| By Jonathan Noble | Thursday, October 30th 2014, 21:20 GMT |
Caterham and Marussia have been deemed to be in breach of Formula 1 regulations by not participating in the United States Grand Prix, but will escape penalties for now
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Jonathan Noble | Thursday, October 30th 2014, 21:31 GMT |
Formula 1's qualifying format has been altered for the United States Grand Prix because of the absence of Caterham and Marussia
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Jonathan Noble | Thursday, October 30th 2014, 22:49 GMT |
Sauber team principal Monisha Kaltenborn has demanded the FIA do whatever it takes to address Formula 1's cost crisis, or risk the sport destroying itself
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Jonathan Noble | Wednesday, October 29th 2014, 17:38 GMT |
Formula 1 is still paying the price for the negativity fuelled earlier this year by senior figures within the sport, reckons four-time champion Alain Prost
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Ben Anderson and Jonathan Noble | Wednesday, October 29th 2014, 13:36 GMT |
Renault has backed Ferrari in suggesting that lifting Formula 1's engine freeze will not lead to a dramatic hiking in costs
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Mark Glendenning | Wednesday, October 29th 2014, 19:03 GMT |
IndyCar rising star Jack Hawksworth will join AJ Foyt Racing for 2015 in a deal that marks the realisation of the team's long-held ambitions to add a full-time second entry
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Andrew van Leeuwen | Tuesday, October 28th 2014, 15:37 GMT |
After a season of debate over its race format in 2014, the DTM declared at its season finale that its race format will be overhauled for next year
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Mark Glendenning | Tuesday, October 28th 2014, 17:11 GMT |
GP2 and Formula E racer Daniel Abt says that he is more keen than ever to pursue a career in the US after testing an Andretti Autosport IndyCar on Monday
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| Tuesday, October 28th 2014, 17:46 GMT |
The British Touring Car Championship has announced substantial 2015 rule changes encompassing boost and success ballast regulations, grid formats and measures to equalise start performance between front- and rear-wheel-drive cars
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| Monday, October 27th 2014, 15:28 GMT |
World Rally champion Sebastien Ogier says he became so dispirited by the debate over the future of the series that it damaged his motivation during the 2014 season
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Marcus Simmons | Monday, October 27th 2014, 12:57 GMT |
New Toro Rosso signing Max Verstappen sees the Macau Grand Prix as the perfect way to end his rookie season in car racing before graduating to Formula 1
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Scott Mitchell | Monday, October 27th 2014, 20:31 GMT |
McLaren AUTOSPORT BRDC Award winner Matt Parry described his prize McLaren Formula 1 test as a "phenomenal" experience after completing his running at Silverstone on Monday
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| Sunday, October 26th 2014, 22:01 GMT |
Dale Earnhardt Jr denied his title-contending Hendrick team-mate Jeff Gordon victory as the Eliminator round of the 2014 NASCAR Sprint Cup Chase began at Martinsville Speedway
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| Sunday, October 26th 2014, 12:33 GMT |
Sebastien Ogier sealed his second World Rally Championship title with a round to spare with victory in an eventful Rally of Spain
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Ben Anderson | Sunday, October 26th 2014, 12:24 GMT |
Felipe Massa reckons Kimi Raikkonen's struggles compared to Ferrari team-mate Fernando Alonso this season are more psychological than anything to do with the set-up of the Finn's Formula 1 car
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| Saturday, October 25th 2014, 10:23 GMT |
Sebastien Ogier saw his Rally of Spain lead trimmed on Saturday morning, as title rival Jari-Matti Latvala reduced the gap by eight seconds with a trio of stage wins
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| Saturday, October 25th 2014, 15:10 GMT |
Esapekka Lappi moved to the brink of the 2014 European Rally Championship title with a commanding Rally of Valais win.
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| Saturday, October 25th 2014, 16:02 GMT |
Sebastien Ogier will take a lead of 27 seconds into the final day of the Rally of Spain after stemming the advances of title rival Jari-Matti Latvala on Saturday afternoon
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
NEW YORK (CNNMoney)
A weekly collection of design, data and interactive links.
Design/Data viz
ACNP\WGL | Interactive Canvas and WebGL experiments
Beautiful Maps | Tumblr collection of maps
Kristian Hammerstad | Editorial illustrations
Skin | WebGL renders realistic skin texture
The Bus | The Bus by Paul Kirchner
Amigos Playing Cards | Playing cards created by graphic designers
Mattias Adolfsson | A look at the artists sketchbooks
Sound City Project | Listen to New York City
DevTools Tips | Chrome Developer Tools tips and tricks
Introducing GIFV | Automatically convert uploaded gif files on the fly into mp4 format
Photo/Video
I've fallen, and I can't get up! | Dave Fothergill tests crowd dynamics using Miarmy for Maya
Drone Racing | Star Wars Style
The Empire Strikes Back Uncut | A fan-made shot-for-shot recreation
Live Coding | Live coding in VR with the Oculus Rift, Firefox WebVR, JavaScript and three.js
See last week's links
Have a nice weekend!
@dubly and @talyellin
First Published: October 24, 2014: 2:15 PM ET
NEW YORK (CNNMoney)
Some people have considered canceling visits to big theme parks and have aired worries about whether airports and public areas are safe zones.
It's no wonder that investors are assessing Ebola's impact on the economy. Stocks of companies that make drugs that treat the virus have had a wild ride.
It's no small issue. Ebola has killed nearly 5,000 people, mostly in West Africa. The deadly virus has killed one person in the United States and on Friday, a doctor in New York City became the fourth person to have tested positive for Ebola in the country.
One trader, Dave Lutz of Jones Trading, has compiled a list of stocks that are either directly impacted or could be affected by the spread of Ebola.
Canadian biotech firm Tekmira Pharmaceuticals (TKMR)' stock surged in September after the FDA authorized the company's drug for patients with Ebola in the United States. Shares have since pulled back. The company has started limited production of its drug, TKM-Ebola, which will be available in early December.
BioCryst Pharmaceuticals (BCRX) is another small biotech company working on a drug that could be used to treat Ebola. Its stock has been on a roller coaster ride lately.
NewLink Genetics (NLNK) is working with the World Health Organization and other agencies on an Ebola vaccine. Its shares have surged 57% in the past month.
Companies that make protective equipment for healthcare workers or provide services to governments have also seen gains. Lakeland Industries (LAKE) said in September that it was boosting production of the protective suits in response to growing demand. It's stock has surged 76% in the last four weeks.
Alpha Pro Tech (APT) also makes protective equipment for healthcare workers. Its stock jumped 5% on Friday alone.
Some investors believe the airline industry is also vulnerable to the outbreak. Concerns about air travel rose this month after a Dallas nurse, who treated an Ebola patient, flew round trip between Dallas and Cleveland before being diagnosed with the virus.
Though airline stocks were hurt earlier in the month, they are now near all-time highs after reporting record setting profits.
Cruise ship operators have also been in focus after a healthcare worker who handled Ebola test samples was quarantined on a cruise ship earlier this month. Shares of both Carnival (CCL) and Royal Caribbean Cruises (RCL) have been under pressure recently.
Hotel chains could also be at risk if worries about Ebola cause people to curtail their vacation plans.
Hilton Worldwide (HLT) and Starwood Hotels (HOT) are on Lutz's list...
...as are amusement park operator Six Flags (SIX) and movie theater company Regal Entertainment (RGC).
