| By Edd Straw and Pablo Elizalde | Tuesday, December 30th 2014, 14:43 GMT |
Formula 3 European champion Esteban Ocon will be a Formula 1 star in the future, according to Lotus' trackside operations director Alan Permane
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Pablo Elizalde | Tuesday, December 30th 2014, 16:30 GMT |
Jules Bianchi's neurological state remains unchanged, but the Formula 1 driver has began a rehabilitation therapy, according to the latest update from his family
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Gary Watkins | Tuesday, December 30th 2014, 16:57 GMT |
The British Ram Racing squad, European Le Mans Series GTE champion team in 2013, will end a six-month absence from competition to take part in next month's Dubai 24 Hours
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Hal Ridge | Monday, December 29th 2014, 11:07 GMT |
Former FIA GT1 World Championship-winning squad JRM Racing will run a pair of Mini RXs in rallycross in 2015.
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, December 29th 2014, 10:51 GMT |
Daniil Kvyat says he is not scared of going up against Daniel Ricciardo at Red Bull next season, despite the Australian's superb 2014 Formula 1 campaign.
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 Pablo Elizalde | Monday, December 29th 2014, 16:09 GMT |
Max Verstappen is convinced he has enough experience to make the jump to Formula 1 with the Toro Rosso team next season.
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, December 28th 2014, 12:13 GMT |
Former Formula 1 driver Adrian Sutil is interested in a move to the World Endurance Championship and wants to race in the Le Mans 24 Hours.
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, December 28th 2014, 10:36 GMT |
Ferrari stands to benefit from a ruthless streak that Sebastian Vettel has in pushing for what he wants, reckons his former Formula 1 team-mate Daniel Ricciardo.
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Edd Straw and Pablo Elizalde | Sunday, December 28th 2014, 16:07 GMT |
Lotus driver Romain Grosjean says top Formula 1 teams should not forget what he is capable of despite a dismal 2014 season.
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By David Evans | Saturday, December 27th 2014, 10:29 GMT |
World Rally champion Sebastien Ogier says he never had any thoughts of leaving the Volkswagen team for 2015
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Jonathan Noble and Pablo Elizalde | Saturday, December 27th 2014, 10:11 GMT |
McLaren racing director Eric Boullier insists it is in the best interest of Formula 1 to allow Mercedes' rivals to catch up in the engine department
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 Alex Kalinauckas | Saturday, December 27th 2014, 16:40 GMT |
Williams Formula 1 team chief technical officer Pat Symonds admits Felipe Massa's speed in 2014 exceeded expectations
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 | Friday, December 26th 2014, 12:59 GMT |
Gary Paffett says early confirmation that he will be a Mercedes DTM driver in 2015 will help him turn his fortunes around after a trying 2014 season
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| Friday, December 26th 2014, 16:11 GMT |
Valentino Rossi reckons he is in the best form of his entire MotoGP career after finishing second in the 2014 world championship
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Jonathan Noble and Edd Straw | Friday, December 26th 2014, 16:44 GMT |
Monisha Kaltenborn has admitted that her Sauber squad cannot only blame Ferrari engines for its poor 2014 Formula 1 season
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 Matt Beer | Thursday, December 25th 2014, 11:45 GMT |
The Williams Formula 1 team still needs to sharpen its organisation because it has implemented so many changes it feels "like a new team" compared to Ferrari, reckons Felipe Massa
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Glenn Freeman | Thursday, December 25th 2014, 12:48 GMT |
Carlos Sainz Jr's Formula Renault 3.5 team DAMS has admitted that it expected the Spainard's form to suffer when it appeared he had lost his Formula 1 chance this summer
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, December 25th 2014, 17:43 GMT |
Mercedes motorsport boss Toto Wolff insists that he never felt comfortable about the advantage his team had over its Formula 1 rivals until the closing stages of 2014
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Edd Straw and Pablo Elizalde | Wednesday, December 24th 2014, 14:48 GMT |
Romain Grosjean reckons engine supplier Renault "messed up" during the 2014 Formula 1 season, but he expects the French company to improve next year
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Peter Mills and Matt Beer | Wednesday, December 24th 2014, 12:19 GMT |
Rob Huff believes Lada ended the 2014 World Touring Car Championship as a genuine frontrunner, despite having been as much as five seconds off the pace at mid-season
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, December 24th 2014, 16:29 GMT |
Former NASCAR driver Tyler Walker pleaded guilty on Tuesday to multiple charges following a high-speed police chase through multiple states
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, December 23rd 2014, 16:30 GMT |
World Endurance Champion Sebastien Buemi will remain the Red Bull Formula 1 team's reserve driver in 2015
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| Tuesday, December 23rd 2014, 14:26 GMT |
Former Red Bull junior Beitske Visser will remain with AVF in Formula Renault 3.5 for 2015, the team has announced
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By David Evans | Tuesday, December 23rd 2014, 16:48 GMT |
Robert Kubica has confirmed he will return to the World Rally Championship next season, driving a LOTOS-backed Ford Fiesta RS WRC
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Anthony Rowlinson | Monday, December 22nd 2014, 14:19 GMT |
New Ferrari chairman Sergio Marchionne has admitted the Formula 1 team made "too many mistakes" in recent seasons and called upon the Scuderia to fulfil its potential
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Anthony Rowlinson | Monday, December 22nd 2014, 15:17 GMT |
Ferrari's new bosses say there will be no quick fixes for the Formula 1 team, as it bids to recover from a dire 2014 season
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| Monday, December 22nd 2014, 16:06 GMT |
The GP3 Series has confirmed a renewed calendar of nine rounds supporting Formula 1 next season, but has still to secure a replacement entry for the defunct Marussia Manor squad
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Peter Mills and Matt Beer | Sunday, December 21st 2014, 10:58 GMT |
Sebastien Loeb says racecraft and refining set-ups are the main areas he needs to improve for his 2015 World Touring Car Championship campaign.
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 Matt Beer | Sunday, December 21st 2014, 10:09 GMT |
Fernando Alonso needed a change of scene in Formula 1 as neither he nor Ferrari were getting the best out of each other, reckons former team-mate Felipe Massa.
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 Matt Beer | Sunday, December 21st 2014, 11:31 GMT |
Financial demands that some Formula 1 teams are asking from drivers are "out of control", claims ousted Sauber racer Adrian Sutil.
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, December 20th 2014, 11:35 GMT |
Daniel Ricciardo says he is ready to lead the Red Bull Formula 1 team next year following Sebastian Vettel's departure to Ferrari.
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By David Evans | Saturday, December 20th 2014, 12:04 GMT |
Robert Kubica will remain in the World Rally Championship next season
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 Alex Kalinauckas | Saturday, December 20th 2014, 15:57 GMT |
Sergio Perez believes new Toro Rosso Formula 1 recruit Max Verstappen must trust his talent and not worry about media perceptions of his youth.
