| By Dieter Rencken and Jonathan Noble | Thursday, February 27th 2014, 16:44 GMT |
Renault insists Friday's Formula 1 engine homologation deadline poses no major worry, even though it has not yet fully solved all the problems with its new power unit.
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| Thursday, February 27th 2014, 17:44 GMT |
Sergey Sirotkin went fastest for Fortec on the third and final day of Formula Renault 3.5 testing at Aragon.
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| By Mark Glendenning | Thursday, February 27th 2014, 21:09 GMT |
Cosworth has thrown its hat into the ring as a potential third engine manufacturer for IndyCar.
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| By David Evans | Wednesday, February 26th 2014, 17:20 GMT |
Rally GB's hopes of retaining a four-day route for 2014 have been bolstered after Rally Finland unveiled a similar plan.
The Jyvaskyla-based event (which runs from July 31-August 3) includes competitive mileage on four days from Thursday to Sunday morning - mirroring the approach taken by GB organisers last year.
The World Rally Championship promoter recently stated that it wanted a more formulaic approach to rallies, with a ceremonial start on Thursday evening and a Sunday lunchtime finish.
FIA rally director Jarmo Mahonen admitted there was still flexibility on the timetabling of events.
"We don't want to force anybody to run out of money," said Mahonen.
"The promoter wants to see how this works this year, but if it is bad for the business then of course we will change it for next season.
"We still have flexibility for this season, if rallies really have a reason why they want to finish [at a different time other than Sunday] then we will look at that."
Rally GB chief executive Andrew Coe had already stated he would be applying for a waiver to maintain the itinerary introduced last November.
The route issued by Rally Finland is dramatically different, with only four stages surviving from last year's route.
The highlights of the new timetable include a potential return of the city centre stage last run through the middle of Jyvaskyla in 1998 and the classic Myhinpaa test.
As expected, Ouninpohja goes in its full glory, replaced by a shorter version centred around Kakaristo.
| By Glenn Freeman | Wednesday, February 26th 2014, 17:25 GMT |
Ferrari plans to bring the main upgrades to its 2014 Formula 1 car during the final pre-season test in Bahrain.
The Italian team has run its F14 T in relatively conservative specification so far during testing, as its focus has been on achieving enough reliability to carry out long runs.
However, pre-Australian Grand Prix developments are planned to be introduced throughout the final test, which starts at the Sakhir circuit on Thursday.
Speaking about the new parts Ferrari ran in last week's Bahrain test, engineering director Pat Fry said: "We've got a few bits that we're testing to check correlation, but I wouldn't really call them upgrades.
"The main upgrades we will be bringing through at various stages of next week."
Gary Anderson assesses the current F1 pecking order
Fry admitted that the telemetry issues that cost Kimi Raikkonen some running last Friday were a setback, but he added that the team will simply try to ramp up its mileage in the remaining days to make up for it.
"We've got a bit of catching up to do, yes," he said when asked by AUTOSPORT if the delays had affected Ferrari's plans.
"We're always trying to do as much mileage as we can and we obviously got set back.
"It would have been nice to have a 100 lap day but we're a little bit short."
Ferrari completed 287 laps across the four days in Bahrain last week, with Mercedes, McLaren and Williams all marginally ahead of it on the lap chart.
Follow the final pre-season F1 test on AUTOSPORT Live from 6am UK time on Thursday February 27
| By Mark Glendenning | Wednesday, February 26th 2014, 20:56 GMT |
Jacques Villeneuve will return to the Indianapolis 500 this year, 19 years after he won the race.
The 42-year-old will drive a third Schmidt Peterson Motorsports entry in what will be his first single-seater race since he left Formula 1 after the 2006 German Grand Prix.
"I've been fortunate enough to compete in several of the world's top racing series, and nothing excites me more than entering the IndyCar Series at its current level of competitiveness," Villeneuve said.
"Schmidt Peterson Motorsports has proven itself able to compete with the largest of teams, and I am excited to get to work with [team co-owner] Sam [Schmidt] and the team and start preparing for May."
The 1997 F1 world champion and 1995 CART title-winner has made sporadic appearances in NASCAR and sportscars since his split with Sauber.
Schmidt said that Villeneuve's return to Indianapolis was a vindication of the progress being made by the SPM team, which took Simon Pagenaud to third in last year's IndyCar standings.
Villeneuve relives his 1995 Indy win
"We're very pleased to have a driver of the calibre of Jacques in our line-up in May," Schmidt said.
"He's a former winner in the event and brings tremendous experience from his success in the world's top racing series.
"The trust Jacques is putting in Schmidt Peterson Motorsports also validates the progress all of our team members have made in creating an organisation capable of competing with anyone."
The Canadian recovered from two laps down to win the 1995 Indy 500 when leader Scott Goodyear was penalised for illegally passing the pace car during a late restart.
Villeneuve has already announced that he will contest the new World Rallycross Championship this year.
| By Hal Ridge | Tuesday, February 25th 2014, 18:16 GMT |
Tanner Foust will contest four rounds of the 2014 World Rallycross Championship at the wheel of a Marklund Motorsport-run Volkswagen Polo RX.
