| By Ben Anderson | Saturday, November 8th 2014, 21:51 GMT |
The Williams Formula 1 team says a fuel pressure problem compromised Felipe Massa's final run in qualifying for the Brazilian 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, November 8th 2014, 21:10 GMT |
Formula 1 teams have failed to reach an agreement on a lifting of the engine freeze after talks collapsed in a meeting at the Brazilian Grand Prix on Saturday
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, November 8th 2014, 21:28 GMT |
Bernie Ecclestone has promised Formula 1's smaller teams that he will speak to the sport's owner CVC about their financial problems
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
Raised in America. Cooked in China? NEW YORK (CNNMoney)
The U.S. Department of Agriculture on Thursday gave four Chinese companies approval to export cooked poultry products to the United States.
But it's largely a symbolic move.
That's because the only chickens that China can legally export to the United States must first be imported from countries that have USDA approved poultry standards.
America, Canada and Chile are the only countries that make the grade.
The USDA is still reviewing China's food safety system for processed poultry.
Related: Russia bans U.S. chicken
In other words, Chinese companies would need to have chickens shipped in frozen from America, then cook them, refreeze them and send them back to...America.
This is not an efficient way to do business. By most accounts, chicken producers have not found a way to make it economically viable.
To date, no Chinese chicken product has been exported to the United States, according to spokesperson for the USDA's Food Safety and Inspection Service.
Still, the move is seen as a victory for China's poultry industry, since it means that at least some of its processors are up to U.S. standards.
The controversial decision follows several high-profile food safety scares in China this year, including a scandal involving poultry products sold by McDonald's (MCD), Yum Brands (YUM)-owned KFC and other Western fast-food chains.
Related: China food scare snares Burger King, Papa John's
The country's poultry industry has also been rocked by periodic outbreaks of avian flu.
"China's food safety system is a wreck," said Kate Fried of Food & Water Watch, a food safety advocacy group.
The USDA's decision to green light imports of cooked chickens from China is "ill-conceived," and the agency is acting "in direct contradiction to what it promised it would do to protect U.S. consumers," she added.
First Published: November 7, 2014: 1:54 PM ET
NEW YORK (CNNMoney)
Stores will open at 5 p.m. on Turkey Day, an hour earlier than some of the other retailers hell-bent on launching Black Friday deals a day early.
Kohl's (KSS), Sears (SHLD), and Macy's (M) will open after Toys R Us, at 6 p.m.
While some stores continue to move up opening times, making them earlier and earlier, Toys R Us is opening the same time as last year. And it will stay open for 30 straight hours until 11 p.m. on Friday.
Related: 7 fantasy gifts for 2014
JC Penney (JCP)is also opening at 5 p.m. And Kmart is catering to the early birds by opening long before anyone sits down to Thanksgiving dinner: 6 a.m.
Not every chain is following the trend. Costco confirmed last month it will continue its tradition of closing on Thanksgiving, saying its employees "deserve" the chance to spend the holiday with their families.
Nordstrom (JWN), Neiman Marcus and Gamestop (GME) will also be closed on Turkey Day.
First Published: November 7, 2014: 9:24 AM ET
Abenomics, the stimulus policy of Japanese Prime Minister Shinzo Abe (standing in the car,) might be driving the recent runup on Wall Street. NEW YORK (CNNMoney)
Japan has one of the largest pension funds in the world -- a massive $1.1 trillion -- and it's starting to deploy more of that money in markets outside its homeland, including the United States.
Tim Anderson, managing director of TJM Investments in New York, said this is already making an impact on Wall Street.
He believes the Government Pension Investment Fund of Japan was gobbling up U.S. stocks on Wednesday and Thursday, helping drive the Dow up 170 points over the two days.
"The largest pension plan on the planet said they were going to do an equity expansion," said Anderson. "This equals about $50 billion for the U.S. market."
Related: The world's biggest pension funds
Big blue chip stocks are the most likely to benefit, Anderson predicts, especially those with high dividends.
Japan has been transparent about its intentions to diversify its investments. On October 31, the pension fund announced it would more than double the international stock portion of its portfolio to 25% from 12%.
"I know they were in the market this week buying U.S. equities," he said. "I really think it was the catalyst for the rally yesterday."
Related: Bank of Japan stuns market with more stimulus
This comes on the heels of an announcement Friday from the Bank of Japan that it plans to increase its asset purchases to an annual pace of about ¥80 trillion, compared to the current rate of ¥60 trillion to ¥70 trillion. Global stock markets rallied on the news.
This increase in stimulus spending is part of "Abenomics," Prime Minister Shinzo Abe's efforts to jumpstart the Japanese economy. The move comes as the Federal Reserve winds down its economic aid.
First Published: November 7, 2014: 1:45 PM ET
NEW YORK (CNNMoney)
In September, high rolling aficionados got their hands on the latest vintage of the Clos du Mesnil, which sells for about $1,000.
For those who don't find that extravagant enough, Krug may release a new vintage of its Clos d'Ambonnay in 2015 for about $2,000 a bottle.
Is any champagne really worth that much? It all depends on how deep your pockets are.
"From a collectors' point of view, there's certainly no greater treasure," said Robert Schagrin, managing partner of Crush Wine & Spirits in New York City. And Krug calls its core customers "true hedonists."
Related: Jay-Z buys $300 champagne company
Experts cite three reasons for the rich price tags: single vineyard, single grape, and single vintage. It's very rare to find all three elements in one champagne. The combination creates a consistency that brings out the unique characteristics of the soil in which the grapes are grown (otherwise known as terroir).
The grapes for the Clos du Mesnil are from a 300-year old, 4.5 acre vineyard that the Krug family bought in 1971.
The Clos d' Ambonnay's plot is even smaller, at about 1.7 acres. Connoisseurs say it's the specific plot of land that makes the wine so valuable.
``Companies with micro climate plots and an incredible history can charge more'' said Chris Adams, chief executive of New York wine retailer Sherry-Lehmann.
But it's not just the land that the grapes come from that gives it value. It's also the unusual process.
Most champagnes are a blend of different grapes from different sites, even different vintage reserve wines, Schagrin said. For instance, Krug uses a blend to make its other champagnes, and rival champagne brand Dom Perignon also blends. (Luxury giant LVMH own both Krug and Dom Perignon.)
But Krug's Clos de Mesnil and Clos d'Ambonnay are made from a single variety of grape -- the first is 100% Chardonnay and the latter all Pinot Noir -- picked during the same year.
Related: The world's most expensive whisky
And of course, supply and demand plays a large role.
Supply is very limited, with only 8,671 bottles for the Clos de Mesnil and 4,760 for the Clos d' Ambonnay (for its latest available vintage in 1998).
Like most luxury items, limited availability is only half of the pricing equation -- strong demand from wealthy enthusiasts gives Krug the ability to put a four-digit price tag on these bottles of bubbly.
If the last few years of Champagne sales are any indication, collectors and luxury consumers will line up for the bubbly.
"Champagne is trending up with people spending more per bottle every year since 2009," said Adams.
Champagne is now the most popular category at Sherry-Lehmann, surpassing their historical best-seller red Boudreaux.
First Published: November 7, 2014: 11:00 AM ET
Can you hear me now? NEW YORK (CNNMoney)
Wi-Fi is ubiquitous. No longer the realm of coffee shops and homes, Wi-Fi spans entire neighborhoods. Trains, planes and automobiles are Wi-Fi equipped. Cruise ships have Wi-Fi. Comcast (CMCSA) has even made every customer's router into a public Wi-Fi hotspot.
That's good news if you're a cell phone user. The more you email, watch Netflix (NFLX, Tech30), stream Pandora (P) and surf Facebook (FB, Tech30) over Wi-Fi, the fewer gigabytes you have to buy from your cell phone company. Plus, calls and texts are now able to be sent over Wi-Fi too.
Broadband customers that actively use Wi-Fi on a regular basis save more than $30 per month on their wireless bill, according to a Macquarie Group survey published last week.
So what do you need your cell phone company for?
In Europe, many cell phone owners have already ditched their wireless carrier. But Wi-Fi isn't quite widespread or robust enough for most Americans to completely ditch their wireless carrier just yet.
Related: Faster Internet to the middle of the ocean
Some people are also (rightfully) concerned with the security of public Wi-Fi. A new generation of hotspots lets you seamlessly switch between Wi-Fi and 4G-LTE service, and they offer improved encryption. But Wi-Fi's security issues likely won't be resolved by 2016, Macquarie predicts.
