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Big winners on Wall Street are yesterday's dogs

Written By limadu on Minggu, 30 Juni 2013 | 12.08

Click for more market data.

NEW YORK (CNNMoney)

First Solar was the best performing stock among the S&P 500, gaining more than 65% over the past three months.

It's a remarkable rebound for the leading maker of solar panels, which saw its stock fall 12% in the first quarter.

First Solar (FSLR) wowed investors in April with a surprisingly bullish outlook for the year. The stock shot up 43% in one day, after First Solar said it expected profits to be 28% above previous forecasts this year on healthy sales growth.

The solar industry has been in a slump as low-cost imports from China have depressed prices. But solar panel prices have stabilized and First Solar said demand is ramping up.

First Solar wasn't the only underdog to make a comeback.

J.C. Penney (JCP, Fortune 500) shares gained more than 12% during the quarter, recovering about half of their first quarter losses.

The retailer ousted CEO Ron Johnson in April, after his controversial turnaround plan failed to show results. J.C. Penney publicly apologized for the changes, and ran an ad on its YouTube channel that practically begged customers to come back.

Related: Top hedge fund manager bets on a return to normal markets

In business for more than 100 years, J.C. Penney has been swimming in red ink as it struggles to compete with online retailers. But the company has been strengthening its finances in an effort to mount another turnaround. It scored a $1.75 billion loan from Goldman Sachs (GS, Fortune 500) in April.

Other top performers in the quarter include popular momentum stocks, such as GameStop (GME, Fortune 500), Micron Technology (MU, Fortune 500) and Best Buy (BBY, Fortune 500).

Best Buy has also been on a turnaround kick, cutting costs and closing under performing stores. Investors have welcomed the moves, sending shares up 26% in the quarter, despite a disappointing sales report in May.

It was also a good quarter for health insurance companies. Shares of Aetna (AET, Fortune 500), WellPoint (WLP, Fortune 500) and Humana (HUM, Fortune 500) all rose by more than 23%.

Golden parachute? Mining companies were among the worst performers in the quarter as prices of precious and non-precious metals plunged.

Shares of Alpha Natural Resources (ANR, Fortune 500) and Newmont Mining (NEM, Fortune 500) fell more than 30%. Iron Mountain (IRM) and Freeport McMoRan (FCX, Fortune 500) also suffered double-digit losses.

Investors have been dumping mining stocks as gold prices plunge.

Related: Gold plunges to two-year low

The precious metal is down 25% this quarter, falling below $1,200 an ounce this week for the first time since August 2010. The largest gold-backed ETF, the SPDR Gold Shares Trust (GLD), lost nearly 24% during the past three months.

While the sell-off in gold has caught the most headlines, mining stocks have also been hurt by the falling price of copper.

Copper prices plunged nearly 12% in the second quarter as demand from China slowed and supplies increased.

A number of energy companies were also hit hard.

Marathon Petroleum (MPC, Fortune 500) shares are down more than 20% for the quarter, after gaining 42% in the first quarter. The company has been playing catch-up on the boom in domestic energy production, and is exposed to a slowdown in emerging market demand.

Peabody Energy (BTU, Fortune 500), which specializes in coal mining, and gas station operator Valero (VLO, Fortune 500) were also big losers in the quarter.

First Published: June 28, 2013: 12:44 PM ET

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Starbucks' caffeine-fueled expansion

A cup of joe from the Starbucks coffee shop in Beijing's Forbidden City.

(Money Magazine)

It's a remarkable turnaround for a firm that just five years ago had to bring back former CEO Howard Schultz after overexpansion and error-filled forays beyond coffee -- ranging from breakfast foods to music -- eroded customer patience. After righting the ship, management is again embarking on another major expansion. But at what cost?

Venti valuations

After more than quadrupling in the past four years, the stock is foamy.

	Projected P/E ratios
Starbucks	27.1
Restaurant stocks	21.2
S&P 500	15.2

Notes: Price/earnings ratios are based on projected profits. Sources: Bloomberg, Morningstar

Strong brew

"Say 'Starbucks' to the average American, and they'll not only think of coffee, but good coffee," says David Ricci, co-manager of William Blair Large Cap Growth, which owns the stock. The same can now be said for global consumers.

Starbucks (SBUX, Fortune 500) is the world's only premium coffee superpower, and its basic business -- selling expensive cups of joe and even pricier espresso drinks through nearly 18,900 stores worldwide -- is as robust as its earthy Sumatra roast.

Related: Starbucks hikes prices

Even with a recession in Europe, global same-store sales still rose 6%. Revenues should climb 11.5% this year, vs. 7% growth for Dunkin' Brands (DNKN) (parent of Dunkin' Donuts).

And SBUX will save more than a quarter-billion dollars in coffee costs in the next two years because of falling bean prices.

Caffeinated costs

Starbucks is growing all over. The company plans to build 600 more cafés in the U.S. this year and another 1,000 stores in China by the end of 2015. It bought Teavana, Evolution Fresh, and La Boulange for $750 million to move more into teas, juices, and baked goods.

The roaster is also making a big push into the at-home market through K-cup sales and its new Verismo brewing system.

Related: Starbucks starts paying U.K. tax

"One concern is, Are you doing too much?" says Bill McVail, analyst at Turner Global Opportunities Fund, which owns the stock.

The reason the firm had to go back to Schultz was it tried -- and failed at -- brand extension via ice creams and even a music label. While croissants and coffee pods are closer to the core business, a misstep could dim Wall Street's starry eyes.

Steamy valuations

Starbucks is poised for years of growth, but it's also "a company with a valuation that is just too expensive for us," says Regina Lombardi, co-manager of BBH Global Core Select. The stock's price/earnings ratio is nearly double the S&P 500's, so you have to pay to jump on this caffeine-fueled bandwagon.

That said, even after boosting spending, Starbucks has $1.7 billion in cash, 10 times Dunkin's stash. Management is also likely to boost dividends in line with strong earnings growth, says Ashley Woodruff, an analyst at the T. Rowe Price Blue Chip Growth Fund, which owns the stock. "Starbucks is able to pay shareholders and still invest in the businesses it wants," she says.

Think: a splash of income to go with rich growth.

First Published: June 28, 2013: 4:42 PM ET

12.08 | 0 komentar | Read More

Big winners on Wall Street are yesterday's dogs

Written By limadu on Sabtu, 29 Juni 2013 | 12.08

Click for more market data.

NEW YORK (CNNMoney)

First Solar was the best performing stock among the S&P 500, gaining more than 65% over the past three months.

It's a remarkable rebound for the leading maker of solar panels, which saw its stock fall 12% in the first quarter.

The solar industry has been in a slump as low-cost imports from China have depressed prices. But solar panel prices have stabilized and First Solar said demand is ramping up.

First Solar wasn't the only underdog to make a comeback.

J.C. Penney (JCP, Fortune 500) shares gained more than 12% during the quarter, recovering about half of their first quarter losses.

Related: Top hedge fund manager bets on a return to normal markets

Other top performers in the quarter include popular momentum stocks, such as GameStop (GME, Fortune 500), Micron Technology (MU, Fortune 500) and Best Buy (BBY, Fortune 500).

It was also a good quarter for health insurance companies. Shares of Aetna (AET, Fortune 500), WellPoint (WLP, Fortune 500) and Humana (HUM, Fortune 500) all rose by more than 23%.

Golden parachute? Mining companies were among the worst performers in the quarter as prices of precious and non-precious metals plunged.

Investors have been dumping mining stocks as gold prices plunge.

Related: Gold plunges to two-year low

While the sell-off in gold has caught the most headlines, mining stocks have also been hurt by the falling price of copper.

Copper prices plunged nearly 12% in the second quarter as demand from China slowed and supplies increased.

A number of energy companies were also hit hard.

Peabody Energy (BTU, Fortune 500), which specializes in coal mining, and gas station operator Valero (VLO, Fortune 500) were also big losers in the quarter.

First Published: June 28, 2013: 12:44 PM ET

12.08 | 0 komentar | Read More

Starbucks' caffeine-fueled expansion

A cup of joe from the Starbucks coffee shop in Beijing's Forbidden City.

(Money Magazine)

Venti valuations

After more than quadrupling in the past four years, the stock is foamy.

