ABC's Josh Elliott leaving 'Good Morning America' for NBC Sports

ABC's Josh Elliott is taking a new role at NBC Sports, raising questions about morning show staffing.

NEW YORK (CNNMoney)

The move has raised immediate questions about whether Elliott is now in line to take over "GMA's" main rival, the "Today" show.

Officially, no he's not -- the jobs that NBC will soon announce for Elliott will be at NBC Sports, not NBC News, the division that houses "Today." But behind the scenes, top NBC executives are eager to see him on "Today," even though that won't -- and can't -- happen right away, according to people with direct knowledge of the negotiations.

Elliott has a non-compete clause (common in the television industry) in his contract that bars him from co-anchoring "Today" for approximately six months, according to one of the people, who insisted on anonymity because of the confidential nature of contract negotiations.

Regardless, there isn't a job opening at the "Today" show right now. "Today" is still trying to recover from the damage done by Ann Curry's tearful sign-off in the summer of 2012, and the executives who oversee the show are reluctant to reopen old wounds by forcibly replacing another member of the cast.

Related: Get ready for 'over-the-top' TV

That may partly explain why Elliott's pending deal is only with NBC Sports. The initial, informal conversations between NBC and Elliott's representatives were about both news and sports, according to two of the people with direct knowledge of the talks. One scenario would have had Elliott join the "Today" show in a news anchor role, putting him in line to succeed Matt Lauer.

But the discussions with NBC News were shelved. NBC may not have wanted to risk a destabilizing change at "Today" in the short term, and Elliott may not have wanted to jump directly from one morning show to its arch-rival.

Besides, NBC Sports is a logical next step for him. Elliott was a co-anchor of ESPN's "SportsCenter" before he joined "GMA" in 2011. He won't immediately replace anyone at NBC Sports; instead, he'll contribute to the coverage of "Sunday Night Football," soccer, horse racing and other sports.

Elliott's arrival will stoke speculation that NBC sees him as a younger version of sportscaster Bob Costas, who is famous for his decades of Olympics coverage. The chairman of NBC Sports, Mark Lazarus, told Sports Illustrated last month, "We said after Sochi we would start to think about what life after Bob might be, whether post-Rio, post-Pyeongchang, post-Tokyo, whenever he does not want to do it anymore."

Related: Disney to pay at least $500 million for YouTube video maker

A spokesman for NBC Sports declined to comment on Sunday night, but Elliott's move will be announced by the network early in the week.

In the meantime, Elliott's departure was confirmed Sunday by ABC News, in an internal memo from Ben Sherwood, president of the network's news division.

"Josh Elliott let us know today that he is going to NBC Sports," Sherwood wrote in the memo, which was unusually blunt about the negotiations that had taken place.

Sherwood seemed to affirm earlier press reports that Elliott had wanted a giant raise -- $8 million a year, by some accounts, up from $1.2 million currently.

"As many of you know, we have been negotiating with Josh these past several months," Sherwood wrote. "In good faith, we worked hard to close a significant gap between our generous offer and his expectations. In the end, Josh felt he deserved a different deal and so he chose a new path."

Sherwood said that Elliott would be feted on "GMA" sometime this week. He immediately named a successor in the news anchor chair, Amy Robach, who has already been a regular member of the cast.

Related: Apple eyes partnerships in bid to reinvent TV

The departure of Elliott, who was the show's "hunk" in the eyes of many female viewers, means that "GMA" will have just one man, George Stephanopoulos, alongside four women. Morning show profits are driven by female viewership, and time will tell how the new cast is perceived.

The other man on "GMA," Sam Champion, exited in December and now hosts a three-hour morning show on The Weather Channel.

Elliott's contract was the last of four that ABC sought to renew in the past six months. Robin Roberts, who leads the show along with Stephanopoulos, re-upped a few months ago, and Lara Spencer confirmed last week that she plans to stay on the program.

Of course, defections get more attention than renewals. Champion now occasionally appears on "Today," since The Weather Channel is partly owned by NBC. Sunday's poaching of Elliott seemed, from the outside, like the continuation of a strategy to pick apart the cast of a competitor.

For the moment, though, despite Champion's departure and a temporary surge by "Today" during the Winter Olympics, "GMA" remains solidly No. 1 the morning ratings race. Sherwood internal memo asserted that "'GMA's' best days are ahead."

First Published: March 30, 2014: 9:43 PM ET

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Michael Lewis: Markets are 'rigged'

Michael Lewis' new book examines high-frequency trading. (An earlier version of this story featured an incorrect photo.)

NEW YORK (CNNMoney)

"Flash Boys: A Wall Street Revolt" explains how several insiders discover these firms are gaining an advantage over others: lightning-fast trades achieved through automation and advanced computer networks.

"The United States stock market, the most iconic market in global capitalism, is rigged ... by a combination of the stock exchanges, the big Wall Street banks and high-frequency traders," he said in an interview with CBS' "60 Minutes."

The victims, he said, are "everybody who has an investment in the stock market."

"The insiders are able to move faster than you and play it against orders in ways you don't understand," Lewis said.

Related: Business Wire ends feed to high speed traders

The high-frequency trading industry has seen less scrutiny than other parts of the financial system, but regulators are turning their attention to it. The New York attorney general has pushed back on firms that feed high-frequency traders. They've also looked into -- and even shut down -- paid subscription services that feed financial results directly into the traders' computers.

It's too early to be certain, but the Wall Street culture may be starting to shift. In mid-March, for example, Goldman Sachs Chief Operating Officer Gary Cohn said his bank supports reforms to reduce the "fragmentation and complexity" of trading -- essentially, to level the playing field.

Related: Will stocks 'keep calm and carry on?'

Lewis is a former Wall Street insider himself who wrote about his experiences in the best-selling book "Liars Poker," which he followed by others including "Moneyball." The movie rights to another, his 2010 hit "The Big Short," were recently purchased by Paramount Pictures and Brad Pitt's Plan B movie house.

"Flash Boys" is set for release on Monday.

First Published: March 30, 2014: 8:03 PM ET

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Russia fallout pushes Europe to develop shale gas

LONDON (CNNMoney)

Jose Manuel Barroso, president of the European Commission, the EU's executive body, said growing tension with Russia over its actions in Ukraine serve as a "very strong wake-up call for Europe" about energy issues.

"Europe is working very decisively to reduce its energy dependency," he said last week at an EU-U.S. summit in Brussels.

Europe can pursue many long-term options such as ramping up renewable energy production and importing liquefied natural gas, both expensive propositions. But shale gas continues to be front of mind among energy ministers and policymakers.

Accessing nearby shale gas resources would be cheaper than other options and could create up to one million jobs in the coming years, according to research commissioned by the International Association of Oil & Gas Producers.

"The outlook [for shale] is undoubtedly brighter now than it was a year ago," said energy analysts at Eurasia Group.

Related: 4 reasons Russia will keep gas flowing to Europe

According to figures from the U.S. Energy Information Administration, European countries are sitting on roughly 470 trillion cubic feet of recoverable shale gas resources -- a huge amount considering gas demand in Europe is roughly 18 trillion cubic feet per year.

But it's not going to be an easy process: Europe's shale gas production is essentially zero right now, and it will take a coordinated effort to get moving.

Pavel Molchanov, an energy analyst at Raymond James, says the whole process will take years.

"Over the next five years, [European] countries will have to identify where their resources are and build out the infrastructure for this industry to develop -- that can include developing pipelines and training workers," he said. "This also means getting the required rigs to drill for shale gas, which are in the U.S. and Canada, but don't really exist in Europe."

On top of that, a web of regulations is slowing progress, and environmental concerns about the process of extracting shale gas have led some European countries to ban the practice altogether.

The controversial extraction process -- called hydraulic fracturing, or fracking -- involves injecting water, sand and chemicals deep into the ground at high pressure to crack shale rock, allowing oil and gas to flow.

This practice has spurred America's energy boom, but opponents argue fracking can contaminate local water, create earth tremors and wreak havoc on the environment.

Related: The world's next fracking hot spots

Despite the obstacles, the United Kingdom and Poland are making the biggest strides in pursuit of shale gas production.

"Poland is the furthest along. It's conceivable that in the next five years we could see meaningful production," said Will Pearson, director of global energy and natural resources at Eurasia Group.

Lithuania, Romania and Ukraine are also keen to pursue shale, he said.

Meanwhile, other countries are less enthusiastic. Germany, Denmark, Ireland and the Netherlands have informal fracking bans, requiring so much onerous documentation and pre-drilling research that energy companies are hesitant. Bulgaria and France have outright fracking bans.

"It will take awhile before France and Germany change their policies toward shale," said Pearson, but "hostility toward the sector is going to dissipate" as Europe tries to decrease its dependence on Russian energy.

