Dollar General still wants to buy Family Dollar

Dollar General reported earnings today and reaffirmed its interest in buying rival budget-retailer Family Dollar.

NEW YORK (CNNMoney)

While announcing second-quarter earnings Wednesday, Dollar General's (DG) CEO reiterated his intentions.

"The financial benefits of our offer to Family Dollar shareholders is indisputable, and the proposed combination would unlock tremendous value for Dollar General shareholders," said Rick Dreiling in a statement. "We continue to believe the potential antitrust issues are manageable and that our transaction as proposed is both superior and achievable."

Family Dollar (FDO) last week rejected Dollar General's near $10 billion offer, deciding instead to stick with an $8.5 billion bid from Dollar Tree (DLTR). One of the reasons Family Dollar cited for rejecting Dollar General's offer were antritrust concerns about getting the deal done.

Combined, Family Dollar and Dollar Tree would have more than 13,000 stores and annual revenue of $18 billion. That would surpass the current leader in the dollar-store sector, Dollar General, which has more than 11,000 stores and revenue of $17.5 billion.

Dollar General's second-quarter earnings met analysts' expectations, rising to 83 cents a share from 75 cents a year earlier. But revenue was lighter than expected at $4.72 billion.

Dollar General said its most significant growth was related to tobacco products, perishables, and candy and snacks.

First Published: August 28, 2014: 10:24 AM ET

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Spider webs cause car recall again

The Suzuki Kizashi is the latest car to be recalled due to problems caused by spiders.

NEW YORK (CNNMoney)

Suzuki became the fourth Japanese automaker forced to recall cars because of problems caused by spiders spinning webs inside of the cars.

In 2011 Mazda and Honda Motor (HMC) were both forced to recall cars because of spider-related problems, followed by an even larger recall of 870,000 cars by Toyota Motor (TM) in 2013. Mazda had another spider-related recall of 42,000 cars earlier this year.

The Suzuki recall covers 19,000 of its Kizashi sedans from model years 2010 to 2013. In this case, spider webs were found in the vent line from the fuel tank. That can cause pressure problems in the tanks and lead to cracks and potential fires.

But Suzuki told U.S. safety regulators that it is not aware of any accidents or injuries that have been caused by the problem.

Related: What recalls say about car safety

Suzuki will pay for the repairs even though the company pulled out of the U.S. market last year following years of weak sales.

First Published: August 28, 2014: 10:45 AM ET

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Malaysia Air posts $97 million loss

HONG KONG (CNNMoney)

The carrier lost $97.4 million in the three months ended in June, as it reeled from its second aircraft disaster of 2014 -- the shooting down of a flight over Ukraine. The report is likely to be the airline's last as a public company, coming one day before a major restructuring is expected to be announced.

State investor Khazanah, which owns nearly 70% of the airline, plans to buy out small shareholders as a first step to overhauling the national carrier.

The fund, which is expected to release more details Friday, has promised other changes that will amount to a "complete overhaul" of the airline.

Thousands of job cuts are expected, something analysts say is needed to help the bloated airline compete with more nimble rivals. Labor unions are expected to oppose the measures.

Related: Malaysia Airlines to be pulled from stock market

Malaysia Airlines was once a symbol of national pride. But the airline was in big financial trouble before the twin disasters of Flight 370 and Flight 17 claimed the lives of 537 people.

The carrier hadn't turned a profit in years, efforts to compete with low-cost carriers had failed, and the need for yet another government bailout was growing.

Related: Passengers' families could collect millions

MH17 was shot out of the sky in July, over territory that's controlled by pro-Russian militants battling the Ukraine government. The United States says a surface-to-air missile took down the plane.

In March, Malaysia Airlines Flight 370 from Kuala Lumpur to Beijing disappeared with 239 people on board. No trace of the plane has been found.

First Published: August 28, 2014: 7:50 AM ET

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Abercrombie struggling to bring sexy back

NEW YORK (CNNMoney)

The teen apparel maker known for its racy ads continues to bleed sales, especially at its struggling Hollister brand. While Abercrombie (ANF) did turn a profit in the second quarter, that was fueled largely by the fact it's shutting down stores left and right to cut costs.

"The problem is they are still in the midst of a product transition, and the U.S. retail environment is very promotional," said Betty Chen, who covers A&F at Mizuho Securities.

The A&F logo has gone so out of fashion in North America that the company plans to phase out sweatpants, t-shirts and other merchandise that prominently feature it.

It's not just A&F hoodies and polo shirts that are on sale. A&F shares tumbled 6% on Thursday as the retailer failed to meet the lofty expectations investors had that drove a rally in the stock earlier this year.

Related: Amazon is eating Best Buy's lunch

Challenging environment: A&F disclosed a 6% decline in second-quarter revenue. That's worse than analysts had been fearing.

Abercrombie CEO Mike Jeffries acknowledged the difficulties, describing "a continued challenging environment."

Sales at the company's namesake brand dipped 1%, while abercrombie kids sales slid 6% and Hollister sales dropped 10%.

Related: Sears more 'irrelevant by the day'

Progress on profits: A&F is known for its skinny models, and it's definitely trying to cut the fat from its business operations as well.

A&F said it plans to shut down a total of 60 stores during the current fiscal year through lease expirations.

"The progress they've made is certainly very encouraging, but it sounds like they remain susceptible to the overall environment despite the changes," said Chen, who has a "hold" rating on A&F shares.

Chen said she has grown slightly more cautious on A&F due to the company's disappointing outlook for the rest of 2014.

Related: The troubles continue for Target

Deep discounts: Like many retailers, A&F has been forced to offer flashy sales to attract shoppers.

Buckingham Research analyst Jennifer Davis told clients in a research note that recent store checks indicate A&F and Hollister sales are "on-trend," but "increased promotional activity was needed to drive traffic and sales."

That helps explain why A&F's gross margins, a key level of profitability, continue to shrink.

Looking for a bright spot? A&F did say it's witnessed "modest improvement" since Back-to-School sales began. The question is how deep the discounts needed to be to drive that improvement.

First Published: August 28, 2014: 11:55 AM ET

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Stocks: 4 things to know before the open

Click chart for in-depth premarket data.

LONDON (CNNMoney)

U.S. stock futures were lower and European markets were soft, indicating investors may want to take a breather after the latest rally.

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

1. Ready for GDP: The U.S. government will report a revised estimate of second quarter GDP at 8:30 a.m. ET. The first estimate showed the U.S. economy grew at a 4% annual pace, bouncing back after a harsh winter.

Data on weekly jobless claims will also be released at 8:30 a.m.

2. Earnings: Dollar General (DG) and Abercrombie and Fitch (ANF) will report quarterly results before the opening bell.

Australian airline Qantas (QUBSF) reported an annual loss of $2.6 billion, but CEO Alan Joyce reassured investors that he expected the company to rebound strongly and post a profit in the first half of fiscal 2015. Qantas shares surged 7%.

Shares in Guess (GES) were off by as much as 8% in extended trading after the company said quarterly profits were just half of what they were a year ago.

Related: Fear & Greed Index

3. Potential market movers -- credit cards: Shares in both Visa (V) and Mastercard (MA) were relatively weak ahead of the opening bell. This comes on the same day that an annual report on credit card satisfaction showed American Express (AXP) and Discover (DFS) were the favorite cards in the U.S.

Related: CNNMoney's Tech30

4. Wednesday market recap: U.S. stocks closed with mixed results Wednesday. While the S&P 500 barely budged, it closed above 2,000 for the second time ever. The Dow gained 15 points and the Nasdaq edged into the red.

First Published: August 28, 2014: 5:11 AM ET

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Why I left a job in finance to play video games

NEW YORK (CNNMoney)

He found the work fast paced and it paid well, but something was missing. He asked for some time off in 2012. He quit a week later to become a full-time video game player.

What seemed like a crazy move at the time has turned out to be one of Wu's best trades. He is now at the forefront of the "eSports" movement, which is bringing video game tournaments to the mainstream, similar to what happened with poker.

"Some say that gaming is what children or teens do, as if it's a dirty thing," Wu told CNNMoney. "But it's very dynamic. It requires teamwork, thinking out of the box and being creative. It's an outlet to develop your brain."

Related: Why I put World of Warcraft on my resume

Growth of eSports: Thousands of people watch Wu's every move in his online gaming tutorials on YouTube and Twitch, the streaming service that Amazon (AMZN, Tech30) just bought for nearly $1 billion.

The people who tune in are often playing the game themselves and trying to use Wu's tips to make it to the next level. They can even send Wu messages with questions.

ESports are becoming so mainstream that a competition Wu did play-by-play commentary for in July aired on ESPN3, and companies like Red Bull, Monster (MNST) and Coca-Cola (KO)now sponsor big gaming events.

Related: Amazon buying Twitch for nearly $1 billion

To put it in dollar terms, Wu had what he dubs a "part-time job" during his Duke University days playing Defense of the Ancients -- known as DotA. He was a member of a Danish team that competed around the world. Winning a major tournament would result in players getting a few thousand dollars each.

"We were lucky to get 5-figure prizes in my day," he says.

The stakes are higher today. At a key DotA tournament in July known as The International, the winning team from China walked away with $5 million.

"DotA is so much more dynamic as a game than say, chess. It's so much more difficult to work as a team to overcome obstacles versus chess where you examine your own play," Wu says, trying to explain the appeal of a multi-player game like DotA. "There's not much of a social aspect to chess."

