Google fights Marriott's plan to block Wi-Fi hotspots

Marriott's plan to block Wi-Fi hotspots in its hotels is being opposed by Google and Microsoft.

NEW YORK (CNNMoney)

Marriott (MAR) and the hotel lobby American Hospitality & Lodging Association asked the FCC this summer to allow hotels to deploy equipment that prevents people from turning their phones into Wi-Fi hotspots.

In order to avoid pricey hotel Wi-Fi charges, many guests opt to use their data allotment from their cell phone provider, connecting their laptops to the Internet via their smartphones.

At Marriott connection rates start at $14.95 per day. For $19.95, guests get "enhanced high speed Internet" which includes video chatting, downloading large files and streaming video.

In its petition to the FCC, Marriott and the hotel lobby argued that guests can use their smartphones or Mi-Fi devices to launch an attack against a hotel's Wi-Fi network or threaten other guests' privacy (by stealing their credit card data or other personal information). They also said that those gadgets can interfere with the hotel's Wi-Fi, slowing down speeds for other customers.

"If a hotel is powerless to address such activities to ensure the security and reliability of its Wi-Fi network on its premises, both the hotel and its guests would suffer," Marriott said in its filing.

Related: 5 ways to make your Wi-Fi faster

Most of the 21 responses to Marriott's request basically boil down to this: The hotel industry simply wants to keep charging people exorbitant rates for Wi-Fi.

"If a customer arrives at a hotel with her own Mi-Fi device and the hotel interferes with the customer's connection to that personal hotspot, the hotel can effectively force the customer to purchase the hotel's Wi-Fi services to gain access, even though the customer has already paid her mobile operator for personal hotspot capability," said Microsoft (MSFT, Tech30) in a filing to the FCC opposing Marriott's request.

Google (GOOGL, Tech30) agreed. In its filing the search giant said blocking access to personal Wi-Fi hotspots "would undermine the public interest."

The wireless industry lobby and other wireless providers have also asked the FCC not to accept Marriott's request.

Related: Netflix speeds jumped 51% this year

Related: Verizon is killing off 3G

First Published: December 25, 2014: 8:37 AM ET

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American Apparel hires investment bank to weigh 'strategic options'

NEW YORK (CNNMoney)

Moelis may review the retailer's finances and any bids from potential acquirers.

The news follows several developments at the struggling company.

Last week, the company ousted founder Dov Charney following months of discussions about his role at the retailer. It also announced a new CEO, Paula Schneider.

American Apparel also received a buyout offer from private equity firm Irving Place.

This week American Apparel (APP) announced a so-called shareholder rights plan that would limit an outsider's ability to gain control of the company. It also made changes to the board. American Apparel announced a new chairperson, Colleen B. Brown.

The penny stock has shot higher in recent weeks -- to just over $1.

Related: How Dov Charney got fired from American Apparel - twice

First Published: December 24, 2014: 1:28 PM ET

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10 least affordable rental markets

A Bronx tale: Rents are high, while incomes are low

NEW YORK (CNNMoney)

Tenants in the northern-most borough of New York City can expect to pay almost 68% of their income toward rent, with the 2015 fair market rent being $1,904 a month.

Buying a home is more affordable than renting in the majority of U.S. housing markets, according to a recent report from RealtyTrac.

Purchasing a median-priced home was more affordable than renting a three-bedroom home in 68% of the 473 counties analyzed by RealtyTrac. On average, renters are expected to spend 27% of their median household income on payments to landlords next year. Meanwhile, becoming a homeowner will require an average of 25% of income to cover the mortgage.

Historically-low interest rates have helped maintain home affordability despite the recent rise in home prices. But if rates tick up just a little higher, Daren Blomquist, vice president at RealtyTrac, said affordability could shift to favor more renters.

New York's multimillion dollar home sales keep soaring

But there are some markets where residents really don't have any good housing options: both renting and buying are costly. In the least affordable rental markets, residents can expect to contribute 42% of their median household income on average to cover rent, the report stated. Buyers in the same markets can expect to dole out 44% of their income buying a median-priced home.

The average rent of the top 25 least affordable counties is $1,686 a month, $462 higher than the national average. Counties where rents were least affordable also include Philadelphia, Miami, San Francisco, Baltimore and Los Angeles.

New York City's most expensive rental costs $500,000 a month

And it looks like millennials are catching another tough break from the housing market. Counties making the list of least affordable rental markets have experienced strong millennial migration in the last six years compared to the national average.

Here are RealtyTrac's top 10 least affordable rental markets in the U.S., based on how much of the average median income goes toward rent in the county:

Location	Percent of Median Income to Rent
Bronx, NY	67.57%
Baltimore City, MD	49.64%
Philadelphia, PA	47.40%
Brooklyn, NY	47.33%
Miami-Dade, FL	45.51%
Broward, FL	42.76%
Norfolk City, VA	42.69%
San Francisco, CA	42.65%
Humboldt, CA	41.99%
Los Angeles, CA	41.95%

Source: RealtyTrac

First Published: December 24, 2014: 2:40 PM ET

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What caused Sony hack: What we know now

NEW YORK (CNNMoney)

The FBI presented evidence that North Korea was behind the hack. Upon closer examination, security experts, hackers and people familiar with Sony's computer networks are uniting with this disheartening reality: Anyone could have pulled this off.

It could have been a disgruntled Sony employee, profit-seeking hackers, North Korea -- or a combination of the three.

Here's are the facts about the hack that we know.

• Hackers used computer servers in Bolivia, Cypress, Italy, Poland, Singapore, Thailand and the United States to attack Sony.
• The IP addresses associated with those servers have "previously [been] linked to North Korea" by the FBI.
• The malware used against Sony had what the FBI calls "lines of code" and "data deletion" methods similar to malware "North Korean actors previously developed."
• The computer-wiping software used against Sony was also used in a 2013 attack against South Korean banks and news outlets, which the FBI attributed to North Korea.
• The malware was built on computers set to Korean language -- unusual in the hacking world.
• Hackers demanded Sony Pictures pull "The Interview" to avoid starting a war over a movie.

These facts are why the Obama administration has accused North Korea of hacking Sony (SNE) Pictures and has vowed to retaliate.

But security experts aren't 100% ready to point their finger at North Korea -- not yet, anyway.

Technical evidence shows anyone can tap servers for hacking and spamming. Hackers routinely borrow and share computer code. Computer-wiping software can be bought legally by anyone. A computer's language setting can be changed on a whim. And this hack actually started as an extortion attempt on Nov. 21 when Sony executives got emails saying: "The compensation for it, monetary compensation we want."

Robert Graham, a researcher with Errata Security, stresses that anyone can hire hackers on the black market. These cybersoldiers of fortune might work on behalf of a country or an ex-Sony employee -- and not even know it.

He's also wary of how quickly the U.S. government blamed North Korea. Hacking investigations typically take months, including the FBI's takedown of online drug bazaar Silk Road and hunting down members of LulzSec.

"Even if its true that it was North Korea, I don't think the FBI would do it in three weeks," Graham said. "Maybe six months."

This year's major hacks are a perfect example. Law enforcement still hasn't publicly identified -- or arrested -- those who broke into Target (TGT), Home Depot (HD) and JPMorgan (JPM) and stole millions of credit cards and lots of personal data.

Robert M. Lee, co-founder of consulting and software firm Dragos Security, puts it this way: There might be evidence against North Korea, but what the FBI presented doesn't cut it.

Lee, until recently a U.S. Air Force intelligence officer specializing in cyber warfare, also worries about how quickly North Korea was blamed. Lee said intelligence agencies and law enforcement don't typically work together at this kind of breakneck speed -- and when they do, they often rely on outdated or inaccurate information, because there are so many conflicting intelligence reports.

For its part, North Korea's government says it was framed. Take that for what you will.

Adding to the fog: Lots of Sony employees with critical access to its computer network were laid off by the company earlier this year, according to ex-employees. And early on, the Sony hackers talked about seeking "equality" at Sony.

A simple explanation points to North Korea. But those who understand hacking worry it's just too simple.

Related: Cops can use fake Facebook accounts

Related: Uber CEO charged with operating illegal taxi service in South Korea

Related: How safe are you? CNN's cybersecurity magazine

First Published: December 24, 2014: 11:55 AM ET

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American Airlines gives employees unexpected raise

Most American Airline employees will get a 4% raise beyond what is promised in their union contract.

NEW YORK (CNNMoney)

CEO Doug Parker announced the pay raises in a letter to employees Tuesday, saying they are a reward for the success of the airline in the first year since the merger of American and US Airways.

Flight attendants were already due to get about a 6% pay raise under a new union contract, but will now see their pay increase by about 10%.

Raises above what is called for in union contracts are unprecedented in the airline industry said Joe Schwieterman, a professor at DePaul University and an expert on the industry. He said it is probably an attempt by management to repair damaged relations between the unions and the previous management at American.

"The company gains some good will that could come in handy during the next crisis," he said.

Related: Six products to keep the skies friendly

The management of the old, pre-merger American had a particularly bad relationship with its unions, which were angry that it filed for bankruptcy in late 2011, forcing staff cuts and contract concessions the following year.

Parker, who previously led US Air, had the support of American's unions when he moved to buy the larger rival.

The pay raises also cover nonunion employees. They do not extend to top executives nor to the pilots.