Related: The real reasons to export U.S. gas

There's debate over when European shale gas production might start making a dent in the gas market, but experts aren't expecting anything significant until 2020 at the earliest.

"Shale gas production in Europe is effectively zero. Twelve months from now it will still be zero. Five years from now, it will be more than zero," said Raymond James analyst Molchanov.

Over the medium term, Europe is working on building more interconnected links and storage facilities to give nations more flexibility with their natural gas supplies.

The process "is not very glamorous," says Pearson, but it will help Europe reach its goal of greater energy independence.

First Published: March 31, 2014: 12:05 AM ET

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GM's recall problems grow

NEW YORK (CNNMoney)

Late in the day, GM said it had recalled 172,000 Chevrolet Cruzes "to replace a right front axle half shaft that can fracture and separate without warning during normal driving."

Hours earlier, the automaker said it had told dealers to stop selling those Cruzes but did not disclose what the problem was.

The recall covers some 2013 and 2014 models with the 1.4-liter turbo engine, the most popular version of the compact car.

The Cruze is GM's best selling car model in the United States, and is also sold internationally.

Even more seriously, General Motors is contending with a damaging recall of millions of other cars because of an ignition switch flaw linked to fatal crashes.

In fact, GM expanded its ignition switch recall on Friday to add 824,000 cars sold in the United States between 2008 and 2011. Until then, that recall had included cars only through model year 2007.

GM also said Friday that it had confirmed that one more death had been caused by the ignition switch problem, meaning it now believes 13 people have died in accidents related to the faulty switch.

GM Chief Executive Mary Barra said the switch recall now covers 2.2 million cars sold in the United States.

In affected vehicles, the ignition can switch the car off while it is running, disabling the power steering and air bags.

Although GM has recalled the vehicles, it has said they are still safe to drive if owners remove any extra weight from key rings. GM has said it will begin the repairs on April 7.

Congress and federal prosecutors are investigating why GM did not recall the cars for a decade after it discovered the problem.

Barra, who has apologized repeatedly for the delays in the recall, is due to testify before Congress on Tuesday and Wednesday.

She explained the expansion of the ignition switch recall in a statement Friday, noting faulty switches could have been installed as a repair after owners purchased one of the newer models

"Trying to locate several thousand switches in a population of 2.2 million vehicles and distributed to thousands of retailers isn't practical," Barra said. "Out of an abundance of caution, we are recalling the rest of the model years."

She added: "We are taking no chances with safety."

--CNNMoney's Chris Isidore, Katie Lobosco and Peter Valdes-Dapena contributed to this report.

Related: Wheels video series - BMW 535d

First Published: March 29, 2014: 8:41 AM ET

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GM adds 824,000 vehicles to recall

NEW YORK (CNNMoney)

Until today the recall included the Chevrolet Cobalt and HHR, the Pontiac G5 and Solstice, and Saturn Ion and Sky through model year 2007. Now the company is including all model years of those vehicles because faulty switches could have been installed as a repair after owners purchased one of the newer models.

About 95,000 faulty switches were sold to dealers and wholesalers and about 90,000 of those were used to make repairs, the company said.

The new recall adds to the 1.4 million vehicles already recalled in the United States.

In affected vehicles, the ignition can switch the car off while it is running, disabling the power steering and air bags. At least 12 deaths have been attributed to the issue. Although GM has recalled the vehicles, it has said they are still safe to drive if owners remove any extra weight from key rings.

Related: GM's steps to a recall nightmare

"Trying to locate several thousand switches in a population of 2.2 million vehicles and distributed to thousands of retailers isn't practical," said CEO Mary Barra in statement. "Out of an abundance of caution, we are recalling the rest of the model years," she said.

GM has been criticized for how it has handled the recall because it has admitted that some employees were aware of problems with the ignition switch in small cars at least as early as 2004. Barra will testify before a U.S. congressional subcommittee on April 1 as part of an investigation into the automaker's handling of the flawed ignition switch.

Owners who may have had a suspect part installed in their cars will receive a letter the week of April 21, according to the company. GM (GM, Fortune 500) dealers will replace the ignition switch for free and customers who had paid to have the switch replaced previously will be eligible for a reimbursement.

The National Highway Traffic Safety Commission urges impacted drivers to have their vehicles repaired promptly after receiving the notification from GM. In the meantime, the group advises them to follow GM's recommendation to use only the ignition key with nothing else on the key ring when driving the vehicle.

First Published: March 28, 2014: 6:16 PM ET

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Tesla reaches deal to keep selling in New York

NEW YORK (CNNMoney)

Tesla (TSLA) and the New York Automobile Dealers Association have reached a compromise in their battle over Tesla's existing five stores in New York City and surrounding suburbs.

The dealers had been pushing to shut down the stores, charging that they violated dealership laws that prohibit selling directly to customers. All other automakers rely on independently-owned dealers to sell cars.

The dealers are a powerful political lobby in most states and seek to prohibit direct sales.

As part of the compromise announced late Friday, Tesla can continue to operate its existing stores but new ones will be allowed only through dealerships.

Tesla said it is happy with the agreement, an indication that it plans dealerships in the future.

Tesla has argued that it needs direct sales to consumers so its own sales people can explain the advantages of electric cars. It says that if it had to use dealers who also sell cheaper, gas powered cars, the dealers would neglect the Tesla Model S, which has a starting price of $69,000.

Tesla is aiming to introduce a cheaper electric car in about three years. It hopes to sell about 500,000 cars per year by 2020, up from 35,000 expected in 2014. Tesla's own company filings concede that the lack of an outside dealership network would limit increased sales of the car.

The agreement in New York comes days after Tesla got a delay on a ban on sales in neighboring New Jersey.

New Jersey had been set to prohibit the two Tesla stores from selling cars starting April 1, but this past week it agreed to delay that ban on sales until at least April 15. And legislators and members of the New Jersey dealership association are talking about a compromise that would allow Tesla sales to continue long-term, if not indefinitely.

Interactive map: Where you can buy a Tesla

First Published: March 29, 2014: 3:49 PM ET

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Hong Kong buyers send London real estate soaring

Developers sometimes use scale models to illustrate planned London developments for Hong Kong buyers.

HONG KONG (CNNMoney)

London real estate is among the most desirable in the world, attracting wealthy investors looking for high returns -- often at the expense of city natives who are being priced out of many neighborhoods.

Foreign money so dominates that nearly 70% of newly built properties in prime areas of central London were bought by foreign nationals between 2011 and 2013, according to realtor Knight Frank.

And nowhere is the frantic race for London real estate more evident than in Hong Kong, where newspapers regularly feature full-page advertisements for new buildings and developers host sales events in swanky hotels.

Hong Kong's marquee Mandarin Oriental hotel is transformed into a showroom for London properties on most weekends, with realtors including Knight Frank and Colliers seeking to attract buyers -- many of whom are willing to shell out for an apartment sight unseen.

Competition for these buyers is intense, so much so that sellers even do battle over securing the best function rooms at the Mandarin.

"The buyers we are dealing with are very experienced investors," said Neil Batty, Knight Frank's head of international project marketing. "There are also people who come every week to look at the projects that are on offer, so they understand what's good value."

Batty said that 130 to 140 potential investors come through the doors on a typical weekend at the Mandarin. The would-be buyers are met with floor plans, view books with glossy images of Buckingham Palace, as well as a sizable supply of dim sum, croissants and coffee.

Buying at the Mandarin is a full-service experience. As a deal is signed, investors can meet with lawyers or discuss furniture options with interior designers.

Some investors hope to rent out the property to tenants. Others buy for their children studying at boarding schools and universities across the UK. Most sign up for developments that won't be completed for years.

"Asian buyers are very savvy and are used to reading plans. They are able to visualize what they are getting in the end," explained Cherrin Loo, the Head of International Residential Properties at Savills China.

Related story: Record London house prices stoke bubble fears

Jenny Leung, a Hong Kong homeowner who also has property in Australia, said she was looking to diversify her investment portfolio in 2011 when she bought an apartment in London's Canary Wharf through a property exhibit.

"You do want some kind of diversification," she said. "You don't just want to invest in your home country or home town."

Others value London real estate for its raw earning power, and see property as a stable alternative to stocks.

"If you look at the performance of the stock market over the last 10 years compared to central London, I think that most people would come out worse if they were in the stock market," said Ashley Osborne, executive director of international properties at Colliers International.

"There's just a feeling that people would rather have a stake in something that they own outright."

Related story: Rich Chinese overwhelm U.S. visa program

For developers, selling in Hong Kong is a matter of going where the money is. Euroterra co-founder Pantazis Therianos said he chose to focus on Asia after observing the success that other developers were having in the region.