"It will be several years before the majority of U.S. consumers even contemplate dropping their LTE vendor in favor of an add-on public Wi-Fi service from their cable company," said Kevin Smithen, analyst at Macquarie.
Still, the clock is ticking for 4G.
Related: Ford brings Wi-Fi to the highway
4G's limitations are inherent in the technology that makes it work: Airwaves are limited, and you can only cram so much data into one MHz of spectrum. That's why the two biggest carriers -- AT&T (T, Tech30) and Verizon (VZ, Tech30) -- place data caps on their customers. Only about one-third of U.S. cable customers have an idea of how much data they're downloading each month on their home Wi-Fi networks, but two-thirds of wireless customers track their usage, according to Macquarie.
Cable companies are already working on an alternative. The major broadband providers have banded together, linking up their Wi-Fi networks across the country and even in many countries overseas. The FCC is also making a large, new swath of airwaves available for Wi-Fi, which cable giants are sure to fight for.
That's potentially a big threat to the Big Four U.S. wireless companies. Verizon, for example, could be offloading as much as a quarter of its mobile data traffic onto Wi-Fi networks by 2018, Macquarie predicts, costing the company nearly $1.4 billion a year in lost revenue.
Verizon could recoup those lost sales by partnering with cable companies like Comcast. Verizon could sell Comcast its wireless airwaves, providing Comcast with a 4G "quad-play" option.
That's why wireless carriers will likely be jockeying for position to partner with cable companies, particularly Comcast. With Sprint's (S) sub-par 4G network, AT&T's ties to U-Verse, and Verizon's FiOS and congestion issues, T-Mobile (TMUS) is the likeliest wireless company to win over Big Cable, Macquarie predicts.
First Published: November 7, 2014: 11:25 AM ET
NEW YORK (CNNMoney)
The core business of Sears (SHLD) is crumbling. Sales have plunged, red ink is mounting and cash is going up in smoke. The once great retailer is a shell of its former self.
Things have gotten so bad that Sears plans to raise cash by selling hundreds of its prized stores to a newly formed real estate investment trust, or REIT. Sears said the move would generate "substantial proceeds" and "enhance our liquidity."
Wall Street loves the move, instituted by CEO and majority shareholder Eddie Lampert. Sears shares rose as much as 48% Friday.
"At the end of the day it was always going to be a real-estate play" by Lampert, said Paula Rosenblum, managing partner at RSR Research.
"The fact he's creating a REIT to raise money tells you the business has tanked faster than he thought it would so he's got to play out his end game sooner," she said.
Sears expects to distribute shares of the REIT to the retailer's shareholders, giving them potential upside to the new vehicle.
A REIT is a security that invests in real estate like shopping malls or skyscrapers. They usually don't pay corporate taxes, but must pay out at least 90% of their income as dividends.
'Slow motion train wreck'
The REIT lifeline is just the latest in a series of moves by Sears to liquidate its real-estate holdings to keep the core business alive.
Last month, Sears announced plans to shut down 77 Sears and Kmart stores just before Christmas, which in retail is the equivalent to raising a white flag.
"We're just watching this slow-motion train wreck. The death of this once-venerable company," said Rosenblum.
That wreck only got worse in the past three months.
Net losses totaled as much as $630 million last quarter, building on a $497 million loss from the year earlier.
Cash on the balance sheet shrank to $330 million, compared with $839 million at the end of the second quarter.
"The core business remains horrible," said retail analyst Brian Sozzi, who is CEO of Belus Capital Advisors.
Sears pushed back against that characterization.
On an adjusted basis, Sears' third quarter losses are expected to be comparable to a year earlier, indicating that its "operating performance has stabilized," company spokesman Chris Brathwaite wrote in an email to CNNMoney.
"This represents a meaningful change in the trend of the business," he said, adding that Sears expects this "positive development" to continue into the fourth quarter.
Postponing the inevitable?
And shares of Sears skyrocketed to their best level since December as Wall Street cheered the REIT plan.
Sears said it may sell 200 to 300 stores -- likely some of its most valuable ones -- to a REIT. Sears, which cautioned such a move is not a done deal, would lease back the stores and continue operating them.
The retailer could then use the cash it generated from the sale to keep funding its business.
"This may just postpone the inevitable. Sooner or later they are going to get into this death spiral where they can't sell because vendors won't ship and vendors won't ship because they can't sell," said Rosenblum.
First Published: November 7, 2014: 2:12 PM ET
NEW YORK (CNNMoney)
A weekly collection of design, data and interactive links.
Photo/Video
Ghost Peloton | Choreographed biking and LED light suits
Jolly Jordan | Travel to an adorable miniaturized version of Jordan in 4 minutes
James | All I'm Saying (official music video)
Design/Data viz
NBArank | Epic animated basketball gifs by Madebyradio
Abstract Crumpled Posters | Heath West produces crumpled, torn and reconstructed paper art
Eye In Space | Experience space using Virtual Reality
Open qPCR | DNA Diagnostics for Everyone
See last week's links
Have a nice weekend!
@dubly and @talyellin
First Published: November 7, 2014: 4:07 PM ET
NEW YORK (CNNMoney)
If you're a glass half-full type, it's easy to point to the fact that the economy is expanding again and unemployment is at a six year low. Gas is back under $3 a gallon, the stock market is at an all-time high and this year's job gains are on track to be the best since 1999.
America is certainly better off than it was during the financial crisis, and the nation looks a lot stronger economically than Japan and Europe.
America has added 2.3 million jobs in 2014
But there's a glass half-empty side of this economy, too.
Wages aren't rising for most Americans. A middle class family is actually bringing home the same income as it did in 1995, and millions of people want full-time jobs but are stuck in part-time positions.
There's no denying the rich are getting richer and the rest are stagnating.
The fact is there is truth in both sides -- the result of a slow-burn recovery from the worst financial crisis in generations.
Why voters hate the Obama economy
Here are the three key stats to that drive home America's dual economy:
1. Lucky to be employed.
On Friday the government reported another strong month of job gains. The unemployment rate is 5.8%, not far from what most economists think is typical rate of around 5% when the economy is humming along.
But the improving number masks the fact that the U.S. has 2.9 million people who have been out of work for half a year or more. That's double the number of long-term unemployed than before the recession.
Even more troubling is that the U.S. has over 7 million people who are working part-time but want full-time employment.
2. Wages aren't growing.
Americans are spenders. We like to buy things and that powers our economy. But people can't make purchases if they don't have money. That's why it's so worrying that U.S. wages aren't getting any bigger.
Wages today are about the same as they were just before the recession.
In the past year, wages went up about 2%, but that is just ahead of how fast costs have been rising so the gains are basically canceled out.
The complete list of companies that are open and closed on Thanksgiving
3. More gains went to Wall Street than Main Street.
The one area that has bounced back since the end of the recession is the stock market. It bottomed out in March 2009 and has been on an incredible tear ever since.
The S&P 500 -- the benchmark index that has a lot of funds that mimic or track it -- is up nearly 200% since that 2009 low point.
But the catch is that only half of Americans have any money in the stock market. So all those gains have only exacerbated the "have versus have not" economy.
Wealthy whites are the most likely to own stocks. And since the rich own more stocks, they benefited more.
First Published: November 7, 2014: 4:43 PM ET
NEW YORK (CNNMoney)
Several iconic pieces from Madonna's career and personal life are on the auction block, including the Marilyn Monroe-inspired dress, stole and jewelry featured in the 1984 "Material Girl" music video.
The dress is expected to go for $40,000-$60,000 and $4,000-$6,000 for the stole when the items go up for auction starting Friday in Beverly Hills.
Julien's annual Icons & Idols: Rock 'n' Roll auction has 700 items up for bid, including John Lennon's glasses, a T-shirt worn by Kurt Cobain, a guitar from David Bowie and belongings from Elvis Presley, Lady Gaga and more.
Remember 'Easy Rider'? That bike just sold for $1.35 million
But Madge is a top attraction of the auction, with 140 of her items up for sale, including a personal day planner, the inauguration dress she wore when she played Eva Peron in the movie "Evita" and her wedding dress and shoes from her marriage to Sean Penn. You can also get her signed, expired American Express credit card and the baseball uniform she wore in 1992's "A League of Their Own."
The deep pink satin gown had a starting bid of $20,000 "Very little of her stuff comes to auction now," said Martin Nolan, executive director of the auction house.