American and the pilots' union have been contract talks, but those have stalled recently. American's latest offer to pilots is a 23% raise. It has also offered them binding arbitration to break the deadlock.

Related: Airfares still going up, even as largest cost goes down

American and other airlines have reported record profits this year, helped by the plunge in oil prices, which cut the cost of jet fuel, the largest expense for the industry. The improving U.S. economy has resulted in strong demand for travel. That increased demand has kept fares high despite the reduced fuel costs.

Airline stock values have been among the best performers in the market. Shares of American (AAL) have more than doubled in value. Shares rose 2% Wednesday despite the pay increases.

American's generosity comes with some risk, however. The record profits making the raises possible could quickly disappear if fuel prices start to rise again or if demand for travel, and fares, begin to soften. American's flight attendants will now be paid 7% more than their counterparts at Delta Air Lines (DAL) and United Continental (UAL), according to Parker's letter.

First Published: December 24, 2014: 1:17 PM ET

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How Dov Charney got fired from American Apparel - twice

NEW YORK (CNNMoney)

That's because when American Apparel's board fired Charney for the first time in June, he almost immediately began charting his comeback.

At the time, the board said it had learned of "disturbing" information that suggested "misconduct" by Charney, American Apparel's founder.

Still, Charney wasn't entirely out. The board kept him on as a consultant.

And in July, Charney turned to hedge fund Standard General for help. Standard General agreed to buy a large portion of the company's shares. In exchange, Charney handed the hedge fund voting power of his shares, enabling the fund to secure a majority of the board seats.

The hedge fund promised Charney an internal review into his conduct, which included reports of sexual harassment.

It's unclear exactly what additional assurances, if any, Standard General made to Charney in return.

Initially, Charney thought he'd be back as CEO, according to people familiar with Charney's position.

And throughout the summer, Charney had several conversations with Standard General, and asked about getting representation on the board.

By the fall, Charney and Standard General began to hammer out an agreement that would provide a framework for his involvement with the company.

Charney wouldn't get to be CEO, but he did help find a CEO, Paula Schneider. Charney assumed Schneider -- presumably a Charney ally - would get a board seat.

Charney's attorney says American Apparel ultimately "offered him a substantial amount of money to play a leadership role." A source close to the company acknowledges that there was an offer but disputes the level, saying it was just a consulting role.

But that day never came.

As of early December, Charney hadn't formally committed to the terms of the offer.

One of his issues: The new CEO wouldn't be getting a board seat. A person familiar with Standard General's position says board composition never arose as a formal condition to his employment offer, which Charney disputes.

A person close to discussions says that the board was willing to give Schneider a seat at some point in the future.

Charney faced a tough choice. Having handed Standard General control of the company and with an ethical investigation hanging over him, he had almost no leverage.

Complicating dynamics further: American Apparel (APP) received a buyout offer from private equity firm Irving Place. A source close to Charney says the possibility of a takeover bid caused Standard General to hunker down. A source close to the company said the Irving Place bid had nothing to do with its discussions with Charney.

To force a decision, Standard General gave Charney 10 days to respond to the results of the internal review, the results of which were unfavorable to Charney.

In the end, the internal review served as a justification to "terminate" Charney last week.

Now, Charney's attorney is calling the review investigation a "sham," claiming that Charney was not allowed to respond to charges and that not all evidence was considered.

Standard General says the investigation was "independent" and "thorough." A source at the company also said Charney was given an opportunity to respond.

Charney is vowing to fight...for the second time.

Related: American Apparel board learned of 'disturbing' misconduct by company founder

Related: Dov Charney is out for good

First Published: December 24, 2014: 11:49 AM ET

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YouTube could be battling expensive lawsuit over Pharrell and other popular music

NEW YORK (CNNMoney)

A music licensing group that owns 20,000 songs, including from those popular artists, says its songs are illegally posted online and has threatened to sue YouTube for big bucks.

YouTube has declined to remove the songs.

Global Music Rights is "getting closer to having no alternative" but to file a massive lawsuit against YouTube, attorney Howard King told CNNMoney. He said U.S. copyright law allows the group to sue for $150,000 in damages per violation.

That means the suit could total $3 billion on paper, even though it's unlikely a court would levy that large a penalty.

The dispute has so far played out in an exchange of letters between lawyers for the group and YouTube.

The owner of rights to Pharrell songs isn't "Happy" with YouTube.

Global Music Rights has demanded YouTube take the videos down, and YouTube has responded that it is not required to do so.

"They incorrectly state that the Digital Millennium Copyright Act allows them to do nothing until the copyright owner identifies specific" infringements, King said.

Related: 'The Interview' is going on YouTube -- and not a pirated version

YouTube did not respond for requests for comment. But it has said before that it will continue looking for "deals with labels, publishers, collection societies and more to bring artists' music into YouTube Music Key."

Music Key is a new subscription service from YouTube and its parent Google (GOOG) to compete with the likes of Spotify and Pandora (P).

--CNNMoney's Samuel Burke contributed to this report

Related: YouTube CEO says paid maternity leave is good for music

First Published: December 24, 2014: 1:26 PM ET

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You won't get hacked by streaming 'The Interview' online

NEW YORK (CNNMoney)

You can now rent it on Google Play, YouTube and Microsoft Xbox for $5.99. You can also get it on SeeTheInterview.com, with payments secured by Stripe. The chances of getting hacked by streaming "The Interview" are pretty slim.

The movie is now forever tied to hackers -- this is the controversial movie about killing North Korean dictator Kim Jong-Un that landed Sony into this mess.

But don't confuse yourself. It was easy to hack Sony. That doesn't mean the movie itself is tainted with malware.

Even the hackers actually attempt an attack, you're almost certainly safe. There are two things they might try, and neither is likely to work.

1. Block the movie. Hackers might try to block others from watching it by flooding Google (GOOG) or Microsoft (MSFT, Tech30) with Internet traffic. It's like jamming too much garbage down a chute.

Yeah, good luck with that. Google and Microsoft have excellent defenses against so-called denial of service attacks, with an unfathomably huge capacity for sending and receiving information.

2. Lace online ads with malware. Malvertising, as it's called, is relatively rare. Plus, Google, Microsoft and advertising companies have ways of detecting it before it reaches your computer -- especially if they raise their guard on this one.

Google acknowledged the potential security concerns, but it said it was worth the risk.

"Given everything that's happened, the security implications were very much at the front of our minds," said Google's top lawyer David Drummond, in a blog post.

So, if you want to stand brave in the face of unsubstantiated physical threats hackers made against movie theaters last week, head to the few, small theaters showing it around the country.

But if you plan to exercise your love of freedom and liberty from home, know you'll be safe.

Related: The facts about the Sony hack and North Korea

Related: What movie theaters are showing 'The Interview' on Christmas Day

Related: How safe are you? CNN's cybersecurity magazine

First Published: December 24, 2014: 12:41 PM ET

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JetBlue offers to fly police to NYPD funeral

NEW YORK (CNNMoney)

The New York-based airline is also working with its partners to have family members of one of the slain officers, Wenjian Liu, flown in from overseas.

Liu and a second NYPD officer, Rafael Ramos, were sitting in their patrol car when they were shot and killed by Ismaaiyl Brinsley, a Georgia man with a long criminal record.

Ramos's funeral is being held on Dec. 27, whereas Liu's funeral hasn't been scheduled, pending the arrival of relatives from China.

JetBlue said in a statement that its flights are available "to law enforcement agencies across our route network who wish to send representatives to New York to support their brethren ... We are accepting up to two officers from each department (space permitting)."

A spokeswoman said JetBlue has provided similar support in the past, but did not immediately provide any details.

The gesture was a positive one at a time when tensions have been running high nationwide in the wake of two recent incidents involving the death of unarmed black men at the hands of police in Missouri and New York.

The NYPD's 25th Precinct in Manhattan thanked JetBlue on Twitter for "offering free flights to NYC for any police officer in America who wants to attend Officer Ramos' funeral on Saturday."

First Published: December 24, 2014: 2:48 PM ET

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Watching 'The Interview' online: absurdly amusing

NEW YORK (CNNMoney)

Sony Pictures created an unprecedented event on Wednesday by releasing the controversial comedy on the Internet ahead of its Christmas arrival in theaters.

Partly out of patriotic duty, partly out of fan-boy curiosity, I rented the movie on YouTube for $5.99 right after it came online at 1 p.m. ET.

Truth be told, I was a bit hesitant to hand over my credit card, given the cyber-attack against Sony and persistent threats from hackers. (There was no real reason to worry, however.)

Renting the movie was a snap -- YouTube made "The Interview" easy to find, and moments after I paid, a receipt was sent to me via email.

Fifteen minutes in, the movie was streaming without any incident. There was no choppiness, no sluggishness, and it felt just like watching a movie on Netflix or HBO.

As for the experience itself, I've never seen anything like it.

The 1 p.m. release had the feel of a communal event, with other reporters live-tweeting and live-blogging the whole thing -- an instance of the "social TV" phenomenon applied to film.

"BuzzFeed newsroom at a standstill, transfixed, watching 'The Interview,'" BuzzFeedBiz deputy editor Tom Gara tweeted, tongue at least partly in cheek. "This is our moon landing."

Knowing that some of the cast and crew members were also participating also added a whole new level to the viewing.

"Take a picture of yourself watching it and I'll "LIKE IT," one of the film's stars James Franco tweeted during the early afternoon.