Related: MLB gets into the video game business

Master gamer: The purpose of DotA is to capture the other team's "ancient," kind of like the summer camp game of capture the flag. Two teams of five players each go head-to-head. They select characters -- much like picking teams in gym class -- that have different skills. Almost every obstacle in the game has to be overcome through teamwork.

The top teams hail from all over the world. Over 40 million people have watched final rounds of The International competition via Twitch.

These days it's hard to believe Wu hid his gaming from a college girlfriend and felt he had to find a "real job" after graduating.

Wu is better known in the gaming community as MerliniDota. It's a nickname he picked up in middle school. He uses it now for his Twitter handle and YouTube channel.

"There is a push to get a pro scene in gaming," Wu says. "The target age is 16 to 28, and 95% are males."

Most of the top players are 21 to 23. That's why Wu no longer competes actively. Instead, he has found his niche educating others on how to play and being a web personality at tournaments.

It might not be that far of a stretch to compare him to former NBA basketball player Bill Walton, who took his and UCLA and pro experience and channeled it into a top TV commentator gig for decades.

Wu laments what his professional career might have been if he were only a few years younger, but the reality is he's making more money on the gaming "scene" today than he did as a Wall Street-type trader.

First Published: August 28, 2014: 6:27 AM ET

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New England's epic supermarket feud ends

NEW YORK (CNNMoney)

Arthur T. Demoulas, the ousted president of Market Basket, reached an agreement late Wednesday to buy out the stake in the 71-store chain controlled by his cousin.

The deal ends a 10-week standoff that included employee protests and a customer boycott.

Terms were not disclosed. The Boston Globe said the sale price was upward of $1.5 billion, citing a source briefed on the negotiations. In the end, the governors of Massachusetts and New Hampshire got involved in negotiations to reach a deal.

The dispute began in June when the company's board replaced Demoulas, who was beloved for his leadership but had long feuded with his cousin, Arthur S. Demoulas, over control of the family-owned company. Arthur S. and his family controlled 50.5% of the shares of the company.

Employees sided with Artie T., as the Market Basket president is known, and asked customers to boycott. Deliveries were halted to the stores, resulting in empty shelves, and hours for part-time employees were slashed.

The sale's announcement left the employee group backing Artie T. ecstatic.

"Details are emerging as we write this but we wanted to let the world know that we have emerged from this crisis victorious!" said a statement posted on the Web site of We Are Market Basket, the group of employees and customers.

Artie T. addressed a crowd of employees and supporters outside the company's headquarters Thursday morning, saying that the victory was one for workplace equality. The chain, with 25,000 employees, is known for a generous profit-sharing program and workers who stay with the company for long tenures, working their way up from entry-level jobs to top management positions.

"As I stand before you I'm in awe of what you all accomplished," he told the group. "You have demonstrated to the world that it is a person's moral obligation and social responsibility to protect a culture that provides an honorable and dignified place in which to work."

Related: Market Basket workers fight for their boss

The company's statement said Artie T. and his management team would return to the chain immediately. Two outside co-CEOs who were brought in by his cousin will remain in place until the sale closes, which is expected in the next several months. All employees were invited to return to work.

But the financial impact of the idle stores may have caused lasting damage to the company's finances. It is believed to have lost several million in potential revenue daily -- a major blow in the grocery industry, whose profit margins are low.

The situation also hurt employees. Management repeatedly threatened to terminate workers who did not show up, but held off while negotiations for a sale were ongoing.

--CNNMoney's Chris Isidore contributed to this report.

First Published: August 28, 2014: 7:33 AM ET

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Fantasy football's chic alternative

(Left to right) Stephanie Lozito, Andrew Nyman, Greg Johnson and Katey Johnson

NEW YORK (CNNMoney)

A new startup offers the competition of fantasy football -- brackets, voting, prizes -- for those whose sport of choice is, well, shopping.

The idea behind BattleShop was sparked more than two years ago while two Long Island couples were chatting about the addictive nature of fantasy sports. Those who aren't sucked into that world (mainly women) are left alienated.

They were right: According to the Fantasy Sports Trade Association, 41 million people in the U.S. and Canada played fantasy sports this year -- and 80% were men.

The two couples (Stephanie Lozito and Andrew Nyman, and Katey and Greg Johnson) brought on Nyman's parents Rosemary and Steven, who has a tech background. Together, they came up with a game that would take the competitive nature of fantasy sports and tailor it for something most women love: shopping.

"We anticipated a need for women who do these things already: they collect, share, shop, pin ... but there has yet to be a way to gamify [that]," said Stephanie Lozito, CEO and co-founder of BattleShop, which launched in June.

Related: Secrets to success from Smalltown USA

With a simple signup, users compete against one another on BattleShop's website by building out the ultimate closet instead of a team. They "draft" clothing, footwear and accessories instead of sports players to create a winning wardrobe.

Every Saturday at midnight, there's a new theme announced: like Glamping, Wedding Chic and Back to School, which is this week's theme.

There are 12 different articles of clothing or accessories that must be filled without going over a certain amount (there is an option to buy BattleBucks if you can't resist the urge to splurge).

BattleShop users tailor their closets to the weekly theme

Once users complete their closet, they're placed into a five-person "voting league," where users vote on whose closet is the most fashionable. In the "finals," users have 24 hours to campaign for votes for their closet on social media. The top three winners are awarded $100, $50 and $25 American Express gift cards.

"If you're creating a style or fashion board on Pinterest, you could be doing that on BattleShop ... and winning money," said Lozito.

Related: These startup ideas are money magnets

They declined to disclose how many people are using the site, but said they get 5-6 new users a day. They're spending an average of 15 to 25 minutes on the site per visit -- and coming back at least twice a week, to create a closet and vote.

That's a tiny amount of time compared to the average fantasy sports player, who spends 8.67 hours on their hobby each week, according to FSTA.

But part of BattleShop's appeal is that users can pick when and how much they want to play. If you miss a week, you can just sign up for the next.

Lozito and Katey Johnson, who's the chief operating officer, say they're continually evolving the site and the brand.

"We text and email probably 45 times a day," said Johnson, of her and Lozito (who are both moms to school-aged kids).

Related: Best cities to launch a startup

Lozito said they're attracting a growing number of millennial users -- a prime advertising target. And as the user base grows, there's potential to monetize the brand -- especially for prizing sponsorships and themed brackets.

They see endless opportunities.

"We are thinking six, nine, twelve months out ... We could do men, babies next," said Lozito. "Any kind of online shopping can be gamified."

First Published: August 28, 2014: 10:22 AM ET

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Steve McQueen name triples classic Ferrari's value to $10.2 million

NEW YORK (CNNMoney)

McQueen is among very few celebrities whose ownership can multiply the value of a collectible car. Possibly the only one to come close is Elvis Presley. Cadillacs and Rolls-Royces owned by Presley have sold for multiples of their usual value.

The fact that McQueen died in 1980 at just 50 years of age probably helped cement his image as a masculine and robust figure. His on-screen persona was never that of a perfect male. He managed some vague hint of self-doubt even while showing that there was really no reason for it.

Besides his acting talent, McQueen also had extraordinary driving talent. He showed it off in movies like "Bullitt," with its famous chase scene, and the racing film "LeMans," which opened with a scene of McQueen driving a Porsche through the French countryside. (McQueen liked the Porsche so much he bought it, doubling its later value.)

Gallery - Priciest cars sold at Pebble Beach

He was also a collector of cars himself. His tastes ran from Ferraris and Porsches to Chevrolets and motorcycles. He clearly wasn't someone who bought cars as an investment. He bought what he liked. But, because he owned them, these cars became blue-chip investments.

In the case of this particular Ferrari, sold by RM Auctions for a total $10.2 million, McQueen did more than just own and drive the car. The paint color was selected and sprayed on after the car was purchased at his request. McQueen didn't care for the car's original metallic gold color. Also, the wire wheels and a stubby mirror added to the front bumper were McQueen's own customizations.

Over the years since he owned the car these changes had been un-done. In recent years Ferrari's own Ferrari Classiche department, which restores classic Ferraris, returned the car to "McQueen spec" as it is today.

First Published: August 28, 2014: 11:29 AM ET

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EA stock scores touchdown with Madden

NEW YORK (CNNMoney)

The company makes a lot of video games. But Electronic Arts' (EA, Tech30) Madden football franchise is literally the gift that keeps on giving. It's like an annuity. There is reliably a new game every year. And it's been that way since 1988. (The first version was available for the Commodore 64 and Apple II!)

The latest version, Madden NFL15, came out on Tuesday. It's an understatement to say that people are excited. #MaddenSickDay was an amusing trending topic on Twitter, with people coming up with bogus excuses for why they couldn't go to school or work.

Related: I left a job in finance to play video games

And EA has cleverly used social media to promote the game as well. A video featuring comedian Kevin Hart and actor Dave Franco (brother of the more famous James) talking smack with each other has been a viral sensation. The video, dubbed Madden Season, has been viewed more than 7.6 million times on YouTube since it premiered on August 15.

Madden, a proven money maker for the gaming company, is just one reason why the stock has scored the equivalent of a touchdown with a two-point conversion this year. Shares are up more than 60%.