	Projected P/E ratios
Starbucks	27.1
Restaurant stocks	21.2
S&P 500	15.2

Notes: Price/earnings ratios are based on projected profits. Sources: Bloomberg, Morningstar

Strong brew

Related: Starbucks hikes prices

Even with a recession in Europe, global same-store sales still rose 6%. Revenues should climb 11.5% this year, vs. 7% growth for Dunkin' Brands (DNKN) (parent of Dunkin' Donuts).

And SBUX will save more than a quarter-billion dollars in coffee costs in the next two years because of falling bean prices.

Caffeinated costs

The roaster is also making a big push into the at-home market through K-cup sales and its new Verismo brewing system.

Related: Starbucks starts paying U.K. tax

"One concern is, Are you doing too much?" says Bill McVail, analyst at Turner Global Opportunities Fund, which owns the stock.

Steamy valuations

Think: a splash of income to go with rich growth.

First Published: June 28, 2013: 4:42 PM ET

12.08 | 0 komentar | Read More

Paula Deen's business partners vow to support her

NEW YORK (CNNMoney)

Walmart (WMT, Fortune 500), Target (TGT, Fortune 500), Home Depot (HD, Fortune 500), Sears (SHLD, Fortune 500), JC Penney (JCP, Fortune 500) and Caesars (CZR, Fortune 500) have recently ended their deals with Deen while drugmaker Novo Nordisk (NVO) and home shopping channel QVC have suspended their dealings with the embattled celebrity chef.

On Friday, President Jimmy Carter, whose Atlanta-based Carter Foundation is hosting a human rights forum this weekend, weighed in on the issue.

"She was maybe excessively honest in saying that she had in the past, 30 years ago, used this terrible word," Carter told CNN's Suzanne Malveaux.

Carter, while not condoning Deen's racial slurs, said she's been punished enough and that he advised her to get the people she's helping to speak up.

Several of her business partners are doing just that, speaking up and pledging to stand by her. Many have issued letters of support for Deen.

Sandridge Food Corporation, a fresh foods manufacturer that produces deli salads, soups, entrees, desserts, sauces and dips, released a statement Wednesday announcing its unwavering support for Deen.

"Paula is a very caring person who has spent the majority of her life helping the less privileged and giving back," said CEO Mark Sandridge. "As an organization, we believe she and her team are on the right track and we look forward to continuing to work together."

Related: Paula Deen business shaken by controversy

Sandridge says he knows Deen personally and asserts the woman portrayed in the media is not the woman he knows.

"The woman that I know is a very giving person; I do not believe she's a racist whatsoever," said Sandridge. "We know where she comes from and she is genuinely about equality for all."

Kevin Lyles, President and Chief Operating Officer of Club Marketing Services -- which helps companies sell to Wal-Mart and Sam's Club -- affirmed his support for Deen.

"Her apology for the past, I believe came from the heart," said Lyles "The commitment to fairness and equality in the workplace for everyone was from the heart and also a clear message to everyone working for her and those supporting her brand that this behavior will not be tolerated by Paula Deen Enterprises going forward."

Lyles, a personal friend of Deen's for about four years, says she has always shown love and compassion for her fellow man, and has made financial decisions that have not always been in her best interest.

As Deen became a household name, he said she had many opportunities to drop smaller companies that were supporting her and switch to larger companies that could benefit her more financially. But Lyles said Deen instead chose to stay with them.

"She wanted the people that supported her to grow with her," Lyles said.

Related: Paula Deen fans lash out against Wal-Mart

Perhaps one of Deen's most ardent supporters is Julie Goodman Cook, a sales consultant who oversees the Paula Deen cruise for Alice Travel. Cook's unwavering support was on full display as she explained how generous and giving Deen has been.

Cook said, while on the Deen themed cruise, the chef auctioned off personal items such as clothing worn while on TV as well as serving dishes, artwork and other items from her home. The auction raised almost $80,000 for Deen's Bag Lady Foundation which supports women and families in need.

Cook said the support she has seen from Deen's fans of all races has been overwhelming. "My phone has not stopped ringing," said Cook. "The emails haven't stopped, Facebook is going crazy and they are all positive comments from her fans."

First Published: June 28, 2013: 3:16 PM ET

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Healthy savings: Fewer lab tests

Written By limadu on Jumat, 28 Juni 2013 | 12.08

When doctors know a lab test's cost, expenses are cut 9.6%.

(Money Magazine)

A new Johns Hopkins study found that doctors shown the bill for lab tests ordered fewer of them, cutting expenditures 9.6%.

"Most medical care is delivered in a cost vacuum," says co-author Leonard Feldman. "Information helps providers be more cost-conscious."

Here are other ways in which greater awareness of prices can promote healthy savings for you.

Prescription for savings

Health care: To better weigh costs, check if your insurer lets you compare provider pricing. And to get your doctor thinking about your outlays, ask him or her whether less expensive treatments or fewer tests will suffice.

Investing: A new study finds the hidden cost of mutual funds' trades runs to 1.4% of assets annually, more than the stated expenses of the average fund. Best deals: midsize and smaller funds trading less than 60% of holdings a year, says co-author Roger Edelen of the University of California at Davis.

Related: Best advice now for saving and spending

Travel: Fees can add 5% or more to a hotel's rate, says New York University's Bjorn Hanson.

The latest gotcha: a charge to park in the front lot. Ask about fees beforehand, note the rep's name, and refer to it if surprises pop up later.

First Published: June 27, 2013: 4:21 PM ET

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Feds crack down on lenders bilking military members

NEW YORK (CNNMoney)

In one action announced Thursday, the Consumer Financial Protection Bureau said it has ordered U.S. Bank (USB, Fortune 500) and another company, Dealers' Financial Services, to refund a combined $6.5 million to more than 50,000 active duty service members to make up for failing to disclose fees and other costs on auto loans.

The government agency said the auto loans were marketed to active military members with little credit history, borrowers who were "often young and new to the car buying process."

The size of the refund will vary widely, according to CFPB, but will average around $100.

An investigation of the firms' so-called "MILES" program -- a subprime auto loan program that operated near military bases across the country -- found that U.S. Bank failed to properly disclose fees and other information about the loans, while Dealers' Financial Services understated the costs of add-on products, such as vehicle service or insurance.

For example, marketing materials claimed adding a vehicle service contract would add only a few dollars a month, when it actually cost an average $43 extra per month.

The program also required service members to pay the loans using the military allotment system, which deducts payments directly from military paychecks, but then charged the borrowers $36 in monthly processing fees each year. U.S. Bank did not properly disclose those fees, the CFPB said.

U.S. Bank said in a statement that the MILES program, which was created more than a decade ago, has been "a popular program with young military service people, who faced the prospect of paying much higher interest rates at other lenders." Still, the company said it plans to exit the program, and noted that it had not been fined beyond paying the refunds.

Related: Veterans losing savings to 'pension advance' firms

The CFPB learned of the program from the father of a 21-year-old soldier who said his son had inked a loan agreement that ate up more than 70% of his take-home salary before it even hit his bank account.

Also on Thursday, the Department of Defense announced plans to study other potential abuses of the decades-old military allotment system.

Financial counselors on military bases often tell horror stories of the automatic deductions, said Holly Petraeus, the CFPB's assistant director for Service Member Affairs.

"They tell me about instances where there are service members who are 'allotted out', where they've got virtually all of their paycheck going to allotment before any of it gets to their bank," she said.

Related: Getting into the military is getting tougher

Dealers' Financial Services has agreed to stop requiring borrowers to use military allotments. It said it will now focus on "new potential lending partners that the company believes will provide more competitive financing alternatives to our service member customers."

In an unrelated action, the Federal Trade Commission announced that Mortgage Investors Corporation, which offers mortgage refinance loans to military veterans, would pay a $7.5 million fine for illegal telemarketing practices.

Telemarketers for the firm called more than 5.4 million numbers listed on the national Do Not Call registry, and misstated the terms of their adjustable rate loan products.

First Published: June 27, 2013: 3:49 PM ET

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U.S. curbs Bangladesh trade privileges

A Bangladeshi man cries for a missing relative, believed to have died in the rubble, after an apparel factory building collapsed and killed over 1,100 workers in April.

WASHINGTON (CNNMoney)

The government said it would no longer allow duty-free imports of certain products made in Bangladesh under a program that helps encourage trade with developing countries by providing breaks on tariffs.