He said Julien's is looking to set records with the two-day auction that allows people to bid in-person, over the phone and online.
Bids come from all over the world, according to Nolan, but the face of bidders have changed significantly since 2005. "Back then, it was what we call fanatical people, the huge fans that would bid on items. Now, you still see some fans, but they don't have the big dollars that are needed. Museums are big buyers."
Men are buying up these $1,200 sneakers
The starting bid for Madonna's day planner circa 1988 was $1,000 A large portion of the items from The Queen of Pop up came from a private investment firm in the U.K. "They got together and pooled their money in 2007 and chose her as their blue chip icon," said Nolan. "They've now decided to liquidate their Madonna portfolio."
So how strong of a return on investment are celebrity-worn collectibles? In 2005, Julien's held a 200-lot auction of Marilyn Monroe's items that brought in $1 million. Today, Nolan said it would have sold for $10 million. "And that's being conservative." A skirt purchased in that auction for $1,500 sold for $50,000 two years ago.
First Published: November 7, 2014: 5:11 PM ET
NEW YORK (CNNMoney)
That's because the investment company took a massive $678 million charge for its investment in Tesco (TESO), a British grocery chain that has seen its shares plunge this year. The grocer has been struggling amid increased competition and an accounting scandal in which it admitted to overstating its profit forecasts.
Berkshire is one of Tesco's largest shareholders.
Related: Warren Buffett's huge grocery bill
Despite the individual investment losses, Berkshire's portfolio is still ahead for the year.
The company said it earned $4.6 billion, or $2,811 per Class A share during the third quarter. That's better than Wall Street was expecting, but still down 8.6%, from the same period last year. Profits for the first nine months of the year, however, are doing better than they were this far into 2013.
The company's Class A shares closed Friday at $214,970 a piece. Berkshire's more accessible B-shares, which are worth 1/1500th of their pricier counterparts were flat in after-hours trading.
Next quarter might be a rough one as well. Berkshire lost big money late last month on shares of Coca-Cola (KO) and IBM (IBM, Tech30) after both companies delivered disappointing earnings. Coca-Cola, which is one Berkshire's largest investments, subsequently cut executive pay following some Buffett grumbling.
Warren Buffett loses $2 billion, but there's good news
First Published: November 7, 2014: 8:05 PM ET
| Saturday, November 8th 2014, 01:08 GMT |
Denny Hamlin will start from pole position at Phoenix for the final race of the 2014 NASCAR Sprint Cup Chase Eliminator round after resisting a late charge from Brad Keselowski
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, November 7th 2014, 20:11 GMT |
Delaware police are investigating a domestic assault claim involving NASCAR driver Kurt Busch
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Jonathan Noble | Friday, November 7th 2014, 20:49 GMT |
Sergio Perez is staying at the Force India Formula 1 team next year, his team boss Vijay Mallya said on Friday
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Ben Anderson | Thursday, November 6th 2014, 19:33 GMT |
Romain Grosjean hopes to announce his 2015 Formula 1 plans during the Brazilian Grand Prix, saying he is "close" to confirming a deal
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, November 6th 2014, 18:58 GMT |
The FIA is continuing to monitor developments at Caterham and Marussia to ensure they will be capable of a Formula 1 return, as both appeared on the 2015 entry list
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, November 6th 2014, 19:54 GMT |
Lewis Hamilton says he holds 'no fears' about the prospect of losing the 2014 Formula 1 world championship through double points
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Ben Anderson | Tuesday, November 4th 2014, 17:18 GMT |
Fernando Alonso reckons the Ferrari Formula 1 team must raise its game over the final two races of the season to avoid getting dragged into a fight with McLaren
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, November 4th 2014, 14:33 GMT |
Formula Renault 3.5 race winner Oliver Rowland is interested in staying in the series for a title push in 2015
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, November 4th 2014, 18:19 GMT |
Matthieu Vaxiviere kept the Lotus team on top in this week's Formula Renault 3.5 test at Aragon as he comfortably set the pace on Tuesday
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, November 3rd 2014, 17:10 GMT |
Ferrari Formula 1 boss Marco Mattiacci says Kimi Raikkonen is under "positive pressure" to raise his game, after another disappointing race in the US 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 | Monday, November 3rd 2014, 20:17 GMT |
McLaren AUTOSPORT BRDC Award finalist Alexander Albon set the pace on the first day of Formula Renault 3.5 testing at Aragon on Monday
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Mark Glendenning | Monday, November 3rd 2014, 21:41 GMT |
Jay Howard will make his first IndyCar appearance in four years at the Indy 500 next May after securing a drive with Bryan Herta Autosport
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, November 3rd 2014, 01:00 GMT |
Nico Rosberg has revealed that an ERS error was key to allowing Formula 1 title rival Lewis Hamilton to overtake him for victory at the United States Grand Prix
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
DRIVERS
1 - Lewis HAMILTON (Mercedes)
2 - Nico ROSBERG (Mercedes)
3 - Daniel RICCIARDO (Red Bull Racing)
PODIUM INTERVIEWS
(Conducted by Mario Andretti)
Hello Austin, another exciting and beautiful race in the record books. Amazing, guys. All my deputies here. Lewis, if my math is correct it's your tenth win this season, a 24-point lead in the championship. Oh my gosh. Three races, two wins and a second, is there anything you can tell me about your secret here?
Lewis HAMILTON: You know, this is an incredible place. I've got such great support here, so a big, huge thank you to the fans here. Again, I've been so fortunate - I've got an incredible team, an incredible and I had a great competitor today and I'm really grateful to be up front. I'm really excited. It's such a privilege to be representing my country and to be at the top of the driver wins is really quite special.
A beautiful job, obviously. You had work to do. You've done that in the past. You made a beautiful pass on your friend here Nico and I think you might have caught him by surprise a little bit but after that in clear air it looked like clear sailing, because it looked like the car just worked perfectly for you?
LH: The car was great today, but you know what, where's the Stetson? Can I use your hat?
MA: In a minute... I'm still on official duty.
LH: Oh yeah, you're the sheriff.
Nico, great start, brilliant pole. It looks to me like you were caught a little bit by surprise on that overtake early on in the race and once Lewis got into clear air it seemed like you had a tough time. Nevertheless a one-two, many times this year, a brilliant performance by both of you and kudos to Mercedes.
Nico ROSBERG: yeah, it definitely kind of sucks to me today, but that's the way it is (inaudible). It took too long for me to find my rhythm. Once Lewis got by I found my rhythm, but it was too late, so that kind of sucked. But anyways, thank you to all of you; you've been fantastic today. As I see, you've had a great time, that's important and it's great that F1 is in Texas.
Seventy-five points still available before the end of the season, so the fight is still open right. Daniel, wow! Eight podiums this season, you're just right there aren't there aren't you? Keeping these two pretty honest aren't you? That's fabulous to see.
Daniel RICCIARDO: Yeah we're doing what we can. We all had a great weekend. So, firstly, thanks to all the fans. It's honestly a pleasure to come out here. Austin's great - the circuit, the facilities, the town, everything's good. So thanks to Red Bull for giving me the package to fight for the podium today and I'm really happy with third place.
That was brilliant obviously as I said. Some of your overtakes are textbook. As a young man it's amazing. It's fun to watch, honestly.
DR: Thanks. This place is great. You can overtake here, there are a lot of opportunities. I got Magnussen on lap one and then Fernando on the restart, so it wasn't too boring out there.
PRESS CONFERENCE
Q: Lewis, well done, what an amazing run of races you've had, these five victories, absolutely fantastic. How have you felt about those?
LH: It's been an incredible run. This whole season has been incredible really. Just an unbelievable job done by the team. Nico was very quick in qualifying yesterday. Obviously I said I had a couple of problems and I corrected them today and, never know how the race is going to go but I pushed as hard as I could, particularly in the first stint. And the second stint I seemed to be even quicker on that stint. Once I got past Nico it was really just about controlling it. Coming here today, just having that same determination and hunger to get that win. And, as I said, there's not a better crowd really to do that in front of.
Q: Tell us about that overtake. How did that happen? How did you feel about that? Was it all DRS? How did it actually happen?