But some developers fear the appetite for London properties may slow as the government prepares to tax future investment gains made by non-residents.

Currently, only UK residents are subject to capital gains tax on their second homes -- a tax that is usually levied at 28%.

The capital gains tax change, due to take effect in April 2015, will require overseas buyers to surrender some of the profits they make on UK property.

Some foreign buyers will be affected by another tax change. From this month, the government is applying stamp duty at a rate of 15% to any purchase of residential property worth £500,000 or more made through a company.

And pressure is building for measures to prevent foreign investors being offered first refusal on prime London real estate. The city's mayor has urged developers to stop marketing new homes to overseas buyers before they've been made available to Londoners.

-- CNNMoney's Mark Thompson contributed to this article.

First Published: March 27, 2014: 9:42 PM ET

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Lawyer wants recalled GM cars off the road

The Chevrolet HHR is one of the models included in GM's recall of 1.6 million vehicles worldwide.

NEW YORK (CNNMoney)

GM has told owners of the vehicles with flawed ignition switches that they can safely drive the cars if they remove any extra weight from key rings.

In affected vehicles, the ignition can switch the car off while it is running, disabling the power steering and air bags. At least 12 deaths have been attributed to the issue. About 1.6 million vehicles have been recalled worldwide, including the Chevrolet Cobalt and HHR, Pontiac G5 and Solstice, and the Saturn Ion and Sky built in model years 2003 through 2007.

Related: Lawsuit alleges GM botched recall

Although GM has recalled the vehicles, it hasn't told owners to stop driving them.

Robert Hilliard, the attorney seeking the court order, represents the owners of a 2006 Chevrolet Cobalt who claim the recall has diminished the value of their car due to growing consumer skepticism.

Hilliard's clients say they are concerned there are more than 1 million unsafe vehicles on the road putting other drivers at risk. They want GM to issue a "Park It Now" alert.

"It is a moral imperative that they send a letter to every one of their customers to park it now and do not drive it another foot," Hilliard said.

Related: Steps to a recall nightmare

Judge Nelva Gonzales Ramos has agreed to hear the motion on April 4 in U.S. District Court in Corpus Christi, Texas.

GM (GM, Fortune 500) says that if owners follow its directions the cars are safe to operate.

"GM engineers have done extensive analysis to make sure if you use only the ignition key with no additional items on the key ring, the vehicle is safe to drive," GM spokesman James Cain said Thursday.

The automaker has urged dealers to provide customers worried about their cars with loaner vehicles. About 10,000 people have requested loaners since the cars were recalled in February. Repairs to the recalled cars will begin on about April 7, Cain said.

First Published: March 27, 2014: 8:09 PM ET

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Russia looks to Asia for trade cushion

Russian President Vladimir Putin is seeking China's support on Crimea.

HONG KONG (CNNMoney)

The Kremlin's calculations rely heavily on China -- already the second largest importer of Russian goods and a voracious energy consumer.

Increased Russian reliance on China would be helped along by a thaw in relations between Moscow and Beijing in recent decades. The countries share a border, often team up on U.N. Security Council votes and frequently trade military equipment.

Should the West pursue new sanctions to isolate Russia -- possibly in response to further incursions into Ukraine -- those ties will be put to the test. Moscow could also widen the search for support to Japan and India.

Related: Ukraine to get $18 billion rescue from IMF

Energy supplies are likely to feature prominently in any shift to the East.

Russia sends more than 7 million barrels of oil a day to the world markets, and its total energy trade earns 70% of its $515 billion in annual export revenue, according to the U.S. Energy information Administration.

It has long pursued a natural gas deal with China, but a final agreement between state-owned behemoths Gazprom and China National Petroleum Corp has been delayed by a disagreement over pricing.

Now, Russia may be willing to accept a lower price in exchange for the security of having another dedicated buyer for its gas. Elsewhere in Asia, Russia could pursue additional business with South Korea and Japan, two traditional U.S. allies that are also big energy importers.

Related: Russian energy should keep flowing

Europe and the U.S. have imposed sanctions on top Russian officials and oligarchs, and one Russian bank, in response to Moscow's annexation of Crimea. They have also warned of tougher measures to come if it destabilizes other parts of Ukraine.

Throwing a wrench into energy markets, however, is something western countries hope to avoid given Europe's reliance on Russian gas.

Related: Russia's U.S. debt not a threat

There are signs, though, that Russia should not presume total Chinese cooperation if it is forced to pursue alternative markets for its exports.

Beijing has been measured in its public position on the crisis in Ukraine, sticking to well-worn statements on the need for dialogue and a diplomatic solution.

The Communist Party is extremely wary of popular uprisings, and top officials were reportedly especially unnerved by the events of the Arab Spring.

And the idea that a dissatisfied region can break away via referendum -- as happened with Crimea -- sets an unwanted example for Tibet and Xinjiang.

This unease was perhaps best reflected in China's decision to abstain, rather than vote with Russia, on a draft U.N. resolution that criticized the Crimea vote.

India is another country with cordial relations with Russia. Putin specifically thanked India -- right after China -- for "understanding" Russian actions in Crimea.

"We are grateful to the people of China, whose leaders have always considered the situation in Ukraine and Crimea taking into account the full historical and political context, and greatly appreciate India's reserve and objectivity," Putin said last week.

First Published: March 27, 2014: 10:18 PM ET

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Find hidden IRA savings

Three ways to save more for retirement and lower your taxes over the long run.

(Money Magazine)

Unlike most tax breaks, which expire at the end of the tax year, you have until midnight on April 15 to make a 2013 IRA contribution -- of up to $5,500, or $6,500 if you're 50-plus.

The case for conversion

Don't qualify for a write-off on a traditional IRA? Open one anyway, then convert it to a Roth. Here's what your retirement savings would be worth if you contributed $5,500 yearly starting at 30.

Roth IRA	$436,000
Tax-efficient brokerage account	$381,000
Brokerage account	$361,000
Nondeductible traditional IRA	$353,000

NOTES: Amounts are in today's dollars. Assumes 6% average return. Tax rate is 28% until retirement, 15% at retirement (0% cap gains rate). Inflation rate is 2% annually. SOURCE: Vanguard

Already putting money in? Pat yourself on the back: Only 15% of households saved in an IRA last year, according to the Investment Company Institute. But you may be missing opportunities to sock away even more. And if you're not participating because you think your income doesn't allow it? There's a workaround for that too, which you ought to consider.

Related: 10 tax audit red flags

After all, the more you can put away in IRAs, the better. "They're one of the best tax breaks you can take advantage of for retirement," says New York CPA Ed Slott, founder of IRAHelp.com.

As you may know, contributions to a traditional IRA are fully deductible up to certain income limits -- for 2013, $59,000 in modified adjusted gross income for single folks and $95,000 for couples filing jointly. With a Roth -- eligibility for which starts phasing out at $178,000 for couples in 2013 -- you get no write-off upfront, but get to withdraw funds tax-free in retirement.

Related: 8 ways to cut your tax bill

In both types, your money grows without the drag of taxes. (President Obama recently announced another IRA for beginning savers, the MyRA.) Maximize these benefits with the tactics that follow, but you may want to hurry. Time's running out to reduce your 2013 bill.

Save for a spouse

While the IRS says you must have earned income to stash cash in an IRA, there's one exception: You can put money in on a spouse's behalf if he or she has no income, so long as you file jointly. "The IRS doesn't want to penalize a spouse for not working," says Adam Glassberg, a financial planner in the Chicago area.

A spousal IRA can be either traditional or Roth, with the same contribution allowances. One big, important difference is that contributions made to a traditional spousal IRA are fully deductible up to a higher income -- $178,000 in modified adjusted gross -- than for joint filers who both have access to a 401(k). Assuming you qualify for that deduction, a $5,500 contribution will shave $1,540 off your 2013 taxes if you're in the 28% tax bracket.

Stash self-employment income

Do you work for yourself? Or did you do a freelance gig or two on the side last year? The savings opportunity is especially good for you.

You can contribute as much as 25% of net self-employment earnings, up to $51,000 for 2013, to a simplified employee pension plan, or SEP IRA. That's in addition to the $5,500 you can put in a traditional or Roth IRA, plus the $17,500 you can put in a 401(k) if you have one through a primary occupation. So it's an especially worthwhile strategy for moonlighters who are already maxing out a workplace retirement plan. Plus, SEP contributions are fully deductible.

"It's a really valuable way to save and reduce your taxes," says Newport Beach, Calif., financial planner Dan Thomas.

Use the back door to a Roth

Even if you make too much to write off a traditional IRA contribution, you're still eligible to stash money in such an account. Without the deduction, a traditional IRA can lag behind a brokerage account invested in index funds or other tax-efficient holdings. But you may still have good reason to open one: A nondeductible IRA allows you to sidestep your way into a Roth if you wouldn't otherwise be eligible based on income.