The trade decision comes as Bangladesh is facing mounting international pressure to improve working conditions after a series of fatal fires last year killed hundreds, and a building collapse in April killed over 1,100 workers. Almost all of the accidents have happened in its apparel industry. Bangladesh is the fourth largest exporter of clothes to the U.S., behind China, Vietnam and Indonesia.

However, the U.S. decision isn't expected to affect clothing imports, because apparel isn't covered under the duty-free program.

Related: Bangladesh: Cheap clothes lead to danger and tragedy

The program is part of a global effort overseen by the World Trade Organization and applies to imports from developing countries. Thursday's curbs is likely to affect imports of tobacco products, sports equipment, china and plastic products from Bangladesh, according to the country's embassy.

In 2011, the U.S. imported $26.3 million worth of goods that got duty free breaks under the program, according to trade records. That's less than 1% of the more than $4 billion of Bangladesh exports to United States.

"While (it) doesn't cover garments from Bangladesh, it's still important to U.S. companies purchasing goods from Bangladesh under the program, such as ceramics and dinnerware," said Daniel Anthony, research director at the Coalition for GSP, an advocacy group for the program funded by U.S. companies and associations.

Related: Why I'm protesting against Gap over Bangladesh

The U.S. program granting duty free status to developing nations was already set to expire July 31.

The program can be extended only if Congress acts by the deadline, which doesn't look likely so far, according to congressional aides and lobbyists.

In 2011, Congress renewed the program retroactively. But the dire budget situation combined with forced spending cuts could reduce enthusiasm for a trade program that eats into U.S. revenue.

Labor unions have been pushing the Obama Administration to respond to labor and safety problems in Bangladesh.

"The AFL-CIO hopes that the suspension of benefits will be a catalyst to accelerate an effective process involving the government, employers and workers of Bangladesh to achieve these goals," President Richard Trumka said in a statement.

Bangladesh is among more than 120 countries that gets tariff breaks under the program, known as the U.S. Generalized System of Preferences.

Related: Bangladesh pay hike would cost shoppers only pennies

"I have determined that it is appropriate to suspend Bangladesh's designation as a beneficiary developing country under the GSP program because it is not taking steps to afford internationally recognized worker rights to workers in the country," President Obama wrote in the proclamation.

Bangladesh's working conditions are also in the spotlight in Europe. The European Union is considering a move to revoke Bangladesh's duty free privileges also on clothing, which could really really hurt the country.

Apparel is Bangladesh's top business and makes up 80% of exports. The average worker in the garment industry in Bangladesh makes between 10 and 30 cents an hour, and many of the factories do not have windows, fire escapes or emergency exists, according to labor rights activists.

The Bangladeshi government has turned a blind eye to working conditions in an effort to entice retailers with low costs. International governments are now amping up the pressure hoping that Bangladesh will step up its vigilance over its country's factories.

-- CNNMoney's Emily Jane Fox contributed to this story.

First Published: June 27, 2013: 3:42 PM ET

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Sallie Krawcheck on trusting Wall Street again

Written By limadu on Kamis, 27 Juni 2013 | 12.08

Sallie Krawcheck, former investment bank executive, just bought a network for professional women, 85 Broads.

(Money Magazine)

Can investors trust Wall Street again?

If we mean by "Wall Street" large financial institutions, I'd say that they are no doubt safer today than before the Dodd-Frank law and the new financial regulatory changes, but it is still unclear whether they can make it through a significant downturn like we had in 2008.

If we mean financial advisers, in my experience running Smith Barney at Citi (C, Fortune 500) and then Merrill Lynch, I found that the vast majority of them are good people, looking to do good things and committed to building long-term relationships with their clients. You know, the cartoon representation of so many of them as short-term-focused is wrong.

For example, back in 2007 and 2008, Citi had sold some financial products that we believed would only go down a few cents in a bad market, but which actually [lost most of their value]. Instead of reading investors the fine print, the advisers pounded the management team to partially reimburse their clients for our stupidity. I advocated for that too, the bank eventually relented, and I subsequently lost my job.

Many of the people who were on Wall Street in 2007 and 2008 are still there making big money. How is that possible?

A number of people lost their jobs at Citi, including the CEO, the head of the corporate investment bank, desk heads, and traders.

Related: 101 ways to build wealth

Is Wall Street getting any better at managing risk to avoid catastrophe?

Everybody's learned something, but are we going to have the breakthrough to reduce risk in the system? There's a reason crowdsourced problem-solving works: You put a problem to groups who have different experiences, and they'll often solve dilemmas that the experts couldn't. The chemists solve the physicist's problem.

Part of me wants to open-source bank risk so that we have some sharp college kids in some corner of the world trying to solve it, as opposed to the same folks with the same tools. It sounds fanciful, but there is not a tremendous amount of new thinking on these issues of risk. The problem is, banks will never allow positions or performance information to be made public.

What's the next financial risk out there that people don't broadly recognize?

The first one I would point to is bond funds. There is still an incorrect but widely held view that you don't take particularly big losses on bonds unless there's a credit issue. [This is true only if you can hold to maturity.] Bond funds are different. If the economy gets better and interest rates increase, bonds may suffer losses. There's going to be some surprise out there.

Related: Are we at risk of another banking crisis?

You've also raised concerns about money-market mutual funds.

The funds do take on risk. It's a $2.6 trillion market. Lots of individual investors participate. They believe it's cash, in part because the brokerage system puts it into CASH on their statement. And they redeem 100¢ on the dollar in good markets and bad.

But back in 2008, a money-market fund "broke the buck" [couldn't redeem for 100¢]. If we learned anything in the downturn, implicit guarantees not backed by capital are very bad things. What worries me about money funds is managers who take on more risk just to get a tiny bit more return. It's not worth it.

Do you believe high-speed computerized trading gives Wall Street an unfair advantage over individual investors?

It's faster. I would make sure to worry about first things first and second things second, and last things last.

So first things first. How do I want to live? How much money do I need to do it? Can I reasonably get there? Then you've got to go to second things. Do I have the right portfolio to get me there? Am I properly diversified? Third things: Are you in a mutual fund that has an average management fee of 1.2%, 1.3%, when you could be in an ETF that has an expense ratio of 0.3%?

Once you've done all that, then let's start to talk about the fractions of pennies that the institutional traders are getting over individual investors. Most individuals really shouldn't be trading often anyway.

Related: Money-market funds aren't as safe as you think

What about the "flash crash," when computers seemed to cause the Dow to briefly plunge 9%.

It was very scary, but the good news was that there was not a tremendous amount of money lost by individual investors.

You first built your name as a stock analyst covering Wall Street. A MONEY reader asks whether banks are a decent investment yet.

Today the markets feel fine, right? The economy feels good enough. If the economy and the markets are in good enough shape, overall banks will be in good enough shape.

One caveat: Individual banks are difficult to analyze. They're very complex. Even when they give out 100-plus pages of 10-K and 10-Q disclosure, it is really impossible to know what's on their balance sheet at any point in time because the banks' individual loans and trading positions can change quickly between earnings reports. And as we've learned, idiosyncratic accidents do happen.

So my advice is, if one wants to invest in financial institutions, own a group of them, or an ETF that owns them, rather than individual banks. That's what I do.

Related: Best advice now for getting richer

You've talked about banks alienating customers with high and hidden fees. Why do they do it?

Banks, having had their earnings reduced, are doing what companies do: looking to replace earnings.

What new fees should bank customers expect?

It's well known that if you transfer a credit card balance, you can get a low teaser rate that will then move up. What is less understood is that when you give a deposit to a bank, there can be a teaser rate that is later taken down.

In this low-rate environment, the numbers are not large. But if you look for a future fee stream, it would be that. The average checking-account agreement is, I believe, 111 pages. You can find the formula for how the leap year affects the calculation of your interest payment. It's harder to figure out the rate they'll actually pay.

First Published: June 26, 2013: 4:13 PM ET

12.08 | 0 komentar | Read More

Coming soon to Windows: 3-D printing

Microsoft's Windows 8.1 will support plug-and-play for 3-D printers.

SAN FRANCISCO (CNNMoney)

Among the many big Windows 8.1 announcements on Wednesday, 3-D printing isn't one that will immediately resonate with most users. But it is sure to excite the growing contingent of designers, "makers" and early adopters, as millions of PCs will suddenly have native support for 3-D printing.