Related: 10 hot stocks

That makes it the top performer in CNNMoney's Tech 30 index by far -- ahead of larger companies riding a wave of momentum like Facebook (FB, Tech30), Apple (AAPL, Tech30) and Netflix (NFLX, Tech30). It's also done better than competitor Activision Blizzard (ATVI, Tech30) -- which is on a tear as well with a 30% gain in 2014.

So can the stock keep climbing?

Analysts expect strong revenue and earnings growth for EA's second quarter -- which ends in September and will include the initial flurry of Madden NFL 15 sales. The stock also isn't that expensive either, trading at just under 20 times earnings estimates for the full fiscal year.

The consensus price target for the stock among Wall Street analysts is about $42 -- nearly 15% higher than current levels.

"Madden will be a solid performer every year," said Wedbush Securities analyst Michael Pachter, who has a $49 target on the stock.

Pachter said the reason he is so bullish on EA is not just games for consoles like Sony's (SNE) PlayStation and Microsoft's (MSFT, Tech30) Xbox, but also because it is increasingly making the transition to mobile games and generating more revenue from add-on content -- advanced features that gamers are willing to pay extra for.

So even though there is a legendary Madden cover curse -- players often get hurt or have poor seasons during the season in which they are on the cover -- it doesn't look like there is a Madden jinx for EA's stock.

First Published: August 28, 2014: 11:11 AM ET

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Traffic lights are dangerously easy to hack

Traffic lights are easy to hack, and they're unlikely to be fixed, according to computer researchers.

NEW YORK (CNNMoney)

Anyone with a radio hooked up to a laptop can wreck havoc by remotely changing lights at will -- or by shutting them all down. That's according to findings by computer researchers at the University of Michigan.

"There's an assumption that these devices are secure. We all just trust them so much," said Branden Ghena, a computer science PhD student at the university and the lead researcher on the study. "This is critical infrastructure. We were shocked that was going on."

Related story: Your car is a giant computer - and it can be hacked

Under the watchful eye of local transportation officials in May, the Michigan researchers field-tested the hack in an undisclosed Michigan city, changing the traffic lights from a laptop in their truck.

The lights and controllers are made by Econolite, one of largest makers of signals, cameras and traffic management systems in North America.

The company did not respond to requests for comment.

How safe are you? CNNMoney's cybersecurity Flipboard magazine

Like most modern day traffic signals, Econolite's traffic lights run on a computer network. They communicate with one another just like your home Wi-Fi, using radio signals. But their controllers, found inside metal boxes at every intersection, operate like an unsecured router -- they are rarely encrypted and almost all of them use the same default username and password, which are published in online manuals.

Econolite's traffic lights are used in 100,000 U.S. and Canadian intersections, although it's unclear if all of those systems are susceptible to hacking.

The problem extends beyond just Econolite -- the U.S. traffic light communications standard, called "NTCIP 1202," is present in all modern signal systems. They can all be hacked if cities don't change their default settings.

Researchers said that the lights can be made much more difficult to hack with little effort: Guard the network. Cities that install the traffic control systems can enable encryption and set passwords for their networks -- both options are available on the Econolite systems. It's as simple as clicking on a box on the device's screen.

But that isn't likely to happen anytime soon. Local governments are cash-strapped and aren't easily convinced they must manually update every signal controller, said Adam Pridgen, a security consultant at Praetorian.

CNN quiz: What hackers know about you

But a deeper problem remains. The software standard used by Econolite and many others doesn't limit who can send commands to traffic lights. If hackers break into the network, they can send commands to traffic lights unobstructed.

The solution? The standard must be updated to limit authorized devices and require additional credentials, researchers said.

Azorian Cyber Security founder Charles Tendell said it's time we start seeing traffic lights as computers -- and treating them as such. Cities seeking to save money by installing smarter, automated systems shouldn't assume the equipment is safe.

"You shouldn't install this type of system without a security audit," he said.

The money a city saves by updating its traffic lights to a more efficient, networked system could be wiped out if a hacker shuts them all down with a flick of a switch.

First Published: August 21, 2014: 9:47 AM ET

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Investors cheer: S&P 500 hits all-time high

NEW YORK (CNNMoney)

The start of August was rough for stocks as the Russia-Ukraine standoff, the Israel-Gaza conflict and terrorist group activity in Iraq all flared again. While serious problems remain in each of these regions, their impact on the U.S. economy so far has been limited.

A stock market bounce back is in full effect.

On Thursday, the Dow crossed the 17,000 mark again for the first time since July 29.

Not to be outdone, the S&P 500 set a new all-time high over 1,992. If the gains hold through the end of the day, it would be the 28th record close this year for the popular index of U.S. stocks.

Many Americans invest in funds and ETFs that mimic the investments of the S&P 500 Index.

The S&P 500 hit an all-time high of 1,991.67 Thursday morning.

Thursday's surge is part of a week of robust stock market gains.

Related: 3 reasons stocks are still charging ahead

Strong corporate earnings and U.S. economic data are soothing concerns about the health of America's businesses and overall economy. Hewlett-Packard (HPQ, Tech30) beat expectations in its quarterly report last night.

Jobless claims also came in lower than expected this morning, and data on U.S. housing prices showed the fastest rise in months.

CNNMoney's Fear & Greed Index is showing the reduction in nerves in the market. A week ago, the index was indicating "extreme fear," but it's now nearly neutral.

First Published: August 21, 2014: 10:35 AM ET

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10 areas with the highest private school enrollment

NEW YORK (CNNMoney)

This is according to a new study conducted by real estate site Trulia, which came up with a list of the top 10 metro areas with the highest private school enrollment.

Out of the 100 largest metro areas, New Orleans, Honolulu, San Francisco and Baton Rouge, La., top the list, with anywhere from 19% to 25% of students there enrolled in private school, the study said.

The list is rounded out with Philadelphia, Wilmington, Delaware, Cleveland, Milwaukee, Cincinnati and St. Louis.

Related: How New York's 1% get kids into preschool

Private school is expensive, so it makes sense that wealthier families are more likely to send kids to these schools. The average cost of private school is $11,000 per year, according to the National Center for Education Statistics. Catholic schools average at about $7,000 and non-religious schools about $22,000.

Top-tier schools, especially those in wealthy metropolitan areas, can cost more than $40,000.

Since income is particularly high in Honolulu, San Francisco, Philadelphia and Wilmington, it's no wonder they made the list, according to Trulia.

Related: 'The most surprising cost of raising my kid'

Religion also plays a large role. Catholic schools are relatively inexpensive, and about 80% of private school students attend religiously affiliated schools, half of which are Catholic, according to the NCES.

So places like New Orleans, Philadelphia and Cleveland, which have a high share of Catholic residents, tend to have high enrollment in private schools.

First Published: August 21, 2014: 9:38 AM ET

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I created 7 jobs and the U.S. tried to deport me

NEW YORK (CNNMoney)

The Canadian techie, who agreed to speak on the condition of anonymity, was in the U.S. on an H-1B visa, the most common type of visa for immigrant workers.

But H-1B petitions must be sponsored by an employer, which makes it difficult -- but not impossible -- for startup founders to qualify. Holders must prove they can be hired, fired, paid and controlled by the company.

"The policy is very, very strict," said Tahmina Watson, who heads up Watson Immigration Law and represents the entrepreneur. "The administration says, 'We want to keep talented people in the U.S. and want people to open and grow companies in the US. [But it's] disconnected to the restricted policy."

Her client experienced the full force of that policy when he received a letter in January 2014 saying his visa was going to be revoked because officials had learned he was a cofounder.

His company was in the midst of preparing for a major industry conference and releasing a new product.

"We were crunched in terms of time," he said.

Related: 10 best cities to launch a startup

It's still unclear what tipped U.S. Citizenship and Immigration Services off (and they declined to comment on specific cases), but it could have been the result of a workplace "check-in" less than a year before, which the USCIS does in order to detect visa fraud. Watson's client was one of 76,000 site visits since the program started in 2009, according to USCIS deputy press secretary Jeff Carter.

The "vast majority" of site visits are found to be in compliance, Carter said in an email.

It's possible to challenge USCIS' findings, but it's time-consuming and expensive.

"This case took away a lot of time and energy from me and my co-founder," the founder said. "Honestly, I thought I had less than a 50% chance of success."

He and Watson spent about five months gathering paperwork -- first to prove he was needed by the company, and then that the company controls him (and not vice versa). The four-inch packet of documents ultimately included everything from internal emails and W2s to a letter from their accountant stating the client doesn't control payroll.

"I can't really describe the feelings of despair I went through," he said. "I actually hid the visa issue from my wife for about two months to save her from stress and tears."

Related: U.S. losing tech talent to Canada

If he were deported, there was no way to protect the company, which counts major television networks among its clients.

"I built the product from the ground up. If I left the company, that could cause investors to lose interest," he said. "When they invest, they expect the founders to stay."

He was ultimately successful and kept his visa (after months of stress and $15,000 in attorney fees).

Vivek Wadhwa, a fellow at Stanford Law School, said Watson's client is far from the only one dealing with this issue.

"I hear about it practically everyday -- a great entrepreneur being forced to leave the country and can't stay to run their company," he said.

Wadhwa said 44% of Silicon Valley startup founders are foreign-born, a number that has stagnated over the years.

"These archaic rules don't allow entrepreneurs to work for their own companies," said Wadhwa. "How does that make sense?"