Related: 13 crazy tax deductions

You can convert a traditional IRA to a Roth at any time, no matter your AGI. Assuming you have no other IRAs and shift over the funds immediately -- before you have gains -- you won't owe any taxes. (If you do have any existing deductible IRA savings, you will owe prorated tax based on the total balance, to essentially pay back the write-off you took upfront.)

Moving to a Roth can be especially beneficial if you think your tax bracket will be the same or higher in retirement. Unfortunately, this strategy won't help you fend off Uncle Sam this month, but you might be quite thankful 20 years down the road.

First Published: March 26, 2014: 8:00 PM ET

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Connecticut boosts minimum wage to $10.10 by 2017

Gov. Dannel Malloy will sign the bill Thursday at a cafe where he discussed wages earlier this month with President Obama.

NEW YORK (CNNMoney)

The state legislature approved the bill Wednesday and Gov. Dannel Malloy, who proposed the increase, announced he would sign it on Thursday evening.

The hike will be made in steps, first from the current rate of $8.70 to $9.15 on Jan. 1, 2015. It will go up to $9.60 the following year and reach $10.10 in 2017.

The move makes Connecticut the first state to match Democrats' proposal to raise the federal minimum wage to $10.10, a move President Obama supports.

The President has encouraged mayors, governors and state legislators not to wait for Congress to adopt the $10.10 rate.

Bills similar to Connecticut's are being debated in Maryland and Hawaii and the city of Santa Fe, New Mexico, raised minimum wage to $10.66 earlier this month.

Connecticut is only one of many states that have already hiked the minimum wage above the current federal rate of $7.25. Washington currently has the highest statewide minimum wage rate, set at $9.32 per hour.

Obama commended Connecticut legislators in a statement Wednesday, and at the same time urged Congress to act on the federal rate.

First Published: March 26, 2014: 9:02 PM ET

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Slow down! A ticket hikes up your insurance

NEW YORK (CNNMoney)

Driving without buckling up results in a 5% increase, but that's the smallest hike according to a report from insuranceQuotes.com, a website that allows consumers to compare quotes. Those caught not signaling a turn or failing to yield for a pedestrian pay 19% more on average for insurance as a result.

Speeding, up to 15 miles per hour over the limit, can result in a 21% hike, according to the study.

Those are significant penalties, but still much lower than the 93% rate hike that can result after a DUI or the 82% increase for reckless driving.

Related: Study says car insurance is cheapest in December

"Some carriers see these violations as indicators that you might get into a future accident," said Laura Adams, senior insurance analyst for insuranceQuotes.com.

For most of those minor violations, the insurance rate hike could last for the next three years until the points fall off the driver's license.

But a driver could get rid of them faster by taking a safety course at a traffic school, Adams said. And she encourages consumers to shop around after committing a violation, because not every carrier takes them into consideration the same way.

"One carrier may really want to raise your rate while another may be more lenient with you," Adams said.

insuranceQuote.com partnered with Quadrant Information Services to calculate the impact of 17 types of moving violations in 50 states and Washington D.C using data from 60-70% of insurers in each. The average insurance increases are based on a hypothetical 45-year-old, married female who has a clean record and drives a 2012 sedan.

First Published: March 27, 2014: 12:17 AM ET

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First legal steps taken against Malaysia Airlines, Boeing

NEW YORK (CNNMoney)

Monica Kelly, a lawyer at Ribbeck Law, asked an Illinois state judge on Tuesday to order Malaysia Airlines and Boeing, which manufactured the missing airplane, to provide documents and other information.

Kelly is seeking specific information about the airline's batteries, details on the fire and oxygen systems and records related to the fuselage.

The filing appears to be the first move toward U.S.-based litigation stemming from the March 8 incident. The firm said it plans to build a multi-million dollar suit against the airline and Boeing.

Related: How will families be compensated

Boeing (BA, Fortune 500) declined to comment late Tuesday, and Malaysia Airlines officials were not immediately available.

Kelly's client, Januari Siregar, is the father of a Flight 370 passenger. It was not immediately clear when a judge would consider the filing.

International law dictates where suits against an airline may be brought. The families of victims are allowed to pursue legal action in countries including where tickets were purchased and where the airline is based. Suits can also be filed in the passenger's final destination.

That means most suits against Malaysia Airlines would be filed in China or Malaysia.

Related: Malaysia Airlines' $5,000 payment is just the beginning

International law does not, however, dictate where lawsuits against other parties, including Chicago-based Boeing, may be brought. Legal experts say crafting a case against the airplane's manufacturer is more difficult than against the airline.

Malaysia Airlines said it believes the plane crashed in the Indian Ocean and that all 239 people aboard the aircraft died. No physical evidence of the plane or passengers has been found.

First Published: March 25, 2014: 11:21 PM ET

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Candy Crush maker prices IPO

NEW YORK (CNNMoney)

King Digital Entertainment will begin trading Wednesday under the ticker KING on the New York Stock Exchange at $22.50 a share the company said on Tuesday night.

The Dublin, Ireland-based game maker sold 22.2 million shares raising nearly $500 million from the offering. Based on that, King would be worth about $7.6 billion.

Related: Candy Crush company founder left $1 billion on the table

By comparison, rivals Zynga (ZNGA) and Activision (ATVI) sport valuations of $4 billion and $14.6 billion, respectively.

Among the underwriters are JPMorgan Chase (JPM, Fortune 500), Credit Suisse and Bank of America Merrill Lynch (BAC, Fortune 500), the company said in its federal filing.

Candy Crush averages about 93 million daily users, who play the game more than a billion times a day, according to the company.

King reported annual revenue of $1.9 billion and a profit of about $568 million, despite offering games such as Candy Crush, Pet Rescue and Farm Heroes to players for free.

But its growth has soared. Sales in 2012 were $164 million with a profit of just $8 million. King makes money by selling virtual items to a small fraction of its players who wish to enhance their playing experience.

Despite its rapid gains, King's dependence on Candy Crush has some market strategists questioning its long-term strategy. There are concerns that this could be a repeat of Zynga, which has been unable to the match the success of former hit Farmville.

"Since only a a small group of players generate most of King's revenue, a loss of even a small number of these players would materially affect King's gross bookings," said financial data firm PrivCo in a recent report.

Other red flags include slowing growth for Candy Crush, as well as the way King "double counts" its players, according to PrivCo, which has advised investors to pass on the stock.

"An individual playing Candy Crush on his cell phone while commuting to work and then later plays Candy Crush on his computer during their lunch break would be counted as two users," PrivCo said. "If the person then played on a tablet during the same period, he would be counted as three users."

Still, King's profits are impressive and plenty of investors are hungry for a taste of what they view as a sweet IPO.

King's stock may be "fairly valued," said Tim Keating, chief executive of Keating Capital, a fund that specializes in making pre-IPO investments but does not own a stake in King. He added that King's profit margins are strong and its revenue growth over the past year has been an "eye popping" 1000%.

But using history as a guide, some analysts are harboring a healthy dose of skepticism. Zynga, for example, currently trades at around 50% less than its 2011 IPO price. Still, Zynga has regained some lost ground and is up almost 30% this year.

Related: How does King Digital compare to Zynga?

King's public debut comes amidst a busy year for new offerings. There have been 53 new listings in the United States so far this year, according to IPO research and investment firm Renaissance Capital. In the same period last year, there were just 30 companies that went public. At that rate, the number of IPOs this year could rival last year's total of 222, which was the highest number since 2000.

While the overall market has been volatile due to geopolitical concerns and the Fed's scaling back of stimulus, the average IPO has returned 28.3% from its offering price, according to Renaissance.

-- CNN's Ben Rooney contributed to this report

First Published: March 25, 2014: 7:00 PM ET

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Pew: Online news organizations have created 5,000 jobs

A select few news organization, including Al Jazeera America, have greatly expanded their operations.

NEW YORK (CNNMoney)

Pew Research Center has tried to put a number on it: 5,000.

The center's annual State of the News Media report, released on Wednesday, includes a first-of-its-kind tally of jobs at 30 big websites, like Buzzfeed and The Huffington Post, and 438 smaller startups.

"In a significant shift in the editorial ecosystem, most of these jobs have been created in the past half dozen years, and many have materialized within the last year alone," write the authors of the 2014 report, who credit the startups with bringing "a level of energy to the news industry not seen for a long time."

The Pew report cites hiring sprees at digitally-oriented companies like Gawker, Business Insider, First Look Media, Vox Media, and Vice Media. But it emphasizes that "the growth in new digital full-time journalism jobs seems to have compensated for only a modest percentage of the lost legacy jobs in newspaper newsrooms alone in the past decade."