Although you've always been able to connect a 3-D printer to a Windows PC, many 3-D printing apps require you to craft your designs inside the app or spend time translating your creation into a format the printer software can handle.

But Windows 8.1 will feature plug-and-play support for 3-D printers. Much like you can plug in a standard printer, go into any number of Windows apps, click the file menu, and choose to print a document, Microsoft (MSFT, Fortune 500) will soon allow you to do the same with 3-D renderings and 3-D printers.

Related story: Stratasys buys Makerbot for $400 million

No 3-D printer companies currently support plug-and-play on Windows 8.1, but after Microsoft's latest operating system is released during the holiday season, Microsoft expects that a number of 3-D printers will take advantage of the feature. At the Microsoft Build developers conference in San Francisco, Microsoft showed off a proof-of-concept demonstration.

Given that Windows is still the world's most used PC operating system, Microsoft's announcement serves as a huge validation for the 3-D printing movement and a crucial step towards making 3-D printing easier and more accessible. Nothing made that more clear than the announcement that the MakerBot Replicator 2 3-D printer will now be available in select Microsoft stores.

"Wiill 3-D printing go mainstream? We think so -- which is why we've built it into Windows," wrote Shanen Boettcher, general manager of Microsoft's startup business group, in a blog post.

First Published: June 26, 2013: 4:45 PM ET

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PayPal to launch inter-planetary payment system

PayPal is getting serious about space payments.

NEW YORK (CNNMoney)

It sounds like a PR stunt, but PayPal is dead serious about getting into the burgeoning field of space tourism. With companies like Virgin Galactic and Space X bringing the go-to-Mars dream much closer to reality, PayPal said its goal is simply to start thinking about the complicated issues concerning space commerce.

"We don't have all the answers right now, but it's clear we won't be using cash when we're in space," PayPal president David Marcus told CNNMoney. "We feel it's time now -- not next year, not when [space tourism] starts to happen -- to start figuring out what this looks like."

The PayPal Galactic initiative will launch later on Thursday at a splashy press conference featuring astronaut Buzz Aldrin.

EBay-owned (EBAY, Fortune 500) PayPal is partnering with two leading groups, the Search for Extraterrestrial Intelligence (SETI) Institute and the Space Tourism Society, to answer "the big questions around the commercialization of space."

Space commerce could force a major evolution of all of the entities that touch payments: banking systems, risk and fraud management, regulatory concerns and more. What will be the default currency in a cash-free space system? Who will provide customer support?

Related story: Crowdfunded telescope puts your photo in space

Those questions need to be solved if space tourism is to become a viable business, Marcus said.

"It's easy to perceive this as kind of gee-whiz, even silly, if you just read the headline," he said. "But these are real, difficult, important problems that need to be sorted out."

Those solutions need to come quickly, as casual space travel is much closer than the average consumer might think, said SETI Institute chairwoman Jill Tarter.

"When you talk to the space community -- the people who are actually making this happen -- it doesn't feel pie-in-the-sky to them at all," Tarter said. "Within a few years we are going to have more people off the surface of this planet more often, and we'll have to determine value in that new environment."

To help speed that move to space, PayPal is also launching a crowdfunding campaign on the site FundRazr to raise money for the SETI Institute and its research.

First Published: June 27, 2013: 12:12 AM ET

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Orders for Paula Deen cookbook surge

Written By limadu on Rabu, 26 Juni 2013 | 12.08

Advance orders for Paula Deen's next cookbook have surged since the Food Network discontinued her show after she admitted using a racial slur.

NEW YORK (CNNMoney)

Orders for "Paula Deen's New Testament: 250 Favorite Recipes, All Lightened Up" surged on Amazon (AMZN, Fortune 500) by nearly 1,300% in the last 24 hours.

The cookbook was ranked 115th on Tuesday, compared to a ranking of 1,592nd on Monday

"Paula Deen's New Testament" is not available until October.

Another cookbook, "Paula Deen's Southern Cooking Bible," jumped 114% to Amazon sales rank 350, from 750 in the prior 24 hours.

Deen's agent did not immediately return a message from CNNMoney about the book sales.

Scripps Networks Interactive's (SNI) Food Network announced June 21 that it would not renew Deen's contract after reports emerged that she admitted, during a court deposition in May, using racial slurs.

"Yes, of course," said Deen, when asked by a lawyer if she had ever used the "N word."

Deen's television contract expires at the end of June, ending her 11-year relationship with the Food Network.

Related: Men's Wearhouse: Why we fired Zimmer

Pork producer and former Deen sponsor Smithfield Foods (SFD, Fortune 500) cut its ties on Monday.

"Smithfield condemns the use of offensive and discriminatory language or behavior of any kind," said Smithfield vice president of investor relations Keira Lombardo, in a statement to CNN. "Therefore, we are terminating our partnership with Paula Deen."

Deen's 14 cookbooks have sold millions of copies. She also sells cookware and decorating supplies via her website and owns seven restaurants, including The Lady & Sons and Uncle Bubba's Oyster House, both in Savannah, Ga.

Brian Warner, managing editor at CelebrityNetWorth.com, estimates Deen's wealth at $10 million.

Related: Controversial T-shirt destroys business

Deen, who uses the Southern greeting "Hi y'all" conspicuously on the air and on her website, apologized via video:

"Your color of your skin, your religion, your sexual preference does not matter to me, but it's what's in the heart and my family and I try to live by that," she said. "I offer my sincere apology to those that I have hurt and I hope that you forgive me because this comes from the deepest part of my heart."

First Published: June 25, 2013: 1:19 PM ET

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BlackBerry launches iPhone and Android security platform

Secure Work Space lets users toggle between personal and corporate modes on their devices.

NEW YORK (CNNMoney)

Now a distant fourth (behind even Microsoft) and fading fast on the hardware side, BlackBerry is hoping its acclaimed security software might be its ticket to success -- even if it means supporting rivals' devices.

BlackBerry on Tuesday introduced a new service called "Secure Work Space," which allows enterprise iPhone and Android users to toggle between personal and corporate modes.

Secure Work Space is aimed at giving companies control over the data that flows over their networks, even on a user's personal phone. Corporate email, calendars, contacts and intranets are cordoned off, and IT departments can add or remove other apps from that corporate section without affecting any personal information.

That separation ensures, for example, that users can't copy a message from the corporate profile and paste it into the personal one. Just as crucially, malware infecting the personal side of the phone won't make its way into corporate data.

The setup is similar to BlackBerry Balance, which comes standard on BlackBerry 10 devices.

Related story: You're going to love the BlackBerry Q10 (or hate it)

BlackBerry will provide an update on sales of the Z10 and other BlackBerry 10 smartphones on Friday. Though some analysts are optimistic, no one expects the new line of devices will launch BlackBerry back to the smartphone forefront anytime soon -- or, truthfully, ever.

But if Secure Work Space takes off, it could help BlackBerry (BBRY) regain some of the corporate market that it lost so publicly and painfully.

"Conceptually, it does make sense -- BlackBerry did well securing email, and now they're securing a workspace," said Cowen & Co. analyst Matthew Hoffman.

But as BlackBerry has declined, competitors like Apple (AAPL, Fortune 500), Google (GOOG, Fortune 500) and Microsoft (MSFT, Fortune 500) have worked hard to improve their own security capabilities. Samsung launched its own "Knox" system for the new Galaxy S4, which works much like Secure Work Space.

Still, there's room in the market for a trusted multi-platform solution -- an Oracle (ORCL, Fortune 500) of mobile devices.

Hoffman isn't convinced that BlackBerry will be the only company in the field, but BlackBerry still has the chance to become that trusted solution. Despite all of its troubles on the hardware side, BlackBerry's reputation as a company dedicated to security endures, as CEO Thorsten Heins has made sure to play up the company's history in the space.

A full switch to software would be "messy," though, Hoffman said. "[BlackBerry would] be taking 95% of its revenue, hardware, and saying, that doesn't matter -- now we're going to focus on this 5%. It would be a pretty big corporate transition to become software-only."

BlackBerry dipped a toe into this field back in 2011, when the company launched an experimental product that allows corporate IT staffers to manage multiple mobile devices -- including iOS and Android -- through the same interface. At the time, the company insisted that it wasn't shifting its strategy away from hardware.