Truth be told, it was hard to separate "The Interview" the movie from the hacking news and freedom of expression issues surrounding it.

Would I have cared about the movie at all, were it not for the cyber-attack, the hackers' threats, the resulting cancellation last week, and then its resurrection this week?

Maybe not.

In the end, "The Interview" turned out to be what it was originally intended to be: a so-so gross-out comedy by Rogen and Franco.

However, the absurdity of the moment, along with the feel of a new viewing experience coming together, made it something quite memorable.

First Published: December 24, 2014: 4:13 PM ET

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GM halts deliveries to Russia

GM says it has temporarily halted deliveries to Russia due to the plunge in the value of the ruble.

NEW YORK (CNNMoney)

Russians who have already purchased cars will get deliveries at the agreed upon price, according to spokesman Sergey Lepnukhov.

Related: Who loses if Russia implodes?

GM (GM) sells more cars in Russia than any U.S. automaker, however the country makes up a relatively small portion of its global sales.

Overall it has sold about 170,000 cars under the Chevrolet, Opel and Cadillac brands in Russia in the first 11 months of the year, according to the Association of European Businesses, which tracks auto sales. That's less than GM sells in a single month in either the U.S. or China, its two largest markets.

One of the largest automakers in Russia is a partnership between Renault and Nissan. A spokesman for that alliance says it has no plans to suspend deliveries at this time. A spokesman for Toyota (TM) also said it has no plans to halt sales in Russia, but will soon increase the cost of its cars there.

Related: 10 things you need to know about Russia

Apple (AAPL, Tech30) shut down its online store in Russia earlier this week, citing "extreme fluctuations" in the value of the currency. The decline in the price of oil, a major source of revenue for the Russian government, has sparked a plunge in the value of the ruble, causing it to lose nearly than half of its value versus the dollar.

First Published: December 18, 2014: 11:11 AM ET

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Payday lenders throw millions at powerful politicians to get their way

NEW YORK (CNNMoney)

And it appears to be working.

Since the beginning of 2013, high-cost loan providers and those with ties to the industry have spent more than $13 million on lobbying and campaign donations to at least 50 lawmakers, according to a new report from the nonprofit Americans for Financial Reform.

Recipients include big names on both sides of the aisle, like House Speaker John Boehner and Democrat Debbie Wasserman Schultz, though lesser-known lawmakers received some of the biggest contributions.

One major lender, Cash America International (CSH), has spent nearly $1.8 million on lobbying efforts and donations. Meanwhile, a leading trade group, the Online Lenders Alliance, has spent another $1.8 million, which it told CNNMoney is part of its "federal outreach [to] educate policymakers."

All of this money has been pouring in as consumer groups and federal regulators have ramped up scrutiny of short-term, high-cost loans, like payday loans -- which are infamous for carrying fees that translate into triple-digit interest rates and trapping consumers in cycles of debt.

Related: Payday loan borrowers pay more in fees than original loan

Last year, the Department of Justice launched "Operation Choke Point," an initiative aimed at cracking down on banks that do business with fraudulent companies, including payday lenders that break state or federal laws.

The payday lending industry argues that the crackdown is unfair and that even legal operators are targeted as part of the initiative. The government is "bullying banks into choking off legal businesses because they simply didn't like the industry," Online Lenders Alliance said in a recent statement.

The Consumer Financial Protection Bureau has also started taking enforcement actions against payday lenders. And next year, the consumer watchdog is expected to announce a variety of new rules for the industry.

To get the government off their backs, these "quick-fix consumer lenders" are attempting to cash in on the "$13 million tab" they've built up through lobbying and campaign contributions over the last two years, says Gynnie Robnett, campaign director at AFR and one of the report's authors.

The Online Lenders Alliance, for example, has ramped up its lobbying efforts significantly. Between 2012 and 2013, its spending jumped more than 40%, according to lobbying records.

"They have no problem using the money they make off of vulnerable cash-strapped consumers to curry favor in D.C.," said Robnett.

Related: Debt collection horror stories

The report found at least 50 lawmakers, political parties and committees who have received campaign contributions from payday lending industry groups and companies.

While any amount of lobbying or donations from a controversial industry can prompt questions of influence, these politicians raise million of dollars each election from a variety of sources, so contributions from payday lenders represent a small fraction.

Republican Jeb Hensarling, a representative from Texas and a vocal critic of the CFPB, has received $183,400 from the payday lending industry since the beginning of 2013 (directly and through his political action committee). That's more than any other lawmaker, the report found.

As chairman of the House Committee on Financial Services, Hensarling is in charge of Congressional oversight of government agencies like the Federal Reserve and Federal Deposit Insurance Commission.

A spokesperson said Hensarling was not available for comment.

Meanwhile, dozens of other lawmakers have also received money from the industry -- up to $90,000 a head for the 2014 election.

Some have signed letters to the DOJ questioning Operation Choke Point or have sponsored bills that would end the initiative altogether. Others have pushed for laws that would allow payday lenders to circumvent state laws and introduced legislation that would weaken the CFPB.

Consumer groups and Attorneys General across the country have slammed these efforts, saying that current and new protections are needed to keep the industry from preying on the nation's most vulnerable consumers.

"We hope that those in Congress who work most closely with the payday industry shouldn't have to be reminded that they work for all of us, not just those with the money to influence elections," Robnett said.

The AFR report analyzed lobbying and donations to political candidates, their political action committees and other political groups. This money came from payday lenders, installment and auto title loan providers (all categorized as short-term, high-cost loan providers), as well as their industry groups and related companies and employees.

For a list of top recipients and donors, view the full report here.

First Published: December 18, 2014: 11:31 AM ET

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$57.6 million for Countrywide whistleblower

NEW YORK (CNNMoney)

Edward O'Donnell, a former executive at mortgage lender Countrywide Financial, is set to collect a cool $57.6 million from Bank of America (BAC), for his role in exposing fraudulent activity at the firm.

A federal jury ruled last year that Countrywide Financial, which is now owned by Bank of America, had defrauded government-backed firms Fannie Mae and Freddie Mac by selling them defective mortgages. That fraudulent activity contributed to the real estate bubble and mortgage crisis of 2008, which finally led to the widespread economic fallout known as the Great Recession.

O'Donnell is entitled to 16% of a $350 million payment from Bank of America, according to documents filed this week in the Southern District Court of New York. The payment is a portion of the $16.65 billion settlement that Bank of America has to pay. It's the biggest financial settlement in history.

Related: What Wall Street won in budget deal

O'Donnell's piece of the $350 million is equal to about $56 million. He's also entitled to an additional $1.6 million payment from Bank of America, to total about $57.6 million, which must be paid within a "reasonable time," according to the federal court document.

Bank of America acquired Countrywide in 2008.

First Published: December 18, 2014: 9:45 AM ET

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Steve Carell North Korea project said to be another casualty of Sony breach

NEW YORK (CNNMoney)

A Steve Carell "paranoid" thriller "that was to be set in North Korea" has been scrapped, according to Deadline and other entertainment news outlets.

The project from director Gore Verbinski and writer Steve Conrad wasn't yet titled, Deadline reported, though some other industry outlets said the working title was "Pyongyang," which is the North Korean capital.

"Sad day for creative expression," Carell tweeted Wednesday evening, adding "#fear eats the soul" as a hashtag (That post was shared on Twitter (TWTR, Tech30) 11,000 times.)

New Regency, the studio reportedly behind the movie, did not immediately respond to a request for comment.

Related: Get up to speed on the Sony mega-hack

The major hack of Sony Pictures led the studio to cancel the Christmas day release of "The Interview," the Seth Rogen and James Franco comedy about the killing of North Korean leader Kim Jong-Un.

The hackers threatened a "bitter fate" to people who go to see the movie and several major U.S. theater chains said they would not carry it.

U.S. investigators said late Wednesday they are preparing to announce hackers working for the Pyongyang regime are responsible for the mega-breach. That announcement could come as soon as Thursday.

--CNNMoney's Brian Stelter contributed to this report

First Published: December 18, 2014: 9:37 AM ET

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Sony stock soars after movie is shelved

NEW YORK (CNNMoney)

The Sony mega-hack prompted executives to pull "The Interview" from theaters before it even screened. While fans and celebrities panned the Sony decision as an act of cowardice, investors rejoiced.

Sony (SNE) shares jumped 4% in early U.S. trading. In Japan, the stock -- which is also traded on the Nikkei -- closed the day 5% higher. Late Wednesday, the stock had already gained 3.4% in Wall Street trading.

Earlier this week, the stock wasn't looking so rosy. On Monday Sony fell 3%, after a 2% decline on Friday after the fallout from the hack loomed like a dark cloud over the company.

Related: What you need to know about Sony mega-hack

The U.S. government has blamed North Korea for the cyberattacks as an act of revenge because the movie depicts the assassination of its leader Kim Jong Un. But the North Korean government denies any role in the cyberattack.

Related: Movies are the least of Sony's problems

The hacking has led to embarrassing revelations about Sony executives, disparaging comments about stars and also salaries of others.

First Published: December 18, 2014: 10:26 AM ET

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Stocks: The Santa Claus rally is here

NEW YORK (CNNMoney)

Stocks soared out of the gate Thursday as the stars aligned for two of the market's biggest divers: the Federal Reserve and oil.

