| By Glenn Freeman | Sunday, December 30th 2012, 12:00 GMT |
Arden sporting manager Julian Rouse has applauded Antonio Felix da Costa's attitude to racing for and against his team in Formula Renault 3.5 and GP3 this year.
You have viewed over 30 free stories this month. Why stop there? Click here to find out how to continue reading.
| Sunday, December 30th 2012, 12:15 GMT |
Kimi Raikkonen's Formula 1 comeback was one of the biggest stories of the 2012 season. While the Finn is famous for being monosyllabic, he still came out with plenty of memorable comments over the course of the season.
You have viewed over 30 free stories this month. Why stop there? Click here to find out how to continue reading.
| Sunday, December 30th 2012, 14:46 GMT |
Only a handful of Formula 1 world champions have been as closely identified with a single team as Lewis Hamilton was with McLaren, yet this year the Briton announced that he was bidding farewell to the squad that had nurtured him since childhood to take on a new challenge at so-far-unsucessful Mercedes.
Suddenly what had been a frozen driver market was unlocked. McLaren instantly picked Sergio Perez as Hamilton's successor - then saw the Mexican's season nosedive. Hamilton's arrival at Mercedes backed Michael Schumacher into a corner where retirement was the only palatable option. And somehow, amid it all, Felipe Massa kept a Ferrari seat he had seemed certain to lose...
You have viewed over 30 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Jonathan Noble and Pablo Elizalde | Saturday, December 29th 2012, 12:55 GMT |
Romain Grosjean sees no reason why his Lotus team cannot enjoy a much stronger season next year after a promising showing during 2012.
You have viewed over 30 free stories this month. Why stop there? Click here to find out how to continue reading.
| By David Evans | Saturday, December 29th 2012, 14:46 GMT |
Dani Sordo says his time away from a full-time drive in the World Rally Championship has made
You have viewed over 30 free stories this month. Why stop there? Click here to find out how to continue reading.
| Saturday, December 29th 2012, 15:55 GMT |
Michael Schumacher's 2012 Formula 1 season in quotes
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| Friday, December 28th 2012, 13:25 GMT |
Despite finishing only fourth in the Formula 1 drivers' championship, Lewis Hamilton was one of the biggest stories of the 2012 season. Here, in his own words, are his reflections on the campaign.
You have viewed over 30 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Jonathan Noble | Friday, December 28th 2012, 14:17 GMT |
Alex Zanardi has now officially ruled out a move to the DTM, despite testing a BMW last month.
You have viewed over 30 free stories this month. Why stop there? Click here to find out how to continue reading.
| Friday, December 28th 2012, 14:34 GMT |
Formula 1's most serious crash of 2012 was so nearly the championship's first fatality in 18 years. In the apparently innocuous situation of a straightline aero test for Marussia at Duxford airfield, reserve driver Maria de Villota made contact with the lowered rear of a truck, sustaining life-threatening injuries and ultimately losing her right eye
You have viewed over 30 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Matt Beer | Thursday, December 27th 2012, 13:13 GMT |
Rubens Barrichello has announced that he will leave IndyCar to race in Brazil's Stock Car V8 series in 2013
You have viewed over 30 free stories this month. Why stop there? Click here to find out how to continue reading.
| Thursday, December 27th 2012, 13:39 GMT |
2012's big stories: Robert Kubica returns to action
You have viewed over 30 free stories this month. Why stop there? Click here to find out how to continue reading.
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| Thursday, December 27th 2012, 15:23 GMT |
Fernando Alonso's 2012 Formula 1 season in quotes
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| By Peter Mills | Wednesday, December 26th 2012, 17:39 GMT |
World Touring Car champion Rob Huff has revealed he is open to a British Touring Car return for 2013 if he cannot defend his world title
You have viewed over 30 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Michele Lostia and Sam Tremayne | Wednesday, December 26th 2012, 18:15 GMT |
Michele Pirro insists joining Ducati as a test rider does not represent a backward step even though it will leave him without a full-time race programme for the first time in more than a decade
You have viewed over 30 free stories this month. Why stop there? Click here to find out how to continue reading.
| Wednesday, December 26th 2012, 20:09 GMT |
Jenson Button's 2012 Formula 1 season started and finished with victories in Australia and Brazil respectively, but in between things didn't go quite as he had hoped
You have viewed over 30 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Peter Mills | Wednesday, December 26th 2012, 17:39 GMT |
World Touring Car champion Rob Huff has revealed he is open to a British Touring Car return for 2013 if he cannot defend his world title
You have viewed over 30 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Michele Lostia and Sam Tremayne | Wednesday, December 26th 2012, 18:15 GMT |
Michele Pirro insists joining Ducati as a test rider does not represent a backward step even though it will leave him without a full-time race programme for the first time in more than a decade
You have viewed over 30 free stories this month. Why stop there? Click here to find out how to continue reading.