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, December 19th 2014, 17:08 GMT |
ADAC Formel Masters champion Mikkel Jensen headed the times on the final day of the week-long Formula 3 testing at Valencia
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| Friday, December 19th 2014, 16:47 GMT |
Jean-Eric Vergne will join Ferrari's Formula 1 test roster for 2015, with the ex-Toro Rosso racer focusing on simulator work for the Italian team
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Gary Watkins | Friday, December 19th 2014, 18:57 GMT |
The Rollcentre team that finished fourth overall at the 2007 Le Mans 24 Hours will end a six-year absence from the prototype ranks in the new LMP3 category next season
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, December 18th 2014, 16:21 GMT |
Red Bull boss Christian Horner reckons his team's achievements in finishing a distant runner-up to Mercedes in 2014 arguably eclipse its run of four consecutive Formula 1 world titles
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, December 18th 2014, 16:45 GMT |
Bernie Ecclestone has regained his position on the board of Formula 1's management group, while ex-Ferrari president Luca di Montezemolo has also been handed a renewed position
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Marcus Simmons | Thursday, December 18th 2014, 17:24 GMT |
Italian Antonio Giovinazzi was fastest again in Thursday's Formula 3 testing at Valencia after topping three of the four sessions
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Edd Straw and Ben Anderson | Wednesday, December 17th 2014, 16:39 GMT |
Romain Grosjean says Lotus has learned from the mistakes it made during a terrible 2014 Formula 1 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 | Wednesday, December 17th 2014, 17:06 GMT |
Formula 3 European Championship race winner Antonio Giovinazzi was fastest on the third day of this week's F3 test at Valencia
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| Wednesday, December 17th 2014, 20:50 GMT |
Oliver Jarvis will replace nine-time Le Mans 24 Hours winner Tom Kristensen in Audi's main World Endurance Championship LMP1 line-up next year
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| Tuesday, December 16th 2014, 19:19 GMT |
The Red Bull Formula 1 team has recovered some of the trophies stolen from its factory earlier this month
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| Tuesday, December 16th 2014, 18:57 GMT |
Ferrari engineering director Pat Fry and chief designer Nikolas Tombazis will leave the Formula 1 team amid a restructure of the outfit
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, December 16th 2014, 21:09 GMT |
Sprint will end its tenure as title sponsor of NASCAR's top tier when the current agreement expires in 2016
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Gary Watkins | Monday, December 15th 2014, 16:54 GMT |
Porsche's all-new 2015 World Endurance Championship LMP1 contender ran for the first time at the manufacturer's Weissach test track on Monday
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, December 15th 2014, 17:18 GMT |
Italian karting star Alessio Lorandi could be about to follow in the footsteps of Max Verstappen in the Formula 3 European Championship next season
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, December 15th 2014, 21:03 GMT |
Brian Vickers has been ruled out of the start of the 2015 NASCAR Sprint Cup season after undergoing heart surgery
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| Sunday, December 14th 2014, 19:28 GMT |
David Coulthard won the 2014 Race of Champions in Barbados, defeating Mercedes Formula 1 reserve driver Pascal Wehrlein in the final
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| Sunday, December 14th 2014, 21:38 GMT |
Stephane Sarrazin was quickest for Venturi as Formula E held its first in-season test on the Punta del Este street track in Uruguay on Sunday
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| Sunday, December 14th 2014, 22:35 GMT |
Formula 1 world champion Lewis Hamilton added another accolade to his 2014 season by winning the BBC Sports Personality of the Year award on Sunday
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| Saturday, December 13th 2014, 18:33 GMT |
Ferrari chairman Sergio Marchionne urged his Formula 1 personnel not to "fear change" as he emphasised his faith in new team boss Maurizio Arrivabene at the squad's Christmas event
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| Saturday, December 13th 2014, 19:29 GMT |
The Nordic team of Tom Kristensen and Petter Solberg won the Race of Champions Nations Cup in Barbados, defeating the British entry in the final
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Charles Bradley | Saturday, December 13th 2014, 19:14 GMT |
Sebastian Buemi won his first Formula E race in the all-electric single-seater series' third round in Punta del Este in Uruguay, while Formula 1 convert Jean-Eric Vergne hit last-gasp trouble
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
LONDON (CNNMoney)
Its five international airports make the city a major transport hub. More than 144 million passengers use the airports each year.
Here are some key facts:
Heathrow
Heathrow is Europe's busiest airport. Its 73 million passengers a year also make it the third busiest airport globally. Although it ranks behind Atlanta and Beijing, it tops the global rankings for international passengers.
On average, 1,318 planes landed or took off every day in October. That is about one flight every minute.
The airport serves 180 places in 85 countries: New York, Dubai and Dublin are the top three destinations. 82 airlines fly from its five terminals.
Heathrow is owned by a consortium of investors including Spain's Ferrovial and Qatar Holding.
Gatwick
Gatwick, south of London, is the city's second busiest airport with around 740 flights arriving or departing every day. 38 million passengers passed through Gatwick in the year to the end of October.
Around 45 airlines use Gatwick, serving about 200 destinations in 90 countries.
Gatwick is owned by a group of international investment funds, including major shareholder Global Infrastructure Partners.
Stansted
Stansted, northeast of London, had 464 flights per day in October, serving nearly 20 million travelers last year.
Stansted is owned and operated by Manchester Airports Group, a privately-held company.
Luton
Luton saw nearly 300 flights a day and over 10 million passengers last year. The north London airport is owned by Abertis Infraestructuras and Spain's national airport operator Aena.
It is used by around 10 mainly low-cost airlines that operate flights within Europe.
London City
With 230 flights a day, London City is the capital's smallest international airport. Its location next to Canary Wharf, London's financial center, makes it a business travel hub. Last year, 3.5 million passengers flew through London City.
London City Airport is owned by Global Infrastructure Partners and Highstar Capital.
-- Alanna Petroff contributed to this article
First Published: December 12, 2014: 11:53 AM ET
NEW YORK (CNNMoney)
Bad news already started to flow this week: Halliburton (HAL) affirmed that it plans to cut 1,000 positions due to the depressed oil market, and BP (BP) announced an unspecified number of layoffs as part of a $1 billion restructuring plan.
More cuts are almost certainly on their way.
On Monday, ConocoPhillips (COP) became the first major U.S. oil company to reveal that it is slashing spending for 2015, a decision the CEO asserted was "prudent given the current environment."
Related: Even Warren Buffett got hurt by oil prices
It's true the job losses aren't widespread yet. Oil would have to fall a lot further for many energy companies to become unprofitable. And economists say cheap gas is akin to a $60 billion gas cut to consumers.
But there are reasons to worry. The U.S. shale oil boom has become such a key driver of the economy in recent years, creating well-paying jobs at a time when other industries were scaling back.
According to Fatima Iqbal of Azzad Asset Management, over 15% of total employment gains since the beginning of 2008 have come from the energy industry, even though it is less than 1% of the country's job base.
Related: Cheap gas could kill U.S. oil export ban
"A prolonged slump in energy may endanger these jobs," she said.
Fadel Gheit, an oil and gas analyst at Oppenheimer and Co., is far more pessimistic. He thinks a lot of energy companies are out of touch with reality.
"Everybody is talking about $75 oil...maybe they're living on another planet," he said. Oil is currently trading around $58.
His reasoning: Saudi Arabia, OPEC's biggest producer, is now basing its national budget on $60 oil. Kuwait, another heavy hitter in the cartel, is budgeting for $55. That means they're digging in for the long haul.
While he predicts only a trickle of energy job losses in the next few months, he believes things will get far worse by the spring.
"Companies don't want to over react. They want to wait until the dust settles, but the dust hasn't settled yet" he said. "Wishful thinking is not a strategy, it's delusion."
Though many analysts are betting that smaller energy players with big debts will be the main victims of lower oil prices, Gheit maintains the the big guys should also be sweating.