The six-time European Rallycross Championship event winner will race at two of the rounds he won last season - in the UK in May, and in Finland one month later.
Alongside that pair, he will also race in Canada in August and Turkey in October.
"This year is going to be the most competitive yet," said Foust.
"It's been amazing to be a part of rallycross as it has grown over the past few years and I can't wait to get back out there and race in 2014."
The Top Gear America presenter, who first raced in Europe in 2010, will partner Marklund Motorsport drivers Toomas 'Topi' Heikkinen and Anton Marklund.
Team principle Jan Marklund said signing Foust is a major coup for his outfit.
"Integrating a driver as talented as Tanner Foust into our programme is going to be incredibly exciting for Marklund Motorsport," Marklund added.
"Tanner's record behind the wheel is excellent and it will be great to get his thoughts on the development of the car - especially as we now have our partnership with Volkswagen Motorsport."
Foust will race a full Global Rallycross schedule for Andretti Motorsport firstly at the wheel of a Volkswagen Polo developed by Marklund Motorsport before the team switches to a new VW Beetle mid-year.
| By Mark Glendenning | Tuesday, February 25th 2014, 19:05 GMT |
Tony Kanaan insists he is under no illusions about the expectations associated with replacing Dario Franchitti in Ganassi's storied #10 entry.
Kanaan was initially signed by the team to drive its #8 entry alongside Charlie Kimball, but was promoted onto Ganassi's front line alongside Scott Dixon after Franchitti was forced to retire upon medical advice.
When asked by AUTOSPORT about the pressure of inheriting the torch from a driver as successful as Franchitti, Kanaan said that both he and the team have set the bar high.
Opinion: Franchitti has matched his heroes
"The expectations are the highest possible, not just from me but from my boss and everybody else," said the Indy 500 winner.
"The team [and] the results speak for themselves, and it's almost like you can't avoid it [the pressure].
"I don't have a problem. I'm in a very good place, and I am extremely confident in my capabilities.
"I've just got to work and try to find out what's good for me and go forward.
"What worked for Dario sometimes is not going to work for me in the car."
While conceding the #10 Ganassi entry offers no place to hide, Kanaan believes the pressure of needing to maximise good equipment is preferable to the very different stresses of recent seasons.
"I kind of like this type of pressure," he said.
"I worked extremely hard with Jimmy [Vasser] and the [KV] team just to survive, and it's nice to wake up and not have to worry about some of the stuff that I had to over the past three years.
"It definitely gives me better peace of mind to just be able to think about the race car."
| By Kevin Turner | Tuesday, February 25th 2014, 20:02 GMT |
British Touring Car squad Ciceley Racing has revealed the Mercedes A-class it will run in the championship this season.
Ciceley ran Adam Morgan to seventh in the 2013 standings, using a Toyota Avensis, but announced in September it would be switching to a new Mercedes for 2014.
The team has also attracted backing from WIX Filters, which supported Rob Austin Racing's Audi last year, and unveiled the car tonight.
Thanks to the NGTC regulations, many of the parts from the Avensis have been utilised in the Mercedes, but a number of others have had to be made or modified.
Morgan hopes to start testing the car next week, ahead of the BTCC launch event at Donington Park on March 18.
| By Hal Ridge | Saturday, February 1st 2014, 13:22 GMT |
European Rallycross event winner Frode Holte has unveiled his new Hyundai i20 Supercar for the 2014 season.
The launch took place at the Sorlandets Motorsport Show in Mandal, Norway, on Saturday.
"We have worked with this car for a long time," said Holte.
"No one has built a car like this for Supercar before. We are very excited to start testing for the season."
The Norwegian plans to contest the new World Rallycross Championship, but with the season's budget yet to be finalised, he could focus on the five-round European series that runs within the world championship calendar.
"We have a lot of testing to do before we are ready," said Holte.
"I really want to drive in the world championship, but if it isn't possible we are going to to the European championship, that's for sure."
This season will be the first time Holte has driven anything other than a Volvo in European competition.
He last contested a full European season in 2011, claiming his first overall victory at Essay in France.
Holte drove in the final two events of the 2013 series but did not to make it to the final.
| Saturday, February 1st 2014, 16:05 GMT |
Ross Brawn has insisted his retirement from Formula 1 is permanent and he will not return to the sport.
Since parting company with Mercedes at the end of 2013, Brawn has been linked with multiple roles in the F1 paddock, most recently as a replacement for Martin Whitmarsh at McLaren.
But at a fishing event in Aberdeenshire on Saturday, Brawn declared that his F1 days were definitely over this time.
"What they didn't realise when I was invited here was they had a scoop because the world's press was trying to find out if I was retiring or not," Brawn was quoted as saying by the Daily Telegraph.
"This is the busiest time of the year for Formula 1 and I said I would come along and open the River Dee.
"If they had put two and two together they would have realised I was definitely retiring.
"I'm retiring - it's not tongue in cheek.
"I'm going to take a year to enjoy the fishing and then see what life brings.
"I'm looking forward to it but I've got no other plans."
Opinion: Why Ross Brawn should run F1
Brawn previously took a sabbatical from F1 when he left Ferrari in 2006.