| Wednesday, December 26th 2012, 20:09 GMT |
Jenson Button's 2012 Formula 1 season started and finished with victories in Australia and Brazil respectively, but in between things didn't go quite as he had hoped
You have viewed over 30 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Gary Watkins | Monday, December 24th 2012, 08:37 GMT |
Former McLaren AUTOSPORT BRDC Award winner Alexander Sims will team up fellow factory McLaren driver Alvaro Parente for an assault on next year's Blancpain Endurance Series
You have viewed over 30 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Jonathan Noble | Monday, December 24th 2012, 14:52 GMT |
Lotus boss Eric Boullier believes his team will deliver a much stronger Formula 1 campaign in 2013, even if it starts the season with a car that is only as quick as last year's
You have viewed over 30 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Matt Beer | Tuesday, December 25th 2012, 10:10 GMT |
Jenson Button is sure that McLaren's early-summer slump was more damaging to its 2012 Formula 1 title bid than reliability or pitstop problems
You have viewed over 30 free stories this month. Why stop there? Click here to find out how to continue reading.
| Sunday, December 23rd 2012, 13:29 GMT |
Over Christmas and New Year, AUTOSPORT is revisiting some of 2012's biggest stories and our coverage of them. Number two in the series reflects on the row over the Bahrain Grand Prix...
You have viewed over 30 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Gary Watkins | Monday, December 24th 2012, 08:37 GMT |
Former McLaren AUTOSPORT BRDC Award winner Alexander Sims will team up fellow factory McLaren driver Alvaro Parente for an assault on next year's Blancpain Endurance Series
You have viewed over 30 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Jonathan Noble | Monday, December 24th 2012, 14:52 GMT |
Lotus boss Eric Boullier believes his team will deliver a much stronger Formula 1 campaign in 2013, even if it starts the season with a car that is only as quick as last year's
You have viewed over 30 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Michele Lostia and Sam Tremayne | Sunday, December 23rd 2012, 11:15 GMT |
Motorcycle racing legend Giacomo Agostini believes it is inevitable that Jorge Lorenzo and Valentino Rossi will renew hostilities over the course of the 2013 MotoGP season.
You have viewed over 30 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Jamie O'Leary | Sunday, December 23rd 2012, 12:43 GMT |
Andy Priaulx is certain that the lessons learnt in his maiden DTM campaign this year can make him a much stronger competitor next year.
You have viewed over 30 free stories this month. Why stop there? Click here to find out how to continue reading.
| Sunday, December 23rd 2012, 13:29 GMT |
Over Christmas and New Year, AUTOSPORT is revisiting some of 2012's biggest stories and our coverage of them. Number two in the series reflects on the row over the Bahrain Grand Prix...
You have viewed over 30 free stories this month. Why stop there? Click here to find out how to continue reading.
| Saturday, December 22nd 2012, 15:03 GMT |
Over Christmas and New Year AUTOSPORT will be revisiting some of the biggest stories of the 2012 motorsport season and our coverage of them, starting with Ferrari's miracle title bid...
You have viewed over 30 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Michele Lostia and Sam Tremayne | Saturday, December 22nd 2012, 16:44 GMT |
Loris Capirossi believes the tyre changes he recommended and Bridgestone implemented over 2012 have helped make MotoGP safer
You have viewed over 30 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Dieter Rencken and Sam Tremayne | Saturday, December 22nd 2012, 17:31 GMT |
Nico Rosberg is adamant that Mercedes made 'massive' progress across the 2012 Formula 1 season and insists his confidence has not been shaken by its lacklustre finish to its campaign
You have viewed over 30 free stories this month. Why stop there? Click here to find out how to continue reading.
Government plans to ring-fence British banks' retail operations in order to protect assets from riskier investment activities.
LONDON (CNNMoney)
Government plans to ring-fence British banks' retail operations in order to protect assets from riskier investment activities could make the system more stable but they did not go far enough, the parliamentary commission on banking standards stated in its first report.
The commission warned that proposed legislation risked creating a "paper tiger," and recommended "electrification" for the ring-fence.
"The legislation needs to set out a reserve power for separation, and the regulator needs to know he can use it," said Andrew Tyrie, chairman of the cross-party commission of lawmakers from both houses of parliament.
Tyrie also said the commission would consider in early 2013 whether Britain should adopt its own version of the U.S. Volcker Rule, which would prevent banks from engaging in proprietary trading.
The U.K. government spent some $100 billion buying majority stakes in two of the country's biggest lenders -- the Royal Bank of Scotland and Lloyds -- to prevent their collapse at the height of the financial crisis in 2008.
The banking commission was created earlier this year, after Barclays admitted it tried to rig Libor global benchmark interest rates. The commission was then was asked by the government to review the ring-fencing proposal.
Related: EU strikes deal to bring banks under single supervisor
The British Bankers' Association, which represents 200 banks from 60 countries, said it was committed to taking steps to prevent future bailouts. However, it said the new rules need to strike a balance between creating a flexible ring-fence and regulatory clarity for banks and their investors.