First Published: October 24, 2014: 4:39 PM ET
NEW YORK (CNNMoney)
The automaker's chief executive Takanobu Ito will return that portion of his salary starting in November. Chairman Fumihiko Ike and other 11 directors will also return 10% of their pay starting next month.
According to company filings, Ito was paid $944,000 in salary and a bonus of $444,000 in the most recent fiscal year.
His total pay is a fraction of what U.S. auto executives earn. General Motors (GM) CEO Mary Barra has a base salary of $1.6 million, and total compensation of $14.4 million a year.
Barra and other top GM executives didn't take any financial hit personally amid that company's recall crisis. GM did however ax 15 employees and discipline another five for their roles in the recall debacle that's been tied to 29 deaths.
Like GM, Honda Motors (HMC) stands accused of failing to recall faulty cars before they killed people. The company has recalled 5.1 million U.S. cars with airbags that could explode and can send metal particles into the car's occupants. Three Honda drivers and one driver of an Acura, which is also made by Honda, have been killed by the exploding airbags, according to the Center for Auto Safety. Dozens more have suffered serious injuries, and two drivers who were blinded in at least one eye.
"People get pay raises for good performance. They should get pay cuts for bad performance," said Clarence Ditlow, executive director of the center. "There's no worse performance than selling cars with defects that lead to deaths and injuries on the highway."
Related: One in five cars have been recalled
But the center isn't satisfied with pay cuts. It has written to federal regulators demanding a criminal investigation into whether Honda properly report the deaths that occurred in its cars.
Honda is not the only automaker to have problems with exploding airbags. The National Highway Traffic Safety Administration has stepped up efforts to repair 2.7 million other recalled cars with airbags made by Honda's supplier, Takata. Affected automakers include BMW, Chrysler Group (FCAU), Ford Motor (F), GM, Mazda, Mitsubishi, Nissan, Subaru and Toyota Motor (TM).
Honda has recently been hit with other recalls that have dented its reputation for quality. The newly redesigned Honda Fit, the sub-compact car that Ito is reported to have described as its "most important model," has already been recalled five separate times worldwide since its debut earlier this this year, according to Automotive News.
Related: Stepped up effort to replace exploding airbags
First Published: October 24, 2014: 12:08 PM ET
NEW YORK (CNNMoney)
In the hours before Spencer was diagnosed he had gone bowling, rode the A train and stopped by a meatball shop. But there was not a single pun to be found on New York City newsstands Friday morning. No hysteria and no sensationalism.
Instead newspapers like AM New York went with just the facts. The free daily's front page simply said "Ebola in NYC" and showed a picture of Spencer in a hazmat suit while caring for victims in West Africa:
"We didn't want to be alarmists," said Pete Catapano, executive editor of AM New York. "Obviously it's a scary subject... We wanted to be very direct, very straight-forward."
Related: Syracuse University disinvites journalist over Ebola fears
The Daily News also took a tempered approach with its front page:
The New York Post (which is infamous for its outrageous covers) was a little more brash with its "Ebola Here!" headline, but did stick to just the facts:
"A subject like this... people make jokes about it. That's not our place to do that," Catapano said. "We just wanted to be very respectful, and let the story speak for itself."
Related: EU pledges 1 billion euros to fight Ebola
First Published: October 24, 2014: 5:39 PM ET
Many AT&T U-Verse customers across the country woke up to this emergency alert on their TVs. NEW YORK (CNNMoney)
Many U-verse customers across the country woke up to the curious message on their TVs.
It read "this is an Emergency Action Notification." Viewers were forced to stay tuned to the channel.
Customers were also saying that the alert stated it was requested by the White House regarding a national emergency.
The message seems to have been sent in error.
Related: AT&T will pay $105 million for unauthorized charges on customer bills
"We confirmed that there is no emergency at this time and we are investigating why this occurred," said an AT&T spokesperson. "We apologize for any inconvenience."
Local NBC station KXAN in Austin reported that the alerts were affecting people in cities like Atlanta, Austin, and Detroit.
The seemingly erroneous alert startled many users.
Some consumers contacted their local stations to figure out what was going on. Others took to online forums and Twitter to both voice their concerns and to seek out further information.
Related: Netflix and AT&T strike deal to boost streaming speeds
First Published: October 24, 2014: 11:55 AM ET
The U.S. has the world's largest emergency stockpile of oil. NEW YORK (CNNMoney)
Senator Ron Wyden of Oregon fired off a letter this week asking the Department of Energy to study the "size and make-up" of the U.S.' Strategic Petroleum Reserve.
It comes fresh on the heels of a report on Monday from the non-partisan Government Accountability Office that also called for a similar review.
The U.S. has the largest emergency stockpile of oil in the world. And now that the country's oil production is booming, there's questions if America needs to hold so much crude in reserve. The Department of Energy didn't respond to a request for comment.
Congress created the reserve in response to the 1973 oil embargo, which caused a supply shock and a recession.
But the United States is now on track to surpass Saudi Arabia as the world's largest energy producer next year. That's thanks in large part to new technologies such as hydraulic fracking, which has made the extraction of oil and gas from shale rock commercially viable.
Related: Oil boom leads to shortage of construction workers
"The recent shale boom is having a profound effect on United States energy policy," Wyden wrote to Energy Secretary Ernest Moniz.
The talk of shrinking the oil reserve is a major shift from the political debates of the past years, when Americans were being squeezed by high gas prices.
In 2008, the Congress passed legislation that temporarily halted deposits of oil into the reserves.
Three years later, when the global economy was at risk of an oil supply shock due to the war in Libya, the United States and 28 other nations tapped their strategic reserves.
Related: Oil will tumble to $70 says new 'bond king'
Fast forward to today, and the situation looks very different. Oil prices in the United States have tumbled to the lowest levels since 2012, and gas prices have fallen below $3 a gallon in many parts of the country.
Currently, there's enough oil in storage to meet the nation's needs for 106 days. In contrast, most oil consuming nations have 90 days of oil supply in storage.
Wyden says energy policies put in place as recently as 2007 are now "at best irrelevant, or at worst detrimental, to national environmental and economic goals."
First Published: October 24, 2014: 2:03 PM ET
NEW YORK (CNNMoney)
Yup. Amazon's lousy third-quarter results and weak fourth-quarter outlook has made CEO Jeff Bezos a Grinch to investors.
Shares of Amazon (AMZN, Tech30) plunged more than 8% Friday as the market has decided it wouldn't touch the stock with a thirty-nine and a half foot pole.
And it's been that way all year.
The stock is now down 28% in 2014, making it the worst performer in CNNMoney's Tech 30 index. (Mobile chip company ARM Holding (ARMH, Tech30) had been the biggest loser before Friday.)
The huge loss in the third quarter is troubling enough. It's a sign that not all of Amazon's big investments are paying off. The Fire Phone, which Amazon hyped to death because it was a 3-D smartphone, has been an unmitigated flop.
But it's even more alarming that Amazon's fourth quarter sales projections are worse than expected.
Amazon, like all retailers, live and die by holiday shopping. (And make no mistake, Amazon is simply a low-margin retailer that happens to use tech as opposed to brick-and-mortar sales to sell goods).
If Amazon has a lousy fourth quarter, it's hard to make a compelling case for why the stock could go much higher anytime soon.
Even after Friday's drop, share still trade at the positively obscene valuation of 150 times 2015 earnings estimates.
Sure, big hedge fund investors and traders are often guilty of being too myopic ... focusing on quarter-by-quarter results instead of the long haul.