Related: Plunging oil prices may trigger unrest
He claims that the rule of thumb is that for every $10 drop in oil, a company like Exxon Mobil (XOM) loses $4.5 billion in revenue per year. With oil down over 40% in recent months, the math isn't pretty.
Should oil remain low, more capital spending cuts and mergers are inevitable, Gheit anticipates. Both would likely lead to layoffs.
"I wish we had a formula to say when this hemorrhaging will come to an end," he said. "Plan for the worst and hope for the best."
First Published: December 12, 2014: 1:03 PM ET
An avid sports fan, the president told ESPN's Colin Cowherd on Friday that he spends many mornings watching the sports channel. NEW YORK (CNNMoney)
"I spend most of my time watching ESPN in the morning," President Obama said. "I get so much politics I don't want to be inundated with a bunch of chatter about politics during the day."
The president explained that watching ESPN's "Sportscenter" while working out in the morning gave him a pretty good sense of the sports world because he doesn't really have time to sit down and watch entire games.
However, he said that he's sometimes able to watch major championships like the Super Bowl or the World Series.
Related: Broadcast networks opt out of Obama immigration speech -- except for Univision
Cowherd also asked the president if he thought social media had become too nasty towards professional athletes and even world leaders like himself.
"Social media does have this ability to channel people's rage and frustration and sometimes nastiness in ways that polarize society," the president replied. "The one difference is that, in politics, sometimes people forget, we're actually all on the same team, and that's the American team."
The conversation with ESPN came at the end of a week that began with the president taking over Stephen Colbert's anchor chair on "The Colbert Report."
You can listen to the whole ESPN interview here.
First Published: December 12, 2014: 2:26 PM ET
WASHINGTON (CNNMoney)
Takata, one of the world's largest makers of airbags, has long used ammonium nitrate to inflate its airbags during an accident.
Here is how they work: Ammonium nitrate tablets the size of an aspirin are put in a metal canister that is placed in the airbag. On impact, a chemical reaction produces gas, which in turn inflates the airbag.
The problem: Extreme changes from hot to cold temperatures can destabilize the ammonium nitrate and cause the metal canister to explode, according to patent application documents the company itself filed.
Related: Airbag victims look like they'd been shot or stabbed
Some 14 million vehicles have been recalled worldwide because of the airbag problem, and at least five deaths have been attributed to it.
Now a series of patent applications, as well as CNN interviews with a former Takata chemical expert, indicate that the company was aware of problems with ammonium nitrate as long ago as the late 1990s.
"Pure ammonium nitrate is problematic because many gas generant compositions containing the oxidizer are thermally unstable," Takata wrote in a patent document in 1999.
Another patent document, dated October 2006, discusses the need to test the performance of ammonium nitrate under various extreme temperatures because of its history as an unstable chemical.
"These extreme tests can cause many problems, ranging from failure to inflate the airbag to over-pressurization of the inflator leading to rupture," Takata wrote, adding that it had a fix that would prevent that sort of rupturing from happening.
Two years before, in 2004, Honda received its first report of a rupture in one of the Takata airbags. Then in 2006, Takata said it had a fix to prevent ruptures -- and a year later, three more ruptures were reported to Honda.
Takata continued submitting patent applications with fixes until as recently as 2013.
The purpose of these patents were not to determine whether the airbag design is safe. It was only to lock in the company's claim to an idea.
Former Takata propellant expert Mark Lillie told CNN the documents show Takata knew there were "problems with this material and for years they were working on ideas for fixes."
Lillie, a chemical engineer, told CNN that temperature changes can cause the ammonium nitrate tablets to "break down," burn faster and become explosive.
"That creates a faster more violent burn capable of causing the metal canister it's enclosed in to rupture," he said.
Lillie said he and a team of Takata chemical engineers were asked in 1999 to review the ammonium nitrate propellant for use in airbags. He worked at the manufacturer's facility in Moses Lake, Washington.
"Ammonium nitrate stuck out like a sore thumb," said Lillie, who added that his team was given only "a couple days" to do its review.
Lillie claimed that he and the team predicted there would be problems leading to catastrophic failure of the inflator "that would produce serious injury or death."
CNN asked Takata specifically about this claim. The company said "Takata does not comment on our ex-employees."
Takata moved forward. In 2001, the company started production of the airbags using ammonium nitrate.
The first injury linked to a faulty Takata airbag was reported in 2004, when an air bag exploded in a Honda Accord in Alabama. Metal fragments shot out, injuring the car's driver. Deemed an anomaly, no recall was issued.
In two other patent applications, filed in 2006, Takata again acknowledged problems with using ammonium nitrate and offered fixes.
In a statement to CNN, Takata said that ammonium-nitrate has "significant advantages" over other methods for inflating airbags.
"[I]t burns cleaner and emits significantly less particulate matter that can be harmful to vehicle occupants with respiratory illnesses; it's more efficient, enabling the production of smaller, lighter inflators that contribute toward more fuel-efficient vehicles; and it's more stable and less sensitive when compared to other chemical compounds, making it safer for employees to handle during the manufacturing process," Takata said.
Takata added that ammonium nitrate is "safe and effective" when properly made.
Lillie said he left Takata in June 1999, months after the company moved forward with the propellant despite his words of caution to executives.
First Published: December 12, 2014: 3:07 PM ET
NEW YORK (CNNMoney)
That's because the big four U.S. telecom companies are pummeling each other silly with price wars and discounts on new products. Check out some of these offers on Twitter.
Sprint (S) is asking people to "Bring us your Verizon or AT&T bill. We'll fire up the chainsaw and #CutYourBill in half!"
T-Mobile (TMUS) recently tweeted, "Fa-la-la... oh forget it. The Note 4 is at @Tmobile for nothing down right now! GO GO GO!
Ma Bell is urging customers to "Switch to AT&T & Get a $150 Bill Credit with AT&T Next line."
And Verizon (VZ, Tech30) is touting this. "Huge 16MP camera. Tiny price. Get the Samsung GS5 for $199.99 w/ $50 mail in rebate (2yr activation req'd) #GoodMore"
Dial P for Plunging Prices. All this good news for consumers is terrible for anyone that's investing in the big wireless companies.
Verizon warned earlier this week that promotions would hurt its fourth-quarter profits. And AT&T (T, Tech30)chief financial officer John Stephens said at an investment conference this week that "you're seeing pricing competition, you're seeing promos. The marketplace is very, very competitive."
That led investors to quickly hang up on telco stocks.
Shares of Verizon plunged 6% this week. AT&T stock fell 5%. T-Mobile plummeted 10% while Sprint has dropped more than 16%.
The wireless companies are now starting to behave like the airlines used to do. Remember when the airlines were all unprofitable messes moving in and out of bankruptcy.
It's not that bad for the telecoms yet. But the wireless carriers are clearly more interested in subscriber growth than profits right now. That typically doesn't end well.
Desperate times. It doesn't look like anything is going to change in the near future either.
Sprint had hoped to buy T-Mobile in order to become a more formidable competitor against Verizon and AT&T. But it walked away from those discussions as it became clear that U.S. regulators would not approve of a deal.
Now Sprint is leading the way with aggressive price discounts.
Related: Sprint offers to cut bills in half
The company has a new CEO who realizes that he has to stop the bleeding in subscribers or the stock price will never turn around. Shares of Sprint are down 60% this year even though the company has the backing of Japanese tech giant SoftBank (SFTBY).