The Dow shot up 250 points, a day after it and the S&P 500 both experienced their biggest gains of the year. After taking a beating earlier this month, investors may finally be getting that Santa Claus rally they wished for.

Related: The best stocks of 2014

Here's why investors feel jolly:

A generous Fed: The Fed was in a particularly giving mood Wednesday when it announced it was going to take its sweet time raising interest rates.

The central bank said in a statement it would be "patient in beginning to normalize the stance of monetary policy." It also kept closely-watched language saying rates would stay low for a "considerable time," which investors took as clear signal that rates won't rise until next summer or later.

"The Fed seems to be very cognizant of the economic weakness overseas and the extreme drop in oil prices," said Doug Roberts of Channel Capital Research.

Related: Yellen: Cheap oil is good for America

Oil rising: For much of December, the ugliness in the market seemed to stem from spiraling oil prices. Sure, it's a good thing for the consumer economy, but investors began to worry that the American energy boom, which has been an economic powerhouse since the recession, could come under threat as a result.

But oil prices perked up a bit Thursday to $57 per barrel, and investors ran with the news (they fell below $55 earlier this week.

Energy stocks, including the big guys like Exxon Mobil (XOM)and Chevron (CVX), got a nice bounce, although the best performer in the S&P 500 is Oracle (ORCL, Tech30), which reported strong earnings Wednesday evening.

But Michael Block, Chief Strategist at Rhino Trading Partners, isn't taking the oil bait for now, and noted that oil had drifted off its earlier highs.

"I've seen this trap before," he wrote in a morning note. "The tremors are accelerating and that has me concerned short term even if everything's gonna be all right in the intermediate to longer term."

First Published: December 18, 2014: 10:32 AM ET

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Toyota has best value: Consumer Reports

NEW YORK (CNNMoney)

Three Toyota (TM) cars made this year's best values list put together by Consumer Reports. It had more cars on the list than any other automaker.

Toyota's Camry Hybrid was rated the best value overall. Consumer Reports rated it a 2.01 on its scale, meaning it gives owners twice as much value as the average vehicle.

"The Camry Hybrid (Priced at about $29,000) is affordable for the impressive fuel economy, roominess, comfort and all-around functionality it delivers," Consumer Reports wrote. Automotive Editor Mark Rechtin specifically cited the "stone-cold reliability at an affordable price."

The Toyota Camry Hybrid earned the top ranking from Consumer Reports.

The other Toyota winners were Prius Four in the compact category and Highlander XLE (V6) among mid-sized SUVs.

At the bottom of the list were Jeep and Mercedes.

Related: Nissan gets slammed in Consumer Reports survey

Here is the best and worst in each category from Consumer Reports:

Subcompact:

Best: Hyundai Accent Sport (hatchback, MT)

Worst: Fiat 500C Pop (MT)

Compact:

Best: Toyota Prius Four

Worst: Fiat 500L Easy

Luxury Compact Cars:

Best: Buick Regal Premium I

Worst: Mercedes-Benz CLA250

Luxury Midsized/Large Cars:

Best: Lexus ES 300h

Worst: Mercedes-Benz S550 (AWD)

Large Cars:

Best: Chevrolet Impala 2LTZ (3.6)

Worst: Ford Taurus Limited (3.5, V6)

Sports Cars/Convertibles:

Best: Mazda MX-5 Miata Grand Touring

Worst: Infiniti Q60 convertible (base)

Midsized Cars:

Best: Toyota Camry Hybrid XLE

Worst: Nissan Altima 3.5 SL (V6)

Consumer Reports rated the Nissan Altima worst in the midsized cars category.

Wagons (AWD):

Best: Subaru Outback 2.5i Premium

Worst: Honda Crosstour EX-L (V6)

Small SUVs:

Best: Subaru Forester 2.5i Premium

Worst: Jeep Cherokee Latitude (4-cyl.)

Midsized SUVs:

Best: Toyota Highlander XLE (V6)

Worst: Jeep Wrangler Unlimited Sahara

Large SUVs:

Best: Chevrolet Traverse LT

Worst: GMC Yukon SLT

Luxury Compact SUVs:

The BMW i3 on display at the Geneva Motor Show.

Best: BMW X3 xDrive28i (2.0T)

Worst: Cadillac SRX Luxury

Luxury Midsized/Large SUVs:

Best: Lexus RX 450h

Worst: Mercedes-Benz GL350 BlueTec

Pickup Trucks:

Best: Nissan Frontier SV (V6)

Worst: Toyota Tacoma (V6)

Minivans:

Best: Mazda5 Grand Touring

Worst: Chrysler Town & Country Touring-L

Related: Keep your eyes open when driving, AAA says

First Published: December 18, 2014: 11:14 AM ET

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Re-gifting is fine... if you follow these rules

NEW YORK (CNNMoney)

Today might not be a well-known holiday marked on calendars (yet), but it's a practice many of us are familiar with during the holiday season.

In fact, more than three in four Americans find re-gifting socially acceptable, according to a recent survey from American Express. And last year, consumers re-gifted an average of four presents.

"Several years ago, etiquette rules would not allow re-gifting," said Jacqueline Whitmore, founder of The Protocol School of Palm Beach. "After the recession, it's become more popular and acceptable."

But even if re-gifting is generally considered acceptable, there are rules:

Mind your social circles. Don't re-gift a present among the same social circle. "That is where you can get yourself in trouble," said Elaine Swann, a lifestyle and etiquette expert.

That means if your office secret Santa got you a bad present last year, it shouldn't make an appearance at this year's party. Same goes with gifts among friends and extended family.

6 played out holiday gifts nobody wants

Make sure some time has lapsed. While you don't want to give dated gifts, give a little breathing room between when you receive and re-purpose a gift to avoid having the original giver ask about it.

To make sure you don't break rule no. 1, Patrice Washington, author of "Real Money Answers for Every Woman," suggested keeping all potential re-gifts in a box with Post-It notes attached to each item detailing when, where and who gave the gift.

It has to be the right fit. "This isn't an unplug the lamp and try to give it away situation," said Washington.

A re-gift has to come with the right intention, meaning it must fit the receiver's style and be something you would likely have purchased on your own as a gift. "Maybe it's not quite right for you, but you know your best friend will love it. That's acceptable," said Whitmore.

Don't re-gift with immediate family members. Skip the re-gift option when it comes to parents and siblings, said Swann.

"If you have something that you know your sister would like just give it to her and tell her the situation. Don't try and pass it off as a gift."

Meet Dr. Christmas, holiday stylist to the rich and famous

The gift has to have value. Unless it's an heirloom or antique, a re-gift should always be something new, said Patricia Napier- Fitzpatrick, founder of the Etiquette School of New York in Manhattan.

Something you got for free is also generally off the re-gift table. "Unless it's something really nice," said Swann. "Once I attended an event by Oprah and they gave away a free Oprah embossed key chain and I gave it to my mom and it was a great gift. But generally, do not give promotional gifts."

Keep the original packaging, but always re-wrap. A re-gifted product should be given in its original packaging, but always take the time to re-wrap it, advised Washington.

But double check to make sure a personal note or something extra wasn't added inside the boxed item. "I've re-gifted once in my life and I got caught by my mother-in-law because there was a note slipped into the box I didn't catch. That was embarrassing." said Napier- Fitzpatrick.

Holidays got you stressed? Outsource your to-do list to the pros

It can't be sentimental. A hand-made gift or anything sentimental that the original giver might ask to see should be held onto.

"Handmade gifts are not something you re-gift," said Swann. "These gifts tend to be personalized or created with lots of consideration, so instead give the item away to charity."

'Fess up when caught. If you get busted recycling a gift, own up to it.

"Yes, it will be embarrassing but don't dwell on it," said Swann. "Just address it, explain why you thought they would like it and change the subject," said Swann.

First Published: December 18, 2014: 11:24 AM ET

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What's wrong with Google?

NEW YORK (CNNMoney)

Shares of Google (GOOGL, Tech30) are down nearly 10% in 2014 and are near their 52-week low.

CEO Larry Page can't be "super excited" (one of his favorite phrases) about that -- especially when you look at how well Google's competitors have done this year.

Microsoft's (MSFT, Tech30) stock is up more than 25%. So is Yahoo's (YHOO, Tech30), thanks to a big boost from the Alibaba (BABA, Tech30) IPO.

Shares of Chinese search king Baidu (BIDU, Tech30) have gained 30%. Apple (AAPL, Tech30) shares are up nearly 40%.

And Facebook's (FB, Tech30) stock has surged more than 40%.

So why has Google had, to borrow the title of a classic children's book, a terrible, horrible, no good, very bad year?

Competition gets tougher: Facebook has seemed to steal some of Google's momentum in the online advertising market.

Google is still the worldwide leader, with a 31% share of overall digital ad revenue this year, according to figures from research firm eMarketer. But Google's share slid a bit while Facebook's jumped from about 6% to nearly 8%.

Facebook is also gaining ground on Google in mobile too. The social network's mobile ad market share rose to about 18.5% this year from under 17% a year ago. Google's mobile market share dropped from 47% in 2013 to 40.5% this year.

Related: Google mobile ads get more clicks, less money

There are also growing concerns that Facebook is going to take away online video revenue from Google's YouTube. Facebook has aggressively boosted its video efforts.

The resurgence of Apple is also a negative for Google, whose Android mobile operating system is the main rival to Apple's iOS.