LH: It's obviously a very good circuit to be able to follow but it's not easy and it was very hard through the middle sector to try to stay as close to him as possible and get as close as I could to the DRS zone. And I was quite a bit back, I would say, but I felt very confident, there was a big headwind into 12, and I just felt like I was waiting for the moment really, to just be just close enough to throw it up the inside. And that's what I did. There's a kind of... you have to decide how much of a risk you're willing to take. Nico wasn't defending there really so almost caught him unaware. And after that, really I was just trying to maintain it. But what an incredible achievement. I'm so grateful. Big thank you to all my team and to my family because the results that I've had and the amount of wins that I've had wouldn't have been possible without those people.
Q: You talked yesterday about brakes and also a little bit about a flat-spot. There was no sign of that during the opening laps?
LH: No, there was no problem. Fortunately it was a small one. But when the Safety Car came out I did have that big difference of around 100°C between the left front brake and the right front, so was trying very hard to keep it as high as possible but fortunately once we got going again it started to rebalance itself and I didn't have too many problems. Locking was still there but it didn't seem to hinder me.
Q: Nico, great start again the overtake saw you back in second place. What happened there?
NR: Yeah, the start was good so thanks to the team for that, that worked out really well. It's pretty simple that I didn't find my rhythm early on. It took a long time, like all the way until after Lewis passed me. In the overtake, I knew there was a chance. Maybe he would try or not, so I went kinda, halfway defensive but Lewis just did a good job and that's it. Five or ten laps later I started to find a better rhythm and then I felt OK - but it was unfortunately just way too late.
Q: At one point, for something like five laps in succession, you were lapping so close, the two of you, within thousandths of a second of one another, I guess that when you'd found the rhythm.
NR: Yes. That's the period went I started to feel more comfortable. I never gave up in this race, of course, I was just fully determined all the way to try and put the pressure onto Lewis, try and get a bit closer, but it just wasn't possible today.
Q: And you radioed in that you hit a kerb at some point. Was there any lasting effect from that?
NR: No, it's just that with these kerbs around the back there, if you take a little bit too much, they're quite high and it was a little bit of a thump but everything was OK. Again, they've built a good car. Robust.
Q: Daniel, fantastic pace to get past both of the Williams. It looked like the car really came into its own in the middle of the race.
DR: Yeah. I think we had good pace. Williams were strong. I think we used good strategy to get ahead of them basically, and that paid off. But yeah, the first few laps were fun. We dropped a few places on the start but then got Magnussen into 12 and then Alonso on the restart so, couldn't really hang with the Williams at first but it seemed like the longer the stint went, the more pace we had. Really happy with third. As we know, Mercedes are a bit out of reach, so third I think was the best we could do today.
Q: And when you had the Williams behind you, within the DRS capability as it were, a slippery Williams with a Mercedes engine, you must have thought it was all over.
DR: Yeah, Felipe was coming on strong at the end. I could see him. At the beginning of the stint I pulled but then he came back stronger than he expected. I don't know if he had DRS or not but I was trying to do a little bit down the straights so he couldn't get too much in my tow. But anyways, I think we held on pretty comfortably in the end but they had good pace and kept me honest until the last lap.
Q: So really happy to be on the podium.
DR: You betcha!
QUESTIONS FROM THE FLOOR
Q: (Sef Harding - Zero Zone News) Lewis, you've been focused out there like a Jedi knight this season. Big numbers for you: this makes five in a row and ten wins through the season. Did everything just come together for you today, once you had the car hooked up?
LH: I like the Jedi knight reference! That's cool. Yeah, today, just really doing my homework. Before the race there's a lot you can do to really understand what opportunities could come up and in different scenarios, how you approach it and I felt very much on top of that as I have done for quite some time. Just went into the race with the belief that I could win it. Incredible support from my fans, even from when I was in New York this week. The support from my fans and the tons of flags out there and team tops and team caps, I really am so grateful for that support that I have here in the US. It's amazing. I hope it continues to grow over the years. Great weather, the circuit's just fantastic. I went into the race thinking I need another race just like 2012 and it was just like that. I was catching him through exactly the same points at which I was catching Sebastian. There wasn't a moment in the race when I didn't think that I would get him. Once I was past, as I said, I was able to relax for a second and really try to manage the tyres, because I knew that perhaps he would push at some other point. And so I was always having to respond. It's such a great feeling when you have a race like that, it just feels great that you've really done it as best as you can.
Q: (Dan Knutson - Auto Action/National Speed Sport News) Daniel, as you said, a slow start. What happened at the start and also, looking forward to next weekend, the Red Bull is second best here, how will it be in Interlagos?
DR: I don't really want to talk about the start! We'll see. I feel that it was my fault today. It just didn't feel like I got the procedure right but I will have to look back and see the ins and outs. But I think it was... for getting off the line poorly, I think we had good damage limitation. Yes. Think I picked a better line in turn one and then, as I said, got Kevin back in turn 12 so in the end we only lost one spot. I think it could have been a lot worse. Yeah, we'll work on that and then Brazil, hopefully we're strong. In the past, it has definitely been a good track for Red Bull but I think, again, it's going to be that last step on the podium that we're going to fight for. I don't know. I would like to say that I could catch these two but I think I will be happy with third but let's see how we go.
Q: (Livio Oricchio - Universo OnLine) Nico, now there are 24 points difference to Lewis; do you go to the two last races with the same approach until now, or emotionally inevitable that it affects you? And Daniel, can you describe the manoeuvre to overtake Alonso and then Massa in the operation of pit stops?
NR: Same approach from me: fully committed, full attack, try and be on pole in qualifying and then win Interlagos and that's it. There are still many points to be had and a lot can still happen. Same as all the time.
DR: Fernando on the restart; I don't think that, from memory, the two Williamses didn't get a great restart so it sort of bunched us all up. We were close and I saw Fernando cover a bit but it's so wide at turn one, I knew there was a bit more room on the inside. I guess I committed to that, already out of the last corner when I knew I was close enough and that worked, so that was good but then Massa or Valtteri cut in late. I was very shallow on the apex and I nearly actually collected the Williams but I'm sure Fernando was watching me and saying 'it's all over here. He braked too late. Silly boy.' It was close but that worked well and then I think just the undercut worked to our advantage. I don't know if Felipe had a slow pit stop or not but yeah, that probably helped us out and I think our pit stop was pretty quick so that was the story there.
Q: (David Estrada - The Port Arthur News) Lewis and Nico, you guys had a very similar tyre- changing strategy today. Do you think it was done intentionally, to level the playing field between you two? And do you guys see that continuing in the future races?
LH: It wasn't because of that. It was because if you look at some of the races, you have been able to offset. Usually the first driver will have the optimum strategy, but then the second driver usually has... say it's option, prime, prime, the second driver would have a chance of doing option, prime, option but the option's quite weak here so you had to run option, prime, prime. It was much much slower to run an option, so then we were both on that strategy and that's why I had to push so hard to make sure I got by as soon as possible because I wouldn't have that opportunity later on.
Q: (Matthew Walter - Bleacher Report) Lewis, now if you were to finish second in the next two races, no matter what Nico did, you would still be World Champion, so does this change your approach at all, in terms of maybe being a little bit more conservative, taking fewer chances or is it the same for you?
LH: It doesn't really change, same as for Nico really, because we're hunting for those points. I think during the year you have to be balanced in the risks you take and I think that so far I've not been taking too many risks. I've done what I've needed to do to get by in the safest way, in the cleanest way, which has worked all year, so I should just continue to do the same. Even in this race, I was looking after the car, trying to nurse it home and make sure that it had no problems, and I think really you've just got to keep going until the last chequered flag.
Q: (Steve Aibel - Drafting the circuits) Daniel, the atmosphere here in Austin and Texas, you seem to really have embraced. You've talked about Sixth Street, wore a cowboy hat but the thing that I think really embraces you to the State is that number on your hat. Is there any way you can talk about the three and the influence of Dale Earnhardt in picking that number?
DR: Yes, you're absolutely right. I love this place. I'm definitely not alone but yeah, it is special, it's cool. And then yeah, the three. I was a big fan of Dale Earnhardt. I'm a fan of motorsports but I've followed NASCAR since I was very young. It was follow Dale and it was my first go-kart number as well. When Formula One said you can pick your numbers this year, it was a no-brainer for me to chose the three and then once they agreed I could run it, I thought what better way to have the style of Dale on my helmet. Yeah, it's been pretty cool. Dale Junior has seen that we've spoken via social media a little bit and it's really nice that he's supportive of that. So really quite honoured, obviously, to represent that in Formula One.
