, 2014: 9:12 AM ET

21.29 | 0 komentar | Read More

JPMorgan facing criminal probe over currency trades

HONG KONG (CNNMoney)

The largest U.S. bank by assets made the disclosure Monday in a regulatory filing. JPMorgan (JPM) said that other regulators, including the Commodity Futures Trading Commission and the U.K. Financial Conduct Authority, are pursuing civil investigations.

The bank said it was cooperating with the regulators, and was engaged in active discussion with the DOJ. "There is no assurance that such discussions will result in settlements," the filing cautioned.

The firm, led by CEO Jamie Dimon, also hiked one estimate of the possible costs of current legal proceedings against the bank to $5.9 billion.

JPMorgan (JPM) is far from the only bank under investigation for possible foreign currency market abuse. Financial regulators have been looking into whether the banks sought to manipulate interest rates, with internal and external probes involving UBS (UBS), Deutsche Bank (DB), Barclays (BCS) and the Royal Bank of Scotland (RBS), among others.

The disclosure from JPMorgan comes as U.S. officials turn up the heat on big banks.

Related: Forex fraud: Now it's getting serious

JPMorgan acknowledged the changing climate in the regulatory filing, saying that U.S. government officials have "emphasized their willingness to bring criminal actions against financial institutions" in recent months.

"Such actions can have significant collateral consequences for a subject financial institution, including loss of customers and business and the inability to offer certain products or services or operate certain businesses for a period of time," the bank said.

First Published: November 4, 2014: 5:11 AM ET

19.33 | 0 komentar | Read More

Stocks: 5 things to know before the open

LONDON (CNNMoney)

Here are the five things you need to know before the opening bell rings in New York:

1. It's all about Alibaba: Alibaba (BABA, Tech30) is set to release its first earnings report since its mega IPO. Investors are eagerly anticipating the results. Alibaba is now worth more than Wal-Mart.

2. More earnings: Plenty of other companies will also be releasing quarterly results. Other big names reporting before the opening bell include Burger King (BKW), Office Depot (ODP), Estee Lauder (EL) and CVS Health (CVS).

21st Century Fox (FOX) will report after the close.

3. Elections and economics: Midterm elections have arrived in the U.S. The results will determine what President Obama can get done in his final two years in office. They will also tee up the 2016 presidential contest.

The European Commission slashed its expectations for eurozone growth in its latest autumn economic report. The commission now expects the economy will grow by only 0.8% this year, 1.1% in 2015 and 1.7% in 2016. It also gave major downgrades to the outlook for the two largest eurozone economies — France and Germany. The eurozone continues to struggle with terribly low inflation and high unemployment.

At 8:30 a.m. ET, the U.S. Census Bureau will release September data on the trade balance.

4. Market moves: U.S. stock futures were moving lower ahead of the open and European markets were also declining. The market mood appeared to have soured after the economic forecast came through from the European Commission.

U.S. stocks closed little changed on Monday. The Dow slipped 24 points and the S&P 500 barely budged. The Nasdaq was up just shy of 0.2%.

5. Turning Japanese: The Nikkei topped 17,000 in early trading — a level not seen since 2007 — as investors continued to cheer the Bank of Japan's decision to inject more cash into the economy. The Japanese yen continues to weaken versus the U.S. dollar.

First Published: November 4, 2014: 4:54 AM ET

19.33 | 0 komentar | Read More

Starwood hotels let you unlock your hotel room with your phone

NEW YORK (CNNMoney)

Guests can check in using the Starwood app. They receive their room number and Bluetooth key. That means they can bypass the front desk and head straight to their room.

Related: Harry Potter hotel website crashes

To open the hotel door, it's as simple as holding the phone up to the door lock and waiting for a click.

Van Paasschen says mobile keys are a safer option for guests.

"If you lose your mobile device, you notice right away. If you have to use your passcode to get into your phone, even if someone finds your phone they can't get into your room." van Paasschen said.

Starwood, the parent company of Sheraton, Westin, and St. Regis hotels, is not the only chain trying to make key cards obsolete. Hilton (HLT) is working on a similar technology.