Two years later, however, BlackBerry is still struggling on the device side and sorely needs a bright spot. If security software can be successful for BlackBerry, a bit of a strategic shift could be a smart move.

First Published: June 25, 2013: 3:36 PM ET

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China canal project in Nicaragua has investors

Nicaraguan President Daniel Ortega and Wang Jing of HKND Group.

HONG KONG (CNNMoney)

Telecom executive Wang Jing told reporters in Beijing that work should start on the canal by the end of 2014 and finish within six years.

Lawmakers in Nicaragua granted a 50-year concession earlier this month to Wang's privately held HKND Group to build the canal, which will stretch three times the distance of its Panamanian counterpart.

The proposed passage through Nicaragua would be wider that the Panama Canal, and could leave the country well placed to capitalize on a predicted rise in global shipping over the next 20 to 30 years.

Even with its current expansion, the Panama Canal will still be too small to accommodate the world's largest container ships.

In addition to the canal, HKND has won rights to build a railroad, two ports, an international airport and an oil pipeline.

It is not clear how the group intends to finance the canal's construction, which carries a reported price tag of $40 billion.

Wang said Tuesday that fundraising is "going very well so far." But he declined to name any investors, saying instead that more information will be provided "when the project reaches different phases."

Nicaragua has long attracted ambitious businessmen, politicians and governments hoping to build a canal. So far, all efforts have fallen victim to a lack of funding or the country's complicated politics.

Related story: China and Europe risk trade war

Many observers are deeply skeptical of the project's viability. Wang has no apparent experience with large infrastructure projects, and little is know about HKND's governance structure.

Wang denied any ties to the Chinese government or military on Tuesday, saying the project is entirely independent. Pressed about his background, Wang said that he studied Chinese medicine before pursuing a career in business.

"I am an average Chinese citizen," the CEO said.

T.L. Yip, an assistant professor at Hong Kong Polytechnic University, said that the project is technically viable and not unrealistic.

Beijing is eager, Yip said, to secure energy supplies, and a canal in Nicaragua would provide an additional avenue for trade between China and key trading partners like South Africa.

"From China's point of view, they would like to see an alternative to the Panama Canal," Yip said. "This could be very important for Beijing."

President Daniel Ortega and his Sandinista government have portrayed the project as an economic boon for Nicaragua, which is the poorest country in Central America and second poorest in the Western Hemisphere. The country is highly indebted and unemployment is rampant.

Ortega faces domestic opposition over the project. The Movement for Nicaragua, a coalition of community groups, has already objected to the proposed construction.

"Nicaragua isn't for sale. Nicaragua belongs to all Nicaraguans and isn't the private property of Ortega and his family," the group said in a statement.

-- CNN's Dayu Zhang contributed reporting.

First Published: June 26, 2013: 12:11 AM ET

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Question about Obamacare? Here's a number to call for help.

Written By limadu on Selasa, 25 Juni 2013 | 12.08

The administration launched new tools to help consumers sign up for Obamacare.

NEW YORK (CNNMoney)

The administration on Monday launched a toll-free helpline and revamped its HealthCare.gov site to answer basic questions about the state-based health insurance exchanges that will open for enrollment in October. A Spanish-language site, CuidadoDeSalud.gov, is also available.

The helpline, 800-318-2596, is available 24/7 and can provide assistance in 150 languages. There is also a new live-chat feature on HealthCare.gov.

A CNNMoney reporter's initial live-chat question on whether green card holders are eligible to sign up was answered with a textbook response that enrollees must be citizens or "lawfully present." A second question on whether the holder had to be here for a certain period of time before being eligible to enroll was referred to the call center.

The question was one CNNMoney had received from a reader.

Posed to a call-center representative, the question yielded the same response about holders having to be citizens or "lawfully present." Asked about the time period, the representative re-read the identical passage.

The website also provides information about the exchanges and includes links to the state-based websites for the 17 states that are running their own exchanges. (The federal government will operate the exchanges elsewhere.)

Related: I'm signing up for Obamacare

The site also answers questions about the Small Business Health Options Program, known as SHOP, including what companies are considered small businesses, whether they have to insure their employees and whether they are eligible for subsidies. A call center for small businesses is scheduled to open in August.

Consumers will be able to get more in-depth, in-person assistance as the enrollment date approaches. Coverage begins Jan. 1.

The administration's efforts come a few days after several advocacy organizations launched consumer education initiatives. Obamacare supporters are focused on getting people -- particularly younger, healthier Americans -- to enroll in the exchanges. Awareness is currently fairly low: Some 78% of the uninsured don't know they'll be able to purchase insurance through the exchanges, according to Enroll America, an advocacy group.

In October, consumers will be able to shop for and enroll in coverage through the HealthCare.gov website.

First Published: June 24, 2013: 4:06 PM ET

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Big money at stake in same-sex marriage ruling

Married same-sex couples in these 12 states (and Washington, D.C.) are waiting to find out whether they will become eligible for federal spousal benefits.

NEW YORK (CNNMoney)

A decision on the constitutionality of the 1996 Defense of Marriage Act, which defines marriage as solely between a man and a woman, is expected to be announced as soon as Tuesday. If the act is overturned, married same-sex couples in a dozen states will become eligible for more than 1,000 spousal benefits that are currently off limits.

The case challenging DOMA was filed on behalf of 83-year old New Yorker Edith Windsor, who sued to get back the $363,000 in estate taxes she paid when her wife of more than 40 years died -- a tax bill she wouldn't owe if she had been married to a man.

If the Supreme Court leaves DOMA standing, the battle for federal benefits will continue. But here's what happens if DOMA is overturned:

Income tax: Same-sex couples would be able to file their federal income taxes jointly. For many couples -- typically those in which one person earns significantly more than the other -- merging incomes for tax purposes could result in big savings.

Janet and Janet Emery-Black, who married in California in 2008, estimate they could save more than $10,000 a year in income tax by filing jointly. Janet has always had a higher-paying job than her wife, who is now retired, so combining incomes would put them in a much lower tax bracket.

Related: Out of the closet on Wall Street

Other couples wouldn't be helped by filing jointly, however -- especially if their incomes are similar.

Gift tax: Currently, spouses in opposite-sex marriages can transfer unlimited assets to one another. But for same-sex couples, any gift of more than $14,000 begins chipping away at a lifetime gift limit of $5.25 million -- after which a 40% gift tax is assessed. Same-sex couples who divorce can also be subject to the federal gift tax when dividing assets. If DOMA is overturned, however, this extra tax will disappear.

Related: The high cost of same-sex divorce

Health insurance: Many married same-sex couples would no longer have to pay extra income tax on the medical benefits one partner receives through the other's health insurance plan. And federal employees will likely be granted spousal benefits, such as partner health insurance.

Death benefits: Same-sex couples would be eligible for the same federal tax treatment and Social Security benefits as opposite-sex couples in the event that one spouse passes away. This means a surviving spouse would be eligible for Social Security survivors benefits and exempt from the 40% federal estate tax on assets exceeding $5.25 million.

Related: Same-sex marriage's corporate boosters

What the decision won't do: Even if DOMA is overturned, many same-sex couples won't receive federal spousal benefits. That's because the majority of states still don't allow same-sex marriage, and federal benefits would likely only be extended to those who are married at a state level and live in a state where that marriage is recognized, said Kyle Young, a financial adviser and vice president for Wells Fargo Advisors.

This also means that domestic partnerships and civil unions may not qualify for federal benefits,

Currently, same-sex marriage is legal in 12 states and Washington, D.C., while seven states grant domestic partnerships and civil unions, according to advocacy group the Freedom to Marry.

First Published: June 24, 2013: 6:18 PM ET

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China stocks hammered again

HONG KONG (CNNMoney)

China's marquee index is now in bear market territory after losing 5.3% of its value Monday, the latest in a series of dismal performances. As of midday on Tuesday, the struggling index was down 16.7% from the start of the year and approaching levels not seen since early 2009.

The sell-off comes after short-term borrowing costs skyrocketed last week in China, leading to a credit crunch.

The rate at which Chinese banks lend to each other overnight hit a record high above 13% last week. Another key measure of cash in the banking system -- the 7-day "repo rate" -- peaked at 25%.

Rates have since eased somewhat, but remain above recent norms. Tight credit conditions have unnerved investors and heightened concerns over the country's banks.