"The vast majority of bodies producing original reporting still lie within the newspaper industry," the authors write. "But those newspaper jobs are far from secure." While reliable data for 2013 is not yet available, the report says that full-time newsroom employment dipped by 6.4% in 2012, "with more losses expected for 2013."

Related: Narrow ratings win for 'Today' shows how much trouble it's in

The State of the News Media report is an annual assessment of American journalism, financed by the nonpartisan Pew Research Center. This time last year, Pew focused on what it called signs of "shrinking reporting power" due to cutbacks at newspapers and television networks. That report warned of "a news industry that is more undermanned and unprepared to uncover stories, dig deep into emerging ones or to question information put into its hands."

This year's edition relays what it calls "a new sense of optimism," partly due to recent investments at a wide variety of online news organizations, some for-profit and others not-for-profit. It cites "a new breed of entrepreneurs" like Jeff Bezos, who acquired The Washington Post last year, and an increase in philanthropic support for news producers.

Related: China playing rough with big media

Pew arrived at the number of 5,000 new digital news gathering jobs by compiling the number of staffers at 30 big websites and estimating the head count at many smaller ones. The authors acknowledge that "while that does not represent a complete census of a digital news world, it is a robust a sample as may be possible from a variety of credible sources."

They say that "many digital outlets are working to fill reporting gaps created by the strain on resources at traditional outlets -- from niche topic areas like education to international coverage to local community news to investigative journalism." Others are experimenting with new ways to tell stories, whether through videos or lists or data visualization techniques.

"But the question of whether digital news outlets can ultimately replenish the loss of legacy jobs and reporting resources hinges on creating the kind of successful business model or models that have proved elusive," the authors say.

First Published: March 26, 2014: 12:24 AM ET

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China's factories hit 8-month low

HONG KONG (CNNMoney)

HSBC said that its "flash" measure of sentiment among manufacturing purchasing managers fell to 48.1 in March. Analysts had expected the index to rebound from its final reading of 48.5 in February.

Any number under 50 indicates a deceleration in the manufacturing sector.

Some improvement was seen in new export orders. But almost all other index components -- including output, employment and domestic orders -- worsened.

HSBC economist Qu Hongbin said that the poor results are likely to spur Beijing to undertake a series of policy changes to stabilize growth.

He said that targeted spending on new subway systems, anti-pollution measures and public housing are among the most likely stimulus options.

Related story: Risks in focus as China's economy slows

China's economy is off to a sluggish start this year, with trouble extending beyond the manufacturing sector.

The real estate market is showing signs of weakness. Industrial production, retail sales, and investment growth have all disappointed. The economic slowdown has also led to a steep decline in the price of copper and iron ore.

Many economists have now downgraded their growth forecasts, and some think Beijing may not be able to meet its 7.5% GDP target for 2014.

Related story: China's big tech moves onto banks' turf

Beijing will almost certainly respond with some stimulus measures, but the question is how far officials are willing to go.

In the past, policymakers might have responded by pushing cheap credit into the economy and pursuing other quick fixes to boost growth.

But Beijing has started a series of market-oriented reforms that include a crackdown on the shadow banking sector and runaway local government debt. Another sugar high of easy credit could endanger those initiatives.

First Published: March 23, 2014: 10:30 PM ET

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Arizona may allow Tesla sales

NEW YORK (CNNMoney)

The bill is part of Arizona's effort to be the home state of a massive Tesla factory currently under development.

Arizona is one of four southwestern states Tesla is considering for its so-called gigafactory, a $1.6 billion battery production center that the company says could employ 6,500 workers.

Tesla has showrooms in 23 states and is explicitly allowed to sell its cars directly to consumers in four states. That model is illegal in many others.

One of Tesla's dozens of showrooms is in an upscale mall in Scottsdale, Arizona. Potential buyers can learn about the vehicles, but to buy, must head to a state where it is legal to do so, such as neighboring California.

Related: Where it's legal to buy a Tesla

Sponsor Warren Petersen, a Republican member of the state house, said the bill was written to bring Tesla to town.

"We wanted to send a message that Arizona is open for business," Peterson told CNN affiliate KPNX-TV.

The bill would apply only to electric cars.

The measure would have "a very small impact" on the state's auto market, Peterson said, but would be good for Tesla.

A state senate committee last week passed the measure over strong objections from an auto dealers' group. But its fate in the full legislature is uncertain, said Brahm Resnik, political reporter for KPNX-TV.

"Much like other states, our auto dealer lobby is quite powerful," Resnik said.

If the bill passes, it would become part of the portfolio of incentives each state in the running for the factory is expected to pitch to Tesla. Nevada's dealership law is under dispute. New Mexico and Texas do not allow direct sales.

If Arizona scores the gigafactory, it would be the state's second big-name acquisition. Last year, Apple announced one of its two new U.S. plants would be built in Mesa, Arizona. The other is in Texas.

New Jersey, which is not in the running for the factory, recently banned direct sales. Tesla had been selling its cars at two Garden state showrooms.

--CNNMoney's Chris Isidore contributed to this report

First Published: March 23, 2014: 4:11 PM ET

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Apple eyes partnerships in bid to reinvent TV

Television is thought to be a focus for Apple and CEO Tim Cook.

NEW YORK (CNNMoney)

The computing giant's next foray into TV could come in partnership with Comcast, the largest television and broadband provider in the United States, The Wall Street Journal reported Sunday night.

The Journal said that the two companies are holding talks that could result in Comcast delivering an Apple-branded TV service the same way it delivers phone calls and cable video-on-demand. These are called "managed services," and are set apart from the broadband connections that bring Netflix (NFLX), YouTube and other websites to customers. The arrangement would allow Apple to be confident that its video offerings won't sputter the way some other streams do.

The two companies are not close to an agreement, The Journal said.

Talks may be picking up where talks between Apple and another distributor, Time Warner Cable, left off in February. The companies were known to be in extensive talks about a partnership of some kind, possibly involving a cable TV app for the Apple TV box.

The talks were interrupted by the acquisition of Time Warner Cable by rival Comcast (CMCSA, Fortune 500), a deal that is now awaiting regulatory approval.

Apple's (AAPL, Fortune 500) talks with distributors reflect its long-rumored interest in rethinking how television is packaged and sold to subscribers.

Right now its hockey-puck-shaped Apple TV box is used in millions of homes to connect TV sets to Internet services like Netflix and the iTunes store. But the device is missing a connection to the much wider world of broadcast and cable television, where the vast majority of TV is viewed.

Related: How to fix the Apple TV

A distribution deal with Comcast could help Apple get there, though a number of other hurdles would remain. Chief among them: If Apple wants to sell a cable-like bundle of channels to paying subscribers, it needs to obtain the rights from the channel owners.

Apple has conducted negotiations with major media companies about gaining the rights to their live channels and, in some cases, "in-season stacking rights" for video-on-demand, according to people with direct knowledge of the talks who insisted on anonymity.

"In-season stacking rights" would allow Apple to stream complete current seasons of shows on major networks and cable channels, reducing or eliminating the need for a digital video recorder. In one scenario discussed by the companies, advertisement fast-forwarding would be disabled for a certain period of time after the premiere of a new episode.

Related: Apple's iPhone sales disappoint

Apple is not known to have struck deals with any channel owners to date. One distribution executive at a channel owner said that negotiations are not on the fast track.

"Everybody is afraid to make a bad deal, so the deals are very slow to be made," the executive said.

But many television executives are intrigued by Apple's imaginative plans. A successor to the existing Apple TV box could incorporate voice search through Siri and use the iPhone or iPod as a remote control.

Representatives for Comcast and Apple declined to comment on Sunday night.

First Published: March 24, 2014: 1:03 AM ET

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Taxpayers hit with fewer audits

NEW YORK (CNNMoney)

The agency audited 1.4 million people last year, down 5% from 2012 and the lowest number of audits conducted since 2008, according to IRS statistics released Friday.

The IRS blamed its shrinking budget for the drop-off, saying "an ongoing decline in appropriate funding presented challenges."

Related: 10 tax audit red flags

Since 2010, the agency's budget has been reduced by almost $1 billion and around 10,000 employees have been cut. Under the 2014 budget, the IRS will receive $11.3 billion -- nearly $2 billion less than the White House had requested for the agency and a $526 million drop from 2013.

Meanwhile, government spending cuts last year forced the IRS to furlough workers without pay for three days, making it even harder for the agency to keep up with its workload.

To cut costs, the IRS has been conducting more audits by mail than in person. Last year, more than three-quarters of examinations were correspondence audits, and the rest were field audits -- meaning they were conducted at an IRS office or a taxpayer's home.

Related: Quiz - 7 surprising 2014 tax facts

And while the overall number of audits was low, at around 1% of all taxpayers, there are still certain groups that aren't getting a break.