Q: (Graham Harris - Motorsport Monday) Lewis and Nico, no matter what the result is at the next race, the Abu Dhabi race will be the determining who wins. There's fifty points on offer, various scenarios and mathematical computations can be played out. Any views on this, how you approach it?
LH: I think I just said I would do exactly the same. There isn't much more to add to it, just going to be exactly the same as I approached this weekend and previous races: I want to win.
NR: For me, that's great to hear of course, because then there's a definite shot at the championship this year, even with the points that I'm now behind and anyways, there's still Brazil to come so in Brazil it's even possible to completely turn it around. You never know what will happen there so I'm sure it will be an exciting end to the season. I hope it's going to be exciting for the fans, that's the most important thing also, that we put on a good show which I think we managed to do today. I look forward to the last two races. With the car that we have, it's awesome, it really is.
| By Ben Anderson and Edd Straw | Monday, November 3rd 2014, 01:03 GMT |
Jean-Eric Vergne has lost his ninth-placed finish in the US Grand Prix after being penalised for colliding with Formula 1 rival Romain Grosjean
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, November 1st 2014, 22:49 GMT |
Formula 1 championship leader Lewis Hamilton will change managers next year, after deciding not to renew his deal with Simon Fuller's XIX Management company.
Hamilton confirmed on Saturday that discussions with Mercedes over a fresh deal beyond 2015 would likely be handled by somebody else.
When asked about the situation, Hamilton said: "There is not really much to say. The contract expired and I am going to be doing something different.
"I don't know what yet, but I will decide at the end of the year."
Hamilton signed up with XIX management at the start of 2011, having previously had his career looked after by his father Anthony.
XIX played a key part in helping secure Hamilton's move to Mercedes at the start of 2013. His current deal with the team runs until the end of next year.
DRIVERS
1 - Nico ROSBERG (Mercedes)
2 - Lewis HAMILTON (Mercedes)
3 - Valtteri BOTTAS (Williams)
TV UNILATERAL
Nico, a very strong pole position, a big margin for you. How do you feel about that? And hings are really hotting up, I guess now, with just three races to go?
Nico ROSBERG: Yeah, great day, very happy. It worked out really well, you know. Together with my engineers I really arrived at a car in the end in qualifying that I was happy with, the balance was good. Because it was quite a challenge, because the wind was changing and then this morning the conditions were quite different, a lot colder, so the track was changing all the time and it wasn't that easy to get everything right but in the end we got to a great set-up, a great car, so I'm pleased with that. So first place of course today is awesome but you know the race is what counts, so I still need to focus fully on tomorrow and to to bring it home.
Well done. Coming to you Lewis, fastest in practice, fastest in Q1, but from Q2 onwards it seemed to be a bit of a troubled session for you, particularly with braking, in Q2 and again in Q3 I think?
Lewis HAMILTON: Yeah, absolutely. Obviously, Nico did a great job today. I really struggled with braking, yeah. When you look at the brake temperatures, the left brake was always around 100 degrees less than the right front brake. It just kept catching. No matter what I did, even if I braked earlier and tried to save it, it would still lock. So that was perhaps where I was losing a lot of the time. But even if that wasn't the case I think Nico was perhaps too quick today.
Is that an issue for you for the race, with that set of tyres?
LH: Potentially, yeah, so I need to try to see... maybe they can scrub them down or something and try to fix it overnight.
OK, thank you for that. Coming to you Valtteri: your sixth time in the last eight grands prix that you've qualified in the top three. That's some run of form.
Valtteri BOTTAS: yeah, a pretty god qualifying again. I'm really pleased with the couple of good laps I got in Q3 today actually. It's been a difficult weekend from my side for some reason, to get to a good rhythm and then finally during the qualifying I could really trust the car, like you should do. Really happy for us as a team, again, we locked the second row. It's a good starting position for tomorrow's race because we have still important three races to try to keep a good position in the constructors' championship.
Very well done. Coming back to you again Nico, this track, particularly from the start, one of the characteristics here at the Circuit of the Americas has been the difference between the clean side and the dirty side off the grid. You must be pleased you're on the right side of that tomorrow?
NR: I haven't thought that far yet, but if you say it then yes, that's great, another extra advantage for the clean side of the grid, you know, starting first. Of course the start is going to be important, need to make the most of that and stay ahead.
PRESS CONFERENCE
Q: So Nico, that, I think, is the sixth Mercedes front row lock-out in a row, which is certainly a statement about the dominance you've got in the car and the way you continue to stay ahead of everybody. Margin of nine-tenths to Valtteri today, it was four-tenths in Sochi - but you too haven't been immune from brake problems this weekend, have you? Is this something worrying you at all going into the race?
NR: We've had a few issues in general on the car this weekend, on both cars and so yeah, we need to try to get it all right for tomorrow - but personally I'm not worried about that at all because if I would start worrying about that, it's not going to be good for performance. So I'm very confident the team's going to get the job done and just concentrate on what I can influence on my driving. I'm not worried.
Q: Lewis, I don't know if you know but tomorrow is six years to the day since you won your world championship: November 2nd 2008. So I'm sure you'll be hoping to channel the Interlagos spirit into tomorrow's grand prix - but how much is that vibration on those tyres going to cause you a problem? Can you drill down a little bit more into that for us?
LH: Well the vibration isn't that bad. It's a minor flat spot. They'll rebalance it and hopefully won't feel too much with it. The issue is just locking. If I can't fix that left brake, then that will be a continuing issue throughout the race. And obviously flat spots lead to blistering so I've got try and make sure we can fix that this evening.
Q: Coming to you Valtteri, you got your first points in Formula One here 12 months ago. Tell us about the race in prospect for you and also why you were behind Felipe pretty much the whole of today and how you managed to nail him when it got to the business end of qualifying.
VB: Yeah, it should be an interesting race. I think especially the guys behind us are going to be really quick and we're now in a good position in the team's championship and it's going to be an important race for us to get good points with both cars. It's not going to be easy. So we will really need to try to get everything right tomorrow. Really look forward to the race here, it's always good fun. In qualifying and in general from the practice, I managed to improve myself a lot during every session and really got the car to a good setup only just before the qualifying and for the qualifying - so I could really trust the car a bit better in the qualifying and get those lines right and get every corner right. I knew that Q3 is the one which is going to matter, and I needed to get everything right and be on the limit and then that's when I tried to squeeze everything that there was - and I feel I managed to do so.
QUESTIONS FROM THE FLOOR
Q: (Paolo Ianieri - La Gazzetta dello Sport) Nico, where did you also find those tenths that you found in your Q3? Quite impressive pace after always being behind Lewis during the practice.
NR: What was the reason? I finally got there on setup, together with my team. We just continued to improve the car all the time and just got it right and I felt comfortable in the end. I was able to push and it felt good balance. Nailed the lap, got the lap really well, so it all worked out.
Q: (Dan Knutson - Auto Action / National Speedsport News) To the two Mercedes guys, when you have troubles like you did today, little troubles, does it frustrate you or does it motivate you in a way, to say 'I'm going to beat this and get on top of it and go even faster'.?
NR: Neither of the two really. It's always a bit frustrating to have something like that in the moment but then, I've learned to move on to just accept and concentrate on the things that I can influence and just keep on it. That's what I tried to do today and it worked out well.
Lewis?
LH: The same.
Q: (Ian Parkes - Press Association) To all three of you, you may or may not be aware that there is a very real threat tomorrow - It's not speculation, it's not hearsay - of three teams, Force India, Sauber and Lotus, opting to boycott this race. What impact do you feel that would have on Formula One?
Nico?
NR: No comment. Because I have not heard anything about this and it would not be the right thing for me to even comment on something like that.
Lewis?
LH: Same.
Valtteri?
VB: Same. No comment really. I don't know anything about this situation so I can't really say much.
| By Jonathan Noble | Saturday, November 1st 2014, 22:38 GMT |
Bernie Ecclestone says top Formula 1 teams are going to have to make sacrifices to solve the cost crisis, and admitted financial structures he had put in place were wrong.
In a surprise confession that commercial arrangements agreed with teams had contributed to F1's current woes, he said that only assistance from the big outfits could now help him sort matters out.
"The problem is there is too much money probably being distributed badly - probably my fault," said Ecclestone in a lengthy media briefing at Austin on Saturday.
"But like lots of agreements people make, they seemed a good idea at the time."
When asked if he regretted the deals in question, he replied: "If the company belonged to me I would have done things in a different way because it would have been my money I was dealing with.