The sustained spike in rates has led analysts to question why the central bank's leaders did not quickly intervene, and why the bank's intentions were not communicated to investors as rates continued to rise.

Related story: Is China's debt a crisis in the making?

Official state media unraveled some of the mystery over the weekend, reporting that the China's shadow banking system was the central bank's target. "It's not that there's no money," a Xinhua commentary said. "It's that the money is not in the right places."

Some analysts worry that China's credit boom has saddled unworthy businesses with large loans, fueled the country's shadow banking system and put local governments on the hook for billions.

A credit squeeze by the central bank would discourage risky loans, and help China's economy complete a rebalancing that most experts say is required to secure long-term growth.

Related story: Don't worry! It's not 2008

The central bank suggested Monday that its tough medicine is likely to continue.

"Commercial banks must pay close attention to the liquidity situation in the market and must strengthen their analysis and forecasts of factors affecting liquidity," the central bank said in a note posted Monday but dated June 17.

First Published: June 25, 2013: 12:37 AM ET

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Next week you'll pay more for a Starbucks latte

Written By limadu on Sabtu, 22 Juni 2013 | 12.08

Starbucks, next Tuesday, is raising U.S. prices by an average of 1% for its brewed drinks to help offset an increase in business costs.

NEW YORK (CNNMoney)

The price hike will affect beverages including Starbucks' (SBUX, Fortune 500) brewed coffee, tea, latte and espresso drinks, said spokesman Jim Olson. While drink prices vary from city to city, Olson said that customers in some markets could pay about 10 cents more for a tall brewed coffee.

Still, less than one-third of all Starbucks beverages will be affected by the new prices, he added.

For instance, prices will not increase at a vast majority of Starbucks stores for its venti and grande-sized brewed coffees, or for its Frappuccino drinks.

This is the first price hike in nearly two years for the coffee chain, according to Olson, who said the rising cost of labor, raw materials and rent triggered the move.

Still, there is one way that customers can always shave a few cents off their coffee tab: Starbucks offers a 10 cent discount on any drink when customers bring in a personal tumbler or use a reuseable Starbucks cup.

First Published: June 21, 2013: 5:01 PM ET

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LeBron will never be an endorsement star like Jordan

NEW YORK (CNNMoney)

He may be a great basketball player, but endorsement experts say that off the court, he's still no Michael Jordan.

James has $39 million in annual endorsements, more than any other active athlete, according to the Fortunate 50 rankings compiled by Sports Illustrated and Fortune magazines. But Michael Jordan is still bringing in a whopping $80 million in endorsement deals a year - even though he hasn't set foot on a court in a decade.

Many fans simply don't like James. He was heavily criticized when he moved to the Miami Heat as a free agent in 2010, and his popularity plunged according to various surveys.

Related: Heat's winning streak sparks sales rush

"That was the first time we saw such a precipitous drop in appeal without something criminal happening," said Henry Shafer, executive vice president of the Q Scores Company, which conducts one such survey.

James' likability is on par with that of Mickey Rourke and rocker Gene Simmons of KISS - which isn't great company - according to a competing survey by the Celebrity DBI index.

"It certainly doesn't hurt that [James] has won two championships in a row. But it's going to be really hard for him to match what Jordan delivered on camera and how he resonated with fans," said Darin David, director of the sports consulting group at The Marketing Arm, which arranges deals between advertisers and and celebrities.

Related: Under Armour's crew of star athletes

David and others experts say that pitchmen like Jordan and Peyton Manning have a special on-screen persona that most athletes will never have, no matter how many championship titles they might accumulate.

Both Jordan and James have deals with Nike (NKE, Fortune 500), which pays out billions in endorsement deals to athletes around the world. James also has deals with top consumer companies like Coca-Cola (KO, Fortune 500), McDonald's (MCD, Fortune 500) and Samsung. But commercials starring James get relatively limited air time, even during the NBA playoffs.

Related: Coming out could boost Jason Collins' endorsements

Shafer, from the Q Scores Company, said that while James has started to slowly win back sports fans, he hasn't made a lot of progress with the general public.

"It's not just about winning. It's about how you interact with the public," he said.

First Published: June 21, 2013: 4:28 PM ET

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Pending law would block Tesla sales in New York

Elon Musk and Tesla are battling dealership associations throughout the country for the right to sell vehicles directly to customers.

NEW YORK (CNNMoney)

Tesla said in a statement Friday that if the bill passes, it will be "put out of business in New York," with all employees in the state losing their jobs.

"The bottom line for New York consumers and New York suppliers is that if this bill passes, special interests in Albany will once again have gotten their way while robbing New Yorkers of choices in the marketplace," Tesla (TSLA) said.

The current legislative session was originally scheduled to conclude on Thursday, but work continued in both the Senate and Assembly on Friday, and it is unclear when it will end.

Related: Tesla unveils 90-second battery-pack swap

CEO Elon Musk took to Twitter Friday as legislators were considering the bill, urging New Yorkers to call their representatives and ask them to vote it down.

The New York State Automobile Dealers Association did not respond to a request for comment, though the association is also urging supporters to contact their representatives, saying the pending bill is "designed to maintain the health and vitality of New York's retail automobile industry."

Tesla has tangled with dealership associations in a number of states in its effort to sell its Model S electric sedan directly to consumers rather than using franchised car dealers.

General Motors (GM, Fortune 500), Ford (F, Fortune 500), Toyota (TM) and others don't sell cars to customers. They sell to independently owned and operated dealers or distributors who, in turn, sell them to the public, usually after some negotiation over the final price.

Tesla's showrooms, by contrast, are owned and operated by the company. Most are in shopping malls, with only enough cars on hand for display and test drives. Every Tesla car sells at full sticker price, and service on the cars is performed at separate garages owned by Tesla.

Auto sales are mostly regulated at the state level. In some states, Tesla has had little or no problem opening its stores. In others, auto dealers and their allies in government have resisted Tesla's plans, fearing they could ultimately undermine the system of franchised dealers.

Earlier this month, legislators in Texas failed to vote on a bill backed by Tesla that would have loosened the state's restriction on dealerships owned by automakers. Virginia rejected the electric-car maker's dealership application earlier this year.

Dealers argue that the traditional franchise system is best for car buyers because it preserves competition between dealerships selling the same products.

But Tesla worries that traditional franchised dealers, who also have gasoline cars to sell, won't represent its products properly or aggressively enough. Dealers pressed to make quick sales will likely be tempted to steer customers to gasoline cars rather than explain the benefits of the Model S, Diarmuid O'Connell, Tesla's vice president for business development, told CNNMoney last month.

"From the beginning, Tesla's goal has been to catalyze the market for electric vehicles, and selling through intermediaries at this stage of the company will not work," Tesla said Friday.

First Published: June 21, 2013: 6:31 PM ET

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10 firms named as first Libor trial begins

Written By limadu on Jumat, 21 Juni 2013 | 12.08

Former UBS and Citigroup banker Tom Hayes is the first person to appear in court in connection with the Libor rigging investigation.

LONDON (CNNMoney)

Tom Hayes appeared in court Thursday to hear eight charges of conspiracy to defraud by trying to manipulate the London Interbank Offered Rate (Libor) and other rates between August 2006 and September 2010.

Hayes is the first person to face trial in connection with the Libor scandal, a year after Barclays (BCLYF) admitted to taking part in a scheme to rig the benchmark rate used to price loans and derivatives worth trillions of dollars.

The British bank paid a fine of $453 million to settle claims by U.K. and U.S. authorities. UBS was fined $1.5 billion in December last year, and Royal Bank of Scotland paid $612 million two months later for its role.

Hayes, 33, only spoke to confirm his name, date of birth and residence. His lawyer Lydia Jonson declined to comment when asked what Hayes thought about the charges. Hayes did not enter a plea.

While working for UBS (UBS), prosecutors claim that Hayes conspired with colleagues at the Swiss bank and employees at JPMorgan Chase (JPM, Fortune 500), RBS (RBS), Deutsche Bank (DB), Rabobank, HSBC (HBC) and brokers ICAP (IAPLF), RP Martin and Tullet Prebon.

Related: Singapore raps 20 banks for trying to rig rates

They also claim that while working at Citigroup (C, Fortune 500), he conspired with colleagues at the U.S. bank as well as employees at UBS, Deutsche Bank and ICAP.

