Thanksgiving openings are the new normal

NEW YORK (CNNMoney)

Big-name retailers, like Target (TGT, Fortune 500), Wal-Mart (WMT, Fortune 500), Best Buy (BBY, Fortune 500) and Macy's launched their Black Friday sales in the evening hours Thursday, while Kmart opened even earlier, at 6 a.m., with plans to remain open for 41 hours straight.

Mall managers across the country said shoppers still arrived in droves but the earlier openings led to a smoother flow of traffic throughout the night, instead of the usual rush at midnight. Edward Larson, who manages a J.C. Penney in Great Falls, Mont., said customers were "more purposeful and not as frenzied."

The Town East Mall in the suburbs of Dallas opened at 8 p.m., and thousands made their way to Macy's (M, Fortune 500), Sears (SHLD, Fortune 500) and J.C. Penney. (JCP, Fortune 500) Their demeanor was more calm and reserved than in years past, said mall manager Chad Hastings.

Related poll: Is Black Friday worth it?

"This is definitely a game changer," Hastings said. "In future years, the customer will expect stores to open at 8:00."

The earlier start also meant that foot traffic dropped off in the morning's early hours, an unusual sight. South Florida's Aventura Mall was nearly empty at 5 a.m.

Even those who stayed home found it hard to resist the deals, with a record number of people shopping online Thanksgiving Day. Department stores tallied 20% higher online sales on Thanksgiving Day alone this year, according to data collected by IBM. Just over a quarter of them used their smartphones to make purchases.

Shoppers say workers should be home with their loved ones. But it won't stop them from heading out anyway.

"I don't like that the hours are earlier. I think people should be able to be with their families on Thanksgiving," said Kim Schaefer as she shopped for shoes at J.C. Penney.

Related: Wal-Mart's U.S. CEO defends early Thanksgiving Day opening

At a Target in Philadelphia, Qiana Roberts skipped Thanksgiving dinner for a spot in line. Collin Cook ate extra early on Thursday to join the masses at J.C. Penney in Wayne, N.J.

And that's why businesses are throwing up their hands and saying: 'It's not us. It's you.'

"We're a service industry," said Wal-Mart's U.S. CEO Bill Simon. "If the traffic is any indication, they clearly want to shop on Thursday evening. We'll provide that for them."

Randy Tennison manages the Jordan Creek Town Center near Des Moines, Iowa. For years, they opened at 5 a.m. on Friday. Then it got pushed back to midnight in 2006, then 8 p.m. Thursday this year.

His family has adapted and made Thanksgiving a lunch affair, but this year he had to cut that even shorter. He doesn't mind, because it's good for business. Foot traffic at his mall last night was 11% higher than last year.

Related: Braving Black Friday in the U.S.? Send us your experiences

Ishamar Dorma cut out of Thanksgiving festivities a little early to hit the West Philadelphia Target around 4 p.m., four hours before the doors opened. He turned 23 on Wednesday and wanted to get himself a belated birthday gift: a large, LED high-definition TV.

The 50-inch Element TV going for $229 instead of $600 was one of many discounts beckoning shoppers. There was also half-carat diamond earrings priced at $79 and side deals like Target's $100 gift card with every iPad.

That last one convinced Charlie Wu to brave the freezing weather outside a Target (TGT, Fortune 500) in New Jersey.

"I'll buy as many iPads as they'll let me buy," he said. Some will go out as gifts. But he said he'll take advantage of the temporarily low prices and sell the rest online.

Related: J.C. Penney shows signs of life on Black Friday

On the bright side, shoppers said it was a calmer experience this holiday season. The typical rush into stores gave way to cool-headed families meandering through store aisles, perhaps still under the sleep-inducing effect of a full-sized dinner of turkey and cranberry sauce.

"I wouldn't have gone out on Friday -- it's too crowded," said Ann Delrio, who took to a J.C. Penney in New Jersey.

The sales numbers showed the calm as well. Disney Store executive Paul Gainer watched as the nation's 216 locations reported their transactions every hour to the company's headquarters.

"It's felt very controlled and spread out with the extended hours," he said.

It didn't go smoothly everywhere, though. There were reports of Black Friday fights. In Claypool Hill, Va., police say a knife fight over a parking space outside a Wal-Mart (WMT, Fortune 500) led to one person stabbed in the arm and two arrests.

On Twitter, the hashtag #WalmartFights became a top search term as people posted videos of violent brawls over low-priced products.

"Anytime you get more than 22 million people together, you get some behavior people aren't proud of," said Wal-Mart's Simon.

-- CNNMoney's Annalyn Kurtz and Jennifer Liberto contributed to this story

First Published: November 29, 2013: 6:26 AM ET

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Toys "R" Us deals gone in a flash

NEW YORK (CNNMoney)

Hundreds of shoppers wandered through the sprawling Toys "R" Us store in Times Square at 10 p.m. on Thanksgiving -- a time when the store used to be closed for the holiday.

Toys "R" Us opened its doors at 5 p.m. on Thursday for Black Friday shoppers this year ... even though it wasn't yet Friday. The early opening thwarted the holiday shopping plans of Agata Nowak, an IT worker from Millbrook, N.Y., who was in New York City on a business trip.

She showed up at the flagship store at 8 p.m. -- that's when it opened for Black Friday last year -- in pursuit of a discount Furby for her six-year-old daughter. But alas, she was hours late this year, and the furry robot could no longer be bought for $29.99.

"I missed it," she said. "The price is now doubled."

Nowak went shopping anyway and accumulated a bag full of Thomas & Friends train toys. But the discount magic of Black Friday was lost to her.

"I would say prices are probably the same as any other day," she said.

Related: Disgusted shopper threaten to boycott Black Thursday

Thomas Hetherington, who lives near the store in midtown Manhattan, made a similar observation while shopping in the video game section with his wife and infant child.

"This year, I feel like there's more hype and not as many deals," said Hetherington, who makes a living selling used maternity jeans on eBay (EBAY, Fortune 500).

He said the Xbox One was going for $499, the same price that he'd found elsewhere. The best deal he'd managed to find was buying one video game at full price, and getting the second one at 40% off.

"That's pretty decent," he said, "but as a Black Friday deal, it's not blowing my mind."

In an interview with CNNMoney prior to Black Friday, Richard Barry, chief merchandising officer for Toys "R" Us, listed some of the so-called "door busters" meant to lure shoppers: 55% off the Cra-Z-Loom Bracelet Maker, 50% off Disney Infinity and Skylanders Swap Force video games, 50% off Despicable Me, $100 off Power Wheels 12 Volt Corvette, $90 off the Kindle Fire with a $20 gift card, and the aforementioned Furby for 45% off.

Poll: Do you think Black Friday is worth it?

"We're planning significant intensity" for this year's holiday shopping season, said Barry. "If you're a procrastinator out there and you're thinking you've got a long time before the holidays, you'd better shape up."

So with that in mind, Blake Lipper, a student at the Art Academy of Cincinnati, was at Toys "R" Us with his mother and two sisters on Black Thanksgiving, looking for deals. But he said the discounts were more scattered compared to previous years.

First Published: November 29, 2013: 3:35 AM ET

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Wal-Mart protesters arrested at Black Friday rallies

Demonstrators protesting outside a Walmart in Paramount, Calif. are arrested during a 2012 Black Friday protest. Protesters took to the streets near a number of Walmart locations again this year.

NEW YORK (CNNMoney)

Ten people were arrested on misdemeanor charges Friday at a protest near a Wal-Mart in Ontario, Calif., after they moved into an intersection and failed to disperse, Ontario Police Department Sgt. David McBride said.

McBride called the incident "peaceful," and estimated that between 100 and 150 people had attended the rally. It was unclear how many of those were actual Wal-Mart (WMT, Fortune 500) workers.

Another 10 people were issued citations at a protest near a Wal-Mart in Chicago for blocking a roadway. Protests also occurred in cities including Alexandria, Va.; Quincey, Mass.; Orlando, Fla.; Bellevue, Wash; Lakeside, Colo.; and Hyattsville, Md.

Wal-Mart's U.S. CEO defends early Thanksgiving Day opening

The protesters are calling for Wal-Mart to pay full-time employees at least $25,000 per year, and to increase opportunities for full-time work.

Wal-Mart currently employs 1.2 million hourly associates who earn an average of about $12 an hour and are also eligible for up to $2,500 a year in quarterly bonuses, spokesman David Tovar said. Of that 1.2 million, "over 50%" are full-time employees working an average of 37 hours per week, Tovar said.