Related: Israeli startups flock to New York

Watson and Wadhwa agree that the current visa options simply aren't adequate -- especially for entrepreneurs and startup founders.

Not providing tech talent with a permanent path to residency hinders their ability to raise money -- and the U.S.' economic growth as a result.

"Investors tell me, 'If a person cannot stay in the U.S., we cannot invest in them because it's akin to having a terminal illness,'" said Watson, who is writing a book about the need for a startup visa.

"I feel lucky that I salvaged the visa for my client," said Watson. "[But] he's an example of what's wrong with the current policy."

First Published: August 21, 2014: 10:01 AM ET

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Mortgage rates hit 2014 low

NEW YORK (CNNMoney)

The average rate for a 30-year loan now stands at 4.1%, according to Freddie Mac. That matched its lowest level since June 2013, when it stood at 3.93%. The average 15-year fixed was 3.23%.

Related: Best housing markets for Millennials

The government's stimulus program has helped keep borrowing costs down. The Federal Reserve has been purchasing Treasury Bonds and mortgaged-backed securities for years, providing a steady market for mortgages.

But the Fed has cut back on its purchases, and plans to end the buying program entirely in October, reducing demand for mortgage bonds. That should eventually cause rates to climb.

Low mortgage rates and home prices that are climbing more slowly should boost the housing market, said to Keith Gumbinger, spokesman for HSH.com, a mortgage information company.

"That should provide a solid foundation for home sales this fall," he said.

Related: Buy vs. rent: What you'll pay in 10 big cities

It was a strong summer.

Sales of existing homes rose 2.4% in July to an annualized rate of 5.15 million homes, according to a different report released Thursday by the National Association of Realtors

Stronger job growth has boosted the market, according to NAR's chief economist, Lawrence Yun, and a larger inventory of homes on the market give buyers more to choose from.

"That's making prospective buyers less hesitant about entering the market," he said.

First Published: August 21, 2014: 10:19 AM ET

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LiveLeak bans future ISIS beheading videos

NEW YORK (CNNMoney)

There was so much interest in the Foley video Wednesday that LiveLeak warned visitors about possible slowdowns due to "an abnormally high volume of traffic."

But Thursday, the site's operators announced an out-of-character decision: "We will not be showing further beheadings carried out by" ISIS.

"We've shown the world the true horror of this form of execution more than once in the past and we cannot find any compelling reason to even be thought of as promoting the actions of this group," LiveLeak said in a statement.

"There is no reason at all to show more beheadings," they added.

Related: Twitter removes images of James Foley's death

Some of LiveLeak's users may strongly disagree, and the website acknowledged as much in its statement. They said they'd hold a live discussion with users later on Thursday.

The fact of the matter is that many millions of Internet users seek out sites like LiveLeak to see the very kind of gruesome content that traditional media refrain from showing viewers.

But "our belief in your rights to view whatever you wish do not override our rights to not host it here," LiveLeak said.

In other words, even LiveLeak wants to draw a line somewhere -- mirroring decisions by YouTube, Twitter (TWTR, Tech30) and Facebook (FB, Tech30) about what sorts of objectionable material may be shared by users.

Related: Future of media

The (unnamed) LiveLeak operators said they'd had several meetings about the Foley beheading video. The site has provided access to other such videos in the past.

But "there is every chance - given the rumours of hostage stockpiling currently doing the rounds - that we could see a return to the dark times of 2004/5 when beheadings happened with an alarming and depressing regularity," the statement said. "It's this which prompted us" to effectively ban future ISIS videos.

The site added that "this does not mean we won't continue to show graphic media should we deem it reasonable to do so, we will continue despite the regular condemnation, in other words for the most part nothing is going to change... We simply will not host further beheadings" from ISIS.

Related: James Foley remembered as 'brave and tireless' journalist

First Published: August 21, 2014: 11:29 AM ET

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Family Dollar rejects bid from Dollar General

Family Dollar rejected a $10 billion bid from Dollar General and is sticking with its plans to merge with Dollar Tree.

NEW YORK (CNNMoney)

Family Dollar (FDO) said in a statement that its board rejected the Dollar General bid "on the basis of antitrust regulatory considerations."

The Dollar General (DG) bid, at $78.50 per Family Dollar share, topped the offer from Dollar Tree (DLTR) of $74.50 per share, or about $8.5 billion.

Also, Dollar General offered all cash, as opposed to Dollar Tree's offer combo of cash and stock.

Related: Dollar General outbids Dollar Tree for Family Dollar

Family Dollar CEO Howard Levine said that the board's decision was unanimous and reaffirmed support for its pending merger with Dollar Tree.

A spokeswoman for Dollar General declined comment. The company's stock dipped on the news.

All three of the chains specialize in low-cost consumers goods.

Dollar General calls itself the largest discount retailer in the U.S., with more than 11,000 stores in 40 states.

First Published: August 21, 2014: 8:52 AM ET

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Why Facebook is stockpiling Blu-ray discs

Facebook director of hardware design Gio Coglitore shows off Blu-ray discs used in the prototype.

NEW YORK (CNNMoney)

Given Facebook's immense data needs, the company has a big incentive to find ways of handling storage more efficiently. Facebook (FB, Tech30) users have uploaded more than 400 billion photos, adding an average of more than 350 million each day.

Those data demands will only increase with time, particularly as personal cameras and smartphones become capable of capturing higher-quality images. That's why Facebook engineers have developed a storage prototype using Blu-ray discs that they believe could greatly reduce the cost of archiving all that data.

Related: LA residents call 911 when Facebook goes down

When you upload a photo to Facebook, it gets copied and stored across multiple servers, each of which consumes a huge amount of power. This ensures that users won't face delays when they access those images.

But most of the photos and videos are only popular for a few days (you probably won't be watching all those Ice Bucket Challenge clips a year from now). Just 8% of Facebook photos -- generally the most recent -- generate 82% of the site's overall traffic.

Keeping multiple copies of old photos on active, power-hungry servers isn't energy-efficient or cost-effective, so Facebook engineers have developed a "cold storage" system for the backup images.

As images begin to be viewed less, Facebook reduces the number of active servers on which they're stored. Once images can be maintained on just one active server, the backup copies go into cold storage.

Active, "hot" servers contain not only the images themselves but also the software needed to deliver them to users. With cold storage, the backup images are stored on racks of hard drives that are spun up and accessed individually when the files need to be rebuilt on the "hot" servers.

But hard drives are vulnerable to physical damage, and it takes a long time to restore all the data they contain. The alternative? Blu-ray.

Facebook is now experimenting with a storage prototype that uses racks of Blu-ray discs instead of hard drives. The discs are held in groups of 12 in locked cartridges and are extracted by a robotic arm whenever they're needed.

One rack contains 10,000 discs, and is capable of storing a petabyte of data, or one million gigabytes.

Blu-ray discs offer a number of advantages versus hard drives. For one thing, the discs are more resilient: they're water- and dust-resistant, and better able to withstand temperature swings. Their data can be restored more quickly, and they're easier to transport.

Most important, though, is cost. Because the Blu-ray system doesn't need to be powered when the discs aren't in use, it uses 80% less power than the hard-drive arrangement, cutting overall costs in half.

Related: Instagram's answer to Snapchat

An initial hurdle for the project was the fact that before a few years ago, manufacturers weren't producing discs larger than 25 gigabytes, which is all you need to store a feature-length movie. But the capacity on Blu-ray and similar disc-based technologies has been increasing, with Sony and Panasonic annoucing plans earlier this year to offer 300 GB discs by the summer of 2015.

So far, Facebook's storage prototype is still in the testing phase, but if the system continues to perform well, it will be deployed across the company to handle photo archiving.

"We now feel that we have a way to store things online for many years reliably," said Gio Coglitore, director of hardware design at Facebook. "Facebook is really pioneering a way to do that economically."

First Published: August 21, 2014: 8:41 AM ET

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Honda changes Fit bumpers to earn 'Acceptable' rating

Honda is offering to change the front bumper structure on 12,000 new Honda Fits in order to improve the front bumper structure.

NEW YORK (CNNMoney)

The newly redesigned Honda Fit had been put through the Insurance Institute's "small overlap" crash test in March and earned a rating of "Marginal." That's the second worst of four possible ratings. In the small overlap test, a vehicle hits a barrier at 40 miles per hour with just one-quarter of its front bumper. This concentrates crash forces in a small area, making the test especially challenging.

Honda (HMC) had its engineers make changes to the car's front bumper and asked the Insurance Institute to re-test the car with those changes. When it was tested again, the Fit earned an "Acceptable" rating in the test, the second-best possible rating. This was enough for the Institute to grant the Fit its "Top Safety Pick" award.

Because the change was made after the new Fit was already in production, Honda said about 12,000 Fit owners can have the same change made on their cars. These owners will be able to take their cars to a Honda dealer to have an improved metal bumper beam bolted inside the front bumper.

Gallery - 10 most expensive cars sold at Pebble Beach

Owners will be notified by mail if they are eligible to get the improved bumper beam. Only 2015 model year Fits built prior to the introduction of the new bumper beam will be eligible for the replacement -- which will be performed free of charge, Honda said.

"We commend Honda for its quick response to the test and for taking the additional step of replacing the bumper beams on early-production vehicles," says Insurance Institute president Adrian Lund in a statement.