ICAP said it understood that unnamed employees of one of its subsidiaries had been referred to in the charges against Hayes but said no ICAP company had been charged.

"ICAP has provided information to the Serious Fraud Office and continues to cooperate with its investigation," it said in a statement.

Tullet Prebon said it had not been informed by any authority that it or any of its brokers were under investigation in relation to Libor.

"Tullett Prebon has been asked to provide information to the Financial Conduct Authority and other regulators and government agencies in connection with their enquiries in relation to Libor and is cooperating fully with these requests," it said in a statement.

UBS, Citigroup, Deutsche Bank, RBS, JPMorgan and RP Martin declined to comment. Rabobank and HSBC could not be immediately reached for comment.

The case was referred to a higher court, with a preliminary hearing set for July 4. Hayes was granted bail on condition that he surrender his passport and not make contact with others named in the bail conditions. Those names were not read in court at the prosecutor's request.

-- CNN's Carol Jordan contributed to this article.

First Published: June 20, 2013: 12:14 PM ET

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7-Eleven cracks down on franchises following fed bust

U.S. Attorney Loretta Lynch of the Eastern District of New York charged nine owners and managers of 7-Eleven franchises of stealing identities and exploiting illegal immigrants.

NEW YORK (CNNMoney)

The 7-Eleven company said Thursday that self-reviews must be conducted by the end of June, or the franchises will be subjected to fines of up to $1,100 per violation.

Starting on July 1, the company said it will send consultants to 5,000 of its franchises to make sure they're in compliance.

The aggressive move by 7-Eleven follows the June 18 indictment by federal authorities of nine owners and managers of 14 franchises, located on Long Island, NY and Virginia. The company is currently running the stores.

"We know that you are the sole employer of all associates in your stores, and we are not attempting to interfere with your employment relationship or control how you hire, fire or manage your employees," said 7-Eleven chief operating officer Darren Rebelez, in a letter to franchises.

Related: Feds forfeit 14 7-Eleven franchises in immigrant crackdown

"However, we have a critical need to protect the integrity and reputation of the 7-Eleven brand, a right to insist upon your compliance with the franchise agreement, and to ensure that all franchised stores are being operated in a lawful manner," the letter said.

Related: Madoff, the king of thieves

The indicted 7-Eleven owners are accused of employing illegal immigrants from Pakistan and the Philippines and pocketing their pay, while using stolen identities to hide their true identities from 7-Eleven and the government.

Married couple Farrukh and Bushra Baig, who owned or managed a dozen of the stores, and six of the other defendants pleaded not guilty on Tuesday and were held without bail, according to the feds. One of the defendants, Azhar Zia, was still a fugitive.

First Published: June 20, 2013: 3:00 PM ET

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Instagram video: Vine killer and not much else

Facebook's Video on Instagram launched Thursday.

NEW YORK (CNNMoney)

Video on Instagram works almost exactly as CEO Kevin Systrom said it would -- quick and simple. The new feature, developed by the Facebook-owned (FB) Instagram, bears much resemblance to Twitter's Vine app. But Video on Instagram packs a couple of features Vine does not, such as video filters and stabilization.

As technically sound as Instagram's new features are, they feel less like a magical new way of using Instagram and more like a quick way to snuff Vine out.

Why bother with keeping accounts with two services when you can get everything in one package? Why limit yourself to six seconds of Vine video uploads when you can have up to 15 with Instagram? Why look at the world as it is, when you can see it through a faded lens?

But that's just about where the benefits of Video on Instagram end.

Related story: Twitter's identity crisis

The initial magic of Instagram was not that it allowed you to stumble into beautiful, nostalgia-laced photography through the use of filters (Hipstamatic did that first). It's that it made the process of capturing and sharing those types of photos fast and easy.

Instagram's video product won't have quite the same effect.

As easy as Vine and Instagram have made video sharing, it's still not as simple as it could be. Compared to the video stitching feature on the HTC One smarphone, which will auto-edit a video together from multiple clips (generally to good effect), the Instagram and Vine solutions take comparatively more work, often yielding a cruder finished product.

The additional time and effort needed for creating and consuming video could diminish some of the magic that Instagram has been so good at providing.

Video on Instagram does not feel as essential as its photo counterpart. Still, it has enough positive features to vault it to the top of the list of best video-sharing apps.

First Published: June 20, 2013: 4:15 PM ET

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Much faster Wi-Fi coming soon

Written By limadu on Kamis, 20 Juni 2013 | 12.09

Only a handful of Wi-Fi devices feature the new "ac" technology, including this Netgear router.

NEW YORK (CNNMoney)

The latest Wi-Fi technology, called "802.11ac," offers speeds of up to 1.3 Gigabits per second. That's fast enough to transfer an entire high-definition movie to a tablet in under 4 minutes, share photo albums with friends in a matter of seconds or stream three HD videos at the same time. It's more than double the top speed of the previous standard, known as 802.11n.

Those speeds are theoretical maximums -- very few people have anything close to 1 Gigabit speeds from their home broadband connection. Average speeds are less than 1% of that. But the faster speeds mean the new Wi-Fi standard will offer a much bigger pipeline for all those videos, songs and games that a growing number of people are streaming on multiple devices simultaneously.

The Wi-Fi Alliance, a global organization that ensures the interoperability of Wi-Fi technologies, began certifying so-called "ac" devices Wednesday. It kicked off the certification program by signing off on 19 routers, access points, microchips and smartphones. The shortlist of certified devices includes the Samsung Galaxy S4, Samsung Galaxy Note 2 and routers from Cisco (CSCO, Fortune 500) and Netgear (NTGR).

Related story: Cisco plans to double the speed of the Internet

Shipments of ac Wi-Fi devices began last year, but they remain very hard to find. The Wi-Fi Alliance believes that the start of its ac certification program will get the ball rolling quickly.

"Usually, our certification programs serve as one of the contributing factors to widespread market adoption," said Kelly Davis-Felner, the Wi-Fi Alliance's director of program management. "But already, this feels like a much more accelerated adoption than in years past."

A recent ABI Research forecast predicts that 40% of smartphones will support the newer version of Wi-Fi this year. By next year, the Wi-Fi Alliance expects ac devices to make up the majority of the Wi-Fi market. Even Apple (AAPL, Fortune 500), typically a late adopter with new technologies, has announced that its future products will feature ac Wi-Fi connectivity.

The new Wi-Fi standard comes at a crucial time: The average number of Wi-Fi devices in U.S. households has doubled since 2008, with each home averaging four devices connected to the Wi-Fi network during peak usage times.

Related story: FCC hopes to avoid 'end of world' for cell phones

As the number of demands on the network grow, the need for more Wi-Fi capacity grows along with it. Also, as a growing number of consumers and businesses install Wi-Fi networks, interference is becoming a concern.

The new standard aims to solve those problems. It allows more devices to simultaneously connect to a network without a degradation in performance. It also features lower latency times for streaming music and gaming, where network hiccups and delays can ruin a user's experience. And the latest Wi-Fi standard helps deliver streaming videos more reliably, even when the network is being used by other devices.

As an added bonus, 802.11ac requires devices to have support for two bands of airwaves, which will help to reduce interference. And it requires less power consumption from smartphones, tablets and PCs when they're transmitting data.

Wireless carriers are keeping a very close eye on the new Wi-Fi standard. Cell phone companies are increasingly looking to deploy Wi-Fi hotspots to offload traffic from their congested networks. The new standard offers speeds that are on-par with 4G.

"The ratification of the 802.11ac standard will significantly improve the usefulness of Wi-Fi to carriers," said Mike McCormack, analyst at Nomura Equity Research.

Carriers have begun testing out technology that automatically switches users from 3G and 4G networks to Wi-Fi. As the number of "ac" mobile devices grow, McCormack said consumers may all soon be connecting to Wi-Fi networks without even knowing it.

First Published: June 19, 2013: 7:39 PM ET

12.09 | 0 komentar | Read More

Chinese billionaire buys 007's yacht maker

Sunseeker's luxury yachts have been used in various James Bond films, making the iconic brand even more desirable to Chinese firm Dalian Wanda Group.

LONDON (CNNMoney)

His real-estate and hotel conglomerate Dalian Wanda Group is spending over £1 billion ($1.6 billion) on British yacht maker, Sunseeker, and a luxury London hotel.