T-Mobile is also doing everything it can to gain market share. The company just unveiled a new family plan this week that promises 4 lines for $100 with 10 gigbabytes of 4G LTE data.
Its CEO John Legere has branded T-Mobile as the "uncarrier" and he seems to take personal pride in bashing his rivals, especially on Twitter. But this has failed to impress Wall Street. T-Mobile's stock is down nearly 25% in 2014.
All of these things are just like the other. As long as Sprint and T-Mobile are cutting prices, that puts pressure on industry leaders Verizon and AT&T to do the same. Because let's be honest: Price is really the only major differentiating factor between the four.
Sure, some carriers have better networks than others, especially depending on where you live. But the wireless companies are focusing their marketing more on price than service quality these days. When's the last time you saw the Verizon guy saying, "Can you hear me now? Good." in an ad?
Apple (AAPL, Tech30) is partly to blame as well. It's no longer playing favorites in the wireless industry.
You can get an iPhone 6 from any of the major carriers. AT&T's Stephens acknowledged that this week, saying that this is the first year when all four top carriers have the latest iPhone.
Beyond Apple, just about every other smartphone and tablet all look the same and pretty much do the same things as well.
It doesn't matter if you're one of the iFaitfhul, a fan of Samsung, LG or other hardware companies relying on Google's (GOOGL, Tech30) Android or even a Microsoft (MSFT, Tech30) devotee. You can get any of these devices from any of the Big Four wireless companies. So why not search for the cheapest deals?
Add that up and it's a recipe for more pain for the telecoms ahead.
Reader Comment of the Week! I am a Yankees/Giants/Nets/Islanders fan. So it hurts my pride to praise someone with allegiances to the Sawx, Pats, Celtics and Bruins.
But one of my favorite Twitter followers is Christian Koulichkov, a guy who goes by the handle of @BostonBroker33 and has a photo of evil Bill Belichick in his trademark hoodie as his Twitter icon.
Christian will be one of the charter members of the Buzz Reader Comment of the Week Hall of Fame. Hope to break ground on the museum in Brooklyn next year. Maybe I should talk to Bruce Ratner for some help.
Anyway, Christian has won the RCOTW award numerous times. And he gets it this week because he pays attention to what I tweet. He combined my love of a certain online travel stock known for its famous pitchman and my recent series of stories chronicling the demise of a once-proud retailer.
"@LaMonicaBuzz it's ok to short the Shack but not the Shat. Let that be a lesson to the kids out there. $RSH $PCLN"
Nice! Shorting RadioShack (RSH) would have made you a lot of money this year. Although Priceline (PCLN, Tech30) is down a bit as well lately. Will the Negotiator come to the rescue in 2015?
First Published: December 12, 2014: 11:35 AM ET
NEW YORK (CNNMoney)
The Dow fell more than 300 points and finished the week with a 3.8% loss. That was its worst weekly performance in more than three years.
The S&P 500 was down more than 3.5% for the week -- its biggest drop since May 2012. The Nasdaq, home to many top tech stocks like Apple (AAPL, Tech30), Google (GOOGL, Tech30) and Facebook (FB, Tech30), was down 2.7%.
So is this the beginning of a long-awaited correction -- a pullback of 10% from recent highs?
Market volatility has returned with a vengeance in the second half of the year. Investors seem to be scared again. CNNMoney's Fear & Greed Index is now in Fear mode and is not too far away from Extreme Fear levels.
Stocks plunged from mid-September through mid-October before staging a sharp rebound that culminated with the Dow hitting a new all-time high just a week ago on the back of a strong U.S. jobs report.
Heading into this week, many investors were predicting that the Dow would soon top 18,000 for the first time.
But the sharp sell-off in oil has changed all that. Crude prices are now below $58 a barrel, their lowest level in more than five years. Energy stocks have been hit hard as a result.
Related: Plunging oil could take thousands of jobs with it
However, oil stocks were not the only big losers on Friday -- and that could be a sign that investors are growing more nervous about the overall market and weaker global economic demand.
Cyclical industrial stocks Caterpillar (CAT) and DuPont (DD) both dropped more than 2% along with fellow Dow components Exxon Mobil (XOM) and Chevron (CVX) Friday. Mining firm Joy Global (JOY) and chemical companies Dow (DOW) and Eastman (EMN) were among the worst performers in the S&P 500.
Telecom stocks were also losers. Verizon (VZ, Tech30) fell 1% Friday and is now down 6% this week. Smaller telcos Windstream (WIN) and Frontier (FTR) were laggards in the S&P 500.
Related: Consumers win in the wireless wars ... but investors lose
But even though the sell-off is spreading rapidly to other sectors, it appears that investors are betting that cheaper gas prices will still boost consumer spending in the U.S.. Several retailers, consumer products and media stocks were mostly spared the carnage Friday.
Wal-Mart (WMT) finished the day slightly higher. Disney (DIS), Home Depot (HD) and Nike (NKE) were up for most of the day but finished with small losses as the sell-off intensified in the final hour.
Macy's (M), Nike rival Under Armour (UA) and fashion accessory companies Coach (COH) and Michael Kors (KORS) were all among the better performers in the S&P 500.
It will be interesting to see how much longer this trend can last. If oil prices continue to drop and the economies of Europe, Asia and Latin America weaken further, that eventually has to hurt the U.S. economy a little bit.
But even if that worst-case scenario doesn't come to pass, stocks may continue to slide for a little longer simply because investors have grown too complacent.
The market came close to correction status in October but didn't fall 10% from its peak.
Wall Street has shaken off every bit of bad news thrown at it this year (an emerging market funk, Russia/Ukraine, ISIS, Ebola) and is still on pace to finish 2014 with very solid gains.
The Dow is up 4%. The S&P 500 has climbed 8%. The Nasdaq has gained 11%.
It would be healthy to have a bigger pullback in order for this bull market, which has now been going on since March 2009, to keep rallying in 2015.
First Published: December 12, 2014: 1:15 PM ET
NEW YORK (CNNMoney)
Plunging oil prices have slammed the economies of both countries, which are highly dependent on oil revenue.
On Wall Street currently, the cost to insure Russia's five-year bonds have surged to the highest levels since 2009.
The fears stem from the fact that the Russian government gets half of its revenue from oil and gas exports. Recently, the ruble has gone into a tailspin and the Russian central bank has hiked interest rates five times this year in an attempt to prop its currency.
Still, despite the state of high alert among Wall Street traders, Moscow does have significant foreign exchange reserves to service its debt. And so far the ratings agencies aren't that concerned.
Standard & Poor's reaffirmed Russia's credit rating in October, though it warned of a downgrade over the next 18 months if the government's finances deteriorate.
The situation seems much more dire for Venezuela. Oil prices have dropped 40% since June.
Oil makes up 96% of its export earnings and Venezuela stands to suffer much more because it costs more to produce it there.
The Venezuelan economy had already been struggling with political instability and sky high inflation. And the spectre of default looms larger for the nation's socialist government, which is deep in debt and has been burning through its foreign currency reserves.
For every dollar that the price of oil declines, the Venezuelan government loses $800 million in export receipts, according to a recent report from the Institute of International Finance.
The government has been selling assets and borrowing from China, but the continued decline in oil prices could force a "massive devaluation" of the Venezuelan currency, the IIF warned.
"Worsening conditions are increasing the risks of default, social unrest and political instability," in Venezuela, according to the IIF.