The last-generation version of the Fit, tested in January before the redesigned 2015 version was available, earned the worst possible rating of "Poor" in the "small overlap" crash test. Those cars will not eligible to the get the improved bumper beam.

The Insurance Institute for Highway Safety is a private group financed by auto insurers. It is not related to the federal government's National Highway Traffic Safety Administration which has its own crash test regimen and which oversees auto recalls. NHTSA is not involved in Honda's action because it is not considered a "safety recall."

First Published: August 21, 2014: 11:48 AM ET

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Bank of America to pay $16.65 billion over mortgages

NEW YORK (CNNMoney)

On Thursday, the bank reached a $16.65 billion agreement to pay the biggest settlement in history, adding to what was already a hefty bill for the bank.

The latest agreement settles probes by the Justice Department and six states that accused the bank of misleading the buyers of mortgage-backed bonds about the quality of the loans. The bank admitted responsibility, but the announcement did not include criminal charges.

The settlement includes almost $10 billion in various penalties and civil suit claims from federal and state regulators, with the rest earmarked for homeowner relief.

It's been an expensive few years for Bank of America:

• In 2010, it paid $2.8 billion to Fannie Mae and Freddie Mac over mortgages.
• In 2011, it paid trustee Bank of New York $8.6 billion and bond insurer Assured Guaranty $1.6 billion after they filed lawsuits over bond deals that went sour.
• In 2012, it paid nearly $12 billion to help settle lawsuits over wrongful foreclosures and more than $2 billion in a class-action suit it inherited from Merrill Lynch.
• Last year, it paid Fannie Mae $10 billion more for mortgages and forked over nearly $3 billion more for foreclosures.
• Earlier this year, it paid the Federal Housing Finance Authority more than $9 billion and settled for $1.3 billion with the U.S. Attorney in New York's southern district. And those are just the big ones.

The total bill is a large sum, even for a big bank: It made just over $16 billion in profit from 2010 to 2013 -- and about $2 billion more in the past six months. The sum has been inflated by lawsuits against subprime home lender Countrywide Financial, which it bought in 2008, and investment bank Merrill Lynch, which was purchased in 2009.

The amount is more than the combined total of all the other major banks, which have paid out about $56 billion in financial crisis settlements and fines.

But it's not as much a shock as it seems: Bank of America and others sometimes write off large chunks of their settlements come tax time, and many put aside big piles of cash for legal bills they know are coming.

"We believe this settlement, which resolves significant remaining mortgage-related exposures, is in the best interests of our shareholders, and allows us to continue to focus on the future," said the bank's CEO Brian Moynihan in a statement.

The bank's shares were up 2% in midday trading.

Related: Settlements bite into BofA profits

To move the negotiations along, the Justice Department had threatened to file a lawsuit against the bank. Paul Fishman, the U.S. Attorney for New Jersey, has led a civil probe of the mortgage business of Merrill Lynch.

Bank of America assumed Merrill's obligations in the merger but recently argued it shouldn't have to pay for shoddy practices before it became a unit of BofA.

The deal would eclipse the $13 billion settlement stemming from a similar probe by the Justice Department and states against JPMorgan Chase (JPM) last year.

First Published: August 21, 2014: 9:39 AM ET

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Mexico puts out the welcome mat for Big Oil

MEXICO CITY (CNNMoney)

On Monday, President Enrique Pena Nieto signed into law a framework for private investment, ending a 76-year state monopoly. Days later, and earlier than expected, his government made a key announcement about what areas of Mexico's vast reserves would be open to foreign oil companies.

State energy company Pemex is being awarded 83% of known and probable reserves. Pemex hopes the grant can help it boost dwindling production levels.

But crucially, the company was only granted one-fifth of Mexico's future potential oil and gas reserves. The rest will be put up for auction, starting next year. Pemex had wanted to receive more without the need to compete.

"Of the prospective resources, we have received indeed 67% of what we asked for," CEO Emilio Lozoya told CNN. "But that is plenty for the next decades. And Pemex will be able to bid in round one, round two, round three when the government auctions acreage for exploration."

The scene is set for a hotly contested auction: In addition to shale gas, bidders will be vying for the estimated 27 billion barrels of oil deep beneath the Gulf of Mexico. Mexico's side of the maritime border is largely unexplored and has no oil in production -- a striking contrast to the level of activity in US waters.

Pemex has been granted a slice of the deepwater game, and intends to bring in partners with expertise in drilling up to 3,000 meters below sea level.

"We will create a competitive environment, therefore I cannot name players today," said Lozoya. "But what I can tell you is we will be wanting to work with world-class players."

One obvious candidate is Exxon Mobil (XOM), the world's largest public energy company, which broke its silence this week to hail Mexico's "historic" changes.

"We will pursue potential investment opportunities in Mexico that are competitive with other opportunities around the world," the corporate giant told CNN in a statement.

Partnering with such a major player may also inject greater transparency into Pemex, currently the world's seventh largest oil producer. While the firm is modernizing, it is still struggling to shed an old image of an opaque and sometimes corrupt monolith.

"Competition means we will need to partner on projects," said Lozoya. "This is a great benefit to our organization."

Lozoya believes large private companies will ensure Pemex isn't overpaying.

"They will make sure we minimize costs and therefore maximize profits," he said.

First Published: August 14, 2014: 10:30 AM ET

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Burger King ditches lower-calorie fries

Burger King is scaling back on its experimental low-calorie fries, known as Satisfries, after selling 100 million of them.

NEW YORK (CNNMoney)

The fast-food chain said that 100 million customers have munched on Satisfries. But that wasn't enough to keep them on the company-wide Burger King (BKW) menu.

Satisfries were meant to give Burger King an edge against age-old rival McDonald's (MCD). BK billed Satisfries as having 40% less fat and 30% fewer calories than McDonald's fries.

About 2,500 franchisees will keep the product. The company has 13,000 restaurants worldwide.

The announcement is Burger King's latest effort to shake up the French fry market. Earlier this week, the Miami-based chain announced that it is bringing back chicken fries after a two-year hiatus, but only for a limited time at certain restaurants.

The company is accompanying the chicken fry launch with eBay (EBAY, Tech30)bidding for branded merchandise, including a yellow chicken-themed T-shirt for $41.

In another experimental move last year, Burger King launched a hamburger with fries on it for $1. But that is no longer listed on the online menu.

First Published: August 14, 2014: 11:44 AM ET

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Apple bans chemical that causes nerve damage

Apple has banned two toxic chemicals - benzene and n-hexane - from the manufacturing process of its computers and other products.

NEW YORK (CNNMoney)

Lisa Jackson, vice president of environmental initiatives at Apple (AAPL, Tech30), says the computer company will prohibit the use of benzene and n-hexane in the assembly of its electronics. Benzene is a carcinogen associated with leukemia, and workers who are exposed to high concentrations of n-hexane in large doses can develop nerve damage, according to the U.S. Center for Disease Control.

Jackson said the company had recently "received some questions" about whether chemicals were being used at Apple. So she dispatched investigators into Apple's 22 factories and "found no evidence of workers' health being put at risk."

She said the company's restrictions on unsafe chemicals have been updated to make sure the two chemicals are not used in the manufacturing process.

In its effort towards the use of green materials, Apple previously developed power cords without including PVC, displays without mercury and enclosures without brominated flame retardants.

First Published: August 14, 2014: 7:03 AM ET

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Western firms accuse China of intimidation

Shoppers visit an Audi showroom in China. The company has been caught in an anti-monopoly investigation.

HONG KONG (CNNMoney)

The rare public rebuke comes after foreign automakers including Mercedes Benz, Audi and Chrysler said they were being investigated by Chinese officials.

The European Union Chamber of Commerce in China said it was alarmed by anecdotal accounts from a number of industries that "administrative intimidation tactics are being used to impel companies to accept punishments and remedies without full hearings."

The chamber, which represents 1,800 companies in China, said it was increasingly concerned that foreign companies are being disproportionately targeted.

"Competition law should not be used as an administrative instrument to harm targeted companies or serve other aims," the group said in a statement.

Related: Top 10 luxury cars in China

In some cases, only the Western company working in a joint venture with a Chinese partner had been named in an investigation, the chamber added.

Some companies have responded to the increased scrutiny by slashing prices, presumably in an effort to appease regulators.

Mercedes, owned by Daimler (DDAIF), has cut parts prices by 15% on average. Fiat (FIADF)'s Chrysler reduced part prices by 20% and slashed more than $10,000 off the price tag of Jeep Grand Cherokee SRT8 models.

Related: Automakers caught in China's antitrust drive

The investigations are being carried out under China's anti-monopoly law, a statute that was enacted in 2008.

The law covers all businesses operating in China, including powerful state-owned enterprises, and automakers are not the only foreign companies under investigation.

It has already been used against foreign pharmaceutical companies and milk powder suppliers.

Chinese authorities said last month that they were investigating Microsoft (MSFT, Tech30) for possible violations. The government said the company had not fully disclosed information related to its Windows and Office systems.

Qualcomm (QCOM, Tech30) has also been targeted in a similar probe. The company said China was looking into its licensing business, and that the investigation had hurt revenues.

First Published: August 14, 2014: 6:27 AM ET

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7 things you absolutely must know about corporate taxes

Want to sound smart at your next Washington cocktail party when everyone is talking about "inversions?" Read on ...