Bezos clearly is a visionary. He often has had the last (maniacal) laugh at skeptics who thought he was investing too much on initiatives that would hurt profit margins in the short term.
Several analysts are continuing to defend Amazon as well ... albeit tepidly.
The Internet analysts at Jefferies reiterated their "buy" target on Amazon Friday morning because they still believe in the long-term strategy. But they also cut their price target on the stock and lowered their revenue and earnings estimates for the fourth quarter.
But Amazon now seems to be a company that is throwing every strand of spaghetti it can find at the wall to see what will stick. Amazon appears to lack focus.
Drones? Phones? TV shows? While reviews for the new show "Transparent" have been phenomenal, should Amazon really try and compete with Netflix (NFLX, Tech30) and media giants in the costly business of programming?
To be fair, you could say that Google (GOOGL, Tech30) and Facebook (FB, Tech30) also have their fingers in too many tech pies.
But the big difference between them and Amazon is both of those companies are still wildly profitable even as they invest in things like driverless cars, virtual reality ... and of course, drones.
As long as other tech giants are able to strike that balance between keeping investors happy now while also continuing to invest so they can remain on top in the future, then Amazon is going to be at a disadvantage.
Private companies can get away with spending as much as they want and not worrying about the consequences. Amazon is not a private company.
So until Bezos proves to Wall Street that he's serious about returning to profitability, the the three best words that investors will use to best describe Amazon are as follows, and I quote: Stink! Stank! Stunk!
First Published: October 24, 2014: 11:17 AM ET
NEW YORK (CNNMoney)
But satisfying Wall Street's extremely high expectations for his company when Facebook reports its third quarter results on Tuesday may prove to be even more difficult.
Shares of Facebook (FB, Tech30) hit an all-time high of above $80 a share on Friday.
Facebook went public in May 2012 at $38 a share and wound up plunging to $17.55 a few months later due to worries that Zuckerberg had no mobile strategy for Facebook.
So in a little more than two years, the stock has more than quadrupled from its lows.
Shares are up more than 45% this year alone.
It's a stunning turnaround. And it's all due to Facebook's successful transition from the desktop to smartphones and tablets.
Facebook finished the second quarter with 1.07 billion mobile monthly active users. And mobile ads accounted for 62% of Facebook's total advertising revenue.
What this means though is that there is a lot of pressure on Facebook to keep posting insanely strong levels of growth.
Related: Facebook is one of the top performers in CNNMoney's Tech 30 index
Facebook is no longer viewed as a company that might become a big player in online advertising. It is a big player, especially in mobile. It's essentially a race between Facebook and Google (GOOGL, Tech30). Other companies, such as Microsoft (MSFT, Tech30), Twitter (TWTR, Tech30), AOL (AOL, Tech30) and Yahoo (YHOO, Tech30) are all fighting for the scraps left behind by Larry Page and Zuckerberg.
Brian Wieser, an analyst with Pivotal Research Group, raised his price target to $106 a share on Friday. He cited strong online ad trends as his key reason. And he's not the only analyst who is bullish.
Wall Street is forecasting a 55% jump in sales for the third quarter and 60% increase in earnings per share.
If Facebook merely meets those estimates, it may not be enough to keep the momentum investor trading crowd happy.
Shares are pretty expensive too, trading at nearly 40 times 2015 earnings forecasts. And investors can be unkind to Wall Street darlings who don't live up to the hype. Just look at Netflix (NFLX, Tech30), Amazon (AMZN, Tech30) and Yelp (YELP).
Facebook is a much healthier company than any of those three though. But there are some similarities between Facebook and Amazon that could be troubling.
Related: Jeff Bezos is the Grinch that stole Amazon's Christmas
Zuckerberg, like Amazon CEO Jeff Bezos, has shown a tendency to make bold bets that may not immediately pan out. For now, Wall Street is giving Zuckerberg the benefit of the doubt. And they should. The purchase of Instagram has been a huge success for the company.
But what if WhatsApp and Oculus, two big deals announced this year, are duds? Bezos is coming under pressure now because investors fear that Amazon is spread too thin.
So the big challenge for Zuckerberg is to make sure Facebook can steer clear of the problems now plaguing Amazon.
First Published: October 24, 2014: 2:46 PM ET
NEW YORK (CNNMoney)
Until now the nearly 8 million vehicles under recall have been concentrated in warmer states with humid climates, but there is increasing pressure to expand efforts nationwide.
Related: Regulators rushing to replace exploding airbags.
The recall started last year, and it expanded earlier this year. The issue gained increasing attention earlier this month as Toyota and the National Highway Traffic Safety Administration stepped efforts to get car owners to replace their airbags.
At least four deaths and numerous injuries were linked to the parts, which didn't expand properly in an accident or sometimes exploded.
The list of affected makes include Honda (HMC), Toyota (TM), BMW, Mazda (MZDAF), Mitsubishi (MMTOF), Subaru, Nissan (NSANY), Ford (F) and General Motors (GM). Japanese parts maker Takata manufactured the defective airbags.
Related: Honda CEO takes $47,000 pay cut over recalls
The official, who briefed reporters on background, criticized the National Highway Traffic Safety Administration's response to the faulty devices.
"The inaccurate number of vehicles affected was not helpful to consumers, nor the fact that the agency's website was not working," the official said. "[The Department of Transportation] is doing an after action to make sure it doesn't happen again."
The official also said the DOT would be investigating the NHTSA's "safety culture", with a focus on the agency's risk management procedures. The NHTSA's director, David Strickland, stepped down nine months ago, and his replacement will soon be announced.
First Published: October 24, 2014: 2:17 PM ET
NEW YORK (CNNMoney)
A new survey shows the lowest prices for domestic airfares are found eight weeks before the departure date, around 19% below the average fare of $496, according to the Airlines Reporting Corporation, a travel industry research group owned by the airlines.
The report, which was based on ticket sales between January 2013 through July 2014, also found Sunday is the cheapest day to buy plane tickets. This Sunday marks nine weeks until Christmas week, so the clock is ticking.
"It's about time we stop believing in the airfare voodoo that Tuesday is the best day to get good ticket prices," said George Hobica, president of Airfarewatchdog.com. The average domestic fare paid on a Sunday is $71 cheaper than on a Monday, the most expensive day, the report showed.
Getting a deal on holiday travel is always hard, but maybe even more so this year, according to Keith Nowak from Travelocity. He said supply and demand is in full effect, giving airlines the pricing power.
Passengers are flying more this year than in the recent past, but airlines aren't adding more seats, he said. "You've got passenger loads growing faster than seats being added. It's clear given the current load factors, holiday planes are going to be full."
Related: Hottest places to travel this winter
The most recent data from the Department of Transportation showed the number of domestic fliers in July was the highest since the end of the recession. U.S. airlines carried 385 million passengers, up 2.1% from 2013.
Here are four expert tips to snag the best deals this holiday season:
Book early. Booking early doesn't always mean better prices, but you're more likely to get the flight and seat you want, especially given the expected high demand.
It's all about value, said Hobica. "You can get a good deal on an ugly, ill-fitting cashmere sweater, or you can pay a little more and get what you want. Flying out at the crack of dawn, jammed in a middle seat is the ugly sweater."
Related: How much should you really tip housekeeping? A travel tipping guide
Be flexible with dates, airports. Put in multiple nearby airports and try different arrival and departure dates when searching for flights.
"You want to open up as many fare options as possible to increase your chances of finding the best deal," said Nowak.