Workers are considered full-time at Wal-Mart if they work 34 hours or more per week. The company's part-time workers average about 27 hours a week.

Over 475,000 of the company's associates earned $25,000 or more last year, according to a Wal-Mart presentation from September.

Protest organizers claimed rallies took place at 1500 locations Friday. Tovar said that number was hugely inflated, and that very few demonstrators were actual Wal-Mart employees.

Holiday shopping season kicks off with fights, arrests

Friday's protests were organized by OUR Walmart, a group backed by the United Food and Commercial Workers Union. OUR Walmart and the UFCW do not represent Wal-Mart workers, and say their goal is only "helping Wal-Mart employees as individuals or groups in their dealings with Wal-Mart over labor rights and standards."

OUR Walmart held similar protests last year. Last week, the National Labor Relations Board said it was ready to bring a case against Wal-Mart for allegedly retaliating against workers who took part in those protests.

The NLRB, which protects the rights of workers who organize for better working conditions, alleged that Wal-Mart stores in more than a dozen states "unlawfully threatened, disciplined, and/or terminated employees" who participated in legal strikes and protests.

Speaking to CNN Friday, Wal-Mart U.S. CEO Bill Simon denied the NLRB accusations and defended the company's labor practices, saying its pay is above the median for the retail sector.

"Black Friday...is the big stage and Wal-Mart is a big player on the big stage. Those who want to try to change an industry like retail, it's not unexpected that they would be out on Black Friday at Wal-Mart with something to say about it," Simon said.

First Published: November 29, 2013: 3:52 PM ET

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Stocks: Set to end November on a high

NEW YORK (CNNMoney)

U.S. stock futures were edging higher, with the Dow Jones Industrial Average and the S&P 500 each adding 0.2%, and the tech-heavy Nasdaq up 0.4%.

Trading is likely to be quiet Friday, with U.S. indexes closing at 1:00 p.m. ET after being shuttered Thursday for the Thanksgiving holiday.

Retailers could be in focus as Black Friday gets into full swing.

The annual shopping bonanza kicked off earlier than usual, with some of the biggest stores such as Kmart (SHLD, Fortune 500), Wal-Mart (WMT, Fortune 500), Best Buy (BBY, Fortune 500), Macy's (M, Fortune 500) and Target (TGT, Fortune 500) opening their doors on Thursday evening. Early deals were disappearing fast.

The upbeat start tracks a strong finish for U.S. stocks Wednesday. Solid corporate earnings and continuing bond purchases by the Federal Reserve have helped spur strong buying this month, pushing the Dow and S&P to record highs.

Related: Fear & Greed Index

It was a fairly muted day across global markets. Major European stocks were struggling for direction in morning trade, with London's FTSE inching up 0.1%.

Asian markets were mixed, with China's Shanghai Composite edging up, while Japan's Nikkei retreated from a six-year high to close down 0.4%.

First Published: November 29, 2013: 5:13 AM ET

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H&M halts angora production over rabbit abuse

A girl with her pet angora rabbit. The fur of the animals is commonly used to make clothing.

LONDON (CNNMoney)

Other European retailers have also halted production and companies are facing mounting pressure to withdraw angora items from their stores.

The disturbing footage shows rabbits screaming as fur is pulled from their skin.

People for the Ethical Treatment of Animals said its undercover investigators had made the film at a farm in China.

The animal activists said "live plucking" is widespread in the country, which produces 90% of the world's angora. China does not impose penalties for animal abuse, according to PETA.

Soft-feeling angora wool is used to make sweaters, scarves and socks.

Sweden's Hennes & Mauritz (HNNMY) is the biggest name to respond to the video. PETA is campaigning for shoppers to pressure other companies to do the same.

Related: Find out if a company shares your values

H&M said Wednesday it would halt production of all angora products, but won't remove existing products from its stores.

The high street retailer said it will inspect suppliers in the coming weeks to ensure they are not plucking.

"We only allow products made of angora rabbit hair from farms with good animal husbandry," the firm said in a statement.

The store is offering customers refunds if they want to return products made from the wool.

PETA spokesperson Ben Williamson said consumers must pressure retailers by "turning their backs on angora."

There was no humane way to remove fur from angora rabbits, he said. Animals that have their fur cut, rather than plucked, have their legs tied with ropes, and are stretched over a board or suspended in the air.

First Published: November 29, 2013: 8:20 AM ET

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Bitcoin worth almost as much as gold

Bitcoin prices continued their record run. The new all-time high is close to what it costs to buy an ounce of gold.

NEW YORK (CNNMoney)

The price of one bitcoin rose as high as $1,242 early Friday, just two days after crossing $1,000 for the first time. Prices subsequently fell back to about $1,155. Meanwhile, gold prices were trading around $1,250 an ounce, down about 25% for the year.

Bitcoin has surged this year on hopes the experiment in digital money will eventually become a legitimate global currency. One bitcoin was worth about $13 in January.

Bitcoin, which trades non-stop on the Mt. Gox exchange and other online markets, has been extremely volatile. It rose to what was then an all-time high of $900 earlier this month, only to fall back to $500 in the span of 28 hours.

Demand for bitcoin has been particularly strong in China, where the leading search engine, Baidu (BIDU), now accepts the currency for certain services.

In the United States, lawmakers have been examining potential regulations for bitcoin, which is the currency of choice on certain online markets for drugs and other illicit goods.

Federal authorities shut down the online drug bazaar Silk Road last month, though a new version of the market has resurfaced a few weeks later.

Bitcoin has received a measure of support from officials at the Federal Reserve, including chairman Ben Bernanke, who said the currency "may hold long-term promise" as part of the international payment system.

Some proponents say government regulation would be a positive for bitcoin, since it could lead to wider adoption of the currency. But others argue that bitcoin is decentralized by design and the government should leave well enough alone.

Related: 8 things you can buy with bitcoins right now

Investors say bitcoin is highly speculative, and should not exceed 1% of a portfolio. Many have compared bitcoin to a lottery ticket, saying it could be worth a lot, or nothing at all.

Bitcoin prices surged in April following an unprecedented bailout of the banking system in Cyprus, a move that led to concerns about the stability of European banks and the euro currency. But prices plunged in May in what many saw as the bursting of a bubble. Bitcoin traded in a range around $100 for most of the summer before the current rally kicked off in October.

Meanwhile, a growing number of businesses now accept bitcoins, ranging from some Subway sandwich shops to Richard Branson's commercial space travel venture, Virgin Galactic.

The program behind Bitcoin was created anonymously and introduced on the internet in 2010. Unlike traditional paper currencies, bitcoins are not managed by a central authority and exist only in cyberspace.

Bitcoins are "mined" by powerful computers that complete complex math problems. The total quantity of bitcoins is capped at 21 million, and about 12 million are currently in circulation, according to blockchain.info.

First Published: November 29, 2013: 9:34 AM ET

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Wal-Mart's U.S. CEO defends early Thanksgiving Day opening

NEW YORK (CNNMoney)

CNNMoney spoke with Wal-Mart's (WMT, Fortune 500) U.S. CEO Bill Simon.

Is shopping the kind of family tradition Wal-Mart wants to perpetuate?

Simon: Our job is to try to anticipate what the customer wants... Having families out, children in the building... gives it a different feel. And it's one that's in line with who we are at Wal-Mart. It feels a lot better in the evening than it did when it was early in the morning [on Black Friday].

Related: Thanksgiving openings are the new normal

Do you wrestle with the moral implications of [opening on Thanksgiving]?

Simon: We had planned not to move [the opening time] this year, but the market moved... I have a hard time imagining it could be 4:00. Let's hope that it doesn't move.

Are you willing to draw a line?

Simon: "We've seen about as early as it can go. It's hard to imagine that it can move much more."

Simon said he worked throughout most of the night, staying up by sipping coffee and downing a Monster energy drink. He noted that the company provided the 900,000 employees who worked on Thursday with a hot meal and extra pay -- plus a 25% corporate in-store discount for their own holiday shopping.

First Published: November 29, 2013: 10:41 AM ET

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Bitcoin worth $9M buried in garbage dump

A hard drive containing about $9 million in bitcoin is trapped under mounds of trash at a landfill site like this one in the U.K.

LONDON (CNNMoney)

The device is now buried under a mountain of garbage at a landfill site in Wales. It will be almost impossible to find.

James Howells got rid of the drive, which holds a digital store of 7,500 bitcoins, between June and August this year.

The IT worker mined the virtual currency four years ago when it was the exclusive domain of tech geeks.

Back then bitcoin was worth very little. On Friday, the cryptocurrency broke through $1,200, making the missing hard drive worth around $9 million.