One of those groups is the rich: About 9% of taxpayers with income between $1 million and $5 million were audited last year, and that rate rose to 16% for those with income between $5 million and $10 million. For the nation's top earners, with income over $10 million, the audit rate was 24%.

Business owners are also more likely to be audited, and so are taxpayers who claim a home office deduction or the Earned Income Tax Credit. Reporting -- or failing to report -- a foreign bank account could also lead to additional scrutiny, as the IRS continues to crackdown on people hiding offshore income.

Related: Tax season unleashes cyberscams

In addition to being unable to conduct as many audits, the agency's taxpayer assistance has been deteriorating, the National Treasury Employees Union said in a statement Friday.

"We are seeing the results of these reductions in staffing, particularly in customer service, all across the country," NTEU president Colleen Kelley said. "Both taxpayers and employees are frustrated by the lengthy lines at Taxpayer Assistance Centers and the long telephone hold times for those who call the IRS with a question."

First Published: March 21, 2014: 4:58 PM ET

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No winners for $1 billion NCAA challenge

NEW YORK (CNNMoney)

The $1 billion prize for a perfect NCAA bracket that his Berkshire Hathaway (BRKA, Fortune 500) was backing will go unclaimed.

None of the fans who signed up for the perfect bracket challenge sponsored by Quicken Loans and Yahoo Sports made it out of the first round of 32 games played without at least one mistake. The two firms would not say how many fans entered the free contest.

Buffett sold an insurance policy to Quicken Loans and Yahoo (YHOO, Fortune 500) which would have compensated them if they had to pay out the 10-figure sum.

One estimate puts the odds of picking a perfect bracket at 9.2 quintillion to one -- an awkward, rarely-used number that can also be thought of as 9.2 billion-billion. Those odds are longer than the likelihood of winning Powerball and Mega Millions in the same weekend.

Related: College basketball's real billion dollar winner

But the 9.2 quintillion estimate assumes each team has a 50% chance of winning every game, which is probably not the case. Others have put the odds at a marginally better 7.4 billion to 1. That's 42 times worse than your chance of winning Powerball.

"There is no perfect math...There are no true odds, no one really knows," Buffett told CNN in January when the challenge was announced.

The odds became even longer with upsets this week. In Thursday's opener, 84% of fans picked Ohio State to win, only to see the University of Dayton upset its rival. Then on Friday upstart Mercer University knocked off perennial powerhouse Duke, which was the choice of 98% of fans with Yahoo brackets.

The tournament is so popular partly because of the history of first-round upsets that play havoc with fans' brackets.

Related: More billionaires pledge to give away fortunes

CBS Sports, which runs one of the bigger bracket challenges, says that in the past two years its final perfect brackets were eliminated in the 22nd and 23rd games of the tournament, or about two-thirds of the way through the first round.

ESPN reports that of the roughly 30 million entrants it's had over the 13 years, no one has come close to a perfect bracket, and that only one person has had a perfect first round in the last seven years.

"I don't want to say it's impossible, but it's basically impossible," said John Diver, director of product development for ESPN Fantasy.

First Published: March 22, 2014: 9:51 AM ET

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Taxpayers hit with fewer audits

NEW YORK (CNNMoney)

The agency audited 1.4 million people last year, down 5% from 2012 and the lowest number of audits conducted since 2008, according to IRS statistics released Friday.

The IRS blamed its shrinking budget for the drop-off, saying "an ongoing decline in appropriate funding presented challenges."

Related: 10 tax audit red flags

Since 2010, the agency's budget has been reduced by almost $1 billion and around 10,000 employees have been cut. Under the 2014 budget, the IRS will receive $11.3 billion -- nearly $2 billion less than the White House had requested for the agency and a $526 million drop from 2013.

Meanwhile, government spending cuts last year forced the IRS to furlough workers without pay for three days, making it even harder for the agency to keep up with its workload.

To cut costs, the IRS has been conducting more audits by mail than in person. Last year, more than three-quarters of examinations were correspondence audits, and the rest were field audits -- meaning they were conducted at an IRS office or a taxpayer's home.

Related: Quiz - 7 surprising 2014 tax facts

And while the overall number of audits was low, at around 1% of all taxpayers, there are still certain groups that aren't getting a break.

One of those groups is the rich: About 9% of taxpayers with income between $1 million and $5 million were audited last year, and that rate rose to 16% for those with income between $5 million and $10 million. For the nation's top earners, with income over $10 million, the audit rate was 24%.

Business owners are also more likely to be audited, and so are taxpayers who claim a home office deduction or the Earned Income Tax Credit. Reporting -- or failing to report -- a foreign bank account could also lead to additional scrutiny, as the IRS continues to crackdown on people hiding offshore income.

Related: Tax season unleashes cyberscams

In addition to being unable to conduct as many audits, the agency's taxpayer assistance has been deteriorating, the National Treasury Employees Union said in a statement Friday.

"We are seeing the results of these reductions in staffing, particularly in customer service, all across the country," NTEU president Colleen Kelley said. "Both taxpayers and employees are frustrated by the lengthy lines at Taxpayer Assistance Centers and the long telephone hold times for those who call the IRS with a question."

First Published: March 21, 2014: 4:58 PM ET

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Are Netflix users ripping off the rest of us?

Reed Hastings says Netflix is "reluctantly" paying for faster connections to broadband networks.

NEW YORK (CNNMoney)

Hastings sounded off Thursday on the likes of Verizon (VZ, Fortune 500), Comcast (CMCSA, Fortune 500) and others, accusing them of "sacrific[ing] the interests of their own customers" in demanding fees to ensure quick delivery of content from Netflix (NFLX) and other data-intensive services.

The dispute flared up earlier this year following news that Netflix streaming speeds for customers of major ISPs were slowing, as these firms attempted to extract a fee from Netflix in exchange for connecting directly to their networks and resolving the issue.

Netflix announced an agreement with Comcast last month under which it will indeed pay for a connection, and has been in talks with Verizon as well.

Hastings said his company was engaging in these talks "reluctantly." He accused the ISPs of abusing their market power and short-changing customers.

Related: New chapter begins in net neutrality fight

But the ISPs tell a very different story. They point to the fact that Netflix generates a massive amount of data consumption -- around a third of traffic online during peak hours -- while sticking them with the ever-increasing delivery costs.

The National Cable and Telecommunications Association says just one percent of broadband subscribers -- primarily heavy streaming-video users -- consume nearly 40% of bandwidth going into homes.

Other big tech companies, including Microsoft (MSFT, Fortune 500), Google (GOOG, Fortune 500) and Facebook (FB, Fortune 500), already have paid-connection deals with big ISPs. Comcast vice president David Cohen said in response to Hastings that these arrangements "have been an essential part of the growth of the Internet for two decades."

Dan Rayburn, an industry analyst at Frost & Sullivan, says it's not clear that the ISPs are to blame for customers' lagging Netflix speeds. In a blog post Friday, he noted that Netflix has the option of rerouting the traffic it sends to ISPs when congestion occurs at one connection point.

The heart of the problem is that high-speed Internet networks are extremely expensive to deploy. There aren't many companies with the resources to do it, and there isn't enough competition in most regions to push ISPs to quickly upgrade their infrastructure.

Paid-connection deals like the one between Comcast and Netflix are part of the way the broadband industry wants to address this issue. But Hastings says this cost-sharing doesn't make sense if the ISPs aren't also willing to share subscription revenue.

"When an ISP sells a consumer a 10 or 50 megabits-per-second Internet package, the consumer should get that rate, no matter where the data is coming from," Hastings wrote in his blog post.

Related: Court strikes down net neutrality rules

ISPs have accused Netflix of "dumping" data onto their networks, a characterization that Hastings rejected.

"Netflix isn't 'dumping' data; it's satisfying requests made by ISP customers who pay a lot of money for high speed Internet," Hastings wrote. "If this kind of leverage is effective against Netflix, which is pretty large, imagine the plight of smaller services today and in the future."

Going forward, broadband providers would like to move to a tiered pricing structure for customers depending on how much data they consume, similar to those offered by mobile carriers.

"[I]t's unfair to ask lighter users to subsidize super-user activity," the NCTA says.

But part of that formula will likely involve letting content providers subsidize consumer data consumption that goes toward their services. AT&T announced this kind of "sponsored data" program earlier this year for the mobile Web. The worry with this system is that it favors established companies that can pay up for speedy delivery of their content, putting smaller firms at a disadvantage and potentially stifling innovation.

"On a tiered Internet controlled by the phone and cable companies, only their own content and services -- or those offered by corporate partners that pony up enough 'protection money' -- will enjoy life in the fast lane," the advocacy group Free Press says.