"Too much uncertainty will deter investment and could hurt London's position as the world's leading financial center," said BBA chief executive Anthony Browne in a statement.
In a sign of how much damage has been done to the banking industry's reputation by the financial crisis and the Libor-rigging scandal, among others, the commission said banks could not be trusted to uphold the spirit and letter of the new rules without the threat of ultimate break-up at the hand of the regulator.
Related: HSBC pays $1.9 billion to settle US probe
"For the ring-fence to succeed, banks need to be discouraged from gaming the rules," Tyrie said in a statement. "All history tells us they will do this unless incentivised not to."
Two former UBS traders were charged earlier this week by U.S. authorities with attempting to rig borrowing interest rates, in collusion with other banks and brokers.
The Swiss bank will pay $1.5 billion in penalties to authorities in the U.S., U.K. and Switzerland after an investigation revealed that dozens of staff, including senior managers, tried to manipulate Libor to benefit their own trading positions and make the bank look more creditworthy than it was.
The U.K. parliamentary commission also said it accepted the government's view that simple derivatives could be sold by retail banks, but stated that those derivatives would need to be clearly defined. 
First Published: December 21, 2012: 6:40 AM ET
Nokia had sought to ban the sale of some Blackberry devices.
LONDON (CNNMoney)
Nokia did not disclose the financial terms but said the new patent license agreement would settle all existing litigation between the companies, including actions pending in the United States, United Kingdom and Canada. It also includes a one-off payment from Research in Motion (RIMM) to Nokia (NOK).
Nokia had sought to ban the sale of some Blackberry devices after a Swedish tribunal ruled in November that RIM was not entitled to sell products using wireless LAN patents without paying Nokia royalties.
"This agreement demonstrates Nokia's industry-leading patent portfolio and enables us to focus on further licensing opportunities in the mobile communications market," Nokia's chief intellectual property officer said in a statement.
During the last two decades, Nokia said it has invested about 45 billion euros in research and development, building a portfolio of around 10,000 patent families.
Nokia has fallen behind other smartphone providers such as Samsung and Apple (AAPL, Fortune 500) and is looking to make more money from licensing its technology.
Related: Ericsson sues Samsung over patents
RIM is also looking to move forward with the January launch of its new Blackberry 10 operating system and smartphone, aimed at allowing the company to compete again with Apple's iPhone and Google (GOOG, Fortune 500)'s Android.
RIM announced a 47% fall in third quarter revenue on Thursday, sending its shares down nearly 10% in pre-market trading Friday.
First Published: December 21, 2012: 7:28 AM ET
NEW YORK (CNNMoney)
Personal income rose 0.6% during the month, and spending rose 0.4%.
Meanwhile, people also stashed away a larger portion of their earnings. The savings rate rose to 3.6% in November, up from 3.4% in October.
The encouraging news was partly the result of a comeback after Superstorm Sandy led income and spending to fall in October.
Even so, the rise in November was stronger than economists had anticipated, and led some to revise their forecasts for fourth quarter economic growth higher.
The Commerce Department's monthly data comes a day after it released a report showing the economy grew 3.1% in July through September, with a rise in consumer spending leading as the single largest driver of economic growth.
First Published: December 21, 2012: 8:53 AM ET
Click chart to view more information about RIM's stock.
NEW YORK (CNNMoney)
RIM's revenue for its fiscal third quarter, which ended Dec. 1, dropped 47% to $2.7 billion, matching the forecasts of analysts polled by Thomson Reuters.
The Waterloo, Ontario, company said it shipped just 6.9 million BlackBerry phones over the past three months, down from 7.4 million a year earlier. Research in Motion (RIMM) said it had 79 million subscribers last quarter, compared to 80 million in the prior quarter, and it shipped only 255,000 PlayBook tablets -- still paltry, but twice the number it shipped a year ago.
Subscriber losses weren't the only sour note worrying investors. On a conference call with analysts, RIM CEO Thorsten Heins said that the company would consider lowering its prices on existing BlackBerry 7 devices as well as the service fees it charges carriers in order to keep its current subscriber numbers up. Heins was mostly upbeat but cautious about when carriers would start selling and when business customers would begin to adopt BlackBerry 10.
The stock initially rose 8% in after-hours trading Thursday, thanks to a financial picture that wasn't as bad as Wall Street analysts had expected. The company increased its cash hoard to $2.9 billion after generating nearly $1 billion in cash flow from its operations last quarter.
RIM earned a $9 million profit last quarter, compared to a $235 million loss a year earlier. Most of that gain, though, came from a tax benefit. Excluding one-time costs and benefits, RIM said it would have lost $114 million, or 22 cents per share. Analysts polled by Thomson Reuters, who typically exclude one-time items from their estimates, had forecast a loss of 35 cents per share.