Leading Android partner Samsung has been losing market share this year while Apple has its cool factor back thanks to the iPhone 6 and 6 Plus.

Google also made several acquisitions this year that could help boost its revenue streams beyond advertising but may seem like odd, risky bets to average investors.

The $3.2 billion purchase of connected devices maker Nest for $3.2 billion, as well as the acquisitions of drone maker Titan Aerospace and satellite company Skybox Imaging, could wind up being really smart decisions for the future.

Related: Drone pilot wanted: Starting salary $100,000

But the deals also reinforce the perception that Google is a company that is willing to throw a lot of spaghetti at the wall to see what sticks.

Google's purchase of Motorola Mobility in 2012 did not. Google sold a big chunk of Motorola to Chinese hardware giant Lenovo (LNVGY) earlier this year for a fraction of what it paid just two years ago.

That works fine when you're privately held but can be a problem when shareholders are more focused on short-term profits over longer-term strategic planning.

Overreaction? Google has been down this road before. Shareholders were skeptical of deals like YouTube and ad network DoubleClick in Google's early stages as a public company. Those acquisitions have more than paid off.

The company still is the dominant player in online advertising, even if it is starting to lose some market share. And it's not as if the company is in tough financial shape either.

Google has $62.2 billion in cash.

Analysts are forecasting that sales and earnings per share will grow 18% in 2015. That's extremely impressive for a company of Google's size.

Related: Time to shop 'til you drop for cheap stocks

Despite this, the stock is now trading for just 17 times 2015 earnings forecasts. That's a little bit cheaper than Microsoft and a huge discount to Facebook and Yahoo.

That's why Brian Wieser, an analyst at Pivotal Research, upgraded the stock to a "buy" on Wednesday.

He conceded that Google would be better off it would "focus on advertising and leave the diversification endeavors to its executives' private investment choices."

But investors are treating Google as if it's an also-ran in online advertising even though it's the undisputed market leader.

It may be the case that all the negatives about Google are already priced into the stock.

First Published: December 18, 2014: 11:33 AM ET

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In Russia, no more $30 Ikea 'Billy' bookcases - at least for now

LONDON (CNNMoney)

IKEA halted sales of kitchen furniture and appliances due to the large number of orders it is facing, the company said in a statement. It said it will resume sales on December 20.

The currency turmoil prompted many Russians to go on a spending spree, hoarding valuable goods, such as jewelry, furniture and electronics.

The ruble has lost nearly 50% of its value against the dollar this year, making Western goods relatively cheaper in Russia.

Take Billy, IKEA's popular bookshelf, not one of the products that has been suspended. According to IKEA website, it costs 1,990 rubles -- which is around $30. Just six months ago, before the deep plunge of the ruble, it was around $62.

In the U.S., the same bookcase sells for $59.99.

Related: Apple closes online store in Russia

But Russians chasing a deal need to be quick. Many retailers have already adjusted their prices to the new reality.

IKEA also said it will gradually change prices, when it restarts sales, and warned that prices on its website are now outdated.

Inflation is also rising, pushing prices even higher. Prices of food are predicted to hike by as much as 25% this year and the Central Bank said inflation will reach 9.4%, nearly double the original target of 5%.

People wait in a line to pay for their purchases at the IKEA store on the outskirts of Moscow, Russia.

Related: GM halts deliveries to Russia

First Published: December 18, 2014: 11:25 AM ET

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RadioShack's tale of woe gets worse

NEW YORK (CNNMoney)

The struggling electronics retailer reported dismal results for its latest quarter Thursday. But RadioShack's CEO touted success during the Thanksgiving weekend and announced plans to slash costs to help get it back on track.

RadioShack (RSH) reported a net loss of $161 million, larger than expected. Sales plunged 16% from a year ago to $650 million, which was also below Wall Street's forecasts.

The company also said that it finished the quarter, which ended on November 1, with just $62.6 million in cash and available credit. RadioShack has $841.5 million in debt. A quarter ago, the company had $182.5 million in liquidity and debt of $658 million.

That is bad news, especially since the company is currently involved in a dispute with a top creditor about whether or not it has violated the terms of its credit agreement.

RadioShack has struggled to compete with larger rival Best Buy (BBY) and also faces stiff competition from mass merchandise retailers Walmart (WMT) and Target (TGT)as well as online shopping king Amazon (AMZN, Tech30).

Despite efforts to remodel the company's stores and add fresher products like 3-D printers, drones and wearable cameras, the company is still viewed by many consumers as being a retail relic from several decades ago.

Related: RadioShack still stuck in the 1980s

RadioShack has even made light of that fact, with a popular Super Bowl commercial featuring '80s celebrities this year and a current holiday ad campaign with Weird Al Yankovic.

But CEO Joseph Magnacca remains hopeful that the company's fortunes will improve. He said that same-store sales on Thanksgiving, Black Friday and the Saturday after that were up sharply from a year ago. However, mobility sales -- think smartphones and other wireless devices -- plunged sharply.

Magnacca conceded that the cell phone business is a problem that needs to be fixed. He also outlined a plan to cut costs by $400 million next year through some store closures and lower marketing expenses.

During a conference call with analysts, Magnacca said that the company is working with lenders so that it can eventually close up to 1,100 stores. RadioShack has been unable to close as many stores as it wants due to a disagreement with its creditors.

He added that the company will be increasingly focused on targeted advertising, rather than expensive ad campaigns, to raise awareness of the brand. So it seems unlikely that RadioShack will have a Super Bowl commercial again in 2015.

Magnacca also pointed out that the company's remodeled stores are performing much better than the ones with the older format and said that the company's Fix It Here service, which lets people drop off broken smartphones and tablets and watch them get repaired, has been a big hit with consumers.

However, it may be too little too late considering how troubled the company's balance sheet is. The company's bonds are rated as junk.

Shares of RadioShack fell 3%Thursday morning and have plunged 80% this year. The stock is worth just 53 cents. Shares hit a peak of nearly $80 in late 1999 -- the height of the last tech boom.

First Published: December 11, 2014: 7:48 AM ET

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Peer-to-peer lending stock soars in IPO

LendClub's business model is pretty straightforward.

NEW YORK (CNNMoney)

LendingClub (LC), a peer-to-peer online lending service that matches investors and borrowers for loans on everything from homes to vacations, skyrocketed over 50% in its IPO Thursday.

The strong debut for San-Franciso-based company may very well be a sign of the times: Wall Street is struggling to find higher returns amid ultra low interest rates. Meanwhile, Main Street can't quite convince the banks to lend.

Related: Want to get rich? Don't pay off your student loans

Investors are incredibly intrigued. The company raised $870 million in the offering and priced at $15 per share, which was higher than expected. That's lead to speculation that LendingClub could pave the way for other peer-to-peer financing firms to go public. It's listed on the NYSE under the ticker LC.

Lending isn't just some new money Silicon Valley startup. It has some prominent board members from the "old guard" of finance, including former Treasury Secretary Larry Summers and ex-Morgan Stanley CEO and Chairman John Mack.

The business model is simple: borrowers can apply for loans for just about anything -- even to get money for a vacation. LendingClub connects them with an investor, who provides the loan in return for monthly interest payments. Each loan is assigned a "grade" based on such factors as the borrower's credit history and income. Loan maximums are $35,000 for individuals and $100,000 for businesses.

According to the company's website, the average interest rate on an "A" graded loan is currently 7.6%. The lowest graded "G" loans carry interest rates of about 25%.

LendingClub says that over $6 billion loans have been funded on its platform since it started in 2006, with about $596 million in interest paid.

Of course, peer-to-peer lending is still a relatively new industry, and there are many unknowns. Rising interest rates, defaults, and lawsuits are all par for the course. In an SEC filing, the company also mentioned "negative publicity" of the industry as a potential risk factor.

First Published: December 11, 2014: 11:30 AM ET

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Google shuts news service in Spain

LONDON (CNNMoney)

The clash reflects a growing rift between European policymakers and Silicon Valley over issues relating to competition, copyright and privacy.

From January, Spanish publishers will be required to charge news aggregators for displaying their content.

"It's with real sadness that we'll remove Spanish publishers from Google News and close Google News in Spain," head of Google News Richard Gingras wrote in a blog post.

The new law meant Spanish news outlets would have to charge if the service showed "even the smallest snippet from their publications," he said.

Related: 'Google tax' targets big tech

Craig Newman, a media lawyer with Richards Kibbe & Orbe in New York, said the shutdown was the latest example of growing hostility in Europe towards big U.S. technology companies.

"This is a fight over economics, vastly different values in Silicon Valley and the EU, and ultimately, control of the Internet," Newman told CNN.

Newman pointed to recent action against other U.S. firms such as Uber in the Netherlands, and the U.K.'s planned tax hike on multinationals profits, dubbed the 'Google tax'.

Google's copyright problem extends beyond Spain.

In Germany, the search giant has resisted similar attempts by publishers to charge for their content. The company scored a win last month when the country's largest news publisher, Axel Springer (AXELF), abandoned a move to block access by Google (GOOG) to some of its publications after traffic plummeted.

Related: Uber sued in California for misleading users

Official hostility toward Google simmers. The European Parliament has recommended a break up of the search giant to weaken its dominance across the region. Politicians are concerned that Google wields too much control over online search results and promotes its own services over competitors.