The Sunseeker takeover -- worth £320 million -- will see the Chinese firm acquire a 92% stake in the iconic company that crafts yachts for James Bond films.

Wang, one of China's richest men, is looking to take advantage of exploding luxury yacht demand in China and other emerging markets.

Wanda also announced plans to develop a five-star hotel and apartment complex in a prime London location overlooking the River Thames.

The total value of the real estate project is pegged at roughly £700 million ($1.1 billion). It has already received full planning permission.

Related: What's driving one of China's richest men?

The Dalian Wanda Group has made a name for itself in Chinese commercial property, luxury hotels, karaoke outlets and department store chains. Like other Chinese firms, it is now looking to expand its global presence.

The company has assets of 300 billion yuan ($48 billion) and annual revenue of 142 billion yuan.

According to reports, Wang had been looking to purchase 30 Sunseeker yachts for three new marinas but decided it made more sense to buy the company instead. Dalian Wanda could not be reached for comment.

The ranks of China's super-rich are growing rapidly. The number of people with more than $30 million in assets grew by nearly 60% between 2007 and 2011, according to research from WealthInsight, boosting demand for luxury goods and high-end services.

"Support from Wanda will be instrumental in enabling Sunseeker to unlock the enormous potential of China's rapidly expanding luxury yacht market," said Sunseeker managing director Stewart McIntyre.

Last year, Wanda bought cinema chain AMC Entertainment Holdings in a $2.6 billion deal.

First Published: June 19, 2013: 7:15 PM ET

12.09 | 0 komentar | Read More

Microsoft reverses course on controversial Xbox One restrictions

NEW YORK (CNNMoney)

The original plan was to have the Xbox One console check in with its central servers at least once a day (and more frequently if users were accessing their account from a different system). If the console were not able to do so, users would not be able to continue using the Xbox One.

Likewise, the proposed digital rights management system would only let gamers play games -- disc or digtal -- from their accounts while logged in, and would not allow them to transfer those games to another friend, or freely sell them. There were to be a handful of approved used game retailers gamers could sell to, but that is now irrelevant.

In a blog post on the Xbox blog, Microsoft's (MSFT, Fortune 500) President of Interactive Entertainment Business Don Mattick thanked users for their feedback and explained that the Xbox will not require an internet connection after the initial setup, and digital rights management will not be a part of games, allowing gamers to use any disc on any Xbox One system.

"We appreciate your passion, support and willingness to challenge the assumptions of digital licensing and connectivity," Mattick wrote. "While we believe that the majority of people will play games online ... we will give consumers the choice of both physical and digital content. We ... have heard loud and clear from your feedback that you want the best of both worlds."

At this year's Electronic Entertainment Expo, a major industry conference, consumers and competitors alike endlessly skewered Microsoft for its policies, and pushed Sony (SNE)'s Playstation 4 forward as the console with more momentum going into the holiday season.

The quick response seems to indicate that Microsoft left E3 feeling a bit rattled. And with the hasty change in plans, Mattrick says that some of the Xbox One's functionality will change, and gamers will not be able to resell digital titles.

Overall, this is Microsoft's mea culpa to its base of core gamers who have felt neglected by the company over the last month. But it's also a decision that should have been in place from day one. Now it must wait for scorned users to accept its apology.

First Published: June 19, 2013: 7:52 PM ET

12.09 | 0 komentar | Read More

Google files First Amendment court case against NSA surveillance secrecy

Written By limadu on Rabu, 19 Juni 2013 | 12.08

NEW YORK (CNNMoney)

In a First Amendment plea lodged with the secretive U.S. Foreign Intelligence Surveillance Court, Google (GOOG, Fortune 500) asked that the court let it disclose the scope of the newly discovered "Prism" program. Google also asked for the ability to share the number of user accounts associated with those secret data requests. The company argued that a gag order barring such disclosure is a violation of its right to free speech.

The petition comes less than two weeks after The Guardian and The Washington Post revealed a National Security Agency surveillance program known as Prism. Leaked documents said the NSA has been monitoring data from nine major U.S. companies, including Google, Apple (AAPL, Fortune 500) and Microsoft (MSFT, Fortune 500), in an effort to gather data on foreign intelligence targets.

Google claims that those and other reports about Prism were "misleading" and "mischaracterized the scope" of the program -- specifically, that they misled the public to believe that the government has carte blanche to snoop on its users. The company has publicly denied that the government has the ability to tap directly into its servers, and Google says it wants to clear the record about the scope of such requests.

See Google's court document here

"Google's reputation and business has been harmed by the false or misleading reports in the media, and Google's users are concerned by the allegations," the company said in its filing. "Google must respond to such claims with more than generalities."

The U.S. Department of Defense did not immediately respond to a request for comment. A representative for the NSA pointed to previously published statements about Prism, but would not comment on Google's petition specifically.

The government recently ruled that companies can include the number of surveillance requests in aggregate with other government requests for data, including criminal requests from federal, state and local authorities. Several of Google's competitors jumped at the chance, including Microsoft, Facebook (FB), Apple and Yahoo (YHOO, Fortune 500).

For the past several years, Google has published a "transparency report" that includes the number of user data requests it receives from government agencies as a whole. But the company wants to get more specific by breaking out "aggregate numbers of national security requests" separately.

"Lumping national security requests together with criminal requests would be a backward step for Google and our users," a Google spokeswoman said in a statement.

Earlier on Tuesday, Yahoo said it received between 12,000 and 13,000 requests for user data from U.S. law enforcement agencies over the last six months. Apple said Monday it had received as many as 5,000 requests, while Facebook (FB) received about 10,000 requests in the last half of 2012.

Some viewed Google's petition as a ploy to win public opinion.

"Although I am delighted Google has challenged the FISA gag, the lawsuit is a cheap way to get some positive PR after 2 weeks of awful press," tweeted Christopher Soghoian, a technologist and policy analyst at the American Civil Liberties Union.

-- CNN's Kevin Bohn and Michelle Jaconi contributed reporting to this article.

First Published: June 18, 2013: 5:10 PM ET

12.08 | 0 komentar | Read More

Immigration bill could cut deficits by $175 billion - CBO

New CBO report of Senate immigration bill estimates 8 million unauthorized residents would become legal in the first decade after enactment.

NEW YORK (CNNMoney)

That's according to an analysis released Tuesday by the nonpartisan Congressional Budget Office.

The CBO, working with the congressional Joint Committee on Taxation, estimates that 8 million unauthorized residents would become legal in the first decade.

In addition, the report estimates the bill would boost the U.S. population by a net of 10.4 million people by 2023 and by 16 million by 2033.

The rise in legal immigrants and the U.S. population overall would increase spending on refundable tax credits, Medicaid and health insurance subsidies, among other federal benefits. And it would increase spending for the implementation and enforcement of the bill's provisions.

At the same time, however, the surge would create even more tax revenue by way of income and payroll taxes, the agency noted.

From CNN: 5 things to know about immigration reform

The CBO did caution, however, that "the net impact of the bill on federal deficits would depend on future actions by lawmakers."

The report didn't analyze the effects of the increased population on state and local governments but allowed that there would be both positive and negative effects.

In addition, the CBO estimates that the bill, while increasing economic output, would also decrease average wages before 2025 but increase them thereafter. It would also "slightly raise" the unemployment through 2020.

The legislation, known as the Border Security, Economic Opportunity and Immigration Modernization Act, was introduced in the Senate by a bipartisan group of senators known as the Gang of 8.

The Obama administration backs the bill. "By fixing our broken immigration system ... we can grow the economy, strengthen the middle class, improve our fiscal outlook and create new opportunity for Americans everywhere," the White House said after the CBO report came out.

The Senate is debating the bill. If it passes, it will move to the House, where it could face considerable opposition.

Republicans in general are divided over immigration reform. Among the concerns of those who oppose it: border security, creating a path to citizenship for those who entered the country illegally, and the potential effect on jobs.

"This bill guarantees three things: amnesty, increased welfare costs, and lower wages for the U.S. workforce," Jeff Sessions, the top Republican on the Senate Budget Committee said in a statement.

On Tuesday, House Speaker John Boehner said he wouldn't bring an immigration bill to a vote unless he know it has the support of a majority of House Republicans.

First Published: June 18, 2013: 6:35 PM ET

12.08 | 0 komentar | Read More

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