Still, RIM said it is likely to report a loss next quarter as it ramps up its marketing campaign for its new BlackBerry 10 operating system and smartphones, which are slated to go on sale Jan. 30. The company said its sales until then will likely take a hit.
The company announced last month that its new BlackBerry 10 will finally debut on Jan. 30, a year after the company's next-generation smartphones and software were originally slated to go on sale. Shares of RIM have rallied over the past several months as the company made progress with the twice-delayed BlackBerry 10, which promises to deliver must-have smartphone features that could make it competitive with Apple's (AAPL, Fortune 500) iPhone and Google's (GOOG, Fortune 500) Android.
Heins said Thursday that 150 carriers across the world are testing BlackBerry 10, and 64 of the Fortune 500 companies are trying out the new operating system.
But hopes aren't high for the future of the platform. After dominating the smartphone market for years, RIM controlled less than 5% of smartphone sales in 2012, and it will own just 4% of the market in 2016, according to IDC forecasts.
First Published: December 21, 2012: 8:26 AM ET
Facebook is updating its messaging service with new filters and paid messages.
NEW YORK (CNNMoney)
The test, which will only be available to a "small number of people" in the United States, is Facebook's response to a common user complaint: that important messages are getting lost in the social network's spam filter. Currently, Facebook delivers messages it thinks are relevant to users' inbox -- messages from friends, or friends of friends -- but other messages that Facebook believes are spam get sent to a little-noticed "other" folder.
That "other" folder is littered with mostly unwanted messages from people not connected with the user. But on occasion, those out-of-network messages may be important.
Facebook (FB) says it uses a combination of complex algorithms and social connections to determine whether messages are relevant. It also will begin rolling out a new filtering tool that allows users to choose whether they want "strict" filtering -- "mostly messages from friends," according to Facebook's blog post -- or "basic" filtering -- "mostly messages from friends and people you may know."
But even then, Facebook users may miss relevant messages that the social network deems unworthy of the inbox. That's why the company says a paid model could work.
"If you want to send a message to someone you heard speak at an event but are not friends with, or if you want to message someone about a job opportunity, you can use this feature to reach their inbox," the company said in its blog. "For the receiver, this test allows them to hear from people who have an important message to send them."
Facebook didn't say how much the service would cost. But the company is being cautious at the outset: Facebook said it is limiting the test to people -- not businesses -- and users will only be able to receive one paid message in their inbox per week.
First Published: December 21, 2012: 10:29 AM ET
Stocks fell around the world as prospects for a U.S. budget deal faded
LONDON (CNNMoney)
Washington is winding down for the holidays without a plan to prevent New Year tax increases and spending cuts that could send the U.S. into recession.
Lawmakers will have a last chance this year to cut a deal on the fiscal cliff when they return on Dec 27.
With much of Europe, and Japan, already in recession and China yet to return to the double-digit expansion of recent years, failure would spell trouble for the world economy as it struggles to return to sustainable growth after the financial crisis.
World markets reacted accordingly on Friday. Stocks fell, the euro was weaker and oil prices were off as investors sought safe haven assets such as the dollar and gold and took some profits after recent gains fueled in part by hopes of a deal between President Obama and Congress.
Related: Full coverage of the fiscal cliff
But the failure of House Speaker John Boehner to muster enough support among his Republican members for a "Plan B", including tax hikes for those earning over $1 million a year, was linked by financial market players to the doomsday Mayan prophesy that the world would end on Friday.
"The world hasn't ended but hopes for a deal to avert the U.S. fiscal cliff before the year-end certainly have," said ETX Capital strategist Ishaq Siddiqi in London. "We could get an 11th hour deal, but it seems unlikely now with markets expecting U.S. lawmakers to address the issue in January."
Japanese bank Nomura said the probability of a deal before January had fallen but it still saw a 50:50 chance, provided Obama and Boehner get back to the negotiating table quickly. Without agreement, it predicted a "strong negative market reaction" well into January.
Related: Fix fiscal cliff or risk downgrade, says Fitch
The inability of U.S. politicians to find a solution to a crisis of their own making reflects badly on both Obama and Boehner but even conservative commentators described it as a disaster for the Republicans.
By opposing tax increases of any kind, the party now faces blame for allowing taxes to rise on everyone as cuts dating back to the era of President Bush expire.
"America's government chose not to govern yesterday," wrote U.S. historian Tim Stanley in a commentary published by British newspaper the Daily Telegraph. "Aside from being very bad news for America's economy, this is a disaster for Republicans."
Germany's Die Welt newspaper said Boehner emerged the most damaged from Thursday's debacle but said it contained hidden dangers for Obama.
"A Pyrrhic victory for President Obama, a serious embarrassment for the Republican John Boehner and new uncertainty for all Americans about whether the dive off the fiscal cliff can even be avoided: this is the dismal end result of the failure of Boehner's Plan B," the paper wrote.