Related: Bitcoin worth almost as much as gold

Howells had been hanging onto it for several years before deciding to clean up his home.

After discovering the mistake late last week, a "devastated" Howells began a frantic search through computer files and other drives for a backup. There isn't one.

A trip to the garbage dump was the only option.

"As soon as I saw the site, I thought you've got no chance. The area covered is huge," he told CNN.

A spokesperson for Newport City Council said an item thrown away in the summer months would now be buried under 25,000 cubic meters of waste and earth.

The council, which operates the dump, said it has helped retrieve items in some circumstances "but this would have to be done very quickly after it was thrown away."

Howells said he's had all sorts of suggestions emailed to him about how to get the drive back.

But well-meaning individuals shouldn't bother heading to the tip on his behalf - it's closed to the public for safety reasons.

Related: 8 things you can buy with bitcoin

Speculators have helped power bitcoin's dazzling rise this year.

A growing number of businesses now accept bitcoins, including some Subway sandwich shops and Richard Branson's Virgin Galactic space travel venture, though critics claim it's unlikely to become a legitimate currency.

The program behind bitcoin was created anonymously and introduced on the internet in 2010. Unlike traditional money, bitcoins are not managed by a central authority and exist only in cyberspace.

-- CNN's Adam Dunnakey contributed to this report.

First Published: November 29, 2013: 11:08 AM ET

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Stocks end flat on Black Friday

Click for more market data.

NEW YORK (CNNMoney)

The Dow Jones Industrial Average and the S&P 500 ended little changed. The Nasdaq posted a modest gain. Trading volume was well below average Friday as many investors took the day off. The market closed three hours early Friday and was dark Thursday for Thanksgiving.

Despite the mixed finish Friday, all three indexes ended higher for the week. It was the eighth consecutive weekly gain for the Dow and S&P 500.

Stocks ended November with gains of between 3% and 4%. Stocks have been on a tear this year, with the S&P 500 up nearly 27%. Solid corporate earnings and continuing bond purchases by the Federal Reserve have helped spur strong buying this month, pushing the Dow and S&P to record highs.

Retailers were in focus as consumers turned out in droves for Black Friday.

The annual shopping bonanza kicked off earlier than usual, with some of the biggest stores such as Sears (SHLD, Fortune 500)-owned Kmart, Wal-Mart (WMT, Fortune 500), Best Buy (BBY, Fortune 500), Macy's (M, Fortune 500) and Target (TGT, Fortune 500) opening their doors on Thursday evening.

While the early openings drew large crowds, shares of most major retailers were only modestly higher Friday.

Related: Early store openings appear to have worked for retailers

Wal-Mart appears to be the most popular destination, with foot traffic up 160% over the normal shopping day, according to data on users of the smartphone app Shopular.

Target reported "unprecedented numbers" of shoppers in stores and on the company's website.

Yet the large turnout of bargain hunters may not necessarily translate to big profits for retailers, said Brian Sozzi, chief strategist at Belus Capital Advisors. Despite the large crowds, Sozzi said the hauls consumers brought home were relatively modest at the shopping centers he visited.

"My sense is that retailers will have to raise their level of promotions to close more sales," he said. "I just didn't see the bag size and bag count one would expect given ramped up promotional messages."

Not all shoppers were willing to brave the crowds on Thursday and Black Friday. Thanksgiving online sales are up nearly 20% over the same period last year, according to data from IBM Digital Analytics Benchmark.

Apple pie and Bitcoin is golden: Apple (AAPL, Fortune 500) shares were getting some Black Friday love. The stock rose back above $555 a share, a level it hasn't hit since early January. The iPad and iPhone maker has clawed back from deep year-to-date losses in the summer, when prices fell below $400 a share. Apple's stock is now up almost 5% in 2013.

Related: Fear & Greed Index inches closer to Extreme Greed

And the amazing run in virtual currency Bitcoin continues. The price of one bitcoin hit a new all-time high of $1,242 Friday. That puts Bitcoin prices within $10 of topping the price of an ounce of gold.

It was a fairly muted day of trading across the globe. Major European stocks and Asian markets ended mixed.

First Published: November 29, 2013: 9:51 AM ET

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Holiday shopping season kicks off with fights, arrests

NEW YORK (CNNMoney)

In Claypool Hill, Va., the Tazewell County Sheriff's Department says it arrested two men in a parking lot of the Wal-Mart (WMT, Fortune 500) in Claypool Hill, Va.

Ronnie Sharp, 61, was allegedly threatening Christopher Jackson, 35, with a rifle and a knife when sheriff's deputies arrived on the scene, according to the police. Jackson was suffering from a severe knife cut on his arm.

Police in Rialto, Calif., said an officer suffered a broken hand and a finger trying to break up a fight in a Wal-Mart parking lot. Raymond Rice, 25, was charged with felony assault and assault on a police officer A female relative of Rice, Chennel Smith, was also arrested when she joined the fight after police tried to restrain Rice.

At the Wal-Mart in Garfield, N.J., police were in the process of arresting Crystal Hickman for allegedly spitting at another woman and the woman's child when another shopper, Richard Ramos, reportedly started yelling and screaming vulgarities. Police say that when they tried to escort Ramos out of the store, he spun around and grabbed one of the officers by his uniform using both hands, prompting police to put him in handcuffs and arrest him as well.

Ramos was being held on charges of disorderly conduct, aggravated assault and resisting arrest. Hickman was issued a summons and released.

In Philadelphia, a brawl that broke out at around 2:30 a.m. Friday at the Franklin Mills Mall ended with one woman using a stun gun device on another, according to eyewitness Mike Napolitano, who captured part of the melee on video.

The fight centered around two female shoppers, mall general manager John Ahle said in a statement. Philadelphia police are investigating, Lt. John Stanford said.

Despite Napolitano's video, the mall's Twitter account tweeted at 11:42 a.m., "To clarify, no taser was used and the fight diminished quickly." But Franklin Mills Mall later acknowledged, "We responded too early and upon further investigation we learned a stun gun was used."

There were also reports and video of customer fights in Iowa, North Carolina, Tennessee and Texas, although the authenticity of those fights could not immediately be confirmed with police in those jurisdictions.

Related: Thanksgiving openings appear to succeed

Bill Simon, CEO of Wal-Mart's U.S. operations, said Friday that the nation's largest retailer attracted more than 22 million shoppers on Thursday and that problems were down from previous years. He said a new policy that guaranteed shoppers who showed up in the first hour that they would be able to get the 21 hottest sales items had calmed things down compared to previous years.

"By and large there were a few small incidents but we were really really pleased with how the event went last night," he said on CNN's New Day.

Related: Protesting Wal-Mart workers win a round in labor fight

He told CNNMoney that he did not know the details of any fights that did occur.

"Any time you get more than 22 million people together, you get some behavior people aren't proud of," he said.

In 2008 a Wal-Mart employee at a Long Island, N.Y., store was trampled to death when thousands of shoppers rushed into the store at the opening the day after Thanksgiving.

Not all Wal-Mart arrests involved angry shoppers. Ten people were arrested on misdemeanor charges Friday at a protest near an Ontario, Calif. store, after they moved into an intersection and failed to disperse, Ontario Police Department Sgt. David McBride said.

McBride called the incident "peaceful," and estimated that between 100 and 150 people attended the rally. It was unclear how many of those were actual Wal-Mart workers. Another 10 people were issued citations at a protest near a Wal-Mart in Chicago for blocking a roadway.

Labor groups that have been pushing for better wages and benefits for Wal-Mart employees also held Black Friday rallies at Wal-Mart stores in Alexandria, Va.; Quincy, Mass.; Orlando, Fla.; and Bellevue, Wash.

-- CNNMoney's Jose Pagliery and James O'Toole, and CNN's Kevin Conlon contributed to this story

First Published: November 29, 2013: 9:31 AM ET

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F1: Comment: is Maldonado really that bad?

By Edd Straw

Friday, November 29th 2013, 16:11 GMT

Pastor Maldonado is at times a seriously fast racing driver, and while that doesn't make him a great, some critics of his Formula 1 switch to Lotus have gone way too far

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BTCC: Honda to race estate in BTCC

By Kevin Turner

Friday, November 29th 2013, 16:26 GMT

Honda Racing will run a new Civic estate in the 2014 British Touring Car Championship and will retain former champions Matt Neal and Grodon Shedden

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OTHER: Baumgartner to contest RoC

By Matt Beer

Friday, November 29th 2013, 17:17 GMT

Record-breaking skydiver Felix Baumgartner will contest the Race of Champions in Bangkok next month.