"But I work for people who are in the business to make money."
REDISTRIBUTION OF MONEY
One idea Ecclestone mooted is for the big teams to contribute a share of their prize money towards a fund for the smaller outfits.
"We have to open the eyes of those people in a position to turn the lights on and off to what they need to do," he said.
"I wouldn't want to be in a position where I was too strong, F1 disappears and someone says it is because of you it disappeared.
"I said to people getting a chunk of money that I would like to take a percentage of their performance-related payment.
"I would put that money together to divide among the three or four we know are in trouble but are not going to run away with the money, and then I will put in the same amount of money."
However, Ecclestone admits that getting such a fund together would not be easy because F1 rules allow teams to block such changes.
"We have to decide the best way to sort this whole thing out. Frankly, I know what's wrong but don't know how to fix it.
"No one is prepared to do anything about it because they can't. The regulations have tied us up.
"We can't all sit back nicely relaxed and think the problem will go away. It's not like having the flu and taking a few tablets and it will disappear.
"I think the situation is such that if enough people want it resolved, we can resolve it. It's a case of the people that are involved in the sport will have to want to look after the sport and be prepared to make some sacrifices.
"I would tear all the contracts up. Take all the money, pay all the teams' debts that should be paid so people haven't suffered because of Formula 1."
NO BOYCOTT THREAT
Ecclestone denied there was a threat of a boycott this season, even though Force India's Bob Fernley repeatedly suggested it was an option.
"Forget all that crap," Ecclestone said. "I promise they will be racing. They will be racing, I give you a guarantee - but I worry if they will be racing next year."
He also played down the possibility of three-car teams.
"Forget third cars," he said. "Nobody can afford two cars."
NEW YORK (CNNMoney)
The network declined to comment. But according to Deadline, NBC is now "gathering information on the situation" regarding the reality series.
During a test flight, a "serious anomaly" caused Virgin's commercial space craft to explode over the Mojave Desert, killing one and seriously injuring another.
The show -- which was announced last year -- is an exclusive series between NBC, Virgin founder Richard Branson and reality TV super-producer Mark Burnett.
NBC described the show as an elimination competition in which normal people would compete with one another for "the ultimate prize" -- a flight into space on Virgin Galactic's SpaceShipTwo.
The series would also have "unprecedented access" to Virgin Galactic's Spaceport America facilities in New Mexico, where contestants would train for their winning flight, according to a press release issued last year.
Related: Virgin Galactic spaceship explodes
Virgin Galactic's plan for the $500 million spaceship is to transport passengers 62 miles above Earth where the planet meets the onset of space.
The flight reportedly would cost guests upward of $250,000 and celebrities like Leonardo DiCaprio and Stephen Hawking have signed up for tickets.
For Burnett -- the producer behind reality hits like "Survivor" -- "Space Race" is another attempt to accomplish his dream of using a TV show to send everyday people into space.
"I am thrilled to be part of a series that will give the everyday person a chance to see space," Burnett said last year. "NBC has come on board ... so that viewers at home will have a first class seat."
First Published: October 31, 2014: 6:40 PM ET
NEW YORK (CNNMoney)
Virgin has sold more than 700 tickets, each costing more than $250,000, for future flights. Several celebrities have already signed up, including Justin Bieber, Ashton Kutcher, Leonardo DiCaprio and Stephen Hawking.
The special plane is called SpaceShipTwo, and it was designed to carry six passengers. Virgin's billionaire founder, Sir Richard Branson, told Reuters the cost of the spaceship was $500 million.
The ship exploded during a flight over California, killing one person and seriously injuring another, according to a California Highway Patrol officer.
From CNN: 1 dead, 1 injured in SpaceShipTwo test flight failure
Branson's Virgin Galactic has planned for years to sell trips in which SpaceShipTwo would transport passengers about 62 miles above Earth -- the beginning of outer space -- and let them experience a few minutes of weightlessness before returning to ground.
SpaceShipTwo has long been in the final stages of its test flight program. Friday's test flight began in Mojave, California, the company said.
Friday's mission was SpaceShipTwo's solo flight number 35, according to the company. A specialized jet carried it into the air, where they normally separate at 50,000 feet.
They disconnected at about 10 a.m. PST, but within minutes, the spaceship experienced "an in-flight anomaly," Virgin Galactic said.
The plane was designed and built by Mojave-based Scaled Composites, a subsidiary of defense contractor Northrop Grumman (NOC).
The entire project operates under the wing of The Spaceship Company, a venture that's jointly owned by Branson and Abu Dhabi's aabar Investments PJS.
Third-party travel agents designated "accredited spaced agents" were told by Virgin to refrain from speaking about the matter in public.
However, the company has received more than $80 million from bookings. Travel agents who spoke on condition on anonymity said only a small portion of that is refundable. Commercial flights were set to start in 2015, but this incident could push that back.
"Space is hard and today was a rough day," said Virgin Galactic CEO George Whitesides at a press conference Friday evening.
He said that Branson is on his way to Mojave and expected to arrive Saturday morning.
Friday's deadly accident marks the second time this week that a private U.S. space company suffers a major loss. On Tuesday, a NASA contractor -- the Orbital Sciences Corporation (ORB) -- blew up its own unmanned Antares rocket when it started to malfunction. It was bound for the International Space Station with 5,000 pounds of supplies and experiments.
The space community showed signs of solidarity after Friday's explosion. Elon Musk, the CEO of another spacecraft company SpaceX, sent his sympathies to the families of the pilots and the Virgin Galactic team over Twitter.
NASA Administrator Charles Bolden also offered condolences in a statement.
"Space flight is incredibly difficult, and we commend the passion of all in the space community who take on risk to push the boundaries of human achievement," he said.
--CNN's Jason Hanna and CNNMoney's Katie Lobosco contributed to this report.
First Published: October 31, 2014: 3:36 PM ET
NEW YORK (CNNMoney)
For the folks who can't wait for their dinners to digest before they kick off their holiday shopping spree, Macy's and Kohl's will both open their doors on Thanksgiving Day at 6 p.m.
Macy's (M) opened at the same time last year, and said enough shoppers came through its doors to justify continuing the tradition. Kohl's (KSS) is opening two hours earlier than it did last year.
There are also holiday shopping holdouts. Costco (COST), Nordstrom (JWN), Neiman Marcus and GameStop (GME) have all said they won't open on Thanksgiving. They're going to wait and launch their Black Friday deals on, well, Friday.
And many major retail players have yet to reveal their holiday shopping plans, including Walmart (WMT), Best Buy (BBY), Target (TGT) and Kmart (SHLD).
Related: 7 fantasy gifts for 2014 from Neiman Marcus
Last year, Walmart opened at 6 p.m., and Kmart caused a stir with its decision to open its stores at 6 a.m. Thanksgiving Day, without closing at least for a few hours during the traditional dinner time like other stores.
Some workers stage protests about having to working the holiday, but others say they're happy to be hired for the seasonal work and the overtime pay.
Related: Amazon bringing on more holiday hands this year
First Published: October 31, 2014: 3:19 PM ET
Billboards that double as homes could help solve homelessness in cities. NEW YORK (CNNMoney)
His concept, called "Project Gregory," would create wooden billboard structures fitted with noise and thermal insulation. They'd have two rooms: One with a table, two chairs and bed, the other with a toilet, sink and shower -- all in less than 200 square feet.
Polacek, 26, came up with the concept as part of his master's dissertation at the Academy of Art in Banksa Bystrica, Slovakia, about three years ago. He brought on Matej NedorolÃk to help with communications (Polacek doesn't speak English). The two also head up an architecture and design firm.
Related: Urban infrastructure gets a second life
This week, they've launched a formal effort to turn their billboard concept into a reality. Project Gregory launched as a Kickstarter campaign to raise 41,000 euros (roughly $50,000) to build a prototype for the billboard homes.
They hope to complete the prototype by next spring. After that, they plan to secure permits to start building the first 10 homes in Slovakia. Advertisements on the homes would go for 150 euros a month, according to the project's Kickstarter page.
An interior view of the billboard living space. The homes will be fully functioning and connected to the city's water and electricity grids (since billboards are already wired to stay lit at night, they'd be able to optimize energy use).
"We'd like to spread it to other countries," NedorolÃk said of Project Gregory. "The whole idea is that after [the funding is raised], the project will be able to develop itself."
And there's certainly a need. The European Union estimates that roughly 4 million people are homeless during the course of a year. The homeless population in the U.S. is declining, but there are still 578,000 homeless people, according to the census.