It's no surprise that the insurance contracts, or the credit default swaps as they known on Wall Street, cost five times more than they did in June. To insure $10 million of Venezuela's five-year bonds, traders today have to pay as much as $5 million.
Related: Break-even point for oil prices at these countries
Related: These countries are getting killed by cheap oil
Related: Plunging oil prices may trigger unrest
First Published: December 12, 2014: 4:24 PM ET
NEW YORK (CNNMoney)
The most recent came on Friday. After being sued by taxi companies in France, a court allowed Uber to operate, but rivals are saying the company's legal battles haven't ended.
Earlier in the week, a Spanish judge temporarily blocked the car service and authorities in the Indian capital New Delhi banned it.
Those are just the latest in a string of bumps for Uber, which operates its online car sharing service in 60 cities across 21 countries.
Related: Uber removes racy blog post on prostitution
Here's are more details on the various bans and resistances that Uber faces:
Spain: The Madrid taxi association filed a complaint that Uber was unfair to competition and not properly licensed. So the judge temporarily blocked the car service. After a formal lawsuit is filed soon, Uber will get a chance to present its case. The company called the development "sudden and unusual" and said it was "assessing its legal options."
Thailand: Uber services have been sharply curtailed in Thailand. On Tuesday, the country's transportation director said the company's cars had not been properly registered, the drivers had improper licenses and the rates were not approved. He warned that Uber drivers would be heavily fined. Uber told CNN it has operations in Bangkok and Phuket, and it would have "continued conversations" with regulators.
Portland, Oregon: On Friday -- Uber's launch date in Portland -- the city said it would "issue civil and criminal penalties" against drivers who do not have proper permits. Then on Monday, the city sued and asked a county judge to "order Uber to stop operating in Portland until it is in compliance with the city's safety, health and consumer protection rules." The judge hasn't ruled yet.
California: San Francisco and Los Angeles counties sued the company on Tuesday for allegedly misleading consumers over driver hiring practices, and conducting illegal operations at airports.
The Netherlands: An appeals court on Monday ordered Uber to stop operating there because drivers were not properly licensed, Reuters reported. The company told the news agency it would appeal.
New Delhi: The alleged rape of a passenger by an Uber driver -- who police said did not have a proper background check -- led to authorities shutting down the service on Monday. The company has a license to transport customers from one city to another, but did not have a permit from the local government to shuttle customers from one point to another inside the city. Uber's CEO Travis Kalanick, called the rape "horrific" and a "despicable crime." He also blamed the government for not requiring a background check for drivers.
Nevada: Just before Thanksgiving, the service was banned there after the state took Uber to court over taxicab rule violations. The vice president of the Nevada Bus and Limousine Association told the Las Vegas Review Journal that the arrival of Uber "was like we were invaded by aliens from outer space that had no regard for any of our rules." Uber said the decision meant job losses and said it would work with regulators.
Uber is also facing regulator scrutiny in Indonesia, Singapore, Vietnam, as well as in Toronto, according to media reports.
Despite all these bumps, the car-sharing service company has in the past managed to overcome many hurdles. Investors are betting it will be able to resolve these latest ones as well: CEO Travis Kalanick recently announced a $1.2 billion round of funding that values the company at $40 billion.
Kalanick said the company has seen "tremendous growth" this year, but has room to grow in the "coming years."
--Ben Rooney contributed to this article.
Related: Taxi rival calls itself 'non a-hole' Uber
Related: Targeted journalist says Uber needs accountability
First Published: December 12, 2014: 5:00 PM ET
NEW YORK (CNNMoney)
But to Wall Street, the change is a common-sense revision to a regulation that went too far in the first place.
To hear bankers and their lobbyists say it, the regulation that Congress is poised to wipe away would make the banking system more risky -- not less risky.
At the center of the dispute are arcane financial instruments known as loan swaps. Those are contracts between banks used to spread the risk in their loans and trades.
A rule that would have limited the use of those swaps by commercial banks (think Citigroup (C) or JPMorgan Chase (JPM)) was essentially stripped out of the law during budget negotiations in recent days.
The move sparked outrage, mostly from progressives but also from some conservatives.
"This provision is all about goosing the profits of the big banks," said Democratic Senator Elizabeth Warren. The change in the law "will simply confirm the view of the American people that the system is rigged."
Swaps were ground zero of the 2008 meltdown of the global financial system. That's because banks had bundled risky mortgage loans and sold them as bonds. And to make the bonds more appetizing to investors, swaps were created as a form of insurance that the bonds would pay as promised.
So when the housing bubble burst and so many people couldn't afford their mortgage payments anymore, those bonds blew up. And the banks and firms like AIG (AIG) that held the suddenly-toxic swaps contracts needed bailouts.
Related: Congress right back where it started
Fast forward to 2009 and 2010,when Congress passed the Dodd-Frank financial reform act. The idea was to prevent a repeat of the 2008 meltdown.
One provision of Dodd-Frank to protect taxpayers was a rule saying major banks couldn't use their normal commercial banking operation to create, buy or trade these kinds of swap contracts. Instead those contracts had to be held by separate entities whose assets were not insured by the Federal Reserve or the Federal Deposit Insurance Corp.
"If Wall Street banks want to gamble, Congress should force them to pay for their losses, and not put the taxpayers on the hook for another bailout," said a letter signed this week by both one of the most conservative senators, David Vitter, and one of the most liberal, Sherrod Brown.
Even though Dodd-Frank was signed into law more than four years ago, the rules to limit banks gambling with taxpayer-backed money are not yet completely in place. That opened the door for a $6 billion dollar loss by JPMorgan Chase (JPM) due to actions of a trader known as the "London Whale."
But as part of a bill to avert a government shutdown, the banking industry won a roll-back of the rule. Banks insists they use swaps in order to limit their risks, not make them more risky. Without swaps, it will be the Main Street customers, not Wall Street, who will be hurt, they argued.
"Hedging and mitigating risk are not only good business practices, but are important tools that banks use to help borrowing customers hedge their own business risks," said the statement James Ballentine, the head of congressional relations for the American Bankers Association.
First Published: December 12, 2014: 1:38 PM ET
NEW YORK (CNNMoney)
Two customers at separate Toys 'R' Us stores paid off thousands in debts on layaway items, giving hundreds of customers some extra holiday cheer.
One person paid $19,600 at a store in Auburn, Mass., about 47 miles east of Boston, Friday afternoon, covering 125 layaway accounts, according to Toys 'R' Us spokesperson Adrienne O'Hara. The person has not yet been identified.
Related: Foreclosure evictions halted for the holidays
An anonymous woman paid $20,000 for every layaway item at a Toys 'R' Us on Wednesday in Bellingham, Mass., an hour and a half east of Boston. She reportedly told the store manager on her way out, "If you have it, give it," according to the Milford Daily News.
It's the largest known layaway donation at a Toys 'R' Us this holiday season, O'Hara said.
These so-called "layaway angels," in Massachusetts covered 275 layaway accounts between the two stores.
"It's what the holiday are all about," O'Hara said.
Related: CNNMoney's 2014 holiday gift guide
Paying for strangers' holiday gifts is becoming popular, at least at Toys 'R' Us stores. Last holiday season, nearly 600 customers at Toys 'R' Us paid off another person's layaway account, O'Hara said.