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F1: Insight: Formula 1's iconic numbers

By Matt Beer

Thursday, November 28th 2013, 15:55 GMT

Formula 1 did not adopt a regular numbering system until early in 1973, when car numbers were awarded based roughly on the constructors' standings

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F1: FIA proposes 'pole trophy' for F1

By Jonathan Noble and Dieter Rencken

Thursday, November 28th 2013, 16:57 GMT

The FIA is planning to introduce a 'pole position trophy' in Formula 1 from the start of next year, after receiving preliminary support for the idea from teams

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LEMANS: Toyota sets practice pace in Bahrain

By Peter Mills

Thursday, November 28th 2013, 19:07 GMT

Toyota's Alex Wurz recorded the fastest time in Thursday's opening free practice sessions ahead of the eighth and final race of the 2013 World Endurance Championship, the Six Hours of Bahrain.

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F1: McLaren will have 'no excuses' in 2014

By Jonathan Noble

Wednesday, November 27th 2013, 17:22 GMT

McLaren boss Martin Whitmarsh says there will be no excuses if his team is not back at the front in Formula 1 next year

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WTCC: Coronel fears 2013 his last WTCC year

By Sam Tremayne

Wednesday, November 27th 2013, 17:22 GMT

Tom Coronel fears 2013 will prove to be his final season in the World Touring Car Championship

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F1: Mercedes to announce Brawn departure

By Jonathan Noble

Thursday, November 28th 2013, 00:00 GMT

Ross Brawn is to leave the Mercedes Formula 1 team at the end of this year, with confirmation of his departure expected imminently

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F1: Marussia must wait for big pay day

By Jonathan Noble

Tuesday, November 26th 2013, 12:32 GMT

Marussia may be celebrating its 10th place finish in the constructors' championship, but the quirks of Formula 1's commercial rights income structure means it will have to wait another year before a potentially big pay day.

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F1: Mercedes not disrupted by small fire

By Jonathan Noble

Tuesday, November 26th 2013, 13:56 GMT

Mercedes has confirmed that its engine dyno is back up and running fully, despite a small oil leak fire on Monday night

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F1: Webber judged exit perfectly - Red Bull

By Jonathan Noble

Tuesday, November 26th 2013, 16:16 GMT

Red Bull believes Mark Webber got the timing of his retirement from Formula 1 spot on after taking a podium finish in his final race

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F1: Marussia feared 2012 heartache repeat

By Jonathan Noble

Monday, November 25th 2013, 17:35 GMT

Marussia says its 11th hour heartache from 2012 meant it could not relax about taking 10th in the constructors' championship until after the chequered flag in Brazil

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F1: McLaren thinks it let podium chance slip

By Jonathan Noble

Monday, November 25th 2013, 16:51 GMT

McLaren thinks it let the chance of a first podium finish of 2013 slip through its fingers at the Brazilian Grand Prix.

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INDY: Montoya begins IndyCar test return

By Sam Tremayne

Monday, November 25th 2013, 18:18 GMT

Juan Pablo Montoya completed the first test of his Penske IndyCar return at Sebring on Monday

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F1: Kovalainen blames start for poor race

By Edd Straw

Sunday, November 24th 2013, 21:18 GMT

Heikki Kovalainen has blamed his failure to get the start right for his disappointing result in the Brazilian Grand Prix.

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F1: Safety car fear caused Red Bull issue

By Jonathan Noble

Sunday, November 24th 2013, 21:26 GMT

Red Bull put Sebastian Vettel's pitstop drama in the Brazilian Grand Prix down to a very late strategy call amid fears of a safety car

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RALLYX: World Rallycross for Trois-Rivieres

By Hal Ridge

Saturday, November 23rd 2013, 21:39 GMT

The new-for-2014 World Rallycross Championship is expected to include an event in Canada as part of the famous Trois-Rivieres Grand Prix

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F1: Drivers back Brazil qualifying delay

By Jonathan Noble

Saturday, November 23rd 2013, 21:14 GMT

Formula 1 drivers have insisted that the FIA did the right thing in delaying the start of Q3 at the Brazilian Grand Prix because of the atrocious conditions

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F1: Pirelli: lack of wet testing an issue

By Edd Straw

Saturday, November 23rd 2013, 22:11 GMT

Pirelli motorsport boss Paul Hembery believes the lack of rain-tyre testing opportunities has contributed to Formula 1 cars struggling more in wet conditions

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Foxconn to build plant in Pennsylvania

A Foxconn factory in China. The contract manufacturer for Apple and other leading U.S. tech companies announced plans to build a plant in Pennsylvania.

NEW YORK (CNNMoney)

The company, which a year ago said it was looking at expanding its U.S. operations, will also give $10 million to Carnegie Mellon University as part of a strategic research and development partnership with the Pennsylvania college. The money will go towards research and education in the fields of robotics and advanced manufacturing.

The company made the announcement Thursday evening, only one day after Terry Gou, the founder and chairman, first met with Pennsylvania Gov. Tom Corbett.

"This is somewhat of a rarity for us that a project moved along as quickly as it has," said Steve Kratz, spokesman for the state's department of Community and Economic Development.

A location for the plant has yet to be selected.

Related: Apple faces new Chinese labor allegations

Foxconn said last December that it wanted to increase its U.S. operations beyond plants it operated in Texas and Indiana. The company has 30 employees in Harrisburg already, although state officials could not say what the facility there did now.

The statement about its U.S. expansion plans came on the heels of an announcement by Apple (AAPL, Fortune 500), a major Foxconn customer, that it planned to start building some Apple products in the United States.

Foxconn's plants in Asia are massive, employing as many as 190,000 workers at a single factory by some estimates, many of whom live at the plants as well as work there. The company has been criticized for work conditions and for the large number of workers at some plants who have committed suicide.

First Published: November 22, 2013: 7:12 PM ET

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Virgin's space passengers can pay with Bitcoin

British billionaire Richard Branson poses for photographs in the window of a Virgin Galactic spacecraft replica.

NEW YORK (CNNMoney)

U.K. business magnate Richard Branson announced Friday that his commercial space travel venture, Virgin Galactic, will allow customers to pay for their flights with the digital currency Bitcoin.

"Virgin Galactic is a company looking into the future, so is Bitcoin. So it makes sense we would offer Bitcoin as a way to pay for your journey to space." Branson wrote in a blog post.

"A lot of the people who have joined Bitcoin are tech-minded people, as are many of our current future astronauts."

Bitcoin was created anonymously in 2010 as an experimental form of money that exists only online, and is not regulated by any central authority. Around 12 million have entered circulation, with the Bitcoin algorithm capping the eventual total at 21 million.

Related: Bitcoin: $500 to $900 and back ... in a day!

The volatile currency surged in value earlier this year after a banking crisis in Cyprus shook confidence in government-issued money, and it has rallied again in recent weeks. Bitcoins are currently valued at about $735 each, up from roughly $13 at the beginning of the year.

"One future astronaut, a female flight attendant from Hawaii, has already purchased her Virgin Galactic ticket using bitcoins, and we expect many more to follow in her footsteps," Branson said. The Virgin Group founder added that he had acquired some Bitcoins himself as an investment.

Branson plans to join his two children on Virgin Galactic's first commercial flight next year. The company says several hundred passengers have already reserved spots, which go for a whopping $250,000 each.

First Published: November 22, 2013: 10:28 AM ET

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BoA inquest sheds light on intern hours

LONDON (CNNMoney)

Moritz Erhardt was one week from completing a summer internship program at the bank's London offices when he collapsed and died at his home in August.

The inquest found that the 21-year old German, who suffered from epilepsy, had died of natural causes. It also heard that he had been working long punishing hours at the bank in the days leading up to his death.

"He never complained about [the hours] but my wife noticed in the last week that he just didn't get enough sleep," his father Hans-Georg Dieterle told the court via a translator.

Related: Outrage over unpaid interns' lack of harassment protection

The last contact Erhardt had with his parents was via an email sent at 5 a.m. the day before he died.

Coroner Mary Hassell said his death was the result of natural causes following an epileptic seizure.

"It's possible that fatigue brought about his fatal seizure, it's also possible that it just happened," she said.

Erhardt was described in court as one of the firm's best interns. He was ambitious and well liked, and the bank was preparing to offer him a permanent position.

Testimony from three Bank of America (BAC, Fortune 500)executives painted a picture of challenging conditions and potentially confusing work practices for interns.

Like other interns, Erhardt was assigned a "development officer" and "mentor" as part of the scheme. Both were in court Friday but neither appeared to have a clear idea of the workload he faced.