Boehner's loss of authority will make it much harder for Obama to find any compromise with Congress at all, Die Welt wrote.
The fiscal cliff will be on everyone's lips for a while longer.
First Published: December 21, 2012: 11:00 AM ET
Click chart for more market data.
NEW YORK (CNNMoney)
Investors grew increasingly concerned about the latest signs of gridlock in Washington, after lawmakers in the House failed to support the so-called "Plan B", a proposal backed by House Speaker John Boehner, late Thursday.
The White House had already threatened to veto that plan, saying it would bring only "minimal" changes in projected budget deficits, but its failure underscored the lack of progress on Capitol Hill as the cliff draws nearer.
"The market has been if not priced to perfection, at least priced for a deal," said Uri Landesman, President of Platinum Partners. "Investors are selling as they see the fiscal cliff talks nearing the precipice, and it looks like Boehner can't deliver his party."
The Dow Jones Industrial Average, the S&P 500, and the Nasdaq lost between 0.9% and 1% Friday.
Fear spilled over into the oil market, as prices dropped 1.6%. Gold prices ticked up slightly.
Overall stocks are up significantly in 2012. The Dow has gained 8%, while the S&P 500 and Nasdaq are up 14% and 16% respectively.
Related: America's Debt Challenge
Investors fear that the automatic tax increases and spending cuts due January 1 in the absence of a fiscal cliff deal could tip the U.S. into recession.
With markets closing early next Monday ahead of the Christmas holiday, investors are prepared for a low volume trading week.
Adding to the drama on trading desks Friday: it was "quadruple witching day" -- when investors close out contracts on stock futures and other stock options. Market movements up or down are typically magnified on these four trading days each year.
Wall Street's key measure of volatility, the VIX, was particularly volatile Friday. The CBOE Volatility index (VIX) moved up as much as 10% but closed just 1.5% higher.
Related: Fallout from fiscal cliff inaction
On the economic front, data released by the U.S. government Friday morning showed that personal income rose 0.6% in November, while spending increased 0.4% -- both figures came in higher than expected. A report on consumer sentiment from the University of Michigan and Thomson Reuters came in lower than expected.
In company news, shares of Blackberry maker Research in Motion (RIMM) fell more than 20%, after the company reported Thursday afternoon that sales for the latest quarter fell 47%.
Nokia (NOK) announced an agreement to settle all patent claims with RIM early Friday, however, financial terms were not disclosed.
Meanwhile, Nike (NKE, Fortune 500) shares rose 6% after the apparel giant posted quarterly earnings Thursday afternoon that beat expectations.
Shares of Walgreens (WAG, Fortune 500) fell 3%, after the company's quarterly results showed earnings and sales dropped versus a year ago.
Casino operator Pinnacle Entertainment (PNK) announced a deal to acquire Ameristar Casinos (ASCA) for nearly $900 million. Both stocks spiked more than 20% following the announcement.
Fear & Greed Index
European markets closed lower on the prospect of further uncertainty about the U.S. economy, and oil prices fell. Asian markets also ended weak.
The dollar gained against the Euro but fell against the Yen. The yield on the 10-year Treasury note fell to 1.77% from 1.8% on Thursday.
First Published: December 21, 2012: 9:42 AM ET
NEW YORK (CNNMoney)
"As the administration and EPA has made clear, natural gas has a central role to play in our energy future," the agency said in a press release. "The administration continues to work to expand production of this important domestic resource safely and responsibly."
EPA outlined several steps it's taking to assess the impacts fracking -- short for hydraulic fracturing -- has on the nation's water supply, as directed by Congress in 2009.
Steps include:
-- Analyzing existing data from natural gas companies on chemicals and practices used
-- Modeling how discharging waste might impact the water
-- Lab testing on water discharge
-- Testing fracking chemicals for toxicity
-- Testing groundwater in five regions near drilling activity
As expected, the study contained no new data or conclusions. The final results are not expected until late 2014.
Related: World's 10 most expensive energy projects
Some see the lack of data or negative comments in Friday's progress report as a positive for the industry.
"It signals that the Obama administration has no real appetite for additional federal regulations until 2014 at the earliest," said Nitzan Goldberger, a natural gas analyst at Eurasia Group, a political risk consultancy. "That's good news for the oil and gas guys."
The Obama administration has tightened some rules around fracking, but for the most part has left regulation up to the states.
Fracking involves injecting massive amounts of water, sand and some chemicals deep underground in a bid to crack shale rock and ease the flow of oil and natural gas.
The process has unleashed an energy boom in the United States, creating thousands of jobs, driving down the price of oil and natural gas and cutting energy imports to levels not seen in decades.
But it's also raised serious concerns over its effects on the environment, including air pollution from trucks and wells, its links to earthquakes and fears that it is contaminating drinking water.
For environmentalists, the negatives seem to outweigh the positives.