There is even a non-profit organization, Pay Away the Layaway, devoted to helping those in need buy their holiday gifts. It was created in 2011, according to its website.
Customers typically use layaway accounts because they cannot afford to pay for an item all at once. Layaways increased in popularity recent years at many retailers during the recession and recovery with customers tight on cash.
The generous acts were well timed: Toys 'R' Us customers had just days to pay for their layaway items before the deadline on December 16.
Although the donors were not identified, it appears Santa had no involvement. No reindeer were reported in the Toys 'R' Us parking lots.
First Published: December 12, 2014: 7:08 PM ET
| By Ben Anderson | Friday, December 12th 2014, 16:44 GMT |
McLaren racing director Eric Boullier reckons his Formula 1 team will face a challenge in managing new signing Fernando Alonso's expectations
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, December 12th 2014, 16:47 GMT |
Formula 3 European Championship racer Ed Jones will move across to Indy Lights in 2015 as part of the new Carlin team
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| Friday, December 12th 2014, 20:58 GMT |
McLaren has become the first Formula 1 team to announce that its 2015 car has passed all the FIA's mandatory crash tests
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| Thursday, December 11th 2014, 17:23 GMT |
Kamui Kobayashi set the pace for the second day running at the Japanese Super Formula championship's manufacturer test at Okayama
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| Thursday, December 11th 2014, 17:16 GMT |
New Porsche Le Mans 24 Hours driver Nico Hulkenberg completed his first miles in the 919 Hybrid during testing at the Aragon circuit in Spain this week
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Marcus Simmons | Thursday, December 11th 2014, 17:30 GMT |
McLaren AUTOSPORT BRDC Award winner George Russell looks ever more likely to graduate to Formula 3 with Carlin after completing two more test days with the team at Monteblanco
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Marcus Simmons | Wednesday, December 10th 2014, 17:22 GMT |
Two Brazilian racing dynasties have met on track as Formula 3 European Championship winter testing continues at Barcelona's Circuit de Catalunya this week
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, December 10th 2014, 17:05 GMT |
Scott Dixon and Tony Kanaan will continue on as Chip Ganassi Racing's spearheads for the 2015 IndyCar season, the team has confirmed
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| Wednesday, December 10th 2014, 17:39 GMT |
Junior World Rally champion Stephane Lefebvre will get a minimum of two top-line WRC outings in a factory Citroen in 2015
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| Tuesday, December 9th 2014, 17:10 GMT |
Two-time Grand-Am title winner Jon Fogarty and newly-crowned GTE-Am World Endurance Champion David Heinemeier Hansson have completed Extreme Speed Motorsports' LMP2 driver line-up for 2015
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| Tuesday, December 9th 2014, 16:23 GMT |
Brazilian football star Neymar got to experience life as a rally co-driver on the roads of Monserrat in Spain with two-time world champion Sebastien Ogier.
The Barcelona player attempted to read pace notes for the Volkswagen star, although that experiment did not last long.
| Tuesday, December 9th 2014, 21:15 GMT |
Mexican driver Salvador Duran will return to international racing to drive for Amlin Aguri in this weekend's Formula E race in Punta del Este
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| Monday, December 8th 2014, 14:30 GMT |
Ex-Toro Rosso Formula 1 driver Jean-Eric Vergne will make his Formula E debut in this weekend's round of the series in Uruguay
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, December 8th 2014, 14:13 GMT |
Jenson Button says the McLaren Formula 1 team's ongoing indecision over its 2015 driver line-up is "strange"
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Gary Watkins | Monday, December 8th 2014, 14:48 GMT |
London's Formula E fixture in Battersea Park has been given final approval by the local council
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Matt Beer | Sunday, December 7th 2014, 23:17 GMT |
Toro Rosso's Formula 1 newcomer Daniil Kvyat has been named motorsport's Rookie of the Year at the 2014 AUTOSPORT Awards
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Matt Beer | Sunday, December 7th 2014, 23:21 GMT |
NASCAR legend Richard Petty was presented with a Gregor Grant Award at the 2014 AUTOSPORT Awards
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Scott Mitchell | Sunday, December 7th 2014, 23:27 GMT |
George Russell capped a title-winning first year in car racing by becoming the youngest-ever winner of the McLaren AUTOSPORT BRDC Award
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| Saturday, December 6th 2014, 11:57 GMT |
Over 60 trophies were stolen from the Red Bull Formula 1 team's factory on Friday night, Thames Valley police has confirmed
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| Saturday, December 6th 2014, 10:54 GMT |
Andy Priaulx will head up a BMW factory assault on the European Le Mans Series next season with the Marc/VDS squad
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, December 6th 2014, 12:43 GMT |
Fernando Alonso says the decision to split with Ferrari and join Formula 1 rival McLaren next season was "very difficult"
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
LONDON (CNNMoney)
It was a decade when upheavals in the Middle East held the West 'over a barrel'- quite literally, giving rise to the so-called petro-politics that have since dominated the global stage.
First came the 1973 crisis, when OPEC's Arab members curtailed supplies in response to the Yom Kippur war. Six years later, the Iranian revolution prompted a second supply shock.
Thereafter, foreign and economic policy would remain inextricably intertwined, as the big industrial states scrambled to stay close to their suppliers, turning a blind eye to their ideological differences, and in some cases even going to war -- so desperate were they to secure access to fossil fuels.
Related: America defiant in 'oil war' with OPEC
Today that familiar cycle is coming to an end - and fast.
A shale oil boom in the United States has for some years been subtly rewriting the oil production hierarchy, turning the world's biggest consumer of energy into its most significant producer according to the International Energy Agency.
Add to the mix a slower growth pattern in China - and new oil discoveries elsewhere - and the price of a barrel of U.S. crude has tumbled 33 percent so far this year.
While the price swings may have been swift and sudden, the ramifications of an energy independent America are likely to live on for years to come, altering the traditional axis of power as the nation's commitment to a troubled, oil-rich Middle East begins to wane.
What's more: a sharp drop in the value of oil today could help the West settle old scores tomorrow without the need for traditional punitive measures - like sanctions for rogue states such as Iran and Russia, redrawing the code of international diplomacy.
Why? Because at below $100 a barrel, the price of petroleum becomes more effective than embargoes.
With a budget based on an estimated of $135, analysts reckon 2014's low value for oil has likely thrown Tehran's financial planning seriously out of line.
Banned from trading with the world's major markets and locked out of dollar funding, the shrinking value of Iran's main export has potential to undermine the stability of the current regime, jeopardizing President Hassan Rouhani's pledge to provide jobs and growth for the country's youthful population.
Related: Crashing oil prices could crush Vladimir Putin
In Russia, where the budget reportedly targets $100, the shortfall will only exacerbate an economy already on the brink of recession thanks to sanctions over its incursion into Ukraine.
The nation has given up propping up the ruble and can't go on spending its reserves to make up the difference without prompting a spike in consumer prices - which have already reached a three year high.
Oil's slide won't bring down all the world's autocracies single-handedly. But from 2015 onwards it will usher in a new era: one of oil-induced domestic prosperity for the U.S. and a shift in the planet's power balance.
OPEC - whose clout has been dwindling for years - will become less relevant. Oil will become more abundant and green technology will be refined to give hydrocarbons a run for their money.
If such events come to pass it could be the age when our petro-paranoia may soon come to an end.