NEW YORK (CNNMoney)

But the real problem, most agree, is the corporate tax code, which hasn't kept pace with the transformation of global business over the past 30 years.

Some people think next year might be the year when Congress finally reworks how companies are taxed.

A wonk can dream.

In the meantime, there will be plenty of rhetoric about the issue. Here are 7 key facts to help you keep things straight.

1. Corporate tax revenue accounted for 10% of all federal tax revenue last year. That's less than a third of what it was at its post-war peak, in 1952, according to the Congressional Research Service.

There are a few reasons for the drop-off, CRS notes. Among them, corporations' profits and the percent of their profits paid in taxes have fallen.

Also, many businesses (partnerships, limited liability companies and so-called S corps) have chosen to file under the individual tax code because they get a better deal that way.

2. Only 6% of businesses file under the corporate tax code. And they account for less than half of all business income, according to CRS.

By contrast, in 1980, 17% of businesses paid the corporate tax and generated nearly 80% of business income.

Related: Walgreens to remain an American company

3. Corporate tax breaks cost U.S. coffers about $150 billion last year. That's a lot. But it's a fraction of the more than $1 trillion of individuals' tax breaks in 2013.

One way both are similar: The 10 biggest breaks account for a large majority of the total cost.

4. The U.S. has the highest tax rate among developed economies. Most U.S. corporate income is subject to a 35% federal tax rate. But the "effective" rate companies pay is often lower after accounting for a company's tax credits, deductions and exemptions.

What's more, companies owe U.S. tax on profits they make in the United States and abroad, minus whatever foreign tax they've paid. But a company can put off paying U.S. tax on foreign profits indefinitely, so long as it doesn't bring those profits back to U.S. shores and reinvest them in the business.

Related: Chicken 'poop' credit and other bad corporate tax breaks

Critics say this high-rate, "worldwide" tax system hurts U.S. companies with foreign rivals. In many other countries, companies typically not only face lower rates but don't owe their home country tax on earnings made offshore.

5. U.S. corporations are not taxed equitably. The tax code favors some activities and investments over others, and creates opportunities for certain firms that others can't use.

For instance, it's good to be a U.S. company working abroad.

"They have opportunities to shift profits from U.S. operations to tax havens that wholly domestic businesses do not," said Martin Sullivan, chief economist at the publisher Tax Analysts.

Even among U.S. multinationals, the playing field isn't quite level.

"Companies with lots of patents, trademarks and other intellectual property have the greatest ability to shift profits to tax havens. That's why tech, pharma and medical device companies all tend to have such low effective tax rates," Sullivan said.

(See, for example, how Apple lowers its rate.)

6. Many big U.S. companies are swimming in untaxed cash. Since U.S. multinationals only owe U.S. tax on foreign earnings when they bring them back to the United States, there's serious incentive to put off that day of reckoning.

End result: Many companies have built up a serious offshore cash stash. Apple (AAPL, Tech30), for instance, has more than $100 billion sitting outside the United States. Microsoft (MSFT, Tech30) has roughly $93 billion, while Pfizer (PFE) has an estimated $69 billion, according to Mindy Herzfeld, a contributing editor at Tax Notes International.

7. The pace of U.S. companies looking to leave has picked up dramatically. Between 1983 and 2003, 29 U.S. companies reincorporated abroad in a process known as "inversion." From 2004 to 2013, there have been 47, according to CRS. And this year alone there have been at least 15 proposed inversion deals, Tax Notes reports.

Many lawmakers believe a lower U.S. corporate tax rate could help deter companies from leaving.

Some in Congress are also pushing for the United States to move away from a "worldwide" tax system to a "territorial" one. In a territorial system, corporations would only owe U.S. tax on profits made in the United States. Any profits they make offshore would be taxed by the countries where those profits were made.

In any case, the tax reform proposals put forth so far by some key lawmakers "would leave considerable advantages" for U.S. companies that move abroad, Sullivan said. "So there probably will still be incentive to invert after tax reform."

First Published: August 14, 2014: 9:05 AM ET

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K-Cup coffee prices rising 9%

Keurig Green Mountain will hike prices by 9% for the K-Cup packets, as well as bulk coffee and other products in November.

NEW YORK (CNNMoney)

Keurig Green Mountain (GMCR) said Thursday it plans to hike prices by 9% for the K-Cup packets used in its signature brewing system, as well as other single serve packets, bulk coffee and other products beginning in November.

It's the latest in a string of price hikes this year as coffee producers pass along higher costs. Coffee prices have soared 58% over the past 12 months, after a drought in Brazil dried up this year's harvest of Arabica beans, the most popular bean in coffee production.

Related: Should Coke buy Keurig Green Mountain?

Starbucks (SBUX) said in June that prices would go up between 5 and 20 cents on average, depending on the order and where the purchase is made. J.M. Smucker also hiked prices by 9% for Folgers and Dunkin' Donuts (DNKN) coffee that it makes for sale in grocery stores.

Keurig Green Mountain said the decision to increase prices is in "direct response" to the higher cost of coffee, which includes a nearly 55% rise in "green coffee prices."

The company said it buys much of its coffee from organic and free trade producers.

First Published: August 14, 2014: 10:09 AM ET

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Butterfly farm is a surprising job creator

Raising butterflies and selling them to zoos and museums, or to release at weddings and funerals, is a real business -- with growing demand.

NEW YORK (CNNMoney)

Yup, raising butterflies and selling them to zoos and museums, or to release at weddings and funerals, is a real business -- with growing demand.

Jane Breckinridge has been doing it for more than 20 years. Her team at Euchee Butterfly Farm in Oklahoma puts on exhibits, or "butterfly houses," at places like the Minnesota State Fair. There, people can walk through large garden spaces to watch and even feed (with cotton swabs dipped in red Gatorade) thousands of butterflies.

"It's an exploding industry and there are just not enough butterflies out there," she said. Everywhere from big institutions like New York City's Natural History Museum and the Bronx Zoo to elementary schools want to buy caterpillars, chrysalises and butterflies.

The Euchee Butterfly Farm raises about 20,000 butterflies a year, but that's still not enough to keep up with demand. So it imports another 20,000, mostly from Costa Rica, to make up the difference.

A single butterfly can cost anywhere from 75 cents to $7 on the wholesale market, depending on the time of year and species.

Related: What I did after losing my job

Breckinridge hopes to expand Euchee's operations with help from a $500,000 grant from the Department of Agriculture, which aims to create jobs. The funds will be used to train Native American members of the Thlopthlocco Tribal Town to raise butterflies of their own to sell to the Euchee farm.

The money in butterfly farming certainly isn't equivalent to a full time job at first. Tribe members can expect make between $400 and $500 a month from about March through October, Breckinridge said. She hopes to get 100 members of the tribe up and running within a year.

Any chance to earn some income will be welcome in the area, a county where unemployment is higher than the rest of the state, said Brian Wiles, a director at the USDA's rural development office in Oklahoma.

For now, the Euchee farm will handle operations on the sales end because, logistically, it's a tricky business.

Butterflies don't live more than a couple weeks -- some species last only a few days -- so the window to raise and ship them for a specific event is small. To transport them, Breckinridge tricks the butterflies into hibernation. As long as they're kept between 40 and 50 degrees, they'll close their wings and can be shipped overnight.

Breckinridge wouldn't say how much Euchee Butterfly Farm makes in a year, only that it's enough for her and her husband and business partner David Bohlken to make a living.

It isn't easy. Breckinridge works seven days a week, and last week alone she was stung by a wasp and had a snake slither across her bare foot while she was wearing flip-flops.

"But it's so satisfying when I'm at one of our exhibits and see the look on people's faces," she said. "We're there for the wow factor."

First Published: August 14, 2014: 10:05 AM ET

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Google snoops on Gmail to catch pedophiles

Gmail boasts over 500 million users globally.

NEW YORK (CNNMoney)

The search giant alerted local law enforcement after detecting the allegedly illicit images in Skillern's Gmail account, part of the company's ongoing effort to root out child porn online. In doing so, it offered a glimpse of the vast power it wields over its users.

Federal law requires that Google and other tech companies report instances of child porn discovered on their services to the National Center for Missing and Exploited Children, a nonprofit group that maintains a database of URLs and file information associated with known child pornography.

Google (GOOGL, Tech30) and other companies like Facebook (FB, Tech30) and Microsoft (MSFT, Tech30) go a step further by voluntarily policing their services, including search and email, for this material. The companies use algorithms to test whether the digital information encoded in images matches against the child pornography database at the NCMEC.

Related: How Google dominated the email business

Google emphasizes that it only uses this email-scanning technology to detect these kinds of files, "not email content that could be associated with general criminal activity (for example using email to plot a burglary)." Translation: if you're Gchatting with a friend about buying marijuana, Google doesn't want you to worry about being turned in.

Hanni Fakhoury, a lawyer with the Electronic Frontier Foundation, called Google's child-porn-detection system "a targeted, narrow way to get at the problem." But he warned of the potential dangers involved in allowing services like Google or Facebook to police their users.

"Child porn is terrible, but what if someone sends an email with a pirated episode of Game of Thrones?" Fakhoury said. "What if I write an email that's harassing or contends offensive language? Will Gmail police that too, and do we want to live in a society where companies are policing that?"

Google already scans your emails and search queries for commercial purposes, presenting you with targeted ads. You give up that right to privacy in the terms of service.