He had joined the Italian team after being one of architects of Michael Schumacher's title success with Benetton in 1994-95 and helped the German and Ferrari to dominate F1 in the early 2000s.
His last F1 absence ended when he returned with Honda for 2008 and ultimately took over the team to form Brawn GP when the Japanese firm pulled the plug on its involvement.
The Brawn team then swept to a shock 2009 title with Jenson Button (pictured) before transforming into the new Mercedes works outfit.
Brawn stayed on as team chief until last season, when a new structure headed by Toto Wolff and Paddy Lowe was implemented.
| Saturday, February 1st 2014, 16:22 GMT |
Esapekka Lappi grabbed the Rally Liepaja lead from young Russian Vasily Gryazin at the end of a surprise-packed first day of the European Rally Championship's Latvian round.
Monte Carlo Rally hero Bryan Bouffier had led the first stage of the event, only to damage his PH Citroen's radiator on SS2, forcing him to retire with an overheating engine.
That handed first place to 20-year-old Russian Gryazin, who competes under a Latvian licence.
Running seventh on the road helped Gryazin as the stages had been covered with a fresh blanket of snow overnight, but it was not the sole reason why he was able to pull half a minute clear of the field in his Sports Racing Technologies Ford over the first three stages.
ERC video highlights on the AUTOSPORT rallying page
Factory Skoda driver Lappi then started to reel him in, though. Three straight stage wins for the Finn allowed him to inch ahead of Gryazin by 2.6 seconds at the end of Saturday's final stage.
After battling with Lappi at first, Craig Breen and last year's Rally Poland winner Kajetan Kajetanowicz slipped away from lead contention, with Breen escaping from Kajetanowicz to hold a secure third, albeit a minute off the top spot.
The second works Skoda of Sepp Wiegand languished as low as 22nd in the morning as the German struggled with the conditions, but he subsequently picked up his pace and recovered to fifth.
Leading positions after SS6: Pos Driver Team/Car Time/Gap 1. Esapekka Lappi Skoda 1h17m30.6s 2. Vasily Gryazin SRT Ford +2.6s 3. Craig Breen Sainteloc Peugeot +59.2s 4. Kajetan Kajetanowicz M-Sport Poland Ford +1m35.9s 5. Sepp Wiegand Skoda +2m19.3s 6. Siim Plangi Mitsubishi +2m23.5s 7. Martins Svilis SKN Mitsubishi +2m27.7s 8. Raul Jeets MM Ford +3m20.6s 9. Vitaliy Pushkar Boar Mitsubishi +3m22.7s 10. Janis Vorobjovs Mitsubishi +3m26.1s
Facebook shares have gained momentum ever since the company began showing progress in its mobile ad strategy, and Wall Street analysts believe there's more room to run.
NEW YORK (CNNMoney)
Though Facebook (FB, Fortune 500) shares got off to a rocky start after their initial public offering in May 2012, they more than doubled in 2013 as the company proved it had a strong mobile strategy. And the stock has continued to climb this year.
In fact, after Facebook's fourth-quarter earnings report revealed that mobile ads now account for a majority of the company's total ad sales, shares jumped 14% to a new all-time high above $60.
The gains are paying off handsomely for Facebook's top two executives. Founder and CEO Mark Zuckerberg's net worth has risen to nearly $30 billion. Chief operating officer Sheryl Sandberg, who owns more than 12 million shares, recently became a billionaire thanks to her Facebook stock as well as options and other stock awards.
Related: Facebook profit soars
While there have been some worries about whether teens are fleeing Facebook and a recent academic study suggesting that Facebook could eventually suffer the same fate as MySpace, Wall Street analysts don't seem too bothered.
"Of course prudent investors will always have those concerns in the back of their minds, but Facebook has really crossed the chasm of being a cool new app to being more of a utility," said Robert Peck, an analyst with SunTrust Robinson Humphrey.
Peck said that while teens may not be using Facebook as frequently on a daily basis because they're also on newer services like Snapchat or Frontback, it's not as if young people have completely abandoned Facebook.
"Facebook is where all their information is and where all their pictures are stored," he said. "The utility that Facebook provides has the scale and reach that MySpace never even got close to."
Peck added that the company is successfully finding ways to make more money off its users.
Related: Facebook's Sandberg is now a billionaire
Analysts were particularly impressed by the fact that the average price per ad marketers were willing to pay on Facebook almost doubled in the fourth quarter. Meanwhile, ad rates at Google (GOOG, Fortune 500) and Yahoo (YHOO, Fortune 500) are declining.
And Facebook still has more that it can do to boost its advertising revenues, said RBC Capital Markets analyst Mark Mahaney. Though Facebook has introduced auto-play video ads and advertising on Instagram, the rollouts remain in their early stages, leaving room for substantial upside in future quarters.
Peck estimates that photo-sharing site Instagram, which Facebook bought in 2012 for about $1 billion, could add $500 million in annual revenue within a couple of years.
Though Facebook is already one of the largest companies in the world, with a market value of about $150 billion, Peck believes the stock has the potential to double in value and join the ranks of Apple (AAPL, Fortune 500), Google (GOOG, Fortune 500) and Microsoft (MSFT, Fortune 500).