Fracking was once seen by some environmentalists as a technology that, given the proper regulations, could be done safely and provide a fuel that emits far fewer greenhouse gases than coal. Natural gas was seen as a good alternative to coal, at least until renewables like wind and solar were ready for prime time.
But declining costs for renewables, more instances of water contamination, uncertainly over the heat-trappng nature of natural gas that escapes from wells unburned, and a fear that cheap gas is crowding out wind and solar have led many to change their minds.
Several environmental groups are calling for an immediate ban on fracking, while others favor a gradual phase out combined with greater federal regulation.
On the other side are many analysts and economists that believe this technology can give the United States a significant economic and geopolitical advantage.
First Published: December 21, 2012: 2:54 PM ET
Senate Majority Leader Harry Reid may need to do some heavy lifting to pass a fiscal cliff deal in the Senate, after House Speaker John Boehner's so-called Plan B did not garner enough support in the House.
NEW YORK (CNNMoney)
The good news: It won't be the end of the world.
The bad news: Going over the cliff could create problems that no one should have to deal with, simply because Congress and the White House couldn't get the job done on time.
Practically speaking, however, there is likely to be a "grace period" of a couple of weeks during which Congress could pass a deal to ward off the bulk of scheduled tax increases and spending cuts. And there are ways both may be postponed temporarily while lawmakers work that out.
Your paycheck: If you'll be paid during the first week in January, your company's payroll processor will probably be cutting your check during Christmas week. So far, however, the IRS hasn't told the payroll companies how much tax to withhold for 2013.
Unless new withholding tables are issued, payroll processors will continue to use 2012 withholding rates for the early January paychecks. In that sense, your paycheck in early January won't be much different than what it was in late December.
But your paycheck still could be smaller, because the 2% payroll tax holiday is expiring. Starting in January, workers will once again have 6.2% of their wages up to $113,700 withheld to pay for Social Security, up from the 4.2% rate that's been in effect for the past two years.
Effectively that means someone making $50,000 might get about $83 less a month in their paychecks. Someone making twice that would see their pay reduced by roughly $167 a month.
If you're getting a bonus, you'll likely have more withheld there, too, said Michael O'Toole, senior director of government relations for the American Payroll Association. That's because there's one supplemental withholding rate that applies to bonuses. This year it's 25%, but it's set to rise to 28% on Jan. 1, unless Congress decides to change it.
For paychecks that will be cut during the second, third and fourth weeks of January, payroll processors will likely continue to use 2012 income tax withholding tables if they've heard nothing from Treasury and the IRS by that point, O'Toole said.
CNN: Breakdown of support for Plan B
There also is some debate whether Treasury Secretary Tim Geithner will have the authority to tell employers that they should continue to use the 2012 withholding tables until further notice if he chooses.
The other option, of course, is that the IRS could issue new withholding tables reflecting 2013 law, which means everyone's tax rates will go up officially on Jan. 1. In that case, paychecks that are processed in January will have more withheld than they do currently.
If, as expected, Congress eventually chooses to extend the Bush tax cuts for all but the highest earners, adjustments would need to be made for paychecks that went out earlier in the year.
Treasury did not indicate to CNNMoney whether it would issue new withholding tables by Jan. 1.
Your 401(k) and IRA: There's no telling how markets will respond if fiscal cliff gridlock persists into 2013.
They've been relatively sanguine so far. But that may not be the case going forward.
After news that House Speaker John Boehner tabled Plan B because it lacked sufficient support, U.S. stocks fell Friday by just under 1%. World markets also ended the day modestly in the red.
Then again, some believe, markets may not move much on fiscal cliff news - whether Congress cuts a deal soon or not.
Your 2012 tax return: Here's where things potentially become a dumb mess. The IRS warned lawmakers that if they don't act to protect the middle class from having to pay the Alternative Minimum Tax for tax year 2012 by Dec. 31, up to 100 million taxpayers may not be able to file their 2012 taxes until late March.
That would mean their refunds will be delayed. And they wouldn't be injecting those refunds into the economy during the first quarter.
Based on Treasury Department records from the past three years, refunds paid during January, February and March combined have ranged from $117 billion to $136 billion.
Related: What's in the fiscal cliff?
Government spending: Unless lawmakers avert the so-called sequester, a series of automatic cuts will reduce the budgets of most federal agencies and programs by 8% to 10%.
But that doesn't necessarily mean those cuts would have to occur immediately, according to a former official with the Office of Management and Budget.
Both the White House budget office and federal agencies themselves will have some latitude to postpone the cuts from occurring "for several weeks if necessary," added OMB Watch, a group that monitors the federal budget.
The White House Budget Office did not respond to questions from CNNMoney.
Doctors' pay: Absent a fiscal cliff deal that includes a so-called "doc fix," Medicare physicians are facing a nearly 27% cut in their payments for treating Medicare patients.
But here again there may be a few weeks' grace period for Congress to change its mind and reverse the cut. That's because a claim submitted will be paid no less than two weeks after it's received.