And it's not just about the ticket price. "Smaller airports might have significantly lower parking prices. If you're gone for a week, that can be a lot of savings," he said.
Be persistent. Travelers can hold seats for up to 24 hours without purchasing them with most airlines now, said Hobica, which can make a plane appear fuller than it is and discourage potential fliers.
"People hold seats and then release them. Keep checking the flight, you never know when something might open up."
Travel on the holiday. Flying on the actual holiday tends to bring lower prices. "If you fly late Christmas Eve, on Christmas Day or on January 1, those are always the cheapest days and times to fly," said Hobica.
Related: $134,700 one-of-a-kind trip for fashionistas
Consider Europe. If visiting grandma in the states isn't a requirement, travelers can find cheap affair to Europe right now, said Hobica.
"And if you are in the mood to splurge, business class seats are 50-60% cheaper to Europe during the holidays."
First Published: October 24, 2014: 3:01 PM ET
| By Jonathan Noble | Friday, October 24th 2014, 16:26 GMT |
Caterham is now almost certain to miss the United States and Brazilian Grands Prix as its administrators focus on finding a new buyer for the Formula 1 team
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Marcus Simmons | Friday, October 24th 2014, 16:42 GMT |
Brazilian Formula 3 champion Pedro Piquet has tested with top team Carlin as he eyes a move to the F3 European Championship for 2015
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Mark Glendenning | Friday, October 24th 2014, 22:07 GMT |
Jamie McMurray upstaged the Chase contenders to steal pole position for Sunday's NASCAR Sprint Cup race at Martinsville.
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| Thursday, October 23rd 2014, 16:42 GMT |
Skoda duo Sepp Wiegand and Esapekka Lappi lead after day one of the European Rally Championship's Rally of Valais, as pacesetting Peugeot drivers Kevin Abbring and Craig Breen hit problems
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| Thursday, October 23rd 2014, 17:02 GMT |
Andreas Mikkelsen was quickest on the Barcelona street stage that opened the World Rally Championship's Rally of Spain on Thursday evening
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| Thursday, October 23rd 2014, 17:17 GMT |
Lotus said European Formula 3 champion Esteban Ocon performed "exceptionally" as he made his Formula 1 test debut in a 2012 car at Valencia
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By David Evans | Wednesday, October 22nd 2014, 14:12 GMT |
Rally GB has attracted a capacity entry for the first time in its 15 years of running in Wales
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Jonathan Noble | Wednesday, October 22nd 2014, 18:04 GMT |
Caterham's new chiefs have warned they could be forced to turn their back on the Formula 1 team amid mounting frustrations over the actions of former boss Tony Fernandes
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Glenn Freeman | Wednesday, October 22nd 2014, 20:12 GMT |
Matthieu Vaxiviere led a one-two for the Lotus Formula Renault 3.5 team on the second day of post-season testing at Jerez on Wednesday
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Jonathan Noble | Tuesday, October 21st 2014, 15:29 GMT |
McLaren chief Ron Dennis believes customer teams will never be able to win a Formula 1 championship under the current engine regulations
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Mark Glendenning | Tuesday, October 21st 2014, 17:42 GMT |
Multiple Indy Lights champion squad Schmidt Peterson Motorsports has become the 10th team to commit to the series for 2015, as it introduces a brand new car
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Glenn Freeman | Tuesday, October 21st 2014, 21:25 GMT |
Pietro Fantin set the pace on the first day of post-season Formula Renault 3.5 testing at Jerez on Tuesday
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Jonathan Noble | Monday, October 20th 2014, 15:56 GMT |
Former Formula 1 team bosses Ross Brawn and Stefano Domenicali, plus GPDA president Alex Wurz, have joined the FIA Accident Panel that will investigate Jules Bianchi's Japanese Grand Prix crash
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| Monday, October 20th 2014, 20:33 GMT |
Miami has become the latest Formula E host city to unveil its circuit layout for the all-electric series
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Ben Anderson | Monday, October 20th 2014, 14:57 GMT |
The Ferrari Formula 1 team insists Kimi Raikkonen's form is improving, despite continuing a run of disappointing results at the Russian Grand Prix
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Glenn Freeman | Sunday, October 19th 2014, 20:05 GMT |
The World Series by Renault package will return to Silverstone in 2015, the French manufacturer has confirmed
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| Sunday, October 19th 2014, 19:41 GMT |
DTM champion Marco Wittmann will test a Toro Rosso Formula 1 car as a reward from BMW for winning the touring car series this year
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| Sunday, October 19th 2014, 22:26 GMT |
Brad Keselowski kept his 2014 NASCAR Sprint Cup championship hopes alive with victory at Talladega, as champion Jimmie Johnson was among four more drivers were ruled out of title contention
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Marcus Simmons | Saturday, October 18th 2014, 15:28 GMT |
Tom Blomqvist led all the way in the second Formula 3 European Championship race of the Hockenheim finale
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Sam Smith | Saturday, October 18th 2014, 14:34 GMT |
Tamas Pal Kiss will start from pole position for the penultimate round of the Auto GP season at Estoril
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| Saturday, October 18th 2014, 22:57 GMT |
Brian Vickers ended up on Talladega NASCAR Sprint Cup pole at the end of a bizarre first attempt at the latest iteration of qualifying at the superspeedway
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
NEW YORK (CNNMoney)
That's essentially the question Federal Reserve Chair Janet Yellen raised Friday in a speech on the widening gap between rich and poor in the United States.
"I think it is appropriate to ask whether this trend is compatible with the values rooted in our nation's history, among them the high value Americans have traditionally placed on equality of opportunity," the central bank chief said.
By some measures, Yellen said economic inequality is near the highest levels in the past hundred years. This continued rise of income inequality "greatly concerns me," she said.
The remarks are somewhat unusual for the nation's top monetary policy maker, since the Fed is primarily tasked with managing interest rates and fostering employment.
But income inequality has grown severe enough that the Fed is holding a conference on the topic at its Boston branch.
Related: More US families own cats than stocks
Since the Great Recession of 2007 to 2009, income inequality has become an increasingly populist issue. The booming stock market has disproportionately benefited the wealthy, while the recovery in jobs and also of home prices has been slow.
Yellen said it's taken several decades for the current disparity between rich and poor to reach this point, where living standards for a majority of Americans has stagnated, while wealth at the top has ballooned.
Yellen said some degree of inequality is to be expected and can create incentives for people to work hard, get an education or take other steps to improve their situation.
But she warned that greater income inequality can lead to a decline in economic mobility across generations.
Citing figures from a recently released Fed survey, Yellen said a greater amount of wealth is increasingly concentrated in the hands of few -- the wealthiest 5% of American households held 63% of all wealth in 2013, up from 54% in 1989.
Compared to that, the poorer half of all American households held just 1% of wealth in 2013, down from 3% in 1989.
"In such circumstances, society faces difficult questions of how best to fairly and justly promote equal opportunity," she said.
Related: Seniors in almost every state are struggling to afford retirement
While she did not offer specific recommendations, Yellen did identify some areas that needed to be debated.
She said research has already shown the benefits of investing in early education for children, but that there are huge challenges when it comes to paying for college. In addition, she said it's becoming harder to start a small business and noted the role inheritances play in perpetuating income inequality.
First Published: October 17, 2014: 4:38 PM ET
NEW YORK (CNNMoney)
Moody's downgraded the country's debt by one notch Friday, citing the ongoing conflict in Ukraine, capital flight and falling oil prices. The debt rating is now Baa2, just two notches above "junk" status.