But he said Facebook will have to remain focused on maintaining its user experience and not overloading on ads. It may also need to take concerns about privacy, which has been a sore spot for many Facebook users over the years, more seriously.
Related: Zuckerberg rarely mentions the word 'privacy'
"Facebook must fund the right balance of information sharing that will enable it to deliver favorable ad targeting, but not upset users or regulators who desire greater levels of privacy," said Morgan Stanley analyst Scott Devitt.
Nearly all of the analysts who cover Facebook have a "buy" rating on stock. The average target price just above $70 per share, up nearly 15% from current levels.
The stock is by no means a screaming bargain. Shares trade at 50 times 2014 earnings estimates. But analysts are forecasting extremely strong levels of growth: they expect the company to report an earnings increase of 40% this year.
And even if you don't think Facebook is the right investment for your portfolio, odds are you already own a small piece of it. Facebook is now in the S&P 500, the index that many people invest in via mutual funds or exchange-traded funds for their retirement accounts. So "like" it or not, you should care about what's next for Facebook's stock. 
First Published: January 31, 2014: 12:55 PM ET
A new mutual fund is investing in stocks tied to the 3D printing industry.
NEW YORK (CNNMoney)
The 3D Printing and Technology Fund owns roughly 40 companies, according to Alan Meckler, the fund's portfolio manager.
Among them are the pure play 3D printer companies such as Stratasys (SSYS), 3D Systems (DDD), and voxeljet (VJET). But the fund also owns General Electric (GE, Fortune 500), which uses 3D printing technology for its jet engines, Meckler said.
Still, Meckler has never run a mutual fund before, so there's no track record to study.
He does have significant experience running technology companies and taking them public -- but that's not the same thing as being able to pick stocks.
Meckler is currently the CEO of Mediabistro (MBIS), a company well-known among journalists for its job listings sites. But the company has increasingly moved into other businesses, including putting on tech industry trade shows. And Mediabistro does have a unit that hosts conferences catering to the 3D printing sector.
While running trade shows for companies that Meckler may also own in his mutual fund may smell like a conflict of interest, Meckler says the fund and Mediabistro trade show business will be run separately.
And although he admits it's a unique situation, Meckler thinks the trade shows give him an added advantage of being able to study the business closely so that he can make wise investments.
"I'm immersed in the 3D printer industry," he said.
So why create a mutual fund? Meckler claims investors want exposure to the industry, but they don't know which stocks to pick.
Still, there are only a handful of publicly traded 3D printer companies in the U.S right now. It's not as if there are that many choices.
And while 3D printing has been around since the late 1980's, the stocks in the sector have soared recently as investors hope to see the technology go mainstream. That's raised concerns about the high valuations for many of the companies. As a result, several of last year's hot 3D stocks have fallen so far this year.
Shares of Stratasys are down 9% after surging 65% in 2013. The company bought MakerBot, one of the first firms to sell desktop 3D printers, in August.
Related: Hershey's to make 3D chocolate printer
And 3D Systems is down 15% in 2014 after a huge run last year. 3D Systems already has a presence in the consumer 3D printer market. It's Cube printers are available at Staples and other retailers.
But some think 3D printers will never be an everyday household appliance. Terry Wohlers of Wohlers Associates, a consulting firm that specializes in 3D printing, says that smaller 3D printers for consumers are getting a lot of media attention. But they are just a small fraction of the overall market.
Rather, Wohlers believes the real money is in industrial manufacturing, which will allow companies to design and produce products more efficiently and at a lower cost.
"We strongly disagree with the notion of everyone having a general purpose printer at home printing out products for themselves and their friends," Wohlers said. But for companies, "it's flattening the playing field where almost anyone located anywhere can become a product developer and manufacturer."
It's almost certain that more big tech companies will embrace 3D printing. Hewlett-Packard (HPQ, Fortune 500) CEO Meg Whitman, for example, announced in October that the company will enter the 3-D printing market sometime in 2014.
Related: Invest in innovation: 3D Systems and 4 other hot stocks
Still, the speculative nature of 3D printing stocks might scare off some investors. It is probably not the best idea for any investor to have such a big concentration in one subsector. Remember what happened to many of the Internet mutual funds of the 1990s that loaded up on high-flying web stocks and crashed and burned after the tech bubble popped?
Meckler knows this firsthand. He took a company called internet.com public in 1999. After several asset sales, the company now known as Mediabistro is trading more than 95% below its peak price from December 1999.
But Meckler rejects the comparison to dot-com euphoria in the 1990s and claims the 3D printer naysayers simply don't understand the business.
He said actual 3D printers are just the tip of the iceberg and that the industry has the potential to lead to big advancements in manufacturing as well as medicine.
Meckler concedes that there will be ups and downs for the 3D printer companies, but that this kind of technological shift only comes around once every 20 or 30 years. So he's in it for the long haul.
And he thinks investors in his fund should also be true believers.
"This is for someone who thinks it's an earth shattering concept," he said. "You might call it the third industrial revolution."
Even if he's right, there are arguably safer ways to invest in the trend.
First Published: January 31, 2014: 11:28 AM ET
NEW YORK (CNNMoney)
But actually hire them? Their pledge doesn't go quite that far.