First Published: March 21, 2014: 5:34 PM ET

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Obamacare: Some may have more time to finish applications

The administration may let some people finish their Obamacare applications after March 31

NEW YORK (CNNMoney)

Administration officials have repeatedly said they are not extending the open enrollment deadline. But they are now considering giving those who start applying for health insurance by month's end additional time if they run into technical trouble during the application process. A similar grace period was put in place in December to allow applicants to sign up in time to obtain coverage by Jan 1.

"As was the case for the December deadline, we're going to want to make sure that people who are already in line can finish their enrollment," Press Secretary Jay Carney said Friday.

Back in December, some people who missed the deadline on the 23rd were given an extra day if they had started their applications but couldn't pick a plan because of technical issues. The federal exchange saw record-high traffic on Dec. 23.

Eligible applicants were directed to the federal exchange call center for instructions on how to obtain coverage in the new year. The 14 states running their own exchanges instituted their own extensions, some beyond the 24th.

"We are preparing for a surge in enrollment, and if consumers are in line on the 31st and can't finish, we won't shut the door on them," said Dept of Health and Human Services spokeswoman Joanne Peters.

"To be clear, if you don't have health insurance and do not start to sign up by the deadline, you can't get coverage again until next year," she said.

Administration officials have said they expect a similar last-minute crush to exchange websites as the March 31 deadline approaches.

Some states running their own exchanges are already giving applicants more leeway. The Nevada Health Link board decided Thursday to create a special enrollment period for people who are not able to complete the process by month's end. Those who apply online, by phone or through paper forms but run into technical issues have until May 30 to finish signing up.

Americans who don't have insurance this year will face a penalty of $95, or 1% of income, whichever is greater.

More than 5 million people have picked plans, with more than 800,000 signing up in the first half of March alone. The administration and consumer advocates are doing a final outreach push before the final deadline.

-- Additional reporting by CNN Senior White House correspondent Jim Acosta

First Published: March 21, 2014: 4:37 PM ET

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Risks in focus as China's economy slows

Industrial production, retail sales, and investment growth in China have all disappointed in recent months.

HONG KONG (CNNMoney)

A winter malaise has become something of a pattern for China's economy in recent years, with slower growth in January, February and March gradually giving way to a stronger performance, helped by stimulative government policies.

This year has started in similar vein. The massive factory sector has slowed dramatically and the real estate market is showing signs of weakness. Industrial production, retail sales, and investment growth have all disappointed.

The sluggish start has led many economists to downgrade their forecasts, and some think Beijing may not be able to meet its 7.5% GDP growth target for 2014.

In the past, policymakers might have responded by pushing cheap credit into the economy and pursuing other quick fixes to boost growth.

But Beijing has started a series of market-oriented reforms that include a crackdown on the shadow banking sector and runaway local government debt. Another sugar high of easy credit would endanger those initiatives.

Related story: China's rich make plans to avoid smog

Market participants believe growth will be allowed to slow. Eighty-four percent of investors expect GDP will expand by less than 7.5% this year, according to a survey by Barclays (BCS). Respondents rank weak growth in China as their biggest worry, ahead of geopolitical concerns and changes to the Fed's stimulus program.

In a sign that policymakers might seek to exhaust other options before pursuing major stimulus measures, Premier Li Keqiang indicated this month that Beijing is placing less emphasis on hitting a specific GDP target -- a measurement long used to gauge the performance of local and provincial officials.

"We are not preoccupied with GDP growth," Li said during China's annual parliamentary meetings. "A bit higher or a bit lower, we have a level of tolerance here."

The slowdown has already led to a steep decline in the price of copper and iron ore, raw materials that China gobbles up during periods of rapid growth.

Related story: China's big tech moves onto banks' turf

Beijing is now trying to execute a delicate balancing act. It needs to get the economy back on track to preserve the momentum for reforms, without falling back on the easy money answers of the past.

So far, it seems to be sticking to its goal to subject China's economy to more market discipline. Progress has been made in recent months on several fronts.

A small Chinese solar firm was allowed to default on its debt, suggesting the era of 11th-hour government bailouts for troubled companies is coming to a close. Premier Li has said more company defaults will be unavoidable going forward.

And the central bank is allowing the currency to trade more freely, doubling the permitted trading range for the yuan from a midpoint rate it sets every day.

Beijing is trying to show that China's currency markets are now more open. Doing so may boost confidence in the yuan and help promote offshore hubs for the currency -- an endeavor the government is eager to promote.

First Published: March 20, 2014: 10:06 PM ET

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IRS monitor: $1 million phone scam 'largest ever'

The phone scam stole at least $100 million.

NEW YORK (CNNMoney)

That's the warning from federal authorities, who on Thursday said a nationwide phone scam has stolen $1 million from thousands of unsuspecting people.

The impostor claims to be an Internal Revenue Service representative and tells "intended victims they owe taxes and must pay using a pre-paid debit card or wire transfer," an IRS inspector general office said.

Related: 10 tax audit red flags:

"The scammers threaten those who refuse to pay with arrest, deportation or loss of a business or driver's license."

The IRS has received more than 20,000 reports about the scam.

J. Russell George, the Treasury inspector general for tax administration, called it "the largest scam of its kind that we have ever seen."

According to the inspector general, IRS officials typically first reach out by mail rather than phone, and don't demand immediate payment by debit card, credit card or wire transfer.

Related: 7 surprising 2014 tax facts

The IRS said people who receive such calls or other suspicious requests should contact the IRS.

Tax-related phone scams are among the "dirty dozen" fraud techniques the IRS warned about earlier this tax season. It also warned of phishing emails, preparer fraud and claims a preparer can offer "free money."

First Published: March 20, 2014: 8:21 PM ET

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GM CEO Mary Barra to testify before Congress

GM CEO Mary Barra will testify before Congress.

HONG KONG (CNNMoney)

The hearing was announced by the House Energy and Commerce Committee on Thursday. David Friedman, the acting head of the National Highway Traffic Safety Administration, will also testify on the same day.

GM (GM, Fortune 500) has been criticized because it has admitted that some employees were aware of problems with the ignition switch in small cars at least as early as 2004. But the 1.6 million cars with the switch still on the road worldwide were not recalled until last month.

The switch flaw led to at least 31 frontal accidents and at least 12 deaths, according to statistics released by GM. That number could rise as further investigations into the problem take place.

Related: GM - Steps to a recall nightmare

Barra gave her most critical statement on the episode Monday, saying that "terrible things happened" and that a criminal investigation into the recall shouldn't come as a surprise to anyone.

"After all, something went wrong with our process in this instance and terrible things happened," she said. "As a member of the GM family and as a mom with a family of my own, this really hits home for me."

Related: GM's Barra on recall - "Terrible things happened."

Barra said because of the problems, GM is changing the way it decides and manages recalls in the future.

The recall, which affects about 1.6 million vehicles worldwide, covers vehicles in which the ignition can switch off while the car is running, disabling the power steering and air bags.

The vehicles in the recall -- the Chevrolet Cobalt and HHR, Pontiac G5 and Solstice, and the Saturn Ion and Sky -- were built in model years 2003 through 2007.

Barra became CEO of GM in January -- the first woman to lead a major automaker. A more than three-decade veteran of GM, she had served as head of product development at GM since 2011, after the recalled vehicles were built.

-- Chris Isidore contributed reporting.

First Published: March 20, 2014: 10:10 PM ET

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10 things about the Moto 360 smartwatch

NEW YORK (CNNMoney)

Motorola chief designer Jim Wicks sat down to discuss some of the Moto 360's guiding design principles and offer up a few new bits of info on the forthcoming product. Here are 10 things from that talk we found particularly interesting.

It's big. Judging from the appearance of the watch on the wrists of the two hosts, you can pick any statement piece from your favorite luxury watch brand and you'll have the right idea of how big this thing will be.

The round face is for your comfort. According to Wicks, Motorola picked the round watch face design to avoid having corners that jab into your wrist. Moto also welcomes the conventional watch metaphor for its tradition, history and familiarity. (And probably because it's easier to build.)

Moto 360 will be one size fits all for now. There are no plans to make a smaller watch for smaller wrists, but the bands will be customizable as a consolation.

It can be worn on your left or right wrist. No matter how you flip the watch, the screen will orient itself to be readable.

It will work with all phones running Android 4.3. Unlike Samsung's Galaxy Gear, the Moto 360 will work with any Android phone whose software has been updated in the last 6 months.

Price is TBD. So is battery life. If we had to guess, this thing won't be cheap. If we had to guess again, we'd expect that Motorola would like to get a full day's use from a single charge.