Ongoing tensions with Ukraine led to international sanctions against Russia earlier this year. That has reduced foreign investment and further slowed economic growth, spurring inflation and higher interest rates.
Related: Ruble's headlong plunge shows Russia hurting
"The longer the conflict in Ukraine and sanctions against Russia last, the more significant will be the damage to investors' confidence in Russia as a source of profitable investment opportunities," the agency said in a statement.
A recent slide in oil prices isn't helping things, either. The commodity is down nearly 12.5% in the last month.
The country relies heavily on oil to bankroll its budget -- over half of the government's 2012 revenues came from oil and gas, according to the latest data from the U.S. Energy Information Administration.
Related: Crashing oil prices could crush Vladimir Putin
The ratings agency said the debt's outlook would remain negative, and it is also considering a separate downgrade of Russia's sovereign credit rating if its economy continues to slow.
Standard & Poor's issued its own sovereign downgrade in April, to just a single step above junk.
The World Bank forecasts anemic Russian economic growth of just 0.5% in 2014 and 0.3% in 2015. A more pessimistic scenario foresees the Russian economy slipping into recession this year and contracting further in 2015 and 2016.
First Published: October 17, 2014: 6:47 PM ET
Miami's most expensive home for sale has a graceful, Mediterranean style. NEW YORK (CNNMoney)
Called La Brisa (The Breeze), the Coconut Grove compound sits on 6.9 acres, with more than 200 feet of waterfront property along Biscayne Bay.
The nine-bedroom Mediterranean-style home, which was first built in the 1920s, has undergone a major facelift. It last sold in an estate sale six years ago for $11.5 million.
Related: Mansions for under $1 million
"The [current] seller, an architect, did everything he could to restore it to its original state," said Coldwell Banker agent William Pierce.
The result? Nearly 17,000 square feet of completely renovated and restored living and outdoor space that includes original woodwork, restored windows and natural woods like Brazilian, teak and pine.
The seller tried to keep as much original detail as possible. There's also Spanish tile roofs, balconies, walkways and patios galore, with almost every interior space opening up to the outside or providing views of the water.
A 500-foot canal borders the north end of the property and includes a docking slip that can accommodate a 70 foot yacht. The manicured grounds are filled with 100-year-old trees, tropical vines and a large lawn. There's also a shaded, spring fed pond.
The Munroe spring is named for an early owner. A large, coral stone patio with a fire pit and sitting areas shaded by tall palm trees surrounds a large pool. There's enough room to entertain a couple hundred guests for outdoor parties.
The cool pool catches Bay breezes. Where the seller didn't attempt to return the house to an earlier time were the kitchen and baths, both of which are modern and sleek.
Walk through the arched kitchen doorways right onto the patio. As for the rest of the property?
"It's like traveling back in time," said Pierce.
First Published: October 17, 2014: 5:21 PM ET
Photojournalist Michel du Cille has been covering the Ebola outbreak for The Washington Post. An example of his work (above). NEW YORK (CNNMoney)
But his invite was rescinded on Thursday over concerns about his potential contact with the Ebola virus.
The Pulitzer Prize winning photojournalist had covered the outbreak in Liberia for The Washington Post last month. He returned from the area 21 days ago (the CDC's incubation period for the disease) and has shown no symptoms of Ebola.
However, it wasn't enough to allay fears at Syracuse, where du Cille was taking part in a fall workshop at its S.I. Newhouse School of Public Communications.
The university chose caution because of the proximity of dates of his appearance and his visit to Liberia.
"This was a decision we made based on our concerns for students," Newhouse dean Lorraine Branham said. "It had been exactly 21 days on the day he was supposed to come up."
Related: Ebola is spooking Wall Street
Branham added that it wasn't a decision the university made lightly.
"We understand there's a lot of hysteria out there," she said. "We knew that there'd be students and faculty feeling panicky about this... we decided to err on the side of caution."
Related: UN asks $1 billion for Ebola, gets $100,000
For du Cille, the real disappointment was the loss of a teachable moment.
"What a missed opportunity to teach future media professionals how to seek out accurate hard facts; backed up with full details about the Ebola crisis," du Cille wrote on Facebook Thursday. "I guess it is easier to pull the hysteria and xenophobia cards."
Syracuse said it would have du Cille speak on this issue at the university in the future.
Examples of du Cille's work in Liberia are included below:
First Published: October 17, 2014: 1:21 PM ET
NEW YORK (CNNMoney)
It's a question Gallup still asks.
In 1953, two-thirds said they'd prefer a man. In 2014, one-third said they would. So, 61 years and 33 percentage points. Depending on who you ask, that's either an improvement to be celebrated or a frustrating signal that sexism is still alive and well. Or both.
Women at the top struggle for funding
There are about 9 million women-owned businesses in the U.S., and in the past year, women have started 1,200 new businesses each day, according to the 2014 State of Women-Owned Business Report, which was commissioned by American Express.
However, while women-owned businesses continue to grow, the businesses are relatively small, employing just 6% of the country's workforce and contributing just under 4% of business revenues. That's about the same share as in 1997.
It isn't clear how employees' preferences on their boss' gender influence success or failure, but it is clear that there is plenty of room for improvement.
"Women are not growing and scaling as much as they should be," said Amanda Brown, executive director of the National Women's Business Council. "It's no surprise that women would prefer to work for male bosses, when they stick to what they know."
In the Gallup survey, 39% of women preferred a male boss, 25% preferred a female boss and 34% said it made no difference. Overall, 46% of men and women said it made no difference.
The fact that so many respondents said it made no difference resonated with Jayna Cooke, CEO of events company EVENTup. "That's probably the response we want to get to," she said.
Meanwhile, Brown admitted that when she saw the Gallup poll, she wondered if it was a joke, saying that when you continue to ask the same question for sixty years, "you're continuing to have an outdated conversation."
"What relevance does this have at this point?" she said, adding that the question itself highlights "that there are still women missing in the equation...women are not in the position of being bosses enough. How do we address that?"
Microsoft CEO to women: Not asking for a raise is 'good karma'
Gallup has a different take.
"Gender issues in the workplace are very important, and we think this provides insights into these issues," said Frank Newsport, Gallup's editor in chief. "One reason that we keep this wording in this question is that it provides us the context of long-term trends, which are very important."
Gallup still asks, for example, if respondents approve or disapprove of marriage between a white person and a black person. While numbers have moved in favor of it over the years, Gallup said it will continue to ask the question until everyone agrees and it is no longer relevant.
Something the pollsters no longer ask?
"What is your favorite radio program to listen to at night?"
First Published: October 17, 2014: 1:32 PM ET
Royals catcher Salvador Perez celebrates with fans after the team won the pennant. Kansas City fans will pay more than $1,000 on average to watch the team in the World Series. NEW YORK (CNNMoney)
SeatGeek, which tracks online resale prices for tickets, said the average price for games 1 and 2 next week is $1,062, the highest seen for the Series' opening games in the five years for which it has data.
San Francisco, whose Giants will face Kansas City in the Series, is home to a much wealthier and larger fan base. But unlike Kansas City, which was last in the Series in 1985, San Francisco has been home to two World Championships since 2010, and so Giants' fans are not as eager to see their team. They are paying an average of $803 for tickets to the two guaranteed games there.
The cheapest ticket for the Series opener Tuesday night in Kansas City was $697 paid for standing room, according to SeatGeek. A standing room ticket for game 2 went for $664.