On Friday, the White House unveiled a pact signed by 300 companies that have agreed to implement new best practices intended to stamp out discrimination against the long-term unemployed -- generally defined as those who have been out of work for six months or longer.
"Because they've been unemployed ... so long, folks are looking at that gap in the résumé and they're weeding them out before these folks even get a chance for an interview," Obama told CNN's Jake Tapper in an exclusive interview Thursday.
The companies pledge not to post job ads that discourage applicants who are unemployed. For example, in some cases, job listings would use language such as "applicants must be currently employed.'
They also agree to review their procedures so they don't inadvertently discriminate against applicants with long gaps in their résumés, and they commit to cast a broad net in recruiting.
The question is whether these steps will have any meaningful effect. Will they lead to jobs or even help remove some of the stigma that the long-term unemployment face?
Related: 'I just want a job'
Jamie May and Lena Rouse know that stigma first hand. Both have been unemployed for over a year now.
May feels she's being discriminated against for two reasons: The gaps in her résumé and her age (she's 56). But in interviews, employers just keep telling her she's overqualified.
"The discrimination is very covert. It's not blatant, but that doesn't mean it's not there," May said. "When I first read about the 300 companies, I thought 'it's just a bunch of talk'."
Rouse would prefer to see the White House push for tax credits for hiring the long-term unemployed.
"A pledge sounds like a waste of time," said Rouse. "Businesses are for-profit. If there are concerns about higher costs with hiring the long-term unemployed, then we should find financial incentives to make the long-term unemployed the preferred hires."
Companies like Boeing (BA, Fortune 500), Dell, Walmart, (WMT, Fortune 500) Apple (AAPL, Fortune 500), McDonald's (MCD, Fortune 500)and Ford (F, Fortune 500) have already taken Obama's pledge. But the White House also made clear that signing it didn't mean the 300 companies were discriminating against the unemployed.
It's more about sending a message, said Mike Evangelist, a policy analyst with the National Employment Law Project.
"I think it's an important first step," he said. "You're talking about changing attitudes, but it's not going to directly create new jobs."
When reporters asked just how many people would be helped by the pledge, the White House wouldn't answer that question.
"This pledge is saying that those who are long-term unemployed should get a fair shot," Gene Sperling, director of the National Economic Council, said on a conference call Thursday.
Are you unemployed? Share your story with CNNMoney
As of December, about 4 million Americans were counted as unemployed for more than 27 weeks. Efforts backed by Obama to extend a federal program providing jobless benefits to that group fell flat earlier this month in Congress.
New Jersey, Oregon and the District of Columbia already have laws in place, prohibiting job ads that discriminate against the unemployed. In 2011, the President tried to get Congress to pass a nationwide law, prohibiting discrimination based on unemployment status. Bills were introduced in the Senate and House, but little progress was made.
First Published: January 31, 2014: 2:36 PM ET
Tim Tebow takes a selfie with Bigfoot in a Super Bowl ad from T-Mobile.
NEW YORK (CNNMoney)
The former New York Jets quarterback won't be playing in the game. Instead, he'll be starring in the first Super Bowl ads by telecom provider T-Mobile (TMUS).
The spots make fun of the former football star's fictitious struggle to find steady work since becoming a free agent. He hasn't played a regular season game since 2012.
"Still no contract, but it's all good," says Tebow, in one of the ads, where he then demonstrates his new occupations as rodeo cowboy, stunt car driver, rock star and obstetrician.
He also explains how his life as a free agent gives him time to pursue the important things in life, like rescuing puppies from a burning building, playing football on the moon and venturing into the woods to "tackle the unknown," which he demonstrates by tackling a Yeti.
Related: Sneak peak at Super Bowl ads
"Bottom line, contracts hold you back," says Tebow.
Then, an anonymous voice-over intones, "Switch to T-Mobile, and we'll buy you out of yours."
T-Mobile is running three 30-second spots during the big game on Sunday, with Tebow appearing in two of them. The ads promote the company's recently launched offer to cover the costs for anyone breaking a contract with their current network provider to switch to T-Mobile, up to $650 per contract.
"We really wanted to use the platform of the Super Bowl to really bring forth our message of no contract to the mass audience the Super Bowl reaches," said Peter DeLuca, senior vice president of brand communication for T-Mobile.
Related: Skinheads behind the scenes of Apple's '1984'
The cost of air time reached a record high this year, with Fox charging as much as $4.5 million for a 30-second spot.
While this is the first time for T-Mobile to appear in Super Bowl ads, it is not the first time for the Heisman trophy winner Tebow. In 2010, the devout Christian appeared in a spot with his mother Pam. It was sponsored by pro-life organization Focus on the Family.
At this year's Super Bowl, the Seattle Seahawks face the Denver Broncos at the MetLife Stadium in East Rutherford, N.J.
First Published: January 31, 2014: 11:58 AM ET
NEW YORK (CNNMoney)
Friday marks the official start of the 2014 tax season, when the IRS begins accepting and processing last year's tax returns. The kick-off comes 10 days later than expected this year, thanks to the government shutdown in October -- which prevented the IRS from being able to update its programs and systems on time.
The filing deadline hasn't changed, however. Your taxes are still due by midnight on Tuesday, April 15.