Related: Goldman Sachs probed over Swiss worker laws

"I never knew how much time he was spending in the office," said Juergen Schroeder, vice president and Erhardt's development officer.

"Interns work long hours and sometimes past midnight. You know about what to expect (from an investment bank) before you join in terms of hours," he said.

Bob Elfring, co-head of corporate and investment banking for EMEA, said the bank did not regulate interns' working hours.

"There is no formal monitoring system of the hours," he said. "I don't think there should be."

Efring said he did not want to track staff via a clocking-on system, but he could imagine management reviewing information collected via employee "swipe cards" used to access buildings.

In response to Erhardt's death, the bank is reviewing its global practices for junior employees, which will address work hours and the allocation of work.

First Published: November 22, 2013: 11:58 AM ET

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In-flight phone calls will cost you

If the FCC does away with its ban on in-flight phone calls, U.S. telecom companies could rake in billions. Get ready to pay extra for it, though.

NEW YORK (CNNMoney)

Keeping customers connected to mobile networks in-flight would be a major opportunity for U.S. carriers -- potentially worth $2.4 billion plus a year, according to Akshay Sharma, a wireless network analyst at Gartner.

Now that the federal government is considering an end to its in-flight phone call ban, these companies might finally have a chance to dip into untapped potential revenue.

But it will cost cell phone companies millions of dollars to install the proper equipment on planes, so analysts expect carriers to recoup those costs with a per-flight fee similar to how in-flight Wi-Fi is used today. Wireless carriers could also charge hefty per-minute voice fees and roaming charges could apply if your cell phone company's network isn't supported on your flight.

Related: FCC to consider allowing cell phone calls on flights

"It's a huge coup for the telecom carriers; this opens up a massive market for them," said Ari Zoldan, CEO of communication technology firm Quantum Networks.

Zoldan's company would be among those retrofitting jets with satellite technology. To keep calls crisp and uninterrupted, the plane would need to be connected constantly, even as it travels at 39,000 feet going 550 miles per hour. That would mean installing a large, powerful, computer-like device that can transmit signals to satellites in space and antennae on the ground.

Installing that technology costs between $3 million and $4 million per plane, Zoldan said.

AT&T (T, Fortune 500), T-Mobile (TMUS) and Verizon (VZ, Fortune 500) didn't respond to requests for comment. Sprint (S, Fortune 500) declined.

Meanwhile, the Telecommunications Industry Association, made up of high-tech manufacturers and suppliers, said it supports overturning the ban.

"Already, substantial manufacturer and vendor interest exists in this space, and our members are investing in related opportunities for growth internationally," said group president Grant Seiffert, in a statement.

If the ban is lifted, the United States would join a number of other countries that allow in-flight cell phone calls. About 30% of Brazilian passengers use their cell phones on wirelessly equipped planes, according to the U.S. Federal Aviation Administration.

But even if the Federal Communications Commission lifts its phone call ban, the airlines might clamp down with their own "no talking" rules.

Related: Speaking out against cell service on planes

Gogo (GOGO), the company that offers in-flight Wi-Fi for most big U.S. airliners, says it's already approached the in-flight calling possibility with companies like Delta (DAL, Fortune 500), American, United (UAL, Fortune 500) and Virgin Atlantic. All have said no.

"None of our airline partners are interested in the talk piece of this," said Gogo spokesman Steve Nolan.

That's mainly because passengers would find it annoying.

"The overwhelming sentiment is to continue with a policy that would not allow voice communications while in flight," said Paul Skrbec, spokesman for Delta.

A 2012 Delta survey showed 64% of passengers say in-flight calls would negatively impact their onboard experience.

But business is business, and the industry will adapt with customer preferences. JetBlue (JBLU, Fortune 500) and Southwest Airlines (LUV, Fortune 500) both say phone conversations would be disruptive to passengers -- but it's not set in stone.

"Our customer feedback indicates people may not want that policy, but of course tastes and desires change," said JetBlue spokeswoman Tamara Young. "We would prioritize making the cabin comfortable and welcoming for all -- for those who want cell service and for those who like peace and quiet."

"No talking" sections of the cabin perhaps?

First Published: November 22, 2013: 9:54 AM ET

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Friday Links

NEW YORK (CNNMoney)

A weekly collection of design, data and interactive links.

Photo/Video
Melancholia | Black and white time-lapse video from Iceland
Macro Snowflake | DIY camera setup captures snowflake details
Mars Evolution | NASA shows what Mars looked like billions of years ago
Montserrat | 3D typography and stunning landscapes
Exposure | A showcase for visual narratives

Design/Data viz
Regional names | First names across the U.S.
Cars | GIF automobile removal
Circuit Scribe | Draw circuits instantly
ATL24 | A day in the life of the world's busiest airport
Killing Kennedy | Long-form visual narrative
Reporter | New app for tracking personal data
Glifo | Export PSD's to icon web fonts with a single click
PriceGeek | Compare product pricing

Music
Happy | Pharrell's 24-hour-long music video
Like A Rolling Stone | Bob Dylan on every channel

See last week's links

Have a nice weekend!
@dubly and @talyellin

First Published: November 22, 2013: 10:46 AM ET

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Gold prices near lows of the year

Click for more market data.

NEW YORK (CNNMoney)

The precious metal is trading at about $1,245 an ounce, down 25% from the beginning of 2013. Gold dipped as low as $1,211 an ounce in June.

Gold has been under pressure since the European Central Bank announced a surprise interest rate cut earlier this month, said Carlos Sanchez, analyst at precious metals firm CPM Group.

That drove up the value of the dollar versus the euro and made dollar-denominated assets, such as gold, less attractive.

The selling accelerated Wednesday after minutes from the latest meeting of the Federal Reserve raised speculation that the central bank could scale back, or taper, its bond-buying program, known as quantitative easing, as soon as December.

But gold prices managed to hold above $1,240 an ounce, which is an important support level for technical traders, said Sanchez.

"I think we're at the lows," he said. "This is a good buying opportunity for mid to long-term investors."

Sanchez said the economy is not yet strong enough for the Fed to begin tapering next month.

Related: China becomes world's top gold buyer

What's more, Sanchez said the central bank could "offset" the impact of tapering by signaling that short-term interest rates will remain exceptionally low for longer by reducing its target for unemployment.

"While tapering will occur, the Fed doesn't want to do it in a way that causes interest rates to spike higher," he said.

Gold has been punished this year as investors pulled money out of safe havens to chase higher returns in the stock market. Stocks have soared to record highs in the latest phase of a nearly five year-old bull market.

"The race up in equity markets has some institutional investors wondering why they should hold gold when Wall Street is booming," said Jeff Nichols, managing director of American Precious Metals Advisors.

Nichols said the selling was exaggerated as prices fell through key technical levels that triggered "program trading" in gold futures and gold-backed exchange-traded funds such as the popular SPDR Gold Shares (GLD) fund.

Gold demand in India, historically a large consumer of gold jewelry at this time of year, has been "disappointing" as the government imposes import restrictions, Nichols added.

Related: $1.2M gold haul found on plane in India

Gold 2.0? As gold prices slide, investors have been piling into the market for Bitcoin. The virtual currency has been called "Gold 2.0" by those who see Bitcoin as an alternative to the precious metal.

Axel Merk, founder of Merk Investments, a firm that specializes in currencies and precious metals, said Bitcoin has potential as a "medium of exchange" but not as a long-term holding.

"Bitcoin is technology driven, and we don't know how the technology is going to evolve," he said. "If you want to save something for 50 years, would you rather have it in gold or Bitcoin?"

But James Rickards, senior managing director at Tangent Capital Partners, said there's no correlation between the drop in gold prices and the rise in Bitcoin.

Related: Bitcoin's tipping point

Rickards said the gold market is large and liquid, while the Bitcoin market is still small, difficult to access and very volatile. Bitcoin also appeals to a different class of investor, he added.

"People who like Bitcoin are technophiles, they're not financial people," he said.

Peter Schiff, market strategist at Euro Pacific Capital, said Bitcoin lacks the "intrinsic value of gold." He added that he thinks Bitcoin is destined to fail once early adopters decide to cash in and the market collapses.

"It's Tulip Mania 2.0, not Gold 2.0," he said.

That may be true. But then again, you could argue that gold is a bubble that has already popped. It is trading more than 35% below its 2011 all-time high of more than $1,900 an ounce after all.

First Published: November 22, 2013: 10:47 AM ET

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Ikea executives accused of spying in France

Ikea France and its top executives are under investigation for illegally gathering personal data on employees.