Related: What baseball stadium will charge you the most
The standing room tickets and upper deck outfield seats have a face price of $165, while the most expensive face price is $450 for a seat right behind home plate.
The previous high price for tickets to the start of a World Series was the $888 average for the first two games of the 2010 World Series, which was also played in San Francisco. A year ago, Boston fans paid $762 on average for tickets to the first two games of the Series there.
Related: NFL - Richer than ever, despite controversy
First Published: October 17, 2014: 3:20 PM ET
NEW YORK (CNNMoney)
Texas Health Presbyterian Hospital has 900 beds, but is down to only 300 patients, a CDC official who was at the hospital told CNN. Hospital officials would not comment on that report.
Patients have shunned the facility after Thomas Eric Duncan died there last week, and two nurses who treated him also became infected with the deadly disease.
Before the crisis, the hospital had accounted for 17% of the $3.5 billion in annual revenue for its parent company, Texas Health Systems, according to credit rating agency Moody's. Presbyterian had been the second largest hospital among the 25 acute-care and short-stay facilities the chain owns.
Related: UN request for $1 billion Ebola fund falls woefully short
The chain is taking a big financial hit from Presbyterian, but it has no plans to close the facility, a source familiar with hospital told CNN Friday.
Texas Health Systems had its credit rating upgraded by Standard & Poor's just this past June, and the source said the company has $3 billion in cash and other liquid assets, as well as a low debt level that will allow it to weather the financial storm. The company is in contact with the rating agencies about the ongoing situation.
Moody's revised its outlook for the company to "developing" on Friday. That step is less severe than issuing a watch or a downgrade, but it still indicates concerns about the company's finances.
"The developing outlook reflects the uncertainty on the system's long-term financial performance, impact on financial resources and litigation risk following recent cases of Ebola at one of the system's flagship facilities," said Moody's.
-- CNN's Elizabeth Cohen and Katherine Trafecante contributed to this report
First Published: October 17, 2014: 2:53 PM ET
NEW YORK (CNNMoney)
Stocks are storming higher Friday. The Dow rose 263 points, or 1.6%, its second best day of the entire year. Meanwhile the S&P 500 and Nasdaq each finished about 1% higher, and European markets rallied as well.
Strong results from General Electric (GE), Morgan Stanley (MS) and Honeywell (HON) put traders in a good mood for the first time in more than a week. Also helping: investors continue to hold out some faint hope that the Federal Reserve may keep the easy money party going just a little bit longer.
While Friday's rebound is optimistic, stocks are still down heavily for October. This is the fourth week in a row that the Dow has closed with losses, and the tech-heavy Nasdaq index is down over 5% this month.
The doom and gloom from Europe (especially Germany) and Ebola remain. Even China is showing signs of slower growth. There's concern they could drag the U.S. economy down.
James Bullard, president of the St. Louis Fed, told Bloomberg News on Thursday that the Fed should weigh delaying the end to quantitative easing, or QE. The bond-buying experiment has helped send stocks to record highs, but it was set to end this month.
The reality is the Fed can't do much right now. Interest rates are at historic lows near zero. Europe went so far as to cut interest rates to negative levels this year, but that has done little to stimulate the economy there. Investors understand that when a central bank takes such dramatic actions, it's a sign of big trouble.
Related: Can you protect yourself from a market crash?
"I view the probability of the final QE3 winddown being delayed as somewhere between 0 and 1%," wrote Tim Anderson, managing director of MND Partners, in a morning note. "The market is already set up for a decent bounce, a high ranking Fed member basically says 'If this gets really bad we'll be there.'"
What's next? What can really turn this market around isn't the Fed, it's strong corporate earnings. Investors need to focus on whether or not companies are growing.
There were positive signs Friday morning. And there's a slew of earnings coming in the next two weeks, including big names such as Apple (AAPL, Tech30) and Coca-Cola (KO). If those business "report cards" are mostly positive, it's likely to put traders and investors at ease.
A lot of strategists believe the U.S. economy is still growing and companies are sitting on a lot of cash, which helps them get through any rocky periods and enables them to invest in new equipment and programs.
"Various indicators suggest that the U.S. is about halfway through what should rival its longest expansion ever," Chris Hyzy, U.S. Trust's chief investment officer, wrote in a report this week.
On the upside, unemployment is back under 6% and jobless claims came in this week at the lowest level since 2000. According to figures released Friday, Consumer Confidence hit its highest level in seven years this month, although the reading was taken before the worst of the market dip.
There's an easy case to make that October, while scary for stocks, could turn out to be a blip in a long bull market.
First Published: October 17, 2014: 11:37 AM ET
An AmazonFresh truck arrives at a warehouse in Inglewood, California, to pick up deliveries for Los Angeles, which got the service in 2013. NEW YORK (CNNMoney)
Amazon (AMZN, Tech30) is bringing its AmazonFresh grocery delivery service to Brooklyn Friday, marking its East Coast debut.
Customers can order groceries and other stuff like toiletries and electronics. Orders for more than $35 that come in before 10 a.m. will be delivered the same day, with later orders arriving the next day.
Related: Amazon hiring 80,000 seasonal workers this holiday season
Only residents of Brooklyn's tony Park Slope neighborhood — specifically the 11215 ZIP code — will be able to order groceries with the service at first. But a company spokesman said other Brooklyn neighborhoods will get access in the near future, but declined to comment about moving into other New York City boroughs.
It's free until the end of the year, when Amazon will begin charging $299 annually for the service.
Amazon will be competing with a number of other grocery delivery services available in the New York area, from local grocery stores to FreshDirect, which is available city-wide and in a few nearby states.
Related: Google takes on Amazon Prime
AmazonFresh launched last year, and is already available in the San Francisco Bay Area, San Diego, Los Angeles, Orange County, California, and Amazon's hometown of Seattle.
First Published: October 17, 2014: 4:35 PM ET
NEW YORK (CNNMoney)
The RS7 Piloted Driving Concept will attempt to lap the Hockenheimring racetrack in Germany at high speeds on Sunday using only computers and sensors to guide it.
Audi and other automakers have previously shown off automated driving technologies, but those systems have operated at normal road speeds. Operating at high speeds presents a different set of challenges.
There will be no other cars on the track at the time, but the car will be operating close to the limits of its own performance capabilities. It will have to round corners as quickly as possible without skidding or driving off the track, and it will have to find the best possible path through each curve.
To do that, the car will use an ultra-precise positioning system that will allow it to know its own exact location on the track moment by moment.
Photos - Best cars for billionaires
The ability to turn in the best possible lap time on a track is more than just a fun trick, according to Audi. It has important implications for safety.
"We have to be able to manage extreme situations and that's what we are demonstrating here," said Ulrich Hackenberg, board member for technical development at Audi.
When operating without a driver on real roads, a car may have to respond to emergencies in ways that require high-speed maneuvering. That will require precise sensors, fast computers and complex, flexible programming.
Audi was the first automaker to receive a license for autonomous driving from the state of California. The Audi RS7 has a 560-horsepower engine and a top speed of nearly 190 miles per hour.
First Published: October 17, 2014: 8:27 PM ET
| By Marcus Simmons | Friday, October 17th 2014, 16:27 GMT |
Tom Blomqvist set a searing pace in the Formula 3 European Championship's early-evening qualifying session at Hockenheim to take pole position for the second and third races of the weekend
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Mark Glendenning | Friday, October 17th 2014, 15:58 GMT |
Chevrolet says that a representative version of its 2015 IndyCar aero kit will not be unveiled until the homologation process is completed, despite spy shots of an early iteration appearing
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| Saturday, October 18th 2014, 00:50 GMT |
Jorge Lorenzo remained on top in Saturday morning practice for MotoGP's Australian Grand Prix at Phillip Island
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By David Evans | Thursday, October 16th 2014, 18:47 GMT |
The format of the World Rally Championship will not change for next season, following Thursday's crunch meeting between the FIA and series stakeholders.
