Stocks: 5 things to know before the open

LONDON (CNNMoney)

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

1. German stocks rebound: The benchmark DAX index briefly broke back above 10,000 points, a level last seen in July, on growing expectations that the European Central Bank will buy a broader range of assets to get the eurozone economy moving again.

"Additional asset purchases by the European Central Bank in the near future are much more likely," said Christian Schulz at Berenberg. "The question is no longer if, but when and what?"

The ECB is expected to cut its forecasts for growth and inflation on Thursday. But economists are split over whether it will act this week to bolster its stimulus efforts, or wait until early next year.

The DAX later slipped lower, but is still up about 18% since mid-October. Other European indexes were mixed.

Related: Fear & Greed Index

2. Futures edge higher: U.S. stock futures were slightly firmer after markets ended down Monday. The Dow lost nearly 52 points, the S&P 500 slipped 0.7%, and the Nasdaq closed 1.3% lower.

The U.S. Census Bureau will report construction spending at 10 a.m. ET. Restaurant chain Bob Evans (BOBE) will report quarterly earnings after the closing bell.

3. Oil resumes slide: After a rebound Monday, world oil prices are falling again in early trade. U.S. crude futures are down 1%.

Related: CNNMoney's Tech30

4. India holds fire: The Reserve Bank of India kept interest rates unchanged, surprising some observers who were expecting a rate cut after growth slowed in the most recent quarter.

India's benchmark Sensex index slipped lower, against a trend of firmer markets elsewhere in Asia.

5. Abe campaigns: Japanese Prime Minister Shinzo Abe has kicked off campaigning in parliamentary elections he called two years early.

The election gives voters the chance to pass judgment on Abenomics -- Abe's strategy to combine higher government spending, huge central bank stimulus and reforms to resuscitate the world's third biggest economy.

First Published: December 2, 2014: 5:15 AM ET

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Bentley Grand Convertible: Open air driving for the very few

NEW YORK (CNNMoney)

Officially it was just a concept car but, now that Bentley has received some positive customer feedback, the British ultra-luxury automaker says it will be putting its Grand Convertible into production.

Before you rush off to your dealer, however, you should know that the car will be produced in very limited numbers, even by Bentley standards.

With its swooping fenders and knife-sharp body creases, the Bentley Grand Convertible is obviously based on the Bentley Mulsanne Speed sedan. Under the hood is a 6.8-liter engine -- or 6¾-liter as Bentley puts it -- that can put out 530 horsepower and, even more importantly for a car this size, an amazing 811 foot pounds of torque. Even for a big car, that's an awful lot of pulling power.

The huge but elegant Mulsanne sedan drives remarkably well for a car roughly the size and weight of a full-size SUV. It would be reasonable to expect the Grand Convertible, which is smaller, measured front to back, to drive even better. Besides, occupants will have the pleasure of feeling the wind in their hair as air streams in over that massive hood.

Photos - Cool Cars from the Los Angeles Auto Show

The lustrous "sequin blue" color adorning the Grand Convertible show car's sides was originally created as a one-time custom color for a customer's personal car. It was modeled on sequins from one of that customer's party gowns. It is matched by blue stitching on the light tan leather used throughout the show car's interior.

The hand-finished burr walnut wood on the tonneau -- the flat piece that covers the convertible top when it is folded away behind the seats -- is the largest piece of wood veneer ever used on a Bentley. And that's saying something considering the typical Bentley already uses more wood veneer than a high-end kitchen remodeling job. The tonneau is finished off with thin chrome strips.

Related - Bentley Continental GT V8 Convertible

Engineering this car wasn't terribly challenging, according to Bentley. Ordinarily, making a convertible version of a hard-roofed sedan requires significant added structure to stiffen the body. Otherwise, without a roof to help brace it, the body can tend to bend and twist during driving. But the Mulsanne was already engineered to be inherently very stiff.

Pricing for the Bentley Grand Convertible hasn't been announced yet but, according to Bentley, it should be commensurate with the car's limited edition status. Consider, then, that Bentley, which is part of the Volkswagen (VLKAF) Group, produces only about 1,000 Mulsannes a year and is expected to produce far fewer of these cars. A base Mulsanne costs about $300,000 so you could expect those few Grand Convertibles to cost... a whole lot more. Details on that later.