LONDON (CNNMoney)

Ikea France and its CEO and CFO have been placed under formal investigation this week for allegedly collecting confidential personal data on staff, according to Marc Brisset-Foucault, a French prosecutor overseeing the case.

The former CEO of Ikea France is also facing the same accusations, he said.

The case centers on allegations that Ikea managers illegally gained access to private police records about its staff and job applicants, said Brisset-Foucault. Such records are strictly protected under the law.

The launch of a formal investigation means Ikea France and its senior executives are one step short of being charged.

Ikea France's CEO, Stefan Vanoverbeke, will fight the allegations, according to his attorney, Alexis Gublin.

He has "always condemned these kinds of practices," said Gublin.

Former CEO Jean-Louis Baillot's lawyer would not comment on the case. The lawyer for the CFO, Dariusz Rychert, could not immediately be reached for comment.

According to Gublin, Ikea France was required to post a €500,000 bond in relation to the case.

Related: Online privacy is dead

The investigation dates back to early 2012.

It was launched after unions representing Ikea employees made a formal complaint about potential spying, said Brisset-Foucault.

Since then the investigation has widened. The senior executives under investigation spent a night in jail this week while they were being questioned, said Brisset-Foucault.

Many people have been called in for questioning and four police officers are also under investigation, he added.

After the spying allegations emerged last year, Ikea announced that it had found some practices at its French unit that strayed from the company's values and ethical standards. As a result of its internal investigation, four Ikea employees were fired. The company also introduced a new code of conduct.

In response to questions about the investigation launched by French authorities, Ikea sent CNN a statement that reads, in part, "Stefan Vanoverbeke, CEO of IKEA France and Dariusz Rychert, finance director, as well as the whole of IKEA France have my full support and confidence. IKEA has been cooperating with the investigation since the spring of 2012 and we hope that it will be concluded as soon as possible," said Roberto Monti, Ikea's director for South and East Europe.

Related: Google's Schmidt 'outraged' by NSA snooping

The main investigator on the case, Alain Gallaire, is collecting evidence to bring the case to trial. "It will be a very long investigation because there are thousands of Ikea employees," said Brisset-Foucault.

If convicted of illegally collecting personal data, the executives could face up to five years in prison and a maximum fine of €300,000 each ($404,000), said Brisset-Foucault. They may also have to pay compensation to any individuals they are found to have spied on.

Ikea, based in Sweden, employs 139,000 workers in 44 countries and generates over €27 billion ($36 billion) in annual revenue. It has 29 stores in France.

-- CNN's Lilia Blaise and Sandrine Amiel in Paris contributed to this report.

First Published: November 22, 2013: 11:48 AM ET

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Stamp prices to go up 1 cent in January

The cost of stamps will go up by at least one cent in January. Maybe more.

WASHINGTON (CNNMoney)

The Postal Regulatory Commission ruled Thursday that the agency can raise the price in keeping with the cost of inflation. Prices could go even higher as the commission is considering a postal service proposal to raise money.

The U.S. Postal Service had asked for a total price hike of another 3 three cents, which would ultimately make first-class mail stamps cost 49 cents.

The price of sending a postcard would remain the same, at 33 cents, although the postal service is seeking to hike rates to 34 cents as part of its broader rate hike request.

The one cent hike will kick in Jan. 26.

If the agency gets the green light for all its rate hikes, it will mean an extra $2 billion for the cash-strapped postal service.

Related: Cash-strapped USPS to rent mail vans

The agency said last week it lost $5 billion in the latest fiscal year ending Sept. 30, far less than in recent years. In 2012, it reported a $16 billion loss.

Much of its cash problems stem from a congressional mandate to make annual $5 billion payments for future retiree health care benefits.

The requirement has been a major drag on the agency, which has exhausted a $15 billion loan from taxpayers to make up for shortfalls.

Declining mail volume continues to plague the postal agency. Some 2 billion fewer pieces of mail were sent in 2013 compared to 2012, thanks to another drop in first-class mail, the kind most consumers use to pay bills and send letters to Grandma.

Related: Postal Service looks to end at-your-door mail

This would be the second year in a row when the price of a a first-class mail stamp is going up by by 1 cent in January.

First Published: November 22, 2013: 1:23 PM ET

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Cable stocks surge on takeover chatter

Click the chart to track shares of Time Warner Cable.

NEW YORK (CNNMoney)

Charter Communications (CHTR, Fortune 500), the fourth largest cable provider with just over 4 million subscribers, has reportedly been in talks with major banks to borrow money to fund a possible bid for Time Warner Cable (TWC, Fortune 500), the second largest cable company with over 11 million subscribers.

But according to a source familiar with the matter, Time Warner Cable has reached out to Comcast (CMCSA, Fortune 500) for a possible deal. There are currently no ongoing conversations though, the source added. With over 21 million subscribers, Comcast is the nation's largest cable provider. (Time Warner Cable was spun off from CNNMoney owner Time Warner (TWX, Fortune 500) in 2009.)

Time Warner Cable and Comcast declined to comment, while Charter could not be reached.

Shares of Time Warner Cable jumped almost 10% on the chatter, while Comcast and Charter shares also gained ground. Another smaller cable company, New York-based Cablevision (CVC, Fortune 500), shot up on the reports as well. Cablevision has long been considered a takeover target.

Related: Who's cutting the cord? Cable stocks soaring

Citing people familiar with the situation, the Wall Street Journal said Charter has held talks with Bank of America (BAC, Fortune 500), Barclays (BCS) and Deutsche Bank (DB) to help come up with financing for a Time Warner Cable bid.

The company may also be reaching out to sovereign wealth funds and wealthy individuals to help pay for the buyout without taking on too much debt. Time Warner Cable is worth $34 billion -- almost three times as much as Charter.

Media mogul John Malone's Liberty Media (LMCA) is the largest shareholder in Charter and Malone has been a loud supporter of more consolidation in the cable industry, which is facing rising costs in programming.

Plus, cable companies are worried about losing subscribers, as some consumers cut the cord and shift to devices like Apple (AAPL, Fortune 500) TV and Roku as well as streaming video services like Aereo, Netflix (NFLX), Hulu and Amazon's (AMZN, Fortune 500)' Prime Instant Video.

While speculation of a deal has been rising for several months since Malone became a shareholder of Charter, the financing efforts represent "perhaps the most concrete step discussed to date," said Nomura analyst Adam Ilkowitz in a note to clients.

He expects Charter will have to raise about $25 billion in total -- $15 billion in debt and $10 billion in cash from other sources.

A merger between the two would likely save $500 million in programming expenses a year, Ilkowitz said.

But IHS cable networks analyst Erik Brannon said those savings may or may not trickle down to consumers, given the rising expenses and intense competition among cable providers.

Meanwhile, further consolidation between the nation's largest cable providers could raise concern among government regulators -- most notably the Department of Justice and the Federal Communications Commission. Citing unnamed sources, CNBC reported that Comcast is seeking advice on antitrust and FCC concerns.

A merger between Comcast and Time Warner Cable would result in one company with over 32 million subscribers, or nearly a third of all cable subscribers, Brannon said. But he doesn't think a merger between the two is likely.

"I don't think it makes sense for Comcast at this point," he said, noting that Time Warner Cable has been losing an average of about 175,000 subscribers per quarter recently. During the third quarter alone, the company lost a startling 306,000 subscribers due to its month-long fight with CBS (CBS, Fortune 500). "There isn't much upside versus the expenditures Comcast would have."

First Published: November 22, 2013: 1:32 PM ET

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Credit Suisse banker sentenced to 30 months in prison

NEW YORK (CNNMoney)

Serageldin, who had been extradited from the UK in April, had pled guilty to the charges. At the time of his February 2012 indictment, authorities said he faced up to 45 years in prison if convicted. Preet Bharara, the U.S. Attorney for the Southern District of New York, announced the sentencing late Friday evening.

According to the statement from Bharara's office last year, Serageldin's manipulated the prices of the mortgage bonds to try to cover up the trading loss. His price manipulation, it said, was responsible for $540 million of the $2.85 billion charge that Credit Suisse (CS) was forced to take in early 2008.

Serageldin's co-conspirators, David Higgs and Salmaan Siddiqui, have also pleaded guilty and are awaiting sentencing.

First Published: November 22, 2013: 7:56 PM ET

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F1: Lotus insists Quantum deal not dead

By Jonathan Noble

Friday, November 22nd 2013, 20:08 GMT

Lotus insists it has not given up on an investment deal with Quantum Motorsports, despite ongoing delays in the arrival of funds.