Related: How to lower your tax bill
Tax preparation services like H&R Block and TurboTax have already been allowing taxpayers to file their taxes, but now they are finally able to transmit those returns to the IRS.
The IRS says it expects to receive 148 million returns this year, the majority of which will be filed electronically.
The agency doles out refunds to roughly three out of four taxpayers, and most refunds are received within 21 days. Last year, refunds averaged $2,744 -- $50 less than the previous year.
First Published: January 31, 2014: 12:40 PM ET
NEW YORK (CNNMoney)
A weekly collection of design, data and interactive links.
Design/Data viz
Air Quality | Environmental Performance Index from Yale
Mr. Macintosh | How Steve Jobs almost put a little man in every Mac
100 Years of Design | AIGA's celebrates American design and its impact
LEGO Build | Construct and share LEGO (Chrome browser)
Dream On | A look into the future by Soleil Noir
Flagsmith | A flag building typeface
Joanie Lemercier | Installations and geometric visual art by Joanie Lemercier
Forgotify | 4 million songs on Spotify that have never been played.
Photo/Video
Airships | Photographs of airships since the 1850s
Midday Traffic | Traffic organized by color
Conference Call | A conference call in real life
Illustration
Rafael Araujo | Mathematical drawings done without the computer
Maple Syrup Heist | An illustrated account of the great maple syrup heist
Mestre Fungo | Animated illustrations
See last week's links
Have a nice weekend!
@dubly and @talyellin
First Published: January 31, 2014: 12:55 PM ET
Warmer weather forecasts have increased demand, and prices, for Super Bowl tickets.
NEW YORK (CNNMoney)
Worries about the league's first outdoor Super Bowl in a cold-weather climate had cooled off demand for tickets, driving prices lower than they'd been for the last three championship games.
With temperatures on Sunday now expected to hit 50 degrees during the day and just below 30 degrees at night, average resale prices have jumped ahead of a year ago. Fans can now expect to shell out an average of $2,060, according to SeatGeek, a search engine that tracks online sales.
There's even a possibility of a last minute price increase. Ticket sellers typically cut prices as kickoff approaches to move remaining tickets.
Related: A sneak peak at Super Bowl ads
"Right now, inventory has fallen from around 12,000 tickets listed on secondary markets just two days ago to roughly 6,000 unique tickets listed today," said Will Flaherty, spokesman for SeatGeek. "If inventory gets tight over the next day or so, we could see a late jump in prices as the weather improves."
Flaherty said typically the resale price of tickets is firmest in the period starting two weeks ahead of the big game. That's when the matchup is decided and when die-hard fans of the two teams scramble to find tickets and a place to stay. But this year the average resale price plunged by 40%, which many attribute to a snow storm and the frigid temperatures.
But after hitting a low point this past Sunday, the ticket prices posted an unusual rally, rebounding 13% early this past week
Related: Super Bowl creating traffic jam for private jets
Another thing that is helping demand is a surprising surge of demand from local fans. The strongest demand for tickets typically comes from the two team's home markets.
StubHub, a unit of eBay (EBAY, Fortune 500) that is one of the largest ticket resale markets, estimates that 25% of purchases are being made to fans in New York and New Jersey, compared to 17% from Washington State and 11% from Colorado. Flaherty said rich fans in the New York area are helping to support prices. New Orleans and Indianapolis, the last two cities to host the game, are relatively small markets with far less disposable income.
"You couldn't fit all the millionaires in New York City into the stadium," said Flaherty.
The highest price paid for a Super Bowl ticket so far this year is $13,530, according to StubHub. That's 25% more than the top price paid for last year's game.
-- CNN's Amanda Hobor contributed to this report
First Published: January 31, 2014: 1:07 PM ET
Worries about deflation could lead to a rate cut.
LONDON (CNNMoney)
The first official estimate of eurozone inflation in January was a weaker-than-expected 0.7% -- the same level that prompted the European Central Bank to cut rates in November. Consumer prices rose by 0.8% in December.
The weaker January number "puts significant pressure on the ECB to take further stimulative action at its February policy meeting next Thursday," said IHS Insight's chief European economist Howard Archer.
Cheaper energy was largely to blame, but the stronger euro has also been pulling import prices down, economists said.
Europe is slowly recovering from the recession triggered by its debt crisis. The International Monetary Fund expects the 18-nation eurozone economy to grow by 1% percent in 2014, after shrinking by an estimated 0.4% last year.
But unemployment remains stuck at a record high of 12%, with businesses reluctant or unable to invest. Lending to households and companies is very weak, partly because the region's banks have yet to regain full health.
Related: Worst yet to come for Fragile Five
IMF Managing Director Christine Largarde warned last week that a shock could turn Europe's low inflation into deflation -- defined as a broad-based price decline that can lead to a slowdown in consumer spending.
The IMF has also warned about the risks posed by the Federal Reserve's gradual withdrawal of cheap money.
Emerging market currencies have been on the ropes this week, forcing three central banks to hike rates -- moves which could contain the seeds of a shock if growth suffers and chokes off Europe's export-led recovery.