First Published: December 2, 2014: 6:35 AM ET

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World's most corrupt industries

LONDON (CNNMoney)

Known as the extractive sector, oil and mining tops a new list of the world's most corrupt industries. Construction and transportation make up the top three, according to a report by the Organization for Economic Co-operation and Development.

The OECD analyzed 427 cases of bribery in international business.

Two-thirds of the cases occurred in just four industries: extractive (19%); construction (15%); transportation and storage (15%); and information and communication (10%).

Senior executives were involved in more than half the cases, with chief executives playing an active role in 12%. They either paid the bribes themselves, or authorized them, the OECD found.

Related: China fines GlaxoSmithKline nearly $500 million for bribery

Public sector employees and those working for state-owned companies were most likely to be the target of corruption. They were promised, offered or given bribes in 80% of the cases.

These included top politicians, such as government ministers, and presidents of state companies. Officials working in customs, health and defense were also likely to be on the receiving end.

Not surprisingly, the higher-ranking the official, the bigger the bribe. While heads of states and ministers were bribed in only 5% of the cases, they received 11% of total bribes.

Customs officials on the other hand, were targeted in 11% of cases, but pocketed little more than 1% of the bribes.

All of the cases looked at by the OECD have been prosecuted and reached a final judgment.

Nearly a third were brought to the attention of the authorities by companies that often uncovered bribes during internal audits or when combing through accounts before a merger or acquisition.

Whistleblowers, on the other hand, were involved in only 2% of the cases.

Related: Smith & Wesson hit for overseas bribes

First Published: December 2, 2014: 7:17 AM ET

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Finally, Girl Scout cookie sales go online

Girl Scouts have traditionally sold their cookies face to face. But finally, sales are going online.

NEW YORK (CNNMoney)

For the first time ever, Girl Scout cookies will be sold online through a national platform called Digital Cookie. This breaks the organization's ban on e-sales of Thin Mints and Samoas.

The 112-year-old organization had preferred that its scouts engage in door-to-door sales, or send their parents to the office to get their colleagues to sign up for boxes of the famous treats. It's supposed to be a learning experience for the young scouts.

But the Girls Scouts seem to have realized that the Internet can also teach the girls valuable skills.

"Digital Cookie will also allow customers to help girls learn 21st-century skills grounded in technology, along with valuable interpersonal skills girls will acquire through their continued participation in traditional booth and door to door sales," the organization said.

At various times, individual Girl Scouts have tried to peddle the cookies online, including Honey Boo Boo, who tried last year to sell the cookies through her Facebook (FB, Tech30) page. But it was reported at the time the Scouts ended the online operation, and have discouraged other attempts, too. (A spokeswoman for the Girls Scouts declined to comment on the Honey Boo Boo situation.)

Most of all, the organization wanted to level the playing field for its 2.3 million Girl Scouts. The group didn't want extra-savvy scouts (or parents) deploying advanced Web skills to build an online cookie empire and gain an edge over their peers.

The organization is expected to launch its online sales on Dec. 12. The traditional cookie selling season begins in January.

First Published: December 1, 2014: 8:03 AM ET

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Plunging oil takes ruble with it

LONDON (CNNMoney)

Crude oil collapsed below $65 per barrel as new data confirmed a slowdown in manufacturing activity in Europe and China, and as OPEC's decision not to cut output continued to roil markets.

Russia depends heavily on oil revenue, and stands to lose billions from the market rout. The ruble plumbed new depths, tumbling more than 4% to hit a fresh low against the dollar.

Related: Russia's $140 billion budget blackhole

Slower global growth is one reason for the oil supply glut. The U.S. energy boom is another.

Europe's manufacturing industry stalled in November, according to data from Markit. The eurozone's top three economies -- Germany, France and Italy -- saw factory activity fall.

Prices in the eurozone rose by just 0.3% in November. Cheaper oil, and the gloomy economic outlook, will renew concerns that Europe is flirting with deflation and ramp up pressure on the European Central Bank to do more to get prices rising again.

The ECB has said that it may buy a broader range of assets to revive the economy, but the central bank is split over whether to mimic the Federal Reserve and buy government bonds.

Chinese manufacturing numbers also disappointed. Authorities in China delivered a surprise interest rate cut last week in a bid to spur growth as the world's second largest economy cools.

U.S.-traded WTI dropped 1% to $65.61 per barrel in electronic trade Monday. U.S. oil stocks were under pressure again after taking a beating Friday.