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Jonathan Noble | Thursday, October 16th 2014, 14:33 GMT |
Mercedes claims it is being targeted by "multiple tsunamis" from rival teams aimed at cutting short its time at the top of Formula 1
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| Friday, October 17th 2014, 00:44 GMT |
Aleix Espargaro opened MotoGP's Australian Grand Prix weekend with the fastest time in Friday morning practice at Phillip Island
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Kevin Turner | Wednesday, October 15th 2014, 14:10 GMT |
British Touring Car Championship boss Alan Gow has not ruled out changing the NGTC rules regarding the performance levels of rear-wheel-drive cars for 2015
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Hal Ridge | Wednesday, October 15th 2014, 16:15 GMT |
Newly crowned European Rallycross champion Robin Larsson plans to graduate to the World Rallycross Championship next season with his Audi A1 Supercar
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| Wednesday, October 15th 2014, 17:36 GMT |
Toyota World Endurance Championship driver Stephane Sarrazin will return to rallying to contest the European Rally Championship finale in Corsica next month
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Jonathan Noble | Tuesday, October 14th 2014, 15:15 GMT |
Jules Bianchi faces a 'challenging' situation as he remains in a critical but stable condition in hospital in Japan, his Marussia Formula 1 team said on Tuesday
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Glenn Freeman | Tuesday, October 14th 2014, 16:38 GMT |
McLaren racing director Eric Boullier says the team can understand if Jenson Button is unhappy with having to face doubts over his Formula 1 future
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Mark Glendenning | Tuesday, October 14th 2014, 21:15 GMT |
Brad Keselowski and Tony Stewart have been fined and placed on probation for their involvement in post-race incidents following the NASCAR Cup race at Charlotte on Saturday night
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By David Evans | Monday, October 13th 2014, 14:31 GMT |
Hyundai driver Thierry Neuville says he would relish the challenge of having Sebastien Ogier in the same team as him, if the World Rally champion was to leave Volkswagen
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Ben Anderson | Monday, October 13th 2014, 15:20 GMT |
The Williams Formula 1 team admits it was caught out by Mercedes' tyre life in Valtteri Bottas and Nico Rosberg's Russian Grand Prix battle
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Jonathan Noble | Monday, October 13th 2014, 16:52 GMT |
Formula 1 cannot afford to remain with fully frozen engines if the sport is going to be more exciting in the future, says Red Bull boss Christian Horner
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Jonathan Noble | Sunday, October 12th 2014, 19:17 GMT |
FIA president Jean Todt says he is deeply saddened by wild claims he snubbed Fernando Alonso during the pre-race build up to the Russian Grand Prix
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Kevin Turner | Sunday, October 12th 2014, 17:10 GMT |
Gordon Shedden ended the 2014 British Touring Car Championship season with a superb win in wet conditions on the Brands Hatch Grand Prix circuit
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Jonathan Noble | Sunday, October 12th 2014, 17:14 GMT |
Mercedes has admitted that the shine has been taken off its Formula 1 constructors' title success by its ongoing concern for the critically ill Jules Bianchi
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Ben Anderson | Saturday, October 11th 2014, 16:53 GMT |
The Williams Formula 1 team does not believe Valtteri Bottas could have beaten Lewis Hamilton to pole for the inaugural Russian Grand Prix
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Jonathan Noble | Saturday, October 11th 2014, 16:36 GMT |
Jenson Button said there was reason to be happy with his fourth place on the grid for the Russian Grand Prix after McLaren's final practice nightmares
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Marcus Simmons | Saturday, October 11th 2014, 17:04 GMT |
Tom Blomqvist and Max Verstappen kept their tenuous hopes of lifting the Formula 3 European Championship alive by taking a pole position apiece for Sunday's two races at Imola
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
Shoppers wait for a Kmart to open on Thanksgiving night 2012 in Griffith, Indiana. NEW YORK (CNNMoney)
The bug affected shoppers in the company's physical stores, and it compromised an unspecified number of credit and debit card numbers. It also said kmart.com and Sears customers were not targeted.
Related: Check out the five biggest-ever credit card hacks
A company spokesman declined to say how many cards were affected, citing an investigation. The statement said the party behind the hack didn't get access to debit card PINs or any other customer information.
Related: Learn more about cybersecurity
The company found the breach Thursday and has since retained an unnamed cybersecurity firm to help tackle the problem. It also said it got in touch with federal authorities and its banking partners.
Related: Find out what hackers know about you with this tool
Kmart said affected customers who reported any fraudulent purchases would not be liable if they reported the activity in a timely manner, though it did not give a specific time frame. It will also pay for credit monitoring services.
First Published: October 10, 2014: 7:21 PM ET
NEW YORK (CNNMoney)
In fact, numerous third-party apps like SaveSnap, SnapBox and SnapSpy offer users the ability to save incoming photos.
Their mere existence undermines Snapchat's purpose. And if these third-party apps are unsafe, Snapchat is too. An Internet storm brewing Friday offered a prime example.
One of those third-party services was supposedly hacked, according to Business Insider. Misfits on the image-sharing website 4chan.org claim they hacked into a third-party app and stole 100,000 photos and videos.
This collection, which might be published this weekend, is likely to include child pornography. Snapchat is popular as a tool for sending nude images. And half of its users are teenagers between the ages of 13 and 17.
"Everyone who sends a message using Snapchat's service could be at risk," said Patrick Wardle, research director at security firm Synack.
Related: Naked celeb hack shows 'delete' doesn't mean delete
Snapchat is adamant that its servers were not hacked. But that doesn't matter, because there's a hole in their entire system.
Computer security experts already reject the Snapchat platform. Critics have previously noted that anyone can take a screenshot of an incoming photo -- or use a separate camera to take a picture of the screen.
But the hack of third-party apps reveals another flaw in Snapchat's platform -- and questions the company's commitment to security, according to computer security researcher Jonathan Zdziarski.
One, Snapchat isn't doing enough to protect its software. That's why third-party apps can essentially hack its platform. Two, Snapchat hasn't succeeded in convincing Apple and Google to keep what are essentially "Snapchat hacks" out of their app stores.
Neither Apple (AAPL, Tech30) nor Google (GOOG) responded to questions about the matter.
Snapchat did not explain why others are so easily able to reverse engineer the company's software and thwart its privacy features.
Chris Wysopal, cofounder of security firm Veracode, said Snapchat should try to ban these third-party apps.
Related: Internet of fails - What's wrong with connected devices
This is the kind of revelation that could question Snapchat's $10 billion valuation. (On a related note, the company turned down a $3 billion buyout offer from Facebook.)
This episode also drew criticism from Snapchat competitor Wickr, an app that offers self-destructing, encrypted messages.
Wickr CEO Nico Sell noted that if Snapchat sent encrypted messages -- that only get decrypted by the Snapchat app -- it could have blocked third-party apps and avoided this entire fiasco.
"They don't take security seriously," Sell said. "They could have fixed this with a technical solution. For them to say, 'Oh our servers weren't breached' is irresponsible."
Consider this incident a reminder: Nude selfies aren't private once they leave your possession.