And those terms of service go beyond advertising, stating that Google "may remove or refuse to display content that we reasonably believe violates our policies or the law."

"[T]hat does not necessarily mean that we review content, so please don't assume that we do," Google adds.

Ryan Calo, a tech policy expert at the University of Washington School of Law, said that if Google "decided to take it upon themselves to police other things, they could do it and it wouldn't violate the terms of service or the Fourth Amendment," which bans unreasonable searches of private citizens. You invite Google to look in on your communications by signing up for its services.

Related: Google's plan to rid the world of cyberattacks

As for the company's assurances that it doesn't police user accounts for evidence of illegal activity beyond child pornography, Calo said that promise "needs to go into the terms of service for it to matter."

The concerns about this kind of corporate surveillance aren't abstract. Earlier this year, Microsoft admitted in federal court documents that it forced its way into a blogger's Hotmail account to track down a leak of proprietary software.

Microsoft pointed to its terms of service in justifying the search. But after the incident sparked criticism online, the company pledged that it would no longer investigate customer accounts following reports of stolen property, and would instead refer such issues to law enforcement.

Fakhoury said the Microsoft episode demonstrates the importance of keeping tech companies accountable to their users.

"We have to be really careful with how far we allow these service providers to go," he said.

First Published: August 14, 2014: 12:03 PM ET

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Health care costs hit Wal-Mart profit

The cost of health care coverage for workers led Wal-Mart to warn on earnings.

NEW YORK (CNNMoney)

Because of that, the world's largest retailer will earn less in the current fiscal year than it had previously promised investors.

While the requirement that employers provide health coverage has yet to take effect under Obamacare, the requirement that individuals have coverage has prompted people to compare plans available to them at work with plans offered on government exchanges.

Wal-Mart (WMT) workers can pay as little as $18 per paycheck to be covered by the lowest priced company plan. The company says its increased enrollment means health care costs will be $500 million more than last year.

"We had built in higher costs [into company estimates] but not to this level," said Carol Schumacher, vice president of investor relations.

Related: Thankful for Obamacare

The company said its earnings outlook is also hurt by the need to invest more in online operations. Part of those increased costs comes from small acquisitions it has been making to acquire tech talent. It purchased Adchemy, Stylr and Luvocracy during the most recent quarter.

Wal-Mart has been facing growing competition from online competitors such as Amazon (AMZN, Tech30). Sales at its traditional brick-and-mortar U.S. stores were flat in the three months ended Aug. 1. Part of that was due to a 1.6% drop in food sales that Wal-Mart attributed to the cuts in food stamps that took effect late last year.

While its online sales were up 24% compared to a year earlier, that's slower than the 30% growth it had previously forecast for the year. So it will increase spending on e-commerce by at least $160 million more than earlier plans.

Wal-Mart shares were slightly higher despite the warning. But shares are down for the year, lagging all blue-chip stocks, and have been downgraded by Wall Street analysts.

The company also recently replaced its U.S. president, bringing in the executive who previously oversaw its Asian operations.

First Published: August 14, 2014: 8:31 AM ET

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Ferguson police deny Anonymous' ID of alleged shooter

NEW YORK (CNNMoney)

Thursday morning, Anonymous released the name of the man it believes to be the police officer who shot and killed Brown over the weekend. A tit-for-tat is now underway, with hackers on one side and police on the other.

Brown's death has sparked protests in the city since his death Saturday. The city police department had refused to disclose the name of the officer, citing fears of retribution by an angry public.

In a brazen act of protest, vigilantes claiming to be members of Anonymous gave the Ferguson police department an ultimatum: Release the name or we will.

The "Operation Ferguson" group went through with its promise Thursday morning, publishing a man's name, his photograph and his conversation with a friend on Facebook.

Related story: Witnesses to Michael Brown's shooting detail his last minutes

In its typical fashion, Anonymous has been waging a digital battle on Twitter. It started with demands for the officer's name. Then the group hacked the police department's computers and obtained audio files of police dispatches.

County police responded to Anonymous on Twitter, denying that the man works for St. Louis County or Ferguson police. The department refused to identify the actual shooter and asked the group to halt its campaign.

"Do not release more info on this random citizen," the department said. "We only release suspect information after the investigation is complete and charges have been issued."

CNN is not disclosing the man's name until it can confirm he is indeed the officer who shot and killed Brown.

In the past, Anonymous hackers have seized data that is unreliable and relatively easy to obtain, casting initial doubts on authenticity.

Related story: Journalists in Ferguson arrested

At midday, @TheAnonMessage Twitter account was suspended. Twitter (TWTR, Tech30) declined to comment.

First Published: August 14, 2014: 9:36 AM ET

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Stocks: 6 things to know before the open

Click on chart to track premarkets

LONDON (CNNMoney)

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

1. Mega bank settlement: Keep your eye on Bank of America (BAC) stock when trading begins. The bank has tentatively agreed to pay more than $16.5 billion in what would be the biggest ever settlement related to a mortgage securities fraud case.

However, no final agreement is expected to be announced this week as the details continue to be negotiated. The bank's shares edged up in premarket trading.

2. Quarterly earnings: A slew of companies are reporting earnings Thursday. Wendy's (WEN) is one of the big names reporting before the opening bell, while CBS (CBS), News Corp. (NWS) and game developer Zynga (ZNGA) will report after the close.

Related: Fear & Greed Index still wallowing in extreme fear

3. Ukraine crisis: Russia has imposed a ban on imports of beef, pork, fruit and vegetables, poultry, fish, cheeses, and milk from Europe, the U.S., Australia, Canada and Norway in retaliation for Western sanctions.

The escalating trade war threatens Europe's fragile economic recovery and is hurting some companies. Shares in German defense contractor Rheinmetall fell 9% Thursday after it warned that Russian sanctions would hit 2014 earnings. Germany has canceled an export license for a big Rheinmetall contract with Russia.

The European Central Bank is highly unlikely to announce new measures to stimulate the economy at Thursday's meeting but may issue more words of comfort.

"ECB President Mario Draghi is likely to recognize the current challenges from geopolitics, banking reform, and weak growth and if he doesn't make further dovish noises, we'll all be surprised," said Kit Juckes, a market strategist at Societe Generale.

European markets were mixed in early trading.

4. Market movers: Shares in Keurig Green Mountain (GMCR) dropped in extended trading because quarterly revenues weren't as strong as hoped.

Shares in 21st Century Fox (FOXA) were up in extended trading after the company reported revenue and profits that beat expectations, driven by box office success.

Adidas (ADDYY) continued to decline in Europe, down by another 3% Thursday, after the sportswear company reported that unfavorable currency moves and an 18% drop in golf sales were hurting its bottom line. Shares in Adidas have sunk by 20% since the company warned last week its earnings were not doing well.

Shares in Transocean (RIG) rose in premarket trading after the Swiss offshore drilling company reported strong growth in quarterly earnings y despite a dip in revenue. Carnival (CCL) shares were also edging higher before the open.

Related: CNNMoney's Tech30

5. U.S. economic announcements: The U.S Department of Labor will post weekly jobless claims at 8:30 a.m. ET. Then at 3 p.m., the Federal Reserve will release consumer credit data for June.

6. Wednesday market recap: U.S. stocks closed higher Wednesday, but barely. The Dow added about 14 points, while the S&P 500 and Nasdaq were pretty much flat.

First Published: August 7, 2014: 5:17 AM ET

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Russia bans U.S. chicken

NEW YORK (CNNMoney)

Russia plans to restrict imports of U.S. poultry, according to the National Chicken Council. The move is retaliation for sanctions that American and Europe have imposed on Russia over its actions in Ukraine.

President Vladimir Putin ordered his government Wednesday to come up with a list of food and agricultural imports from countries that have applied sanctions on Russia. The imports are to be banned or limited for one year.

Related: The price of Russia's food import ban

So, is the American poultry industry plucked? Not really, says the Chicken Council.

Russia is the second largest export market for U.S. chicken. Last year, America exported roughly 267,000 metric tons of chicken, worth about $303 million, to Russia, according to the NCC.

That may sound like a lot, but US producers have become less dependent on the Russian market over the past 20 years as domestic production has ramped up.

Russia currently accounts for about 7% of total U.S. poultry export volume. That's down from as much as 40% in the 1990s, the council said.

"We do not expect that a Russian ban on U.S. poultry imports will have a great impact on our industry," the NCC said in a statement.

The stock of Tyson Foods (TSN), one of the leading American poultry producers, is down about 2% Thursday. Other leading U.S. chicken companies are not seeing much movement in their share prices.

Related: Russian chill gives Europe the shivers

The bigger impact from the ban will likely be felt by Russian consumers. The Russian economy is already fragile and inflation has been heating up. Chicken prices in Russia have been rising at a rate of 2% to 3% a week, according to the council.

Overall, the United States has limited trade relations with Russia. U.S. exports to Russia totaled just over $11 billion in 2013, which is a tiny fraction of the nation's $15.7 trillion gross domestic product.

"I don't think, on macro level, this will make a huge difference," said Mikhail Liluashvili, an economist at Oxford Economics.

First Published: August 7, 2014: 11:15 AM ET

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The price of Russia's food import ban

Cheese, fruit and pig meat are Europe's biggest food exports to Russia.