Related: OPEC's message to U.S. shale: Drop dead

The failure by OPEC to cut production at last week's meeting deflated prices in an already weak market --- oil prices have plunged more than 34% this year -- and could threaten the U.S. shale boom.

First Published: December 1, 2014: 7:32 AM ET

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Foreign name? Expect a tougher job hunt

Jobseekers with "foreign sounding" names are often disciminated against, a study found.

LONDON (CNNMoney)

The Organization for Economic Co-operation and Development found that a foreign name makes the job search harder for applicants across all 17 developed countries it surveyed.

In the United States, the situation is the worst for people with distinctively "Black names," such as Jamal and Lakisha, researchers noted.

They have to send out twice as many resumes.

While the apparent discrimination is a global problem, not all immigrants are treated the same.

In Switzerland, for example, immigrants of Portuguese origin are nearly on a par with their Swiss rivals. But men of former Yugoslav origin have to send out 2.5 resumes for every one submitted by a Swiss applicant with the same qualifications.

Related: U.S. losing its appeal for foreign students

Other minorities who suffer most include Nigerians in Austria, Turks in Belgium, immigrants from the Middle East in Sweden, and those from Africa and Germany looking for a job in Ireland.

All have to send more than twice as many applications to secure an interview.

The "name discrimination" mostly hurts the children of immigrants because they often have the same level of education as native job seekers, and a good grasp of the language. Their names, however, still sound "foreign."

If they do manage to secure an interview, job seekers with an immigrant background face a more level playing field as the recruitment process advances, the report found.

Related: Bank of America fined $2 million for race discrimination

Here's a list of the worst call-back rates, representing the number of applications migrants have to send relative to those without an immigrant background:

Native Swedes of Middle-Eastern origin in Sweden 2.5

Men from former Yugoslavia in Switzerland 2.5

Africans in Ireland 2.4

Turks in Belgium 2.1

Blacks in the U.S. 2

Nigerians in Austria 2

Russians in Finland 2

Children of African immigrants in France 2

Related: 'Brutally honest' cover letter leads to job

First Published: December 1, 2014: 8:55 AM ET

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Moody's downgrades Japan on debt worries

HONG KONG (CNNMoney)

The downgrade takes Japan's rating to A1 from Aa3. Moody's said its outlook was stable, suggesting another downgrade was unlikely any time soon.

Moody's cited rising government borrowing, growing demand for social programs due to a rapidly ageing population, and the slow pace of economic reforms as reasons for the downgrade.

The rating cut comes as Japan faces a full slate of questions about its plan for economic revival -- dubbed "Abenomics."

The idea was that central bank stimulus, combined with government spending and reforms, would boost prices, leading to more robust growth for the world's third largest economy.

Related: Bank of Japan stuns market with even more stimulus

The program has delivered mixed results. Prices are rising after 15 years of deflation, but Japan's economy slipped into recession in the third quarter following the first phase of a sales tax hike.

The surprisingly poor performance led Prime Minister Shinzo Abe to delay a second sales tax increase, and call new elections.

Moody's said the tax hike delay "could have merits," but it warned Japan was still struggling to find a way to stimulate growth with government debt worth 245% of gross domestic product and rising.

Related: Even Abenomics can't ignore Japan debt

Debt levels will only start to decline "under the most favorable combination of economic and fiscal reforms," Moody's said.

To make it happen, the ratings agency said Japan will need to execute tax and social security reforms, end deflation, improve productivity and grow the economy by more than 3.5% annually.

First Published: December 1, 2014: 5:06 AM ET

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Stocks: 6 things to know before the open

LONDON (CNNMoney)

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

1. Japan downgraded: Moody's cut its credit rating on Japan by one notch, citing concern about the government's ability to revive the economy and control its borrowing at the same time.

2. Commodity calamity: Gold prices are on the ropes after Swiss voters rejected a proposal to force the country's central bank to sharply increase the proportion of its reserves held in the metal.

Oil is tumbling again in the wake of OPEC's decision last week not to cut production to soak up a supply glut created by weaker world demand, strong U.S. output and quota-busting by some of the cartel's members.

Related: Fear & Greed Index

3. Ruble rout: Russia's ruble plunged more than 4% against the dollar to a new record low. Oil and gas revenues make up about half of Russian government revenue. The weaker currency helps Moscow absorb some of the pain of lower oil prices by propping up revenues in ruble.