Many of the same ideas and technologies used in the Moto X are implemented in the Moto 360. Many of the things that made the Moto X special - the contextual awareness, the excellent battery life, the ability to always listen for a voice command - will be present in the Moto 360. One particularly nice example is being greeted by the time, or whatever information is most pertinent, everytime you lift your wrist and not having to push or tap anything.

The charging technology is a secret. The Moto 360 has no usb ports or openings of any kind. It says it very much looks like a watch in every way. Motorola won't reveal how the watch charges, but we're betting it will use some combination of solar, magnetic induction, and kinetic charging technologies.

It's water resistant. Again, Motorola wouldn't divulge how water resistant the Moto 360 was, but it promised to discuss this more in the future.

Global rollout will happen eventually. We know Motorola plans to launch the Moto 360 in the US this summer. If you don't live in the US, Motorola also plans to offer the Moto 360 in your region...someday.

First Published: March 19, 2014: 5:15 PM ET

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When do I stop paying Social Security taxes?

Any earnings greater than $117,000 are not subject to Social Security taxes.

NEW YORK (Money Magazine)

No, you don't. The maximum amount of earnings subject to Social Security tax this year is $117,000, up from $113,700 in 2013.

Beyond the new limit, you're done with the 6.2% Social Security tax (12.4% if you're self-employed) for the year.

You're not done with all wage taxes, though. You'll owe a 1.45% Medicare tax (again, double that if you're self-employed) on total earnings, no matter how much you make.

Quiz: Road to Wealth: Are you on track?

And there's one more tax, points out Michael Eisenberg, a certified public accountant in Los Angeles. Starting with 2013, couples making more than $250,000 and singles earning at least $200,000 also owe a 0.9% Medicare tax on any earned income above those thresholds.

First Published: March 19, 2014: 4:21 PM ET

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Starbucks CEO backs minimum wage raise

Howard Schultz applauds Obama for taking stance on minimum wage.

NEW YORK (CNNMoney)

"I applaud the President for taking a stance on raising the minimum wage," he told CNN's Poppy Harlow in an interview.

But Schultz, known to donate to Democratic candidates, stopped short of saying whether or not President Obama's push to raise it to $10.10 is the right number. And he warned of "unintended consequences" of a hike.

"Would we have to raise prices? I don't think so," Schultz said. He also wouldn't say whether or not Starbucks (SBUX, Fortune 500) would cut jobs if the federal minimum wage was raised significantly. "I would hope not," he said.

All of Starbucks' 200,000 employees make more than $7.25, the current federal minimum wage. Many receive health care and retirement benefits.

Related: Oprah Chai Tea comes to Starbucks

"We may not be able to afford to provide all the benefits if we had to go to $10 an hour," he said.

Obama has signed an order mandating that any businesses with federal contracts pay workers at least $10.10 an hour starting in 2015 and has urged Congress to do the same for all workers. Many states and cities have taken matters into their own hands and increased minimum wage at the local level.

About 1.6 million workers earn $7.25 today, according to the Congressional Research Service. Advocates say a minimum wage hike could reduce income inequality but critics say it could raise prices and lead to job losses.

"I do think there ... is a larger gap between the haves and have-nots in America," Schultz said.

First Published: March 19, 2014: 8:29 PM ET

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Candy Crush company founder left $1 billion on the table

NEW YORK (CNNMoney)

In 2003, Rowland co-founded King Media Entertainment, maker of the hugely popular Candy Crush video game. He left the company in 2011, cashing out his stake for just under $3.1 million. But King is now preparing for an initial public offering that will value the company at around $7.6 billion, making Rowland's former stake worth $966 million, according to research firm PrivCo.

Also missing out on the bonanza is former King director Klaus Hommels, PrivCo says. Hommels' former stake in the company, sold for about $3.3 million in 2011, would be worth around $1 billion at King's planned IPO price.

Rowland now heads the educational site Mangahigh.com, while Hommels serves on the board of streaming music service Spotify. The two could not be reached for comment.

Related story: Candy Crush maker files for IPO

King did not respond to a request for comment.

King has surged in value on the strength of the smash hit Candy Crush, which averages around 93 million players each day. The game was released on Facebook (FB, Fortune 500) in April 2012, and smartphone versions were released later that year.

First Published: March 17, 2014: 4:57 PM ET

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Income inequality hits retirement confidence

NEW YORK (CNNMoney)

Amid an improving economy and booming stock market, 55% of workers surveyed said they were "very" or "somewhat" confident that their savings would be enough -- up from 51% last year, according to an annual survey released Tuesday by the Employee Benefit Research Institute.

The hitch: That improved confidence was reported almost exclusively by higher-income households ($75,000 and up) and by those participating in an Individual Retirement Account or employer's pension or 401(k) plan, EBRI noted.

Among workers without any retirement savings plan, nearly half said they were "not at all confident" they would have a big enough nest egg, compared to just 11% of those with a plan.

Saving through employer-sponsored plans can be a big help. Yet millions of Americans don't have access to workplace retirement benefits -- a problem that plays a major factor in the country's savings crisis, advocates say.

Related: Quick guide to how much you'll need to retire

Meanwhile, out of all workers surveyed, many reported little or no retirement savings. More than half said they had less than $10,000 set aside, while 36% said they had less than $1,000 saved. In contrast, only 22% said they had $100,000 or more.

While EBRI surveyed workers of all ages, financial planners typically recommend that workers aim to eventually have at least 11 times their annual salary saved. So a worker retiring with a $65,000 income would need a nest egg of around $715,000.

"People recognize the need to save," but they aren't acting on that knowledge, said Greg Burrows, senior vice president of retirement and investor services at Principal Financial Group, one of the survey sponsors.

Again, income was a major factor. More than two-thirds of those with less than $1,000 saved (68%) had household incomes of $35,000 a year or less.

Calculator: Are you on track for retirement?

Workers reported that basic cost-of-living expenses were the greatest burden holding back their savings, while debt was another major obstacle, according to EBRI.

Other retirement worries included possible cuts to Social Security benefits and spiraling health care bills.

The survey polled 1,000 workers age 25 and older and 501 retirees.

First Published: March 18, 2014: 12:40 AM ET

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Wal-Mart will buy your used video games

Wal-Mart will let consumers trade in old video games for gift cards to use in its stores, on walmart.com and at Sam's Club stores.

NEW YORK (CNNMoney)

The world's largest retailer said its new video game trade-in service kicks off on March 26 and will roll out in more than 3,100 Wal-Mart (WMT, Fortune 500)discount stores nationwide.

The retailer said the service will accept unlimited number of games for popular consoles, including Sony (SNE) Playstation, Nintendo (NTDOF)'s Wii and Microsoft's XBOX as long as they aren't damaged and are in their original packaging.

After they bring in the games, consumers will get an eGift card which they can use to shop for groceries at Wal-Mart, jewelry on walmart.com or even for gas at Sam's Club locations.

The trade-in value of the games will vary from a few dollars to about $35, depending on their age. Some games considered to be too old will not be accepted. The service is available only to customers 18 and older.

Wal-Mart said it will refurbish the video games, label them as "Certified Pre-owned," and sell them later this year in stores and on its website.

Related Story: Wal-Mart to start iPad trade-in program

Wal-Mart wants to tap into the $2 billion pre-owned video game market, said Duncan Mac Naughton, Wal-Mart's chief merchandising and marketing officer. The retailer estimates that there are nearly 1 billion unused video games sitting in homes across the United States.
"We're not part of it at all. We expect to grow the market even more now because of our entry into it," he said.

The latest trade in program follows Wal-Mart's other recent similar initiatives. Last fall it launched smartphone and ipad trade in programs.

"This is a new category for us. We're doing it because our customers have asked us for it," said Mac Naughton.

First Published: March 18, 2014: 12:25 AM ET

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Honda Odyssey recall ties 900,000 minivans to fire risk

The nearly 900,000 minivans include models years 2005 through 2010. Here, the Odyssey is pictured at a dealership in 2010.

NEW YORK (CNNMoney)

The recall includes some Honda Odysseys of model years 2005 through 2010.

The automaker said it expects replacement parts won't be available until the summer, but it can provide customers a temporary repair in the meantime. Honda said it would begin notifying customers in about five weeks.

Honda said it knows of no fires or injuries as a result of the issue, which it described in a filing with the National Highway Traffic Safety Administration: "Prolonged exposure to acidic chemicals and a high temperature environment may cause the cover of the fuel pump strainer to deteriorate prematurely in a manner that can result in cracks in the material."

Fuel can then leak out of the cracks, Honda told NHTSA, "increasing the risk of fire."

Related: Odyssey minivan has a built-in vacuum cleaner

Last year Honda recalled 344,000 Odyssey minivans of model years 2007 and 2008 for a sensor issue that can cause the vehicle to brake on its own.

First Published: March 16, 2014: 12:02 PM ET

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