It's also facing a long-running antitrust case in Europe. And this year, the search giant was forced to adhere to a new "right to be forgotten" rule, which lets Europeans request that search engines remove certain search results about them that are outdated or inappropriate.

Related: Top Twitter moments of 2014

- CNN's Samuel Burke contributed to this report

First Published: December 11, 2014: 9:02 AM ET

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Is this photograph worth $6.5 million?

NEW YORK (CNNMoney)

But was it worth that much?

That's the question buzzing across the Internet. It's a relevant one in an age where amateur photographers abound, using their smartphones to snap everything from selfies to breathtaking panoramic scenery.

"Hmm. Seems like someone overpaid," Grayson Schaffer, an editor at Outdoor magazine, posted on Facebook (FB, Tech30).

Lik himself blogged that the "Phantom" photograph is "a stunning, black & white depiction of a ghostlike figure" that he shot in an Arizona canyon.

#nofilter

Related: Biggest names in modern art hit the auction block

"Technically, this is a very tough image to accomplish because of the high amounts of contrast," wrote thePhotoblographer.com.

And some users agreed.

"Thank you for making this sale. I feel like it gives worth in a world where people are willing to pay less and less for photography, whether it's weddings, commercial or fine art. In my opinion this is terrific for the whole industry," wrote Christopher Shaffner on Lik's Facebook page.

And Frank Memmo, another user, said: "Congrats. hard work, dedication, and passion should always pay off."

But many others didn't get it:

One Reddit user said: "Wow. What an incredible waste of money."

Another said: "His work is brilliant (you should visit a gallery if possible), but it ain't worth $1m or $6.5m a print."

The Guardian's art critic Jonathan Jones said it was "like a hackneyed poster in a posh hotel ... My iPad can take panoramic views that are gorgeous to look at."

What do you think?

Related: A $7,500 slide of fruit cake

First Published: December 11, 2014: 9:54 AM ET

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Are the Super Jumbo's days numbered?

The future of Airbus A380 is unclear.

LONDON (CNNMoney)

Boeing (BA)'s European rival faces a crunch decision on whether to upgrade the A380 or pull the plug.

Airbus (EADSF) has failed to sign up any new airlines for the twin-deck plane this year.

"The group will face a decision over the near to midterm on the future of the A380," Airbus Group CEO Tom Enders told investors.

The numbers don't look great. Airbus says the plane will break even for the next three years -- thanks to orders from existing customers -- but the outlook for 2018 and beyond is far from certain.

Airbus said its priorities are to make the plane more attractive and ensure it doesn't hit group profits.

But finance chief Harald Wilhelm admitted that one option would be to "discontinue the product."

Related: Supersonic jets can fly from New York to L.A. in 2.5 hours (or less)

The only new customer Airbus managed to win this year is Amadeo, an aircraft leasing company.

Even it admits the jet is hard to sell.

Enders said a decision about the future of the plane would be taken purely on commercial grounds.

"It means we need to have a convincing business case, we need to have a convincing customer base and there should be no material deterioration of the group earnings," he said.

Airbus is now under pressure to upgrade the aircraft with new engines to make it more efficient.

The A380 took 15 years to develop at a cost $25 billion. The possibility that it could be ditched -- if only in a worst case scenario -- angered some existing customers.

"We are on the hook for this plane," said Emirates President Tim Clark. "I get pretty miffed when we have put so much at stake," he told Reuters.

Airbus' shares plunged 10% on Wednesday. They were down 5% on Thursday.

-- Katie Lobosco contributed to this report.

First Published: December 11, 2014: 10:06 AM ET

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Atlanta reduces homeless population (and saves money in the process)

Mayor Reed (center) with veterans who are housed through city program "Unsheltered No More."

NEW YORK (CNNMoney)

Here, Atlanta Mayor Kasim Reed discusses what the grant meant for his city.

One of my favorite African proverbs reads, "If you want to go fast, go alone; if you want to go far, go with others."

In the city of Atlanta, we are using innovation to build partnerships across City Hall, local communities, and the private sector to solve our city's most difficult issues. And we're seeing results.

By necessity, city halls dedicate much of their time to day-to-day operations. It can sometimes be hard to find the bandwidth to step back and solve problems holistically, but Atlanta's Innovation Delivery Team -- one of five pilot teams funded by Bloomberg Philanthropies -- is helping us do just that.

Related: How Memphis is lowering crime and reviving neighborhoods

Atlanta's innovation team brought this unique approach to two of my top priorities: homelessness and customer service. Partnering with multiple government agencies and community stakeholders, the team helped create solutions to substantially reduce the number of homeless in Atlanta, and revolutionize how city residents access information.

You will be hard-pressed to find an issue that touches more agencies than homelessness. Housing, health and human services, criminal justice, veteran's affairs, education and more come into play. Any effective solution requires a dizzying amount of coordination. Just focusing on each agency, as city government often does, causes us to miss genuine opportunities for more impactful solutions.

In 2011, Atlanta had approximately 4,400 people who were homeless or in emergency shelters. In January 2012, the innovation team began developing a plan to lower this number.

The team studied data from city departments and outside organizations that shed light on the mounting public costs associated with homelessness. This included over $2 million in costs to the city's police department and detention center for misdemeanor arrests and jail stays, and over $61 million in costs to a single local hospital for homeless ER visits and inpatient stays.

Related: New Orleans' top priority: Cut its murder rate

The team also found that Atlanta's homeless services were spread across more than 100 programs, each with their own target populations and criteria for service. With no forum for setting common goals, the city was unable to channel money and efforts into a comprehensive strategy.

Using this information, the innovation team launched Unsheltered No More, a collective action campaign with over 51 partners to house 800 homeless by December 2013.

By December 2013, the campaign had exceeded its goal, housing 1,022 persons. In addition, the team worked to enact policies and set up a nonprofit dedicated to resource distribution to ensure these efforts are sustained and built upon. And starting in 2014, every provider who applied for federal funding through the city was required to participate in a coordinated intake and assessment process.

Related: The most innovative cities in America

The fragmented process that plagued Atlanta's efforts to address homelessness also impacted customer service. The city had over 170 different services numbers in use, and finding information was often laborious and difficult for residents.

Working hand-in-hand with city departments, the Innovation Delivery Team analyzed national best practices, determined the services most in need of improvement, and helped establish ownership, accountability, and performance metrics inside City Hall. This led to the formation of a new non-emergency line for Atlanta residents: ATL311.

Mayor Kasim Reed opens Atlanta's first 311 system.

ATL311 is one of the country's first live 311 systems hosted on the cloud, so users can access their request history online. The process is streamlined, callers can quickly navigate the system to have their questions answered, and efficiency has improved. Prior to ATL311, the average call wait time was 120 seconds. Now, the wait time is an average of 20 seconds, bringing the city in line with the national average.

Most important, ATL311 frees government workers to focus on their core competency while knowing that initial customer service requests will be handled efficiently. In the case of Atlanta's Department of Watershed Management -- the agency with the highest call volume -- this means fewer wasted resources and quicker response times.

Related: Data drives innovation in Louisville

Together, we are building a community of innovation in Atlanta and transforming into a smarter, more connected city. Atlanta's Innovation Delivery team is critical to this effort, and we've dedicated public funding to extend its mandate into the future. As a result, Atlanta is poised to remain at the forefront of discovery and innovation for many years to come.

This is the fourth in an exclusive series from CNNMoney, featuring op-eds from mayors who received grants from Bloomberg Philanthropies in 2011: Memphis' A C Wharton, New Orleans' Mitch Landrieu, Louisville's Greg Fischer and Chicago's Rahm Emanuel (publishing Friday).

First Published: December 11, 2014: 8:12 AM ET

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Microsoft begins accepting Bitcoin

NEW YORK (CNNMoney)

Bitcoin is accepted as "a payment option to buy apps, games and other digital content from Windows, Window Phone, Xbox Games, Xbox Music or Xbox Video Stores," according to the Microsoft (MSFT, Tech30)'s payment and billing policy.

The company made no official announcement and rolled out the payment option quietly. It came to light when users began discussing the option online.

Microsoft joins a handful of other companies that accept bitcoins as payment, including PayPal and a scattering of restaurants, car services and at least one bar in New York City.

Related: I lived on Bitcoin for 24 hours

Bitcoin is the most popular form of digital currency, though it is still controversial and nebulous, since it is not government-issued currency and has experienced extreme volatility.

And since most businesses don't use it, Bitcoin is not that practical as a currency for day-to-day use.

First Published: December 11, 2014: 7:56 AM ET

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1,000 San Francisco airport workers on strike

NEW YORK (CNNMoney)

The union that represents restaurant workers at the airport, Unite Here Local 2, said nearly 1,000 workers walked off the job in protest of a management proposal that would freeze their health care payments.

In a statement, the union urged anyone flying out of SFO to bring their own food. A spokesperson for the airport noted that concession stands and other retail locations are still selling food.

The strike comes as Northern California braces for a major storm, with hurricane force winds expected to hit the Bay Area. About 110 flights have already been canceled at San Francisco's main airport, according to Flightaware.com.

Related: Fast food workers strike in 190 cities

According to the union, the proposal would result in workers paying as much as $4,200 per year for health care coverage. The workers say that's unacceptable given the high cost of living in San Francisco.

"We're on strike because it is so difficult for our families to make ends meet in the Bay Area," said Jesse Johnson, a bartender at an airport bar, who is also a union organizer. "When restaurants slash our health care, or deny us job security, we just can't get by."