Speaking at the World Economic Forum in Davos last week, ECB President Mario Draghi repeated a pledge to use all the tools at the bank's disposal should the medium-term outlook worsen.
Related: Europe's economy: What could go wrong
The ECB's main refinancing rate stands at a record low of 0.25%.
Archer said he thinks the ECB was more likely to resist pressure to hike rates next week, given survey evidence that points to stronger business activity and rising confidence.
But it may just be a matter of time before Draghi acts again, either by reducing the main rate further, cutting deposit rates into negative territory -- in effect charging banks to keep money with the ECB -- or possibly by buying packages of bank loans issued to firms and households.
Draghi has indicated that a program of quantitative easing as pursued by the Fed, Bank of Japan and Bank of England, would not be allowed under EU law.
First Published: January 31, 2014: 11:07 AM ET
Protestors oppose cuts to healthcare coverage for city of Detroit retirees.
NEW YORK (CNNMoney)
"We're happy we're able to reach any agreement short of protracted litigation," Nowling said. "Things are starting to move in the bankruptcy case and we think it's moving in a positive way."
The cost of providing health care coverage for retirees accounted for about half of the $11.5 billion in unsecured debt that the city cited in its July 18 bankruptcy filing. The plan presented by Orr calls for using the bankruptcy court process to slash those debts to $2 billion.
Related: $330 million deal could save art in bankrupt Detroit
The tentative deal only covers the cost of health care, not pension benefits, which also could be cut in the city's bankruptcy reorganization. Pension benefits have some protections under the Michigan state constitution, but it is not clear whether those protections mean anything in the bankruptcy court process. The retiree health care coverage has even fewer legal protections.
The city has provided health care coverage to retirees who are not yet eligible for Medicare that is similar to what active employees get. It has also offered a supplemental Medicare policy.
In October, the city announced plans to end health care coverage for retirees not yet eligible for Medicare. Instead, those retirees would get a $125-a-month stipend to buy coverage on their own, either through the Obamacare exchanges or a current employer.
Michigan governor offers $350 million bailout for Detroit pensions
But first because of problems with the Obamacare web sites, and then at the request of mediators, the city delayed cutting those benefits. They were due to take effect March 1.
There had been a hearing in bankruptcy court set for Feb 3, to hear a legal challenge to these benefit cuts. But on Friday, mediators in the case announced the two sides had reached an agreement and that the legal challenge would be dropped.
Details of the agreement still need to be worked out, according to Nowling. And it will need to be approved by bankruptcy court judge Steven Rhodes.
Rhodes has already rejected a previous agreement between Orr and two major banks that hold city debt, the Bank of America (BAC, Fortune 500) and UBS (UBS). That agreement was also backed by mediators, so it's not certain that Rhodes will approve the deal.
Spokespeople for the city's unions were not available for comment Friday.
First Published: January 31, 2014: 2:41 PM ET
NEW YORK (CNNMoney)
But not everyone thinks the new plans are a great deal. The accounts, which will launch in a pilot program later this year and will eventually be available to any worker who gets paid through direct deposit and earns below a certain threshold, has elicited a wide range of reaction.
CNNMoney heard from dozens of readers about the president's plan. From disbelievers to eager savers, here's a sampling of where America stands on myRAs:
"Why would anyone consider giving a broke and bankrupt government any more of your money? That's foolish," said 62-year-old reader Steve Keller.
Related: What you need to know about Obama's 'myRA' retirement accounts
Yet, people from a range of ages and financial situations expressed enthusiasm for myRA, saying they would sign up immediately if able. Some don't have access to workplace savings plan, while others said they like the idea of supplementing their savings with the account, which would allow them to save up to $5,500 a year until the account balance reaches $15,000.
In previous years, 36-year-old Grand Prairie, Texas resident Angel Malone had both retirement and other savings set aside. But after weathering four months of unemployment last year and taking a significant pay cut, Malone now says she has less than $1,000 in savings.
Malone, who as a contract worker doesn't receive retirement benefits, said myRA could help her start saving again.
"Being able to start it with a small contribution (is) very affordable at this point for me," she said. "These days anything saved is a help over $0."
Many readers were worried they would not have enough money to live on in retirement and hoped the new plan could help their situation.
"I'm going to be pretty much dependent on Social Security. But I would like to continue saving," said 67-year-old Kathryn Riss, who stopped saving for retirement after losing her job in 2008. While she found a new job in 2009, she now earns around a third of what she used to and doesn't receive retirement benefits.
She and her husband keep the modest savings they do have in money market accounts, which earn less than 1%. The myRA, on the other hand, will invest in government savings bonds and provide returns of around 2% to 3%, depending on interest rates.
Riss said they would like the security and slightly higher returns that the government-backed accounts would offer. "We don't want something that's really volatile and where there's high risk," she said.
Related: Will you have enough to retire?
But other readers weren't sold. Alaska resident John Baumeister, 43, said he would never put his retirement savings in an investment with such a modest return. While Baumeister receives pension benefits from his job as a firefighter, he also invests in a traditional Roth IRA.
"2% interest is pathetic," he said. "Inflation will swallow your buying power at that rate."
Torrington, Conn. resident Dave Elwell is 24, earns a modest income as a mason's apprentice and receives no retirement benefits, making him the target audience for the myRA program.