Related: How much should you tip housekeeping?

Starwood says mobile keys and check-in are just an initial step in its mobile plans.

First Published: November 4, 2014: 6:45 AM ET

19.33 | 0 komentar | Read More

Wall Street donors dump Democrats

Written By limadu on Senin, 03 November 2014 | 21.29

Wall Street isn't digging the Democratic party right now.

NEW YORK (CNNMoney)

A record 63% of the political contributions from employees and corporations in the banking and investment sectors went to Republicans this election cycle, according to data from the Center for Responsive politics. It's the largest dollar figure ($78 million) and percent for the GOP in any midterm election.

The donations are likely based on a bet that Republicans have the best shot at victory on Tuesday.

Related: Wall Street predicts GOP mid-term victory

"You want to be with the winner," said Dorsey Farr, co-founder of French Wolf & Farr, an investment advisory firm in Atlanta. "A lot of times you'll see companies give to both parties. If they see the tide turning, they'll go with the flow."

The figures don't include money channeled through political action committees, which have played an increasingly prevalent role in campaign finance in recent years.

But the boosted election expenditures from the financial world this time around also have to do with the fact that the Democratic Party has turned up the heat on Wall Street since the financial crisis.

"Democrats are just more of the regulatory party," said Ray La Raja, a political science professor at the University of Massachusetts - Amherst, adding that they used to be more amenable to the things Wall Street cared about.

Related: Complete coverage of the 2014 midterms

"In the past bankers could work with any party. Now, all things equal, they'd rather work with Republicans," he claimed.

But beyond the strategic calculations, there's also a philosophical element, with many on Wall Street having grown tired of being punished for their industry's past deeds.

Almost all of the major banks have paid out unprecedented multi-billion settlements in recent years for their role leading up to the financial meltdown.

They've also become a political punching bag.

Early in his first term, President Obama famously contended that he didn't get elected to help out "a bunch of fat cat bankers on Wall Street." And he's repeatedly tried to close tax loopholes that benefit hedge fund and private equity managers.

"Wall Street feels rightly or wrongly like they've been demonized by this administration," asserted La Raja.

But it doesn't really matter to most people whether or not a bunch of investor types have had their feelings hurt.

Related: Millionaire tax on the ballot in Illinois

In fact, bashing Wall Street excess is still a favorite tactic for many politicians. In a recent interview with Salon, prominent Senator Elizabeth Warren (D-Massachusetts) lambasted the president's economic team for picking Wall Street over Main Street.

And possible 2016 Democratic presidential candidate Hillary Clinton had to backpedal from comments she made at an event earlier this month in which she told the crowd, "don't let anybody tell you that it's corporations and businesses that create jobs."

Warren spoke at that same event, and political commentators were quick to speculate that Clinton was appealing to her party's left leaning, anti-Wall Street base.

According to La Raja, the populist theme will continue to resonate with voters into the 2016 Presidential election as long as the economic recovery remains sluggish for many Americans.

Related: Will this get millennials to buy homes?

On the other hand, "If all engines are running and the economy is doing well, populism dies."

Still, it's not as if Wall Street has totally abandoned Democrats. Senator Cory Booker (D-New Jersey) was the top recipient of contributions from members of the investment community this election, having raked in almost $1.9 million.

Charles Schumer (D-New York), traditionally a friend of Wall Street who sits on the the influential Senate Finance Committee, pulled in about $850,000.

"I'm sure they're not going to piss off a powerful Democrat," La Raja said of big Wall Street donors.

First Published: November 3, 2014: 7:28 AM ET

21.29 | 0 komentar | Read More

Mengenai Saya

Popular Posts Today

Written By limadu on Minggu, 30 November 2014 | 21.29

Written By limadu on Sabtu, 08 November 2014 | 21.29

Written By limadu on Jumat, 07 November 2014 | 21.29

Written By limadu on Kamis, 06 November 2014 | 21.29

Written By limadu on Rabu, 05 November 2014 | 21.29

Written By limadu on Selasa, 04 November 2014 | 21.29

Written By limadu on Senin, 03 November 2014 | 21.29

Links

Arsip Blog

Label