Related: Greatest urban projects of all time
"First, we tried to ask for sponsorship from companies," said NedorolÃk. When they didn't get responses, they decided to go the crowdfunding route.
Because Kickstarter only accepts projects from nine countries (Slovakia is not one of them), they brought on friend Martin Lee Keniz (who has a U.K. driver's license) as an external partner to get the campaign up and running.
NedorolÃk said ideally, cities and countries with high rates of homelessness would invest in the billboard homes and offset the cost with advertisements.
And there's more innovation to come: They're currently designing a billboard home layout for two people.
First Published: October 31, 2014: 12:41 PM ET
Many trick-or-treaters will be dressed as one of Disney's top franchises this Halloween. NEW YORK (CNNMoney)
According to an analysis of seventeen costume retailer sites by e-commerce research provider SLI Systems, Disney's "Frozen" was the most searched costume theme of 2014.
Searches for characters like Anna, Elsa, and Olaf reached almost 1.2 million from September 1st to October 26th in the U.S., UK, and Australia.
Disney's animated blockbuster beat out the evergreen Halloween costumes of zombies and ninjas, which came in second and third with 863,000 searches each.
The animated blockbuster got 122% more search activity than the Teenage Mutant Ninja Turtles who were the second highest movie themed costume on the list. Overall, Turtles were the eighth most popular costume with 536,000 searches.
Seven of the top fifteen searches for the year were based on films.
Batman, the yellow Minions from "Despicable Me," and other Disney brands like "Maleficent" and "Star Wars" closed out the list.
While movies make up a good chunk of costumes this year, the study really goes to show just how incredible the staying power of "Frozen" is.
The film -- which came out in November of last year -- made $1.2 billion at the international box office, spawned a theme park ride, and is coming to Broadway.
So make sure to "let it go" when it comes to Halloween candy this year because many trick-or-treaters will be walking around dressed as one of Disney's top five franchises.
Related: Woman says Disney stole my 'Frozen' life
Related: Yet another 'Frozen spinoff: An Epcot theme park attraction
First Published: October 31, 2014: 11:52 AM ET
Budweiser brewer Anheuser Busch says its sales in Russia have lost their fizz. NEW YORK (CNNMoney)
Anheuser-Busch InBev (BUD), the world's largest beer company, reported earnings and sales that badly missed analysts' expectations on Friday.
Russia was one of the biggest drags on the company's profits. Sales in Russia fell 20%, contributing to a sharp decline in its European business, the Belgium-based brewer said.
"A spectre is haunting AB InBev's European operation, and it is called Russia," said Amin Alkhatib, an analyst at Euromonitor International who covers the alcohol industry.
Related: The world's most popular beer is ...
While many believe that beer is recession proof, that has not been the case in Russia. The downturn in the Russian economy, driven by falling oil prices and Western sanctions, has taken a toll on beer consumption. At the same time, the Russian government has imposed new laws that have restricted beer sales over the past few years.
As such, AB InBev has been scaling back its Russian operations and shifting its focus towards higher-margin premium beers.
Other global beer companies have also been struggling in Russia. Danish brewer Carlsberg, which owns popular Russian beer brand Baltica, has warned twice this year that profits will fall due to the conflict in Ukraine.
In the United States, AB InBev's largest market, the brewer has been struggling to regain market share.
U.S. sales volumes were down 3.7% in the third quarter. AB InBev's share of the U.S. market continued to shrink, albeit at a slightly slower pace.
Related: Russian brewer buys Pabst Blue Ribbon
"Budweiser performance is not where we want it to be," said AB InBev chief financial officer Felipe Dutra. "But we are encouraged by the engagement we are building with young adults."
Budweiser has been targeting millennials in the United States with a social media campaign called "up for whatever." The company took over a small Colorado town in September -- renamed it Whatever, USA, -- and invited hundreds of young people to party there and drink Bud Lite for three days.
Meanwhile, the global beer industry has been going through a period of "consolidation," with large brewers buying up smaller rivals in order to grow. Now, there is speculation AB Inbev is interested in buying SABMiller, the second largest brewer by volume.
Dutra said AB InBev has the financial firepower to make strategic acquisitions, but he suggested that the company is in no rush to make any major deals soon.
"M&A remains part of our DNA," Dutra said. "Given the brands we have and the market position we have, we don't feel pressure for an M&A transaction."
First Published: October 31, 2014: 2:10 PM ET
AT&T has two new data plans. NEW YORK (CNNMoney)
Its part of a growing trend in which wireless providers give consumers more gigabytes of data without having to pay more. As mobile devices become more sophisticated, consumers are demanding more data to send photos, watch videos and download music.
Beginning Sunday, AT&T (T, Tech30) customers will be able to get 3GB of data for $40 a month or 6GB for $70 a month. Previously, the deal was 2GB for $40 a month and 4GB for $70 a month.
In addition to the data charges, AT&T charges what it calls a monthly "smartphone access charge" of $40 for customers who sign a standard two year contract. With AT&T Next, a program where customers get a new smartphone every year, the monthly access fee is $25 per line.
The company says all of its value plans include unlimited talk and text.
Related: Government accuses AT&T of misleading 'unlimited data' customers
AT&T says the plans offer a better value because customers get more data for the same price as they currently pay.
Verizon (VZ, Tech30) made a similar move earlier this month, announcing plans to double the amount of data it offers under certain plans. Sprint (S) got the ball rolling in August when it announced an unlimited data plan for just $60 a month.
Related: Verizon ad tech raises privacy concerns
First Published: October 31, 2014: 4:50 PM ET
NEW YORK (CNNMoney)
The chain is giving $3 burritos, tacos, salads and bowls to anyone who comes to one of its stores wearing a costume this Halloween.
Related: Treat not trick for stock market with record close
Chipotle is also giving $2,500 to three customers it deems to have the best costumes on its #chipotlebooritocontest Twitter (TWTR, Tech30) and Instagram hashtags. The next five best costumes get free catering from Chipotle for 20 people apiece.
Related: 'Frozen' costumes are this year's most popular
This isn't the first year that Chipotle has had a Halloween costume deal. In the past the food was free for those who dressed up, but not even fun giveaways are immune from rising food prices. Instead, wrote a company spokesman in an email, the occasion has become a fundraiser.
Related: Charlie Brown and the Great Pumpkin is still a hit
The first $1 million the company raises is going to its Chipotle Cultivate Foundation, which focuses on developing sustainable farming practices. Anything after that goes to the company to offset the promotion's costs.
First Published: October 31, 2014: 4:56 PM ET
South Koreans benefit from the world's most cost-effective high-speed Internet. NEW YORK (CNNMoney)
That's one of the conclusions from a new report by the Open Technology Institute at the New America Foundation, which looked at the cost and speed of Internet access in two dozen cities around the world.
Clocking in at the top of the list was Seoul, South Korea, where Internet users can get ultra-fast connections of roughly 1000 megabits per second for just $30 a month. The same speeds can be found in Hong Kong and Tokyo for $37 and $39 per month, respectively.
Related: Has Verizon's new tech site banned controversial topics?
For comparison's sake, the average U.S. connection speed stood at 9.8 megabits per second as of late last year, according to Akamai Technologies.
Residents of New York, Los Angeles and Washington, D.C. can get 500-megabit connections thanks to Verizon (VZ, Tech30), though they come at a cost of $300 a month.
There are a few cities in the U.S. where you can find 1000-megabit connections. Chattanooga, Tenn., and Lafayette, La. have community-owned fiber networks, and Google (GOOGL, Tech30) has deployed a fiber network in Kansas City. High-speed Internet users in Chattanooga and Kansas City pay $70, while in Lafayette, it's $110.
The problem with fiber networks is that they're hugely expensive to install and maintain, requiring operators to lay new wiring underground and link it to individual homes. Many smaller countries with higher population density have faster average speeds than the United States.
"[E]specially in the U.S., many of the improved plans are at the higher speed tiers, which generally are the most expensive plans available," the report says. "The lower speed packages---which are often more affordable for the average consumer---have not seen as much of an improvement."
Google is exploring plans to bring high-speed fiber networks to a handful of other cities, and AT&T (T, Tech30) has also built them out in a few places, but it will be a long time before 1000-megabit speeds are an option for most Americans.