Yet, in Elwell's opinion, "myRA is little more than worthless" for a young saver due to the minimal returns.
Instead, he said he will continue to contribute 10% of his pay to the Roth IRA account that he set up around six months ago with an online broker. Elwell said he splits his savings among five mutual funds, which are heavily invested in stocks and have been earning double digit annual returns.
"(Obama is) making it seem like people can take money and put it in this account and really have something special," he said. "But after inflation, what will that really be worth?"
First Published: January 31, 2014: 2:50 PM ET
| By Mark Glendenning | Friday, January 31st 2014, 17:15 GMT |
Team Penske president Tim Cindric has backed the new NASCAR Sprint Cup playoff system, and believes that it will provide more incentive to teams and improve the spectacle.
Under the new system, which was first rumoured earlier in the month before being confirmed this week, 16 drivers will qualify for the 10-race Chase based on wins during the previous 26 races.
From there, four drivers will be eliminated from contention every three races, leaving just four in contention for a winner-takes-all finale at Homestead.
While the early response from fans has been mixed, the initial reaction from within the paddock has largely been positive.
Cindric told AUTOSPORT that although there could be scope for the system to be improved, he remains convinced that it is a change for the better.
"I'm excited," he said. "Change is difficult for everybody to digest sometimes, but when I look at that format ... I've been in a few discussions about how to make it better, and I think the details need to play out, but I think it's a really good format.
"It will keep the teams motivated throughout the season because it's not as simple as winning a race and then taking a break.
"Once the Chase section of it starts, or the playoffs, or whatever they're referring to it as now, I think it's going to be really exciting."
One of the features that particularly appeals to Cindric is the opportunity for drivers to salvage their championship hopes if they encounter a problem early in the Chase.
Last year, Penske's Joey Logano suffered an engine glitch in the first race of the Chase that essentially ended his title campaign.
"You're racing for fifth at best from that point on," said Cindric of Logano's 2013 title pursuit. "Now, you still have a couple more chances to recover.
"Certainly the way that Homestead is going to play with the final four racing to the line at the end, I think it will be among the most exciting racing that we've seen, regardless of what type of car it is."
| By Jonathan Noble | Friday, January 31st 2014, 18:42 GMT |
Caterham's Kamui Kobayashi is not concerned that Renault's problems could last until the start of the 2014 Formula 1 season, despite its troubled week at Jerez.
Renault encountered a difficult first pre-season test in Spain, with a host of different issues limiting the running of its Caterham, Toro Rosso and Red Bull teams.
But despite it having failed to conquer the issues by the end of the test, Kobayashi reckons Renault has the resources and skills to get on top of the situation.
"I am not worried," explained the Caterham driver. "They did the best job for the last couple of years so I am not really, really worried.
"They mentioned before coming here that they were quite a lot on the back [foot] with the programme. I said [to them], are you surprised by this result? They said no because we are missing a lot of schedules and are late.
"We have to see how much they work in these two weeks with this data, and we will see how much they improve in Bahrain. And if at the Bahrain test everything is well I will be pretty happy.
"It is very important everyone works in these two weeks, especially for the Renault engine, for us, and for Red Bull. Everyone is the same. We are missing a lot of mileage."
Caterham emerged from the Jerez test with the highest mileage completed of any of the Renault teams.
It managed 76 laps over the four days, with Toro Rosso completing 54 laps and Red Bull doing just 21 laps.
RENAULT WORKING ON SOLUTIONS
Renault's engine chief Rob White has reiterated his belief that there is enough time for improvements to be made to its sub-systems controls to allow it to get some meaningful running done at the next tests.
"Of course we now have a large job list for Bahrain as a lot of the items we wanted to test in Jerez we have not been able to cover," he said.
"The next stage is to identify the root causes for the problems we experienced, to develop the solutions to strengthen our validation process so we can be more confident to tackle Bahrain in a more normal way."
| By Gary Watkins | Friday, January 31st 2014, 20:14 GMT |
The Interlagos round of the World Endurance Championship has been moved from its August date to become the series finale at the end of November.
The Brazilian event, originally lined up for August 31, has been rescheduled as a result of a request from promoter Emerson Fittipaldi and will now take place on November 30, two weeks after the Bahrain round.
Two reasons have been given for the request: a desire to have longer to promote the event after the end of the FIFA World Cup in Brazil in June and July; and a shift in the date of the Brazilian Grand Prix at Interlagos to November 9.
This meant the August date was unavailable because the circuit has to be prepared for the arrival of Formula 1.
The move means that there is now a gap of more than three months between round three of the WEC, the Le Mans 24 Hours on June 14/15, and the start of the non-European leg of the championship at Austin in the USA on September 20.
Series organiser the Automobile Club de l'Ouest has reached an agreement for its race to be held on the Saturday of the joint promotion with the United SportsCar Championship at Austin.
Revised 2014 WEC calendar: April 20 Silverstone (GB) May 3 Spa (B) June 14/15 Le Mans 24 Hours (F) September 20 Austin (US) October 12 Fuji (J) November 2 Shanghai (PRC) November 15 Sakhir (BH) November 30 Interlagos (BR)