The union says restaurant owners bring in nearly $200 million per year. But the average restaurant worker earned just $24,124 last year.

"The restaurants at SFO bank huge money from airline passengers," said Johnson. "We're out here fighting for our familes."

Related: Walmart hit with protests on Black Friday

First Published: December 11, 2014: 11:11 AM ET

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Bringing down Sony was frighteningly easy

NEW YORK (CNNMoney)

At Sony (SNE) Pictures, the company basically put out the welcome mat for hackers.

Leaked documents show that Sony employees kept lists of passwords in spreadsheets on their computers. Also, employees kept the Social Security numbers of 47,426 people -- including Conan O'Brien and Sylvester Stallone -- lying around in unencrypted files. That's extremely reckless.

The Sony Pictures mega-hack, chock-full of erased computers and exposed documents, is only the latest example of how hackers can attack companies' computer networks with frightening ease.

In 2010, hackers slipped a "digital bomb" into the Nasdaq that nearly sabotaged the stock market. In 2012, Iran ruined 30,000 computers at Saudi oil producer Aramco. In 2013, North Korean hackers froze some of South Korea's banks and media networks.

Meanwhile, companies seeking to reduce costs and increase efficiency have centralized powerful networking controls, giving more employees access to massive amounts of data. 71% of employees say they have access to sensitive data they shouldn't see, according to a new survey by the privacy experts at the Ponemon Institute.

That means the payoff for hacking is even higher, according to Richard Danzig, vice chair of the RAND Corporation think tank and former Navy Secretary. Getting an employee's username and password though a simple phishing email could be enough to bring down a company.

"I don't think anyone has a grasp of the magnitude of our challenge," Danzig said. "Cyber insecurity can lead to the destruction of your company, your brand, your capability, your assets."

Related: Sony wanted Tom Cruise as Steve Jobs

Companies simply don't do enough to protect themselves -- many even ignore basic cybersecurity protocol.

A recent survey conducted by cybersecurity firm Trustwave shows that 18% of companies don't perform "penetration tests," essentially a search for holes that hackers can exploit. And 20% of firms don't even have a way for anyone to report security incidents.

It's not enough for a company's to install antivirus programs on every computer and restrict employee behavior online. Every employee is on the front lines of an ongoing conflict, whether they like it or not.

Not all industries are equally vulnerable. Banks are ahead of the curve: They get hacked, but their losses are generally minimal, security experts widely agree. But other sectors -- manufacturing, health care, retail -- are far behind. In the past year, one of the nation's largest hospital networks was hacked, losing data on 4.5 million patients, and Home Depot (HD), one of the nation's largest retailers, suffered a major hack as well.

Even critical infrastructure is vulnerable. The U.S. energy grid is under constant attack, for example.

Related: The next Bond movie is WAY over budget, Sony documents show

Will the Sony hack serve as a wake-up call for companies to raise their defenses?

Ralph Langner, a German cybersecurity consultant, isn't convinced it's sufficiently brutal.

"It still isn't painful enough," Langner said. "It's going to get worse. We didn't learn after Target. It got off easy. Sony? We'll have to see the actual damage."

Related: Are you safe? CNNMoney's cybersecurity magazine

First Published: December 11, 2014: 10:09 AM ET

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DIY computer kit gives gift of coding

NEW YORK (CNNMoney)

For $150, parents can buy their kids a Kano computer kit, a present that just might jumpstart techie careers.

Kano is a DIY set that lets kids (or adults) build a computer and learn basic coding skills to program it.

Last year, Kano raised $1.5 million on Kickstarter -- far surpassing its $100,000 campaign goal, which it hit in just 16 hours. And it attracted the attention of high-profile backers like Apple's (AAPL, Tech30) Steve Wozniak. Now available for the general public, Kano has shipped 20,000 kits around the world.

"The intention was to make coding and computer science -- often presented in a dry way -- feel like an expressive art form," said co-founder Alex Klein, 24, who launched the London-based startup with his cousin Saul Klein, 44, and Israeli entrepreneur Yonatan Raz-Fridman, 31.

The Kano founders wants to demystify the magic that happens inside computers.

So, how exactly does one do this?

First, the colorful Kano kit (which is manufactured in China) must be assembled. It contains twelve components, including: Raspberry Pi board (the brains of the computer, it's about as powerful as an iPhone 4), build-your-own speaker, wireless orange keyboard, transparent case, WiFi connector and two illustration books (kid-friendly manuals that read like stories -- they come in seven languages). But you'll need your own monitor, as it's not included.

Related: 6 things you need to know about STEM

Then, the computer can be connected to the Internet and users can start learning basic coding (there are six Kano Levels on the computer; more are available for download).

With code, users can build games like Pong and Snake, build servers or worlds in Minecraft, or remake projects shared on Kano World.

Alex said they first tested the Kano prototype in a classroom of 20 eight- and nine year-olds in North London.

"I was terrified. I had no idea what was going to happen," he said.

Within an hour, all the kids had built the prototype. One summed up Kano's potential in one sentence: "Adults think we're incapable, but today, we made a computer and we powered it up and that makes us super-children."

According to Alex, girls are among the most active Kano users. But that doesn't mean they'll be slapping pink on the boxes.

"What we're trying to do with Kano -- creativity, play and storytelling -- is pretty gender neutral," he said.

It's also age-agnostic. Their customers include 16-year-old girls in Kosovo and a 26-year-old space engineer in Japan.

Related: Google for kids coming soon

Youth electronics is the biggest growth area in the toy industry. It rose 32% in 2013 for a total of $565 million in sales.

According to the Adrienne Appell, trend specialist at the Toy Industry Association, STEAM toys (Science, Technology, Engineering, Arts and Math) are particularly hot this holiday season.

If ordered by December 12, the Kano founders say shipments will be received in time for Christmas.

First Published: December 11, 2014: 10:14 AM ET

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Child care costs more than college

NEW YORK (CNNMoney)

But new numbers show just how deeply it can eat into a family budget -- in many cases, even deeper than what may spend on college.

The average cost of childcare is at least a quarter of the median income of single parents, according to a report Thursday from Child Care Aware, a group that provides resources to parents and caregivers.

And families at the poverty line, can spend as much as 85% of their income on care.

Parents in Massachusetts are spending more on childcare than in any other state. On average, Bay State families are paying $16,549 per year to send an infant to a center for care. That's about 15% of the median income for a two-parent family.

New York families pay a higher proportion of their incomes than in any other states, or about 16%.

The best bargain for child care? That would be in Louisiana, where it costs only about 7% of the median income.

Related: How much will it cost to raise your child?

The high costs don't pay off all the time. Three in 10 parents either missed work or were late getting to their jobs last year because of care-related problems, the study found. Child care issues cost businesses about $3 billion every year.

On the bright side: when the bill for college tuition arrives years later, it might not seem so steep in comparison.

Child Care Aware said that in 30 states, the annual cost of child care is higher than tuition and fees at the state's four-year state colleges.

It concluded the multiple government programs to make care more affordable have significant room for improvement.

Related: Average cost of raising a child hits $245,000

Related: San Francisco's million-dollar bet on education

First Published: December 4, 2014: 10:24 AM ET

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Stocks: 5 things to know before the open

LONDON (CNNMoney)

Here are the five things you need to know before the opening bell rings in New York:

1. More stimulus? There's a slim chance the ECB will use its last meeting of the year to announce more help for the stagnant eurozone economy. More likely is a strong hint, perhaps even a promise, from President Mario Draghi of more action to come early in 2015.

The central bank will cut its forecasts for eurozone growth and inflation at Thursday's meeting.

Most major European markets were narrowly firmer in early trading. The euro was becalmed versus the dollar, having lost 10% so far this year to trade at a two-year low.

Asian markets posted clear gains.

Related: Fear & Greed Index

2. Oil prices steady: After a turbulent few weeks, oil prices look to be stabilizing. U.S. crude futures were slightly higher at nearly $68 a barrel.

The sharp fall this year is damaging high cost producers but generating a windfall for consumers and drivers. Gas prices for a lucky few have even fallen below $2 a gallon.

3. Earnings and economics: Dollar General (DG) and Sears (SHLD) will report quarterly earnings before the opening bell. American Eagle (AEO) and gun maker Smith & Wesson (SWHC) will report after the close.

The U.S. government will report weekly jobless claims at 8:30 a.m. ET.

Related: CNNMoney's Tech30

4. Stock market movers -- General Motors: Shares in GM (GM) were trading about 2% firmer premarket. News about GM has improved recently after a months of damaging recall headlines.

Car sales are strong and the mid-sized Chevrolet Colorado won Motor Trend's 2015 Truck of the Year award, beating Ford's new F-150.

5. Futures flat: U.S. stock futures were little changed.

U.S. stocks rose to new record highs again Wednesday. The Dow gained 33 points and landed above 17,900 for the first time. The S&P 500 and Nasdaq both closed 0.4% higher.

First Published: December 4, 2014: 5:26 AM ET

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Michael Dell doesn't miss Wall Street at all

NEW YORK (CNNMoney)

He doesn't miss dealing with short-sighted investors, nitpicking analysts and tedious regulators.

Being a private company allows Dell to take a much longer strategic view. The tech firm is making costly investments that may hurt quarterly results, but could pay off big time in high growth areas like cyber security and cloud computing.