Related: FCC calls timeout on Comcast-Time Warner Cable merger
First Published: October 31, 2014: 5:52 PM ET
The Ellerbroek family. NEW YORK (CNNMoney)
That's the message Angie Ellerbroek is instilling in her three children. They are all under 12-years-old, but they already own stock.
"We're middle class of the middle class," Angie, who lives in the Midwest, told CNNMoney. "We live within our means. We don't buy new vehicles."
Angie and her husband were frustrated that their childrens' saving accounts were making a mere 0.17% a year in the bank. In other words, nothing.
They had worked hard to save up a bit of money for their kids -- about $1,500 for each child. In the fall of 2011, Angie had an epiphany: It was time to put the savings in the stock market.
"I explained everything to the kids before investing their savings, and they were on board," she said.
Related: Who's getting rich off the stock market?
Each child started by putting money into one stock -- something they had a connection to.
"I bought Apple (AAPL, Tech30) for my son because he loves computers. I bought Disney (DIS) for one daughter because she loves Disney movies. And for my youngest I bought Honeywell (HON)because she was sick and taking spoons of honey for her cough, and we have a Honeywell thermometer," she explained.
Angie also got into the action, purchasing shares of Toyota (TM) since she believed it was a strong brand in 2011 and the recall crisis seemed to be behind it.
Related: Is Apple the perfect stock?
Investing is now dinner table conversation -- and a fun game as the entire family follows the market. While the Ellerbroeks have a friendly competition going to see who has gained the most each week, the reality is everyone is doing very well -- certainly better than they would have if they kept their money in the bank.
The daughter invested in Disney has the most bragging rights. She is up over 140%. The son in Apple is up 85% and even got to experience a stock split earlier this year. The youngest daughter is up close to 70% -- roughly on par with the S&P 500 return since her initial investment.
Bringing up the rear is mom, although Angie isn't complaining about her 67% return either.
"Regardless of our unrealized gains, it's been a good lesson for the kids to watch their investments," Angie said.
The family has since diversified the investment portfolios somewhat, although they don't see the kids' funds as particularly risky since the plan is to keep the money in the market for a long time.
Angie knows the benefits only too well. An aunt who worked hard for UPS (UPS) and didn't have any children of her own would occasionally gift her nieces and nephews stocks. Angie received her first one when she around age 10 or 12.
"When I grew up and used it, I had about $80,000 that had accrued and split so many times. That helped us buy our first house," Angie said.
It was a better lesson about money -- and the power of investing over time -- than any she has learned in the classroom. Now her kids are learning too.
First Published: November 1, 2014: 8:08 AM ET
| By Jonathan Noble and Ben Anderson | Friday, October 31st 2014, 23:46 GMT |
Formula 1 drivers have given a preliminary thumbs up to the new 'virtual safety car' system that is being used to improve safety under yellow flag conditions.
The FIA ran two tests of the new concept at the end of each of the two Friday free practice sessions at the United States Grand Prix.
It has come as a response to the lessons learned from Jules Bianchi's horrific crash at the Japanese GP, when he ran off the circuit under double yellow flag conditions and struck a recovery vehicle.
At Austin, a sector of the track was deemed to be yellow and drivers had to drive to a specific delta time through it.
The aim of the concept is to slow drivers down without recourse to a safety car.
Although all drivers and the FIA agree that tweaks will be needed before the system can be introduced fully, they were happy with how the first tests had gone.
Sebastian Vettel said: "I think I had a short glimpse at the end there. It does what it is supposed to do. It needs some finetuning, but it works."
Romain Grosjean said that one of the issues that needed perfecting was making it obvious to drivers how slow they needed to be.
The Frenchman said he found it difficult to keep to the delta time during the afternoon test.
"It was very, very difficult," he said. "The delta time goes plus nine tenths, minus six tenths, plus three, then minus two.
"I found it very difficult to follow how you have to open a bigger gap, like two or three seconds, but when it goes green it's lost.
"I only did it in FP2, so I didn't have much training in it, but I found it quite hard."
But Pastor Maldonado said the use of audio tones to inform drivers if they were going too fast meant it was no problem for him to judge his speed.
"You get a dashboard display that you need to follow if you are plus and you are on the target, or you have a tone in the earpieces if you need to drop a little bit.
"It's very easy. If you are plus it's OK and if you are up you just slow down so it is very easy to manage."
The FIA will assess the feedback from Austin and will likely continue testing the system over the final races of this year.
| By Mark Glendenning | Saturday, November 1st 2014, 00:17 GMT |
Matt Kenseth survived a gaggle of late challenges to secure pole position for Sunday's Sprint Cup race at Texas Motor Speedway.
Tony Stewart stole the show earlier in the session as he became the first driver to post a qualifying lap over 200mph on a 1.5-mile track when he completed a 200.111 mph run, although he was unable to match the speed in the final run-off to pole.
That left the door open for Kenseth, who established himself at the top with a 199.299 mph effort that several drivers came within a breath of matching, although all fell short.
Jeff Gordon was closest of all, the Hendrick driver's 199.291 mph run setting him up for a front row start, with Jimmie Johnson and Kurt Busch to slot in just behind them.
Stewart was left to settle for the outside of the third row alongside Kevin Harvick, who will be seeking to lift himself out of last place among the eight remaining Chase contenders.
Harvick's cause received an early lift when Brad Keselowski struggled for pace and found himself stranded down in 26th, the Penske driver alone amongst the Chase drivers in being a casualty of the first qualifying round.
Of the other championship protagonists, Ryan Newman will line up seventh, Joey Logano 10th, Carl Edwards 11th and Denny Hamlin 20th.
| By Jonathan Noble | Saturday, November 1st 2014, 00:56 GMT |
Formula 1's bigger teams admit that there is no easy way to cure the sport's financial woes, as smaller outfits spoke out on Friday about the need for action.
The collapse of the Caterham and Marussia teams has highlighted how big F1's cost problems are, and has prompted fresh calls for action to be taken before other outfits fall off the grid.
But despite an acceptance that the costs issue needs addressing, it became clear during a lengthy press conference on Friday that teams remain at odds over what needs to happen.
Smaller teams are pushing for a fairer distribution of revenues, cost cuts and a budget cap, while their larger rivals believe that such changes will not solve the problems, and could actually cause further trouble like mass redundancies.
Mercedes motorsport boss Toto Wolff said: "The teams in F1 today should stay in F1 and they should all look at the situation and come up with a short-term plan, how to have a healthy grid, and a long-term plan.
"We are talking about money distribution which is an issue for the commercial rights holder, and I don't have a solution.
"I can come up with many ideas which can be short term solutions but it comes back to the principle that whatever you give to the teams they are going to spend."
McLaren racing director Eric Boullier added: "There is a wake-up call maybe for everybody to make sure we can act altogether and we will try."
SYSTEM NEEDS CHANGING
Lotus owner Gerard Lopez believes that there were aspects of F1 that he found unacceptable, as he singled out the bonuses that Ferrari gets for competing.
"Now is the time to say things as they are," said Lopez. "Number one: the distribution model of revenues is completely wrong.
"When you've got teams showing up to the championship that get more money just for showing up than teams spending a whole season then something is entirely wrong with the whole system, and so that cannot be allowed to happen."
Lopez also singled out the dramatic jump in engine costs this year - which had forced budgets higher - as a key factor in hurting smaller teams.
FINDING A SOLUTION
The anger of the smaller teams at the situation is clear, especially with Force India's deputy team principal Bob Fernley hinting at hidden agendas from the big teams.
And although suggestions of a potential United States Grand Prix boycott by Sauber, Lotus and Force India have been played down, those three teams are likely to do all they can to try to force change.
Speaking about if there was a serious threat to not race, Lopez said: "I've just found out about the story now, so my answer is no.
"I've had a meeting with them about the cash distribution and so on, and that's it.
"I'm not aware of this. I don't even know where this comes from, and that's the whole point."
But he did admit that things had to change quickly, and action had to be forthcoming.
"I don't think there is an agenda - I sure hope there is none - but things have to drastically change in the next couple of weeks," he said.
"Not because teams are going to be driven away, but because if you don't take a situation like this one seriously, to change something, then you are never going to do it."
F1 supremo Bernie Ecclestone spoke briefly on Friday about the costs crisis, but reckoned a bigger issue for him was not the potential demise of other teams but changing the engine rules.
"We need to get rid of these engine regulations because they don't anything for anybody - they are not F1," he told Sky, while not ruling out the grid shrinking to 14 cars. "We are going to try for sure."