LONDON (CNNMoney)

Moscow retaliated against Western sanctions by banning imports of fruit, vegetables, meat, fish, milk and dairy products from the U.S., Europe, Australia, Canada and Norway. The U.S. and Europe imposed sanctions on Russia over the Ukraine crisis.

The ban is likely to hurt Russians the most as they will pay more for food, and is expected to deepen the country's economic woes. Russia relies on imports for about a quarter of its milk, dairy products and fruit, and slightly less for its supplies of meat.

Related: Russian chill gives Europe the shivers

The European Union also stand to lose because food and farming is its fourth biggest export industry.

Some 10% of EU food exports -- worth €12 billion -- were delivered to Russia last year, making it Europe's second biggest customer.

Fruit, cheese and pork are the EU's top food exports to Russia, making up about a quarter of the total. Apples and pears account for half the fruit exports.

European officials say it's too soon to assess the impact yet, but Capital Economics reckons EU exports of the banned products are worth about $7 billion annually.

Denmark described the measures as severe, and warned that world prices would fall as it, and other exporters, seek alternative markets for their products.

Related: Sanctions ground oligarch's Gulfstream jet

Economists at Citi say the ban on imports could add as much as 1.9% to Russian inflation, already running at 7.5%.

"It is unlikely that Russia will be able to speedily substitute for them with exports from other destinations," said Citi's Ivan Tchakarov.

Capital Economics assesses the impact is likely to be less severe, adding perhaps 0.5% to average prices.

"Either way, the ban looks likely to make the central bank's fight against inflation even more difficult -- and raises the chances of additional interest rate hikes this year," it said.

Interest rates in Russia have been raised three times already since March.

First Published: August 7, 2014: 10:26 AM ET

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Shoppers beware: Retail credit card APRs average 23%

NEW YORK (CNNMoney)

These retail credit cards boast average annual percentage rates of 23.23%, according to a CreditCards.com analysis of cards from the 36 of the nation's biggest retailers.

That's more than eight percentage points higher than the average credit card APR of 15.03%.

Related: 5 things you can't buy with a credit card

"Retailers dangle incentives like 15% off a purchase to encourage consumers to sign up for their credit cards," said Matt Schulz, senior industry analyst at CreditCards.com. "[But] the much higher interest rates far outweigh the one-time discount for anyone who carries a balance."

If you're confident you will never miss a payment and you think the retailer's rewards program would provide you with savings, then it could be a fine deal. But if there's even a small chance you'll carry a balance, you could end up paying big money in interest as a result.

Related: 1 in 3 adults have debt in collections

Customers with a 23.23% APR credit card, for example, would be hit with $840 in interest if they carry a $1,000 balance and only make minimum monthly payments -- and it would take them 73 months to repay the balance. That compares to $396 in interest for the average credit card.

And some cards are much worse than others.

Jeweler Zales' store card topped the list, with a rate of up to 28.99%. Office Depot (ODP) and Staples (SPLS) both offer cards with rates as high as 27.99%, and Best Buy (BBY) credit cards come with rates ranging between 25.24% and 27.99% depending on your credit.

First Published: August 7, 2014: 12:18 AM ET

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Don't bet on the death of taxis just yet

NEW YORK (CNNMoney)

Shares in Medallion Financial, which trades under the ticker TAXI (TAXI), are down 20% for the year.

The company lends money to taxi drivers and fleet owners trying to buy expensive taxi licenses known as medallions. Medallion Financial's main market is New York, where medallions cost more than $1 million apiece.

This isn't a story about rising gas prices or more people walking and biking to work. Rather, investors are betting on the taxi industry's slow death as services such as Uber and Lyft expand.

Related: Uber tells its drivers to stay away from Lyft

But don't write a taxi eulogy yet.

Medallion Financial reported earnings Monday that were the highest in nearly a decade. At a time when everyone expects the company to take a hit, its margins are actually increasing.

Related: Uber cheaper than taxis in New York -- for now

But Medallion has been diversifying away from the taxi business for years. Consumer and commercial loans now bring in most of the company's profits, wrote Sandler O'Neill analyst Alexander Twerdahl in a note to investors this week.

"We think that the quarterly results demonstrated the disconnect that has emerged between the short thesis on the stock (ride sharing apps will hurt the taxicab industry, and TAXI has exposure) and Medallion's actual business model and earnings power," he wrote.

The medallions themselves aren't getting any less expensive. Uber launched in New York City in 2011. A fleet medallion has gone up nearly 40% since then. Lyft launched in the city last month, so time will tell its impact.

Related: Lyft and its pink mustaches get the green light in New York

Illustrating how strongly the market believes the competition will punish taxis, the most aggressive TAXI stock selling came in the two weeks after the June 8 reports that Uber received a $1.2 billion investment and corresponding $18.2 billion valuation.

Medallion's stock fell 14% over the period. The percentage of shares held short, or borrowed and sold as a bet on a price decline, doubled to nearly 9% in that time, though it has since gone down.

Larry Hall, Medallion's CFO, brushed off the threat from taxi apps -- some of which allow users to arrange for licensed cabs -- in a statement accompanying this quarter's earnings report.

Related: Which is the best taxi app for you?

"The taxi industry continues to retain its favored position with the riding public against new market entrants such as ridesharing and car service apps through fast, safe and reliable service, insured vehicles, licensed drivers, and metered pricing that is consistent at all times of the day," he said.

First Published: August 7, 2014: 8:18 AM ET

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Under Obamacare, some workers to be auto-enrolled in health plans

NEW YORK (CNNMoney)

But this controversial health law provision, which could take effect as early as next year, is raising questions: Does automatic enrollment help employees help themselves, or does it force them into coverage they don't want and may not need?

A group of employers, many of them retail and hospitality businesses, want the provisions repealed. Some experts, however, say the practice has advantages and is consistent with the aims of the health law.

By enrolling people unless they opt out, "you're changing the default option," says Caroline Pearson, vice president at Avalere Health, a research and consulting firm. "You're not eliminating people's choice or forcing people into things they don't want."

Under the law, companies with more than 200 full-time workers have to enroll new, full-time employees in one of the company health plans unless the employee chooses not to join. Employers are waiting for the Department of Labor to issue regulations spelling out how to do so. Some industry experts say the new rules could take effect in 2015.

Related: Obamacare help was in high demand

This provision is not sitting well with a group of trade associations and large employers, including 7-Eleven, Lowe's (LOW) and Home Depot (HD). They recently sent a letter to Senator Johnny Isakson, R-Georgia, supporting his bill to repeal the overhaul's automatic enrollment requirement.

The requirement could confuse employees who find themselves in a plan they may not want or lose access to providers they count on, says Christine Pollack, vice president for government affairs at the Retail Industry Leaders Association, a co-signer of the letter. For retailers who often have seasonal workers or workers with variable hours, automatic enrollment creates administrative headaches in determining which employees are considered full-time and eligible for coverage.

When the health law was being debated, there was a lot of concern about maintaining the employer-sponsored insurance market. Tightening up employer market coverage through automatic enrollment was thought to be one way to prevent erosion into the health insurance exchanges, says Pearson.

In addition, the success of 401(k) plans that used automatic enrollment to boost participation may have played a role, says Paul Fronstin, director of the health research and education program at the Employee Benefit Research Institute. For example, in companies that automatically enrolled workers in their 401 (k) plans, 82 percent of employees continued to participate in the program compared with 65 percent for those with voluntary enrollment, according to 2013 data from Vanguard, an investment manager and mutual fund company.

However, automatically enrolling new employees in a company 401(k) is much simpler than doing the same with a health plan, say benefits experts. For one thing, if a new hire doesn't like the default choices in his 401(k), he can generally change them at will.

But with health insurance, if someone's paying for coverage on a pre-tax basis and the employer is deducting the premium from his paycheck, "the IRS rules say you can't change that or decide you don't want to participate in this plan anymore unless you have a qualifying event," such as a birth or marriage, says Terry Dailey, a benefits attorney at human resources consultant Mercer.

There are also other potential complications, such as if someone's spouse gets automatically enrolled in a plan but has coverage elsewhere, says Steve Wojcik, vice president of public policy at the National Business Group on Health.

Another difficulty deals with the premium subsidies that may be available to some workers who buy coverage on the state marketplaces if their employer's plan has very limited benefits -- sometimes called a "skinny plan." If that employer automatically enrolls his workers, they would be ineligible for subsidized coverage. But if that plan was offered and a worker didn't enroll in it, he would still be eligible for subsidies on the exchange.

The regulations could address many of these issues. They might say, for example, that new hires can only be automatically enrolled in a plan that meets minimum health law coverage standards, says Timothy Jost, a law professor at Washington and Lee University and an expert on the health law.

Even though the health law makes administering this provision complex, it's still doable, experts say. In fact, many large companies have been automatically enrolling their new hires in health insurance for years.

Pitney Bowes (PBI) is one. For the past eight years, newly hired employees are automatically enrolled in a high-deductible plan linked to either a health savings account or a health reimbursement account. They have 30 days to opt out or choose one of the company plans; if they don't they're generally enrolled for the year.

"It probably has added some people who may not have otherwise [signed up], maybe because of cost concerns, and then they say, 'Oh, I can live with that' " when they see the cost, says Andrew Gold, vice president of total rewards at the company.

Kaiser Health News (KHN) is a national health policy news service. It is an editorially independent program of the Henry J. Kaiser Family Foundation.

First Published: August 7, 2014: 11:15 AM ET

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