Related: These countries are getting killed by cheap oil
First Published: December 5, 2014: 11:45 AM ET
NEW YORK (CNNMoney)
Six months of negotiations between CBS and Dish broke down on Friday night, resulting in an programming interruption right before prime time on Friday evening.
Dish said the two companies were at an "impasse" -- but negotiations continued overnight, and shortly before 7:30 a.m. Saturday, a new carriage deal was announced.
In the announcement, the two companies acted like the fight never even happened.
"We look forward to having Dish as a valued partner for many years to come," CBS's president of TV networks distribution, Ray Hopkins, said in a statement.
The short-lived blackout disrupted CBS-owned stations in 18 markets like New York, Los Angeles and Chicago. It did not affect stations that are affiliated with CBS but are owned by other companies. All in all, about 2 million of Dish's 14 million households were briefly affected.
It was only the second time that TV stations owned by CBS have been blacked out. (The first blackout came last year in a dispute between CBS and Time Warner Cable.)
The blackout was also noteworthy because CBS is the most-watched broadcast network in the United States. CBS had been running ads warning that Dish subscribers wouldn't be able to watch this weekend's NFL match-ups, but now that's no longer a concern.
Earlier: CBS warns that it might go dark on Dish Network
Saturday's announcement noted that Dish would disable its AutoHop functionality -- which lets some subscribers automatically skip all ads -- for CBS shows within seven days of their premieres. AutoHop has been a highly controversial feature in the television industry, sparking lawsuits and tense negotiations.
Eight channels owned by Turner Broadcasting, including CNN, the parent of this web site, were blacked out in Dish homes for about a month, beginning on October 21. The channels were restored on November 21, and the contract for the channels is now believed to expire in early 2015.
First Published: December 5, 2014: 7:42 PM ET
NEW YORK (CNNMoney)
But how does that compare to other presidents?
Critics of the Obama administration say the economic recovery has taken too long and that the unemployment rate still hasn't fallen back to pre-recession levels. They argue the true unemployment rate is even higher than 5.8% because so many workers hadn't dropped out of the labor force altogether in the last six years.
Obama's supporters see it differently. They point out the president took office during the worst economic downturn since the Great Depression and has managed to turn things around and get growth back on track.
Related: Who's hiring? Almost everyone
President Ronald Reagan was no stranger to recessions, either. The economy was just emerging from one when Reagan took office, and it quickly fell into a second recession early in his tenure.
Double-digit inflation was the major problem at that time, something the Federal Reserve beat back by having interest rates in the teens. Once inflation was defeated and interest rates returned to normal, the economy took off. That rate of growth hasn't been matched since.
Related: Gas dips below $2 in Texas
There are many reasons the economy is different now -- everything from technological change to greater global competition, and it could be awhile before the U.S. hits that Reagan level of growth again, if ever.
The recent president with the best economic record was Bill Clinton, who oversaw the addition of nearly 23 million jobs during his eight years in office. His reforms of tax and spending policies, which eliminated annual budget deficits, deserve some of the credit. But so do huge improvement in productivity that came from the widespread adoption of personal computers and the Internet during that time.
Everything was growing, but as we have learned in hindsight, there was also a tech bubble building up that would come back to haunt future presidents.
The bursting of the Internet stock bubble in 2000 led to a mild recession early in President George W. Bush's first term. The recession was soon over but job losses continued for more than a year, resulting in what was widely known as a jobless recovery for much of Bush's time in office.
When jobs finally did come, many were due to a housing bubble that eventually brought on the Great Recession.
There has been far more hiring under Obama than under Bush. But gains in workers' paychecks are very limited, with median income basically stalling out during Obama's tenure.
Today median income is on par with where it was in 1995, which is one of the reasons many Americans still don't feel the economy has truly improved.
First Published: December 5, 2014: 3:00 PM ET
NEW YORK (CNNMoney)
The Petronic gas station on Spicewood Drive is selling regular gas for $1.99 a gallon, according to GasBuddy.com, a website that tracks gas prices nationwide. The average price for a gallon of gas in Texas is $2.48.
On Wednesday, a gas station in Oklahoma City became the first in the nation to sell gas for less than $2, a level that most drivers haven't seen in years. Now, there are three stations in Oklahoma with prices below $2, including one that sells gas for $1.89 a gallon.
Gas prices have tumbled this year on the heels of sharply lower crude oil prices. The price of a barrel of U.S. crude oil is down 33% so far this year.
Related: Is 2015 the year when the oil crisis ends?
The current national average price for a gallon of gas is $2.71, down 56 cents from a year ago, according to data from AAA. That's the biggest year-over-year drop since 2009 and AAA estimates that drivers are saving $200 million per day as a result.
Still, not all Americans will likely see gas prices below $2. That's because many states have high gasoline taxes.
While prices could fall an additional 15 to 20 cents, AAA says oil prices would need to fall another $25 to $30 a barrel for the national average gas price to go below $2 a gallon.
First Published: December 5, 2014: 2:03 PM ET
NEW YORK (CNNMoney)
The list also includes film director Judd Apatow and Sly's brother, Frank Stallone.
For 15,231 Sony (SNE) Pictures employees and contractors, there's enough information now made public to open bank accounts, credit cards and claim tax refunds in their names.
"For the rest of their lives, they have to worry about identity theft," said Todd Feinman of Identity Finder, a data protection company that combed through the data. "Credit monitoring doesn't help these people. This data is now permanently in the public domain."
Other secret, and sometimes embarrassing details have surfaced from the hack as well. For example, the world now knows Seth Rogen is getting paid more than James Franco. Rogen is making $8.4 million for writing, directing and starring in "The Interview" versus Franco's $6.5 million.
Movie scripts, entire films and internal memos are also now being shared online.
The vast majority of the files weren't even password-protected. And in several instances, huge lists of SSNs were in the background of a spreadsheet that didn't need them there anyway.
Related: 'Sony-pocalypse': Why the Sony hack is one of the worst hacks ever
So why did Sony Pictures keep 601 different files lying around with a total of 1.1 million SSNs?
This kind of practice breaks a basic rule about sensitive data: Keep it in one place, and protect it.
In fact, Sony broke a lot of common sense rules. Workers also kept password lists, which gives hackers access to even more data going forward.
Sony Pictures did not respond to requests for comment.
This could have been prevented
Sony could have spent just $5 million to lock down its entire computer network, according to Phil Dunkelberger of Nok Nok Labs, which makes authentication technology that protects data. That's much less damage than what Sony faces now.
Outside hackers would have been stopped if Sony had employed routine security measures, including encrypting its servers and forcing its employees to use several layers of secret keys.
Even if the files were being stolen by an insider, Sony could have used widely available corporate software that monitors employees -- and warns the company if someone downloads unusually large amounts of data.
In Sony's case, it looks like more than 100 terabytes of data were stolen. That's equivalent to about 50,000 full-length HD movies.
Try getting that past your company's IT department.
"Alarms should have gone off," Dunkelberger said. "Protecting data isn't a technology issue anymore. It's about the force of will."
What's most curious about the Sony Pictures hack is that Sony -- of all media companies -- should have known better. The 2011 hack of Sony's PlayStation Network devastated the company and cost it more than $170 million.
Related: Sony executives think hackers might be in North Korea
Related: How safe are you? CNN's cybersecurity magazine
First Published: December 5, 2014: 1:12 PM ET
Faster Wi-Fi is a possibility! Just follow these five steps. NEW YORK (CNNMoney)
The good news is that many broadband companies are doing their part. Many cable providers are now offering lightning-fast Internet speeds. But if your Wi-Fi router isn't set up correctly, even Google (GOOGL, Tech30) Fiber can feel like dial-up.