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F1: Pirelli: no 2014 tyre testing no setback

By Edd Straw

Friday, November 22nd 2013, 19:59 GMT

Pirelli Motorsport boss Paul Hembery does not believe the wet weather which prevented teams from testing its 2014 tyres is a major setback.

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LIGHTS: Dallara reveals new Indy Lights car

Friday, November 22nd 2013, 21:54 GMT

Dallara has released the first images of the new Indy Lights car that it will introduce in 2015

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F1: Sutil hints '14 Force India deal done

By Jonathan Noble

Thursday, November 21st 2013, 19:14 GMT

Adrian Sutil looks set to remain at Force India next year after revealing on Thursday that he had signed a deal for the 2014 Formula 1 season

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F1: Blocked duct caused Kovalainen issue

By Jonathan Noble

Thursday, November 21st 2013, 18:54 GMT

Lotus suspects that Heikki Kovalainen's problem in the United States Grand Prix may have been caused by a blocked brake duct rather than a front wing failure

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FR3.5: Marciello tops FR3.5 testing again

By Glenn Freeman

Thursday, November 21st 2013, 19:40 GMT

Ferrari junior Raffaele Marciello dominated Formula Renault 3.5 testing for the second day running at Aragon

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F1: Hamilton radio angst 'not a problem'

By Jonathan Noble

Wednesday, November 20th 2013, 17:10 GMT

Mercedes has admitted that it is still learning to get the best out of Lewis Hamilton, in the wake of his fraught radio conversations during the United States Grand Prix

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FR3.5: Marciello fastest in FR3.5 testing

Wednesday, November 20th 2013, 17:49 GMT

Ferrari junior driver Raffaele Marciello was quickest in both sessions on the first day of Formula Renault 3.5 testing at Aragon

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OTHER: Sainz seals 2014 Dakar attack

By David Evans

Wednesday, November 20th 2013, 18:52 GMT

Carlos Sainz will compete in next year's Dakar Rally with the SMG team

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GT: Fortec eyes Asmer for GT Mercedes

By Marcus Simmons

Tuesday, November 19th 2013, 16:34 GMT

Ex-BMW Sauber and Williams Formula 1 test driver Marko Asmer has been earmarked by Fortec Motorsport for the Blancpain GT Series

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OTHER: Ferrari to run new winter series

By Ben Anderson

Tuesday, November 19th 2013, 16:59 GMT

Formula 1 powerhouse Ferrari will run a new four-round winter series in America early next year, to help train aspiring professional single-seater racers.

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F1: Red Bull: no guilt over F1 dominance

By Jonathan Noble

Tuesday, November 19th 2013, 17:06 GMT

Red Bull does not believe it should feel bad in any way because of its complete dominance of Formula 1 right now.

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F1: Lotus would accept losing Hulkenberg

By Jonathan Noble

Monday, November 18th 2013, 17:32 GMT

Lotus boss Eric Boullier accepts that his team may end up losing Nico Hulkenberg to a rival squad if the Quantum Motorsport deal is not finalised very soon.

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LEMANS: New Audi WEC challenger tested twice

By Gary Watkins

Monday, November 18th 2013, 16:42 GMT

Audi has revealed that its 2014 World Endurance Championship challenger has already tested on two occasions.

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LIGHTS: Harvey looks at US racing switch

By Ben Anderson

Monday, November 18th 2013, 17:49 GMT

GP3 racer Jack Harvey will test for leading Indy Lights outfit Schmidt Peterson Motorsports next week as he looks to carve out a future career in IndyCar

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F1: Kovalainen hurt by front wing issue

By Edd Straw

Monday, November 18th 2013, 00:06 GMT

Heikki Kovalainen's disappointing result in the United States Grand Prix was caused by a front wing problem.

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F1: Kovalainen thinks he met expectations

By Jonathan Noble

Saturday, November 16th 2013, 23:39 GMT

Heikki Kovalainen reckons he did everything that could have been expected in United States Grand Prix qualifying, after securing eighth on the grid for his Formula 1 return with Lotus

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NASCAR: Dillon wins dramatic Nationwide title

Sunday, November 17th 2013, 02:09 GMT

Austin Dillon survived handling problems, a brush with the wall and a late restart to just beat Sam Hornish Jr to the 2013 NASCAR Nationwide title following a dramatic Homestead finale

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Forbes explores sale

Steve Forbes, who could be the last member of his family to own the business magazine started by his grandfather. The company is exploring a possible sale.

NEW YORK (CNNMoney)

A letter sent to employees Friday by Forbes Media president and CEO Mike Perlis said the move is prompted by "more than a few over the transom indications of interest" to buy the company.

"The frequency and serious nature of these overtures have brought us to a decision point," he said in the letter.

Its flagship property, Forbes, with a circulation of 933,000, is the third largest U.S. business magazine, according to the Alliance for Audited Media. It lags Time Warner's Money magazine and Bloomberg Businessweek, owned by financial publisher Bloomberg. It has about 370 employees.

Related: Saudi prince vs. Forbes in billionaire brawl

Print media has been a difficult business in recent years due to losses of both readers and advertisers to online media.

Forbes' ad revenue for the first 9 months of the year fell 7.5% to $165.7 million, according to the Association of Magazine Media, and the ad pages in the print edition have fallen 12.5%.

Perlis' letter said that digital revenue at the company is expected to increase this year. The company also owns a number of web sites beyond Forbes.com, including Investopedia.com, and the RealClear family of sites such as RealClearPolitics.

Related: Forbes' 400 richest Americans

But if Forbes is sold, it would join a trend of print properties being sold.

In March Time Warner (TWX, Fortune 500), which is also owner of CNNMoney, announced its plans to spin off its Time Inc. publishing unit, the nation's largest magazine publisher, in a deal set to close early next year. That unit includes both Money and Fortune magazines.

Newsweek, the news magazine whose print version was abandoned late last year, was sold in August by IAC (IACI) to another all-digital news company, IBT Media.

Major newspapers have also been put on the block and sold this year. Amazon (AMZN, Fortune 500) founder Jeff Bezos is buying the Washington Post for $250 million in a deal announced in August, and the New York Times Co. (NYT) announced it would sell the Boston Globe for only $70 million to Boston Red Sox owner John Henry, despite having paid $1.1 billion for the paper in 1991.

In June, the former News Corp. took the name 21st Century Fox (FOX) and spun off its print publications such as the Wall Street Journal, the New York Post and several London newspapers into a new News Corp. (NWS)

Forbes was started by B.C. Forbes in 1917. His son, Malcolm, succeeded him as publisher. He handed it down to his son, Steve, who is still chairman and editor in chief. But two years ago, Perlis was brought in as the first non-family member to serve as CEO of the company.

The Forbes family also sold a minority stake in the company to investment firm Elevation Partners -- which includes rock singer Bono among its partners -- in August 2006. Elevation did not return a call seeking a comment on the sales plans.

First Published: November 15, 2013: 2:21 PM ET

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Friday Links

NEW YORK (CNNMoney)

A weekly collection of design, data and interactive links.

Design/Data viz
inFORM | MIT's Dynamic Shape Display renders 3D content physically
What is the safest time to drive? | New statistics show the safest and most dangerous times to drive
The Latest | An automatic list of links from Twitter
Sorting algorithms visualized | Video visualization of 15 different sorting algorithms
Waterbear Playground | Code in ProcessingJS using just blocks

Photo/Video
Robot Cars | Toymaker brings robot cars to market 20 years early
The Mill VFX | The Mill VFX showreel 2013
Drum machines | Greatest drum machines ever made
Synth Kit | littleBits Synth Kit in collaboration with KORG

Illustration
Roman Muradov | Illustrations by Roman Muradov

See last week's links

Have a nice weekend!
@dubly and @talyellin

First Published: November 15, 2013: 12:52 PM ET

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Jos. A. Bank ends bid for rival Men's Wearhouse

Men's Wearhouse faces a proxy fight from its largest shareholder after it rebuffed a hostile bid for the company from rival Jos. A. Bank.

NEW YORK (CNNMoney)

The decision prompted Men's Wearhouse's largest shareholder to launch a proxy fight to try to remove its directors and force a deal.

Eminence Capital, which owns 9.8% of Men's Wearhouse shares, said it wants a special meeting of the company's shareholders to vote on possible removal of the company's directors. It said Texas law, under which Men's Wearhouse is incorporated, permits special meetings to be called by holders of at least 10% of all shares.