Unemployment benefits: A federal extension of unemployment benefits is set to expire. If Congress does not renew it, workers who lost their jobs after July 1, 2012, will only receive up to 26 weeks in state unemployment benefits, down from as many as 73 weeks in state and federal benefits that have been available in 2012. As a result, more than 2 million of the long-term unemployed will run out of benefits in January, according to the National Employment Law Project, an advocacy group.
If Congress chooses early next year to keep the extension in place, and makes the extension retroactive, then many of the 2 million who fell off the rolls may be paid retroactively, said Rick McHugh, a NELP staff attorney.
First Published: December 21, 2012: 4:39 PM ET
If Congress doesn't act on an expiring protection for dairy farmers before Jan 1, milk prices could double.
NEW YORK (CNNMoney)
With Congress spending all its time trying to avert the fiscal cliff, a slew of other legislative matters are going unattended. One of them is the agriculture bill which, if not addressed, could lead to a doubling of the price of milk early next year.
It works like this: In order to keep dairy farmers in businesses, the government agrees to buy milk and other products if the price gets too low. The current agriculture bill has a formula that means the government steps in if the price of milk were to drop by roughly half from its current national average of about $3.65 a gallon.
Problem is, the current bill expired last summer, and Congress had been unable to agree on a new one. Several protections for farmers have already expired, and several more are set to do so over the next few months. One of them is the dairy subsidy, which expires January 1.
But instead of leaving farmers entirely out in the cold, the law states that if a new bill isn't passed or the current one extended, the formula for calculating the price the government pays for dairy products reverts back to a 1949 statute. Under that formula, the government would be forced to buy milk at twice today's price -- driving up the cost for everyone.
"If you like anything made with milk, you're going to be impacted by the fact that there's no farm bill," U.S. Secretary of Agriculture Tom Vilsack told CNN's Candy Crowley in an interview on State of the Union airing Sunday, Dec. 30.
"Consumers are going to be a bit shocked when instead of seeing $3.60 a gallon for milk, they see $7 a gallon for milk. And that's going to ripple throughout all of the commodities if this thing goes on for an extended period of time," Vilsack said.
Related: Independent farms rake in millions
Sky-high milk prices wouldn't necessarily be good for dairy farmers either, according to Chris Galen, a spokesman for the National Milk Producers Federation, which represents over 30,000 dairy farmers.
While it might provide a short term boost to profits, there's a fear that consumers would either cut back on dairy or opt for imported dairy products. It could also force food makers to search for alternatives to dairy, like soy.
"We call it the dairy cliff," Galen said.
Fortunately, there's still time for Congress to act.
Galen said the government would have to issue a notice saying it was going to pay the increased price for dairy products, then set up a schedule for when purchases would start, a process that could take a few weeks.
"It's not like people would dump blocks of cheese on the USDA's front lawn January first," he said.
To prevent the price spike, Congress either needs to extend the current bill, pass a new bill, or enact some provision to keep the 1949 law from taking effect.
Given the current state of the fiscal cliff talks and Congress' inability to get things done in general, dairy lovers might want to stock up now.
First Published: December 21, 2012: 3:31 PM ET
| By Matt Beer | Friday, December 21st 2012, 15:14 GMT |
Fortec has signed Formula Renault 2.0 Eurocup champion Stoffel Vandoorne to take title-winner Robin Frijns' place in its Formula Renault 3.5 line-up.
You have viewed over 30 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Matt Beer | Friday, December 21st 2012, 15:57 GMT |
2011 Monte Carlo Rally winner Bryan Bouffier will make his first World Rally Championship start in a top-class car in next month's Monaco event.
You have viewed over 30 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Matt Beer | Friday, December 21st 2012, 17:33 GMT |
Firestone has extended its deal as the IndyCar Series' tyre supplier through to the end of 2018.
You have viewed over 30 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Jonathan Noble | Thursday, December 20th 2012, 14:35 GMT |
McLaren is to unveil its 2013 car on January 31, the team announced on Thursday.
You have viewed over 30 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Jonathan Noble | Thursday, December 20th 2012, 16:35 GMT |
Ferrari president Luca di Montezemolo has no doubts that his team did the right thing in handing Felipe Massa a fresh contract for 2013.
You have viewed over 30 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Matt Beer | Thursday, December 20th 2012, 21:52 GMT |
Ferrari has appointed separate design co-ordinators for its 2013 and '14 Formula 1 cars as part of a reorganisation of its technical efforts
You have viewed over 30 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Jonathan Noble | Wednesday, December 19th 2012, 15:49 GMT |
Caterham's sporting director Steve Nielsen has resigned from the team, AUTOSPORT has learned.
You have viewed over 30 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Pablo Elizalde | Wednesday, December 19th 2012, 17:55 GMT |
Charles Pic does not believe his Caterham team is under pressure to score its first point in the 2013 season as long as it improves over last season's performance.