Wi-Fi is a temperamental technology, and a simple oversight can negatively impact browsing speeds.
Unfortunately, changing your router's settings is rarely fun. But many routers come with apps that take much of the head-scratching out of the process.
If you're brave and determined enough, here are five tips to make your Wi-Fi faster.
1) Choose the right channel and frequency. Did you know that your Wi-Fi router has channels? Sometimes, just changing the channel on your router can make a world of difference, particularly if you live in an apartment building with lots of interference from other Wi-Fi signals. Other technologies like cordless phones and microwaves can interfere with Wi-Fi as well.
Try channels 1, 6 or 11. If those don't work, go to 2 or 10 next. Hunt and peck until you feel like your speeds are improving.
Modern Wi-Fi routers also broadcast in different frequencies: 2.4 GHz and 5 GHz. Generally speaking, 2.4 GHz is better for bigger homes with multiple floors, because the signal travels farther and can more easily penetrate through walls. But for smaller rooms or homes, 5 GHz is the way to go: it offers much faster speeds, albeit in a shorter range.
Related: Verizon is killing off 3G
2) Move your router to its ideal position. Think high and centrally located. A tall shelf in the middle of a room is the best place for your router.
If your Wi-Fi router has antennas, and you need the signal to go through a wall, position the antennas in straight angles so they go right through the wall. Signals that travel through walls at an angle can severely reduce Wi-Fi speeds.
Also, it's important to adapt to your surroundings -- ceiling height, room size and certain building materials can adversely affect Wi-Fi speeds. Keep your router away from thick walls made of brick or concrete.
But the biggest enemies of Wi-Fi are water and windows. Nearby pipes and even plants (there's water in all those leaves) can slow Wi-Fi to a crawl. Reflective surfaces can make Wi-Fi signals bounce at strange angles.
Related: AT&T cancels plans for in-flight Wi-Fi network
3) Make sure your router is secure. Putting a password on your router or limiting which devices can access your network will keep Wi-Fi moochers from slowing down your network. Also, there are plenty of other good reasons to secure your router beyond faster Wi-Fi speeds.
4) Get a newer router. Are you using the Wi-Fi router your cable company gave you? Did you buy your router during the Bush administration? You probably aren't using the best technology.
New routers have smart technology that can send signals directly to devices (instead of beaming signals randomly around a room). They offer faster speeds, multiple frequencies, and smart home technologies that know which of your gazillion connected devices to give priority to (i.e. whatever device you're streaming Netflix on).
Related: You might not need a mobile carrier by 2020
5) Buy a network extender. Cheaper than a new router, but still somewhat expensive, network extenders can boost a signal in those hard-to-reach corners of your home. You can even use some old routers as a network extender if you have one lying around.
First Published: December 5, 2014: 1:24 PM ET
When it came to ratings, "Peter Pan Live!" flew but not very high. NEW YORK (CNNMoney)
NBC's live musical event, "Peter Pan Live!" scored just 9.1 million viewers overall on Thursday night.
"Peter Pan" flew but not very high compared to the network's live musical offering last year, "The Sound of Music Live!" which brought in a huge 18.6 million viewers.
"We didn't expect to reach the same rating as 'The Sound of Music' since that was the first live movie event of its kind in over 50 years. But the high wire act of 'Peter Pan' was a joy for everyone involved," NBC Entertainment Chairman Robert Greenblatt said in a statement.
While the numbers were low, the broadcast was NBC's second-most-watched non-sports Thursday in more than five years and garnered a lot of social media attention.
The three hour musical starred Allison Williams from HBO's "Girls" as the forever-youthful Peter as he sung his way through Neverland battling the sinister (and tap-dancing!) Captain Hook, played by Academy Award winning actor Christopher Walken.
Related: As new viewing options gain ground, live television viewership is slipping
As more and more audiences watch TV away from live programming, networks are clamoring for event TV to grab audiences and advertisers.
NBC reportedly charged advertisers upwards of $400,000 for a 30-second spot during the live telecast Thursday.
Much like last year's "Sound of Music," "Peter Pan" gained a large mixture of reviews, and was even "hate watched."
Some credited Williams' performance and the production values of the show while others found the show too long and at times, downright awful.
While "Peter Pan" couldn't reach the heights of "The Sound of Music," Greenblatt mentioned that the network is already working on the next musical.
"I love these live events and we're working on putting the next one together," Greenblatt added.
This wasn't the first time the Peacock network had shown the J.M. Barrie classic. In 1955, 65 million viewers watched the musical on NBC -- the most viewers in the history of TV at the time.
First Published: December 5, 2014: 1:35 PM ET
NEW YORK (CNNMoney)
The microbus, as its popularly known, is best remembered today for its role as cheap -- and not entirely reliable -- transportation for bands of highway-bound hippies during the 1960s. With its pie-sized VW logo resembling a peace sign gone haywire, the Microbus, along with the closely related VW Beetle, became an icon of the 1960s counter culture.
With bare bones, benchlike seating for up to nine and a clanging air-cooled engine that put out, in this case, 30 horsepower, the classic VW bus is the precise opposite of the indulgent luxury automobiles and powerful muscle cars that usually get big auction money. But thanks to their emotional appeal, VW buses have been getting more collector attention. That's especially true in cases, like this one, when an old bus remains in nearly original condition.
Related - Top 10 Pebble Beach auction sales
These weren't the sorts of vehicles that led pampered lives. They were beloved largely for their ability to absorb repeated abuse and easily be returned to running condition.
I know about this first hand since, growing up as one of 11 children, I spent much of my childhood in one of these noisy machines. Toward the end of its life, ours had its sunroof replaced by a sheet of clear plastic. Its windshield wiper motor was eventually replaced by a rope that ran along the dashboard and had to be pulled side-to-side. Rust had eaten way much of that VW logo as well as a good bit of the floor. In the end, it lasted us about a decade.
The "sealing-wax red" and black microbus sold in this auction, by contrast, seems to have led a life meant for a Ferrari. With only 6,400 miles on its odometer, it was in excellent condition.
It was a 9-seat Samba Microbus Deluxe, a version distinguished by chrome hubcaps and a big chrome VW badge, a two-tone paint job and a huge cloth sunroof. It was the most luxurious version of the microbus sold at the time.
It had 23 windows including all the narrow windows around the roof. Generally speaking, 23-window buses are considered more valuable than those with fewer windows. This was one of only 11 Sambas from 1955, according to the auction house Auctionata.
This wasn't a straightforward auction sale. At first, it seemed as if this bus simply wasn't going to be sold at all.
The auction, conducted mostly on-line, was actually completed on Friday, Nov. 28. When it ended, the highest bid for this bus was only €120,000, or about $150,000. The owner was unwilling to sell at that price and days of negotiations followed before a price €190,000 was agreed to. The price includes a 10% buyer's premium paid to the auction company.
Before this, the highest price ever paid for a microbus had been about $218,000 at a Barrett-Jackson auction in 2011 in California.
The microbus went into production in 1950. The last VW bus was produced in Brazil in 2013. About 3.5 million of the buses were made worldwide over the years.
Related: Volkswagen Golf named Car of the Year
First Published: December 5, 2014: 3:00 PM ET