"The whole idea of expiring messages is laughable," Zdziarski said.
CNNMoney is investigating recent hacks. Have you had money stolen from your bank account? Has someone stolen your identity? Share your story.
Related: How safe are you? CNNMoney's cybersecurity Flipboard magazine
First Published: October 10, 2014: 4:52 PM ET
Google denies link-removal requests "when there is a public interest in doing so." NEW YORK (CNNMoney)
Google (GOOGL, Tech30) released data Friday on the link-removal requests it's received in Europe following a ruling on the so-called "right to be forgotten."
The European Court of Justice ruled in May that people worried about their privacy can ask Google and other search engines to remove sensitive links from their search results. But search engines can decline the requests if they believe the links in question are in the public interest.
Google said Friday that it had received 144,954 requests so far involving 497,695 URLs. Of that total, it has removed only 42%, keeping 58% in its results.
Related: Google spells out how to be "forgotten" in search
"In evaluating a request, we will look at whether the results include outdated or inaccurate information about the person," Google said.
"We'll also weigh whether or not there's a public interest in the information remaining in our search results -- for example, if it relates to financial scams, professional malpractice, criminal convictions or your public conduct as a government official."
Google gave a few examples of the types of requests it's received so far.
In Germany, a rape victim asked Google to remove a link to a newspaper article about the crime. That page no longer appears in search results for the individual's name.
Related: Google: Tim Cook is wrong about us
But in Switzerland, a finance professional who asked Google to remove more than 10 links on his arrest and conviction for financial crimes had his request denied.
The removal process remains controversial, with free speech advocates complaining that the court ruling places too much power in the hands of search engines.
Individuals whose requests are denied by Google can request that local data protection authorities review the decision. Google says it is "working to create a channel" for appeals by webmasters whose links are removed from search results.
First Published: October 10, 2014: 4:44 PM ET
NEW YORK (CNNMoney)
So he emailed the CEO and CC'd hundreds of thousands of his co-workers.
Now, the whole world knows about it.
The employee, Tyrel Oates, asked Wells Fargo (WFC) chief John Stumpf to take a stance on income inequality by offering all 300,000 employees a $10,000 raise.
Oates estimates that an across-the-board pay raise would cost the bank $3 billion, "just a small fraction of what Wells Fargo pulls in annually." In the email, a copy of which was obtained by CNNMoney, he pointed out that in the second quarter alone the bank had earned $5.7 billion.
Click here to read the email
Oates did not immediately respond to a request for comment. But he told The Charlotte Observer that he's not worried about his job.
By boosting workers' pay, Oates said Wells Fargo will "help to make its people, its family, more happy, productive, and financially stable."
Related: CEOs make 296 times more than workers
Oates urged Stumpf to consider the "positive publicity" the bank would enjoy by giving workers a raise "in a time of extreme consumer skepticism towards banks."
The bank also has an opportunity to set an example for other big corporations by making its workers' a priority. Wells Fargo could "show the rest of the United States, if not the world, that, yes, big corporations can have a heart other than philanthropic endeavors."
Oates also notes that Stumpf, who routinely ranks as one of the highest paid bank CEOs in America, personally took in over $19 million last year, "more than most of the employees will see in a life time."
Related: Elizabeth Warren: 'Wealth trickles up'
The email came with the subject line "income inequality" was marked "high" importance. The list of recipients was 15 pages long and included individual Wells Fargo employees and distribution groups. The Observer estimates that 200,000 employees were copied.
A Wells Fargo spokeswoman said the bank offers its employees "market competitive compensation" that includes base pay, benefits and other "career-development opportunities." The bank added that the pay it offers "significantly exceed" federal minimums.
Oates acknowledges that Wells Fargo offers pretty good benefits like 401(K).
He also acknowledges that he works at a bank that is extremely profitable. However, Oates points out the profits are not evenly shared among employees and that with the exception of upper management, the majority of workers barely make enough to live comfortably on their own income.
He ends his email with a clarion call to his co-workers: "It is time that we ask, no, it is time that we demand to be rightfully compensated for the hard work that we accomplish ... And while the voice of one person in a world as large as ours may seem only like a whisper, the combined voices of each and all of us can move mountains!"
Related: Voters to decide on raising minimum wage
Related: Bank to pay everyone at least a 'living wage'
Related: Microsoft CEO in hot water over gender pay comment
First Published: October 10, 2014: 10:24 AM ET
NEW YORK (CNNMoney)
It's great advice, except for one problem: it's incredibly hard to tell the peak or the nadir.
Billionaire Carl Icahn has made a lot of money off his investments. Even he says, "No one is smart enough to know when to buy at the bottom."
After the worst stock market drop of the year, plenty of people wonder if it's time to sell. The argument goes something like this: The S&P 500 is up nearly 200% since it bottomed out in early 2009. There hasn't been a correction since 2011, let alone a true "bear market" where things really drop. Surely it's time to exit...
But here's the truth: Most of us are better off doing nothing.
Yes, you read that right. Think about these points:
1) Put the recent market dip in perspective. The market is down, but only a tad off its all-time highs from September.
"This is not earth shattering," says Jurrien Timmer, director of Global Macro for Fidelity. "Volatility happens. A couple of percent is not a big deal. The market will correct by 10% almost any time. Over the course of history, it shows up as really nothing more than noise."
Related: Stocks should fall more. You shouldn't worry
2) Never sell in a panic. Selling when you're anxious often means you sell at the low point and end up buying back in at a higher one -- the exact opposite of what you hope to do.
"The worst time to decide to get out of the stock market is when it's falling or right after a big drop," says Kate Warne, an investment strategist at Edward Jones. "If you look at the days with the best market performance, a lot of them follow days with the worst market performance."
Even if you do manage to get out a the right time, it can still hurt you in the end.
"If you decide to get out, you have to make two decisions correctly: both when to get out and when to get back in," Warne says.
Think of it like rolling two dice and having to guess BOTH numbers correctly.
3) Let history be your guide: Many of the biggest stock market upswings happen within days of a downturn. You could be off celebrating that you exited the market perfectly only to look like a fool for not catching the surge.
Consider this: Fidelity looked at the returns of the S&P 500 from 1980 through June 30, 2014. They found that an investor who missed only the best five days in the market would end up with a portfolio worth about 35% less than the one that had been fully invested the whole time.
I ran a similar analysis just for 2014 for the S&P 500.
Your return if you stayed in the market and did nothing: +3%
Your return if you managed to miss the 10 biggest down days: +21%
Your return if you managed to miss the 10 biggest positive days: -9%
This is totally hypothetical. No one is that good or bad at market timing.
But it illustrates the key point: Everyone wants to be the superman or superwoman with the 21% return and miss all the worst days. But what you really want to avoid is being the person who missed out on the gains.
Related: Will you have enough to retire? Check the calculator
4) Get a long-term plan and stick to it. If you are worried about the stock market right now, the best use of your time is to make sure you have the right plan.
Do you have the right mix of stocks and bonds and other assets?
"The typical long-term investor who has most of his or her investments in a retirement account of some sort needs to a) have a plan and b) stick with the plan," says Timmer.
From time to time, investors should look at their portfolios and ask if they need to rebalance. Given the phenomenal rise of equities since March of 2009, it's possible that you need to trim your stock allocation a bit.
But be wary of throwing out the entire game plan. Stocks still give the best return by far over the long run.
As humans, we worry a lot about those down days. But we forget that the bigger risk is missing the upswings.
First Published: October 11, 2014: 8:42 AM ET