4. Stock market movers -- Oil companies: ConocoPhillips (COP), Chesapeake Energy (CHK), Schlumberger (SLB) and Hess (HES) were among a roll call of oil producers and service companies under pressure again in premarket trading.

Related: CNNMoney's Tech30

5. Seeing red: Most major Asian markets ended with clear losses, except the Nikkei which was boosted by a weaker yen.

European indexes were also lower in early trading, taking a knock from new data that showed manufacturing activity slowed in November in Germany, France and Italy -- the eurozone's top three economies.

U.S. stock futures were weaker. The ISM manufacturing index will come out at 10 a.m.

Related: Cyber Monday deals: Where to find them

6. Market recap: U.S. stocks closed mixed after Black Friday's short trading session. The Dow barely budged, the S&P 500 was down 0.3% and the Nasdaq closed 0.1% higher.

But the Dow and S&P 500 both ended up for the month of November.

First Published: December 1, 2014: 5:29 AM ET

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Angel investing shouldn't just be for Silicon Valley

Dick Reeves, Managing Director of Angel Syndicates Central in Huntsville, AL.

NEW YORK (CNNMoney)

"Out here in the hinterlands, it's not Silicon Valley-like at all," said Reeves, who heads up Angel Syndicates Central, a Huntsville, Alabama-based network of small investors who provide seed funding for early stage companies.

"We're much more modest people. We invest much smaller amounts...it's a different game," Reeves told CNNMoney.

Reeves' group consists of physicians, engineers, and retired government workers, among others, who pool their money to invest in startup firms that they believe will be the next big thing.

It works like this: The group plows a few hundred thousand dollars into seven or eight investments a year. Each member typically invests about $27,000 in two or three of the deals, according to Reeves.

"They want to see entrepreneurs that they know succeed. They want to see products they think will benefit humanity get into the market, and they want to make a dollar doing it," he says.

Related: Black women struggle to fund startups

But many of those "average Joe's" could soon lose their ability to participate in angel investments. The Security and Exchange Commission, in an attempt to weed out financial predators, is thinking about raising the minimum net worth thresholds required to invest in private offerings.

Risky business: Reeves, a former computer engineer who started and sold his own technology company years ago, insists that "angels" are under no illusions about the perils of investing in unproven businesses.

"We work to inform them and help them understand they can't pick the winners and losers on the front side of the investment," he said. "There are so many factors outside of the company's control that can kill it."

He explained that out of 10 deals, angels will lose all their money in about five or six of them. In the other one or two, they'll get back 50 to 70 cents on the dollar. The ninth investment will return about a dollar and a half, while the tenth "will be a star" and earn 10 to 20 times the initial invested capital, he claimed.

Related: Hedge funds want 'one-night stand' with startups

Successes for the Angel Syndicate Network include Dailyburn, a fitness app sold to media mogul Barry Diller's IAC (IACI) in 2010. Among its failures was a company that turned used restaurant oil into biodiesel fuel.

Pumping up protections: Under current rules, someone must be an "accredited investor" to put money into the types of private offerings utilized by angels. That means they have at least $1 million in investible assets (not including a primary residence) or make $200,000 annually.

But the SEC is reviewing that definition, as mandated by the Dodd-Frank law. The SEC's Investment Advisory Committee, which is made up of external finance industry professionals, pointed out in a recommendation report last month that the present financial criteria for accredited investors was conceived in 1982. Adjusted for inflation, the minimum requirements would be $2.5 million in assets or $500,000 in income, it noted.

Related: 5 things to know about income inequality

Marianne Hudson, Executive Director of the Angel Capital Association, a trade organization that represents groups like Reeves', estimates that about 30% of her members would be shut out of angel investing if those minimums were raised.

"A lot of angel groups would lose their members...In the end the real losers are the entrepreneurs that rely on angel capital to get started," she said.

Financial sophistication test: Instead of higher limits, the Angel Capital Association suggests a financial literacy test of sorts. Those with MBA degrees or experience in corporate finance would meet the criteria, as would people who are members of an established angel group, said Hudson.

As for Reeves, he confides that he himself would be disqualified as an angel investor should the minimum net worth requirement be raised to $2.5 million.

"I would ask them to be very careful not to throw the baby out with the bathwater," he wishes he could tell the SEC. "Let us function successfully as we have for 20 years. Don't damage that."

First Published: December 1, 2014: 7:18 AM ET

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Black Thursday? Thanksgiving sales numbers growing

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

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