"I feel absolutely great, even more convinced it was the right thing to do," the billionaire CEO told a packed crowd at the Council on Foreign Relations in New York on Wednesday evening.

Related: The airport of the future

"We're gaining share, we're growing. That's a lot more fun than what we were doing before," he said.

Buying back his company: Late last year, Dell teamed up with private equity firm Silver Lake to purchase the company he founded in his 1984 dorm room for about $25 billion. Now the CEO owns roughly 75% of the business.

He admits the drawn-out sale process created uncertainty for employees and customers.

"There were some pretty dark moments," Dell said.

Asked why he took the risk of buying it back, he said: "Why not? What else are you going to do?"

That drew laughs from the audience and a knowing look from the moderator, Bloomberg LP CEO Daniel Doctoroff.

"I'm familiar with guys who didn't know what else to do," joked Doctoroff, who recently announced plans to cede the top job at Bloomberg back to founder Michael Bloomberg.

Related: Bloomberg's advice: become a plumber

All eyes on the future: Dell explained how his company experienced a "negative feedback loop" while trying to reinvent itself as a public company. Short-term focused investors were spooked by Dell's attempt to go from selling products to offering IT services and solutions.

"The stock would go down. That wears on people. It's pretty difficult," he said.

While he still believes there's "an important role" for the stock market, Dell laments how regulations like Sarbanes-Oxley have forced boards to spend more and more time on "backward-looking activities."

Related: Carlos Slim says the 3-day work week will happen

As a private company, Dell gets to skip a lot of those disclosure requirements. That's why it's hard to say precisely how the company is doing. But there are signs it's growing after sputtering the past few years.

According to research firm IDC, Dell enjoyed a 6% jump in PC shipments in the most recent quarter despite a decline in the overall industry.

That's one of the reasons why Bloomberg News recently reported Dell and Silver Lake are sitting on paper gains of at least 90% on their initial investment.

Of course, Silver Lake is eventually going to want to cash in those gains -- possibly through an IPO. But Dell doesn't sound like he's in a rush to bring his company public again.

"We'll figure that out," he said.

First Published: December 4, 2014: 5:24 AM ET

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Verizon is killing off 3G

Verizon is killing off its 3G network to add more capacity for 4G smartphones and tablets.

NEW YORK (CNNMoney)

As 4G smartphones, tablets and other mobile devices replace older 3G gadgets, Verizon is changing the makeup of its network to compensate.

In New York, Verizon (VZ, Tech30) has shut off 20 MHz of airwaves that were once allocated for 3G. The cell phone giant is now running 4G-LTE over that spectrum. Cleveland's network has also begun a similar transition.

However, if you have an older phone that doesn't support 4G, you don't have to worry.

In order to support customers with flip phones, feature phones and other 3G devices, Verizon will keep the 3G network running for at least a few more years.

"We continue to support our 3G customers and networks," said Paul Macchia, spokesman for Verizon Wireless.

Verizon's switch was first discovered by prolific network spotter Milan Milanovic, and the story was initially reported by Gigaom.

The news isn't surprising: Verizon had previously announced that it would be repurposing the 3G spectrum for 4G. With more than three-quarters of Verizon's traffic now traveling over 4G networks, Verizon has been quickly maneuvering to build up its 4G capacity to avoid network congestion and slower speeds.

Related: You might not need a mobile carrier by 2020

3G's extinction will be slow and gradual -- but it's coming. Since Apple introduced the 4G-capable iPhone 5 in 2012, 4G adoption has exploded and 3G has fizzled.

Meanwhile, wireless carriers have been forced to simultaneously maintain three networks -- 2G, 3G and 4G. It's expensive and incredibly inefficient. 4G networks are able to cram significantly more data into their wireless spectrum than 3G and especially 2G. Earlier network technologies occupy a lot of valuable spectrum that carriers would like to shift to 4G.

That's exactly what they intend to do, industry analysts say. Gartner's Ken Dulaney predicted that 3G will be gone by 2018.

Killing 2G will also be a struggle: Voice and text messages still run over 2G networks. Although a new voice protocol called Voice over LTE, or VoLTE, is emerging, it will take a while to completely shut down 2G.

To speed up the transition, telecommunications industry analysts predict that carriers will offer free 4G phone upgrades to pry the last remaining holdouts away from their aging devices.

Related: AT&T cancels plans for in-flight Wi-Fi network

First Published: December 4, 2014: 11:38 AM ET

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Iraq vet protests for more than $8.50 an hour

NEW YORK (CNNMoney)

He earns $8.50 an hour working at a combined Dunkin' Donuts (DNKN), Quizno's and Godfather's Pizza joint that's located inside a Hess (HES) gas station in Tampa. He spent over a year interviewing for jobs after he left the Marines before landing this one.

Wilkerson believes the protests are leading to change, in fact, this will be his third time striking. After he picketed earlier this year, his manager began to train him to become a shift manager, a title change that should come with a raise.

"I can't say that wouldn't have happened if I hadn't protested, but I think speaking out has made it happen faster," he said.

Steven Wilkerson previously served in Iraq.

A lot has happened in the two years since fast-food workers first took to the streets of New York City to demand at least $15 an hour. The issue of fair worker pay is now on the public's mind, and state and local lawmakers have begun to respond.

Dozens of states and cities have raised the minimum wage for workers in all types of industries to well above the federal minimum wage of $7.25. San Francisco and Seattle both voted to raise pay for local workers to $15 an hour. Chicago lawmakers voted on Tuesday to hike the city's wage to $13 by 2019, while Washington D.C. has adopted a plan to raise its hourly minimum to $11.50 by 2016.

Related: San Francisco passes retail worker 'bill of rights'

Starting next year, businesses with federal contracts will have to pay a minimum of $10.10 an hour, thanks to an executive order singed by President Obama.

"When they were planning to strike and ask for $15 an hour in 2012, people thought they were crazy," said organizer Kendall Fells.

"Two years later, it doesn't sound so crazy," he said.

But none of the fast food chains, which are the actual targets of the protests, have committed to an across the board wage hike.

In 2013, the average pay for restaurant workers was $8.74 per hour.

Workers from McDonald's (MCD), Wendy's, Burger King (BKW), KFC, Domino's (DPUKY) and other chains will strike Thursday, with some of the biggest demonstrations planned for Houston, Los Angeles, San Diego and New York City.

This time, the fast-food workers will be joined by airport workers in nine cities, as well as home health care workers. They are all asking to be paid a minimum of $15 an hour.

First Published: December 4, 2014: 7:06 AM ET

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Ho, ho, go! Aeropostale closing 75 stores during holiday season

Aeropostale is finding itself unable to keep some stores open through the holiday rush.

NEW YORK (CNNMoney)

The troubled clothing retailer announced late Wednesday that it plans to close 75 of its store in its fiscal fourth quarter, which runs from November through January. Even stores slated for January closings are likely to go through store closing sales with limited inventories rather than the typical holiday promotions before Christmas.

The company did not say how many jobs would be lost with this next round of closings.

The closings follow the 23 stores the company shuttered in the third quarter, and are significantly more than the 40 to 50 stores it expected to close throughout the entire year.

And it said Wednesday it is looking at closing an additional 50 to 75 stores next year.

Aeropostale made the announcement at the same time it announced that losses in the third quarter essentially doubled to $52 million, while sales at stores open at least a year plunged 11%. Shares of Aeropostale (ARO) were down more than 10% in early trading on Thursday.

Related: Fewer shoppers hit stores on Black Friday

It used to be that even troubled retailers tried to keep stores open through the holiday shopping season to capture a last rush of sales before closings. But some are finding themselves unable to do even that.

Sears Holdings, which operates both the Sears and Kmart brands, has quietly confirmed plans to close 77 stores and cut 5,300 jobs in the fiscal fourth quarter as well. That's on top of the 235 stores closings so far this year that it announced early Thursday when it reported results.

Sears Holdings also announced a $548 million loss in the quarter. It burned through about $500 million in cash in the most recent quarter, leaving it with only $326 million of cash on hand. But shares of Sears Holdings (SHLD) were up in premarket trading.

Related: When did Black Friday start?

First Published: December 4, 2014: 8:09 AM ET

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Tommy Hilfiger wants to sell you a solar-powered jacket

NEW YORK (CNNMoney)

Tommy Hilfiger thinks so.

The fashionista is selling a solar-powered jacket so that you can keep your phone charged ... assuming, of course, that the sun is shining.

Yes, this for real. It costs $599.

The solar panel jacket has "a unique and innovative design featuring a solar pack that charges a battery to keep your mobile devices working while on the go," boasts the Tommy Hilfiger catalog. "In direct sunlight, the battery fully charges beyond the capacity of most smartphones."

The catalog referred to the jacket as "both stylish and functional."

Related: Sprint is cutting bills in half for customers who switch over

The men's version has seven solar panels and the women's design comes with 10. Apparently they're removable, because the jacket comes with a "removable bag to stow solar panels when not in use." (The hood is removable, too.)

Half of the net proceeds go to the Fresh Air Fund, the company said.

Solar-powered clothes may be weird, but not unheard of. L.L. Bean sells a solar-powered hat with LED lights.

The designer Pauline Van Dongen also has a line of "wearable solar" coats and dresses that can be used to power smartphones.

And other wearable technologies, like smart watches and glasses, are slowly gaining traction.

First Published: December 4, 2014: 7:59 AM ET

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