You have viewed over 30 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Jamie O'Leary | Wednesday, December 19th 2012, 22:00 GMT |
Miguel Molina's DTM future is in doubt after the identity of seven of Audi's eight drivers for 2013 were revealed on Wednesday night.
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| By Matt Beer | Tuesday, December 18th 2012, 16:45 GMT |
Rio Haryanto will join Addax for the 2013 GP2 Series season
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| By Sam Tremayne and Matt Beer | Tuesday, December 18th 2012, 17:03 GMT |
Mark Webber believes Fernando Alonso produced a flawless season in 2012 as he tried to fend off the Australian's Red Bull team-mate Sebastian Vettel for the Formula 1 world championship
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| By Jonathan Noble | Tuesday, December 18th 2012, 17:41 GMT |
Romain Grosjean has issued a personal message of thanks to his Lotus team for having faith in him, as he predicts a regular challenge at the front of the grid for 2013
You have viewed over 30 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Pablo Elizalde | Monday, December 17th 2012, 18:07 GMT |
Romain Grosjean will stay on at Lotus for the 2013 Formula 1 season after being confirmed by the team on Monday
You have viewed over 30 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Matt Beer | Monday, December 17th 2012, 18:35 GMT |
Mark Gillan, one of the architects of Williams's 2012 revival, has left the team.
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| By Jonathan Noble | Monday, December 17th 2012, 20:46 GMT |
Kamui Kobayashi has conceded his chances of landing a seat in Formula 1 for next season are over.
You have viewed over 30 free stories this month. Why stop there? Click here to find out how to continue reading.
| Sunday, December 16th 2012, 13:14 GMT |
Ferrari president Luca di Montezemolo believes Felipe Massa's resurgence in the second half of 2012 could have a significant impact on the team's 2013 ambitions
You have viewed over 30 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Dieter Rencken and Sam Tremayne | Sunday, December 16th 2012, 14:36 GMT |
The failure of Formula 1's 'new' teams to break into the top 10 over the past three seasons reflects well on the sport according to Marussia boss Graeme Lowdon
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| By Sam Tremayne | Sunday, December 16th 2012, 16:06 GMT |
Romain Grosjean won the 2012 Race of Champions with a comprehensive 2-0 victory over Tom Kristensen in the final in Bangkok's Rajamangala Stadium
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| By Edd Straw | Saturday, December 15th 2012, 14:52 GMT |
Peter Sauber believes that the biggest challenge facing contemporary Formula 1 is the need to cut costs
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| By Edd Straw | Saturday, December 15th 2012, 15:55 GMT |
Team Germany won the Race of Champions Nations' Cup for a sixth straight year with a commanding performance in Bangkok
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| By Sam Tremayne | Saturday, December 15th 2012, 17:03 GMT |
Evgeny Novikov and Thierry Neuville will contest all 13 rounds of next year's World Rally Championship with M-Sport
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The LDP party of former Japanese Prime Minister Shinzo Abe, pictured at right, is expected to perform well in elections Sunday.
HONG KONG (CNNMoney)
Voters will go to the polls on Sunday in parliamentary elections. And if recent polls are correct, they should clear the path for Shinzo Abe to become Japan's next prime minster in a coalition government.
The Liberal Democratic Party politician held the post once before, becoming Japan's youngest prime minister since World War II in 2006. He resigned one year later after a series of scandals. Since then, Japan's government has been led by six different prime ministers.
Should Abe return to become the seventh, he will inherit an economy in recession, according to the government's latest estimates.
GDP for April to June contracted at an annual rate of of 0.1%, a trend that accelerated from July to September, leading to a contraction of 3.5% for the quarter.
Economists are increasingly pessimistic about Japan, and many expect GDP to contract again in the current quarter.
The third-largest economy in the world, Japan has suffered from weak exports, a trade spat with China and continued fallout from last year's nuclear disaster and tsunami.
More bad news was delivered Friday in a survey of manufacturers showing that factory operators are more pessimistic now than at any point in the previous three years.
Related: China's economy to surpass U.S. by 2030
Despite an abbreviated campaign season, Abe has made his policy prescriptions known. The LDP leader will demand the country's central bank begin "unlimited" purchases of government bonds, with an inflation target of 2%.
Abe also wants to increase stimulus spending -- including on infrastructure projects.
But the real target of more monetary stimulus is not guaranteed. The central bank could refuse or ignore Abe's calls for action.
"It is not inconceivable that the [Bank of Japan] will take a stand against political interference," David Rea of Capital Economics wrote in a recent research note. "The bank jealously guards its independence and has not taken kindly to perceived threats to this from the political establishment."
Should the central bank complicate his plans, Abe will be left with little room for maneuvering. Japan's government is the most indebted major country in the world, and faces tough budget decisions on a regular basis.
First Published: December 14, 2012: 5:53 AM ET