"We continue to encourage the board to take immediate steps to complete its review of strategic options, including a merger with Jos. A Bank," said a statement from Eminence. "If the Board fails to do so, our special meeting initiative will give shareholders the tools to hold the board accountable for its failed leadership."

A spokesman for Men's Wearhouse did not respond to a request for comment on the filing. Shares of Men's Wearhouse (MW) were little changed in early trading.

Men's Wearhouse enacted defenses against hostile bids when Jos. A Bank launched its unsolicited $2.4 billion cash bid for the company. Eminence said that it is also opposed to those defenses, which allow current Men's Wearhouse shareholders to purchase more stock at a discounted price if a bid for the company was not accepted by the board, making the company less attractive to potential bidders.

Jos. A Bank (JOSB) had given Men's Wearhouse until Thursday to accept its offer. It said in a statement Friday it was dropping its bid due to lack of response from its rival.

"Jos. A. Bank continues to believe that a transaction could be in the best interest of the respective shareholders of the two companies," it said in its letter to Men's Wearhouse's CEO.

This marks the second time this year Men's Wearhouse has rejected the idea of a sale of the chain. In June, it took the unusual step of firing George Zimmer, its founder, chief spokesman and largest individual shareholder, saying that Zimmer was pushing the company's board toward an ill-advised sale to a private equity firm.

Zimmer, who holds a 3.7% stake, responded that the company's board was ignoring his "growing concerns" about the direction of the company. The company fired back, depicting Zimmer as a power-hungry egomaniac who wanted to sell the company.

Zimmer, who founded the company in 1973, had also been the company's sole pitchman, with commercials featuring him promising "You're going to like the way you look, I guarantee it." His firing prompted some initial customer backlash on Facebook.

But investors proved more forgiving, taking shares higher until a disappointing sales and earnings report in September sent shares tumbling once again. The Jos. A. Bank bid came a week after that earnings report.

First Published: November 15, 2013: 10:47 AM ET

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Candy Crush maker looks beyond mega hit

LONDON (CNNMoney)

King, the company behind the arcade-style puzzle game, is working on developing the next big thing, aware that interest in Candy Crush could eventually fizzle.

"I think that all games have a natural lifespan," King developer and "games guru" Tommy Palm told CNNMoney.

"As a company, we've always been about making many games and continuing to innovate and try new concepts. At the same time as continuing with Candy Crush, we are also coming up with new great games."

King, which offers 150 games in 14 languages, is preparing for a stock market listing in New York, a source familiar with the deal said last month. It will need to keep producing a healthy pipeline of new games if it's to justify the reported valuation of $5 billion.

Palm said he could not comment on a possible IPO.

Related: Sony's PlayStation 4 goes on sale

Candy Crush started as a simple one-level game available on King.com but has since acquired more than 400 levels, raking in millions of dollars each week from enthusiasts.

King's success so far has hinged on its ability to get people to play games for free, and then convince them to pay for additional in-game perks once they're hooked.

According to analysts, the game has been wildly successful in the tricky "freemium" category.

Consultant Think Gaming estimates Candy Crush makes over $875,000 per day from American users on Apple's (AAPL, Fortune 500) iOS platform, with the average user paying roughly $5 in total for in-game perks.

King's second most popular game, Pet Rescue Saga, currently ranks fourth in terms of daily revenue generation compared to other games on the iOS platform, according to Think Gaming. Palm said it was becoming steadily more popular.

Related: Candy Crush game creator preps for IPO

To mark the one-year anniversary since Candy Crush launched on cellphones and tablets, King will be rolling out a number of "special treats" for players in the weeks to come, he said.

According to King, people have played over 150 billion individual games of Candy Crush.

First Published: November 15, 2013: 11:24 AM ET

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Bill Ackman bets big on Fannie and Freddie

Fannie Mae and Freddie Mac have been hot stocks this year. They just got hotter after Bill Ackman took a stake. Click the chart to track shares of Fannie Mae.

NEW YORK (CNNMoney)

Pershing Square owns more than 115 million common shares of Federal National Mortgage Association (FNMA, Fortune 500) and over 63 million common shares of Federal Home Loan Mortgage (FMCC, Fortune 500) Corp, according to government filings.

The stocks surged on the news and based on where they were trading Friday, his investment in Fannie Mae is worth more than $380 million, while his bet on Freddie Mac is worth about $200 million.

Related: We're still on the hook for Fannie Mae and Freddie Mac. Let's abolish them.

Fannie and Freddie have been overseen by the Federal Housing Finance Agency since their $187 billion bailout in 2008, prompted by massive losses on mortgage securities. They have since returned to profitability, paying substantial dividends to the Treasury Department, and have caught the eye of investors, particularly hedge funds including Bruce Berkowitz's Fairholme Capital.

Both stocks were delisted from the New York Stock Exchange in 2010 and their shares were moved to what's known as the over-the-counter bulletin board, or pink sheets. The two stocks each trade for a little more than $3 apiece. But shares of both companies are up more than 1,000% so far this year, and gained almost 10% Friday on the news of Ackman's stake.

During an interview on CNBC Thursday, Berkowitz, who is also the biggest shareholder of bailed-out insurer AIG (AIG, Fortune 500), said he wants to buy the insurance components of Freddie Mac and Fannie Mae from the government. Berkowitz said "there are no other group of assets that can perform the job necessary for American housing."

"We have the infrastructure. We could have the money. We can make a reasonable return. We don't have to be greedy. We don't need federal support," he added.

In the SEC filings, Ackman said the shares of Fannie Mae and Freddie Mac are undervalued and attractive, and he also cited Fairholme's proposal as a reason for his purchase.

Ackman is well-known on Wall Street for investing in companies with the hopes of convincing management to make big changes. This year, his bet on struggling retailer J.C. Penney (JCP, Fortune 500) flopped. Ackman sold his stake at a loss after CEO Ron Johnson -- who Ackman helped lure from Apple (AAPL, Fortune 500) -- was fired.

Ackman also is sitting on a huge loss on paper with his short against nutritional supplement maker Herbalife (HLF). Shares of Herbalife have more than doubled this year even though Ackman has claimed on numerous occasions that he thinks the company is a pyramid scheme that has no value.

Related: Herbalife wraps up 'best quarter ever'

Making matter worse, rival activist investor Carl Icahn has a big stake in Herbalife and has profited handsomely from the stock's rise. The two even exchanged testy words about Herbalife in a CNBC appearance earlier this year.

But Ackman has had one notable win this year. His stake in Procter & Gamble (PG, Fortune 500) has been a winning investment. CEO Bob McDonald resigned earlier this year, a move that was largely attributed to pressure from Ackman. P&G shares are up 25% this year and the stock is at an all-time high.

First Published: November 15, 2013: 12:01 PM ET

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EPA proposes cut to ethanol requirement for gasoline

Most gas sold in the U.S. contains up to 10% ethanol.

NEW YORK (CNNMoney)

A law passed by Congress in 2007 had called for the inclusion of 18.15 billion gallons of renewable fuel in 2014, but on Friday, the EPA proposed that this level be reduced to between 15.00 and 15.52 billion.

The standard had previously been increasing every year, with the 2013 requirement set at 16.55 billion gallons.

Lawmakers passed the 2007 legislation with the aim of increasing renewable fuel production and reducing dependence on foreign oil. But recent gasoline consumption has been less than Congress anticipated at the time, due to factors like the economic downturn and improvements in fuel economy.

As a result, adherence to the law's original standards next year would mean that the total ethanol required would exceed the amount that could be blended into conventional gasoline -- a problem known as the "blend wall."

Nearly all gas sold in the U.S. is "E10" fuel, which contains up to 10% ethanol.

Related: U.S. to become top oil producer by 2015

EPA administrator Gina McCarthy said the Obama administration continued to support increased biofuel production and use.

"We look forward to working with all stakeholders to develop a final rule that maintains the strength and promise of the [Renewable Fuel Standards] program," she said.

The proposal is subject to a 60-day public comment period, and could later be changed.

The ethanol mandate has been a boon for corn farmers and big agricultural companies that profit from higher corn demand, and has also drawn praise from policymakers who want to wean the U.S. off imported oil from the Middle East and elsewhere.

But the law also has a variety of critics.

The oil industry doesn't like it because ethanol reduces its market share. Livestock producers don't like it because it drives up the price of corn, which is used to feed cows, chicken and pigs.

Many environmentalists oppose it as well. They doubt that corn-based ethanol is any better for the planet than conventional gasoline, as its production requires the clearance of land and results in deforestation. They also argue that higher corn prices likely contribute to global hunger.

First Published: November 15, 2013: 4:58 PM ET

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