Taxpayers hit with fewer audits

Written By limadu on Sabtu, 22 Maret 2014 | 22.16

NEW YORK (CNNMoney)

The agency audited 1.4 million people last year, down 5% from 2012 and the lowest number of audits conducted since 2008, according to IRS statistics released Friday.

The IRS blamed its shrinking budget for the drop-off, saying "an ongoing decline in appropriate funding presented challenges."

Related: 10 tax audit red flags

Since 2010, the agency's budget has been reduced by almost $1 billion and around 10,000 employees have been cut. Under the 2014 budget, the IRS will receive $11.3 billion -- nearly $2 billion less than the White House had requested for the agency and a $526 million drop from 2013.

Meanwhile, government spending cuts last year forced the IRS to furlough workers without pay for three days, making it even harder for the agency to keep up with its workload.

To cut costs, the IRS has been conducting more audits by mail than in person. Last year, more than three-quarters of examinations were correspondence audits, and the rest were field audits -- meaning they were conducted at an IRS office or a taxpayer's home.

Related: Quiz - 7 surprising 2014 tax facts

And while the overall number of audits was low, at around 1% of all taxpayers, there are still certain groups that aren't getting a break.

One of those groups is the rich: About 9% of taxpayers with income between $1 million and $5 million were audited last year, and that rate rose to 16% for those with income between $5 million and $10 million. For the nation's top earners, with income over $10 million, the audit rate was 24%.

Business owners are also more likely to be audited, and so are taxpayers who claim a home office deduction or the Earned Income Tax Credit. Reporting -- or failing to report -- a foreign bank account could also lead to additional scrutiny, as the IRS continues to crackdown on people hiding offshore income.

Related: Tax season unleashes cyberscams

In addition to being unable to conduct as many audits, the agency's taxpayer assistance has been deteriorating, the National Treasury Employees Union said in a statement Friday.

"We are seeing the results of these reductions in staffing, particularly in customer service, all across the country," NTEU president Colleen Kelley said. "Both taxpayers and employees are frustrated by the lengthy lines at Taxpayer Assistance Centers and the long telephone hold times for those who call the IRS with a question." To top of page

First Published: March 21, 2014: 4:58 PM ET


22.16 | 0 komentar | Read More

Are Netflix users ripping off the rest of us?

reed hastings net neutrality

Reed Hastings says Netflix is "reluctantly" paying for faster connections to broadband networks.

NEW YORK (CNNMoney)

Hastings sounded off Thursday on the likes of Verizon (VZ, Fortune 500), Comcast (CMCSA, Fortune 500) and others, accusing them of "sacrific[ing] the interests of their own customers" in demanding fees to ensure quick delivery of content from Netflix (NFLX) and other data-intensive services.

The dispute flared up earlier this year following news that Netflix streaming speeds for customers of major ISPs were slowing, as these firms attempted to extract a fee from Netflix in exchange for connecting directly to their networks and resolving the issue.

Netflix announced an agreement with Comcast last month under which it will indeed pay for a connection, and has been in talks with Verizon as well.

Hastings said his company was engaging in these talks "reluctantly." He accused the ISPs of abusing their market power and short-changing customers.

Related: New chapter begins in net neutrality fight

But the ISPs tell a very different story. They point to the fact that Netflix generates a massive amount of data consumption -- around a third of traffic online during peak hours -- while sticking them with the ever-increasing delivery costs.

The National Cable and Telecommunications Association says just one percent of broadband subscribers -- primarily heavy streaming-video users -- consume nearly 40% of bandwidth going into homes.

Other big tech companies, including Microsoft (MSFT, Fortune 500), Google (GOOG, Fortune 500) and Facebook (FB, Fortune 500), already have paid-connection deals with big ISPs. Comcast vice president David Cohen said in response to Hastings that these arrangements "have been an essential part of the growth of the Internet for two decades."

Dan Rayburn, an industry analyst at Frost & Sullivan, says it's not clear that the ISPs are to blame for customers' lagging Netflix speeds. In a blog post Friday, he noted that Netflix has the option of rerouting the traffic it sends to ISPs when congestion occurs at one connection point.

The heart of the problem is that high-speed Internet networks are extremely expensive to deploy. There aren't many companies with the resources to do it, and there isn't enough competition in most regions to push ISPs to quickly upgrade their infrastructure.

Paid-connection deals like the one between Comcast and Netflix are part of the way the broadband industry wants to address this issue. But Hastings says this cost-sharing doesn't make sense if the ISPs aren't also willing to share subscription revenue.

"When an ISP sells a consumer a 10 or 50 megabits-per-second Internet package, the consumer should get that rate, no matter where the data is coming from," Hastings wrote in his blog post.

Related: Court strikes down net neutrality rules

ISPs have accused Netflix of "dumping" data onto their networks, a characterization that Hastings rejected.

"Netflix isn't 'dumping' data; it's satisfying requests made by ISP customers who pay a lot of money for high speed Internet," Hastings wrote. "If this kind of leverage is effective against Netflix, which is pretty large, imagine the plight of smaller services today and in the future."

Going forward, broadband providers would like to move to a tiered pricing structure for customers depending on how much data they consume, similar to those offered by mobile carriers.

"[I]t's unfair to ask lighter users to subsidize super-user activity," the NCTA says.

But part of that formula will likely involve letting content providers subsidize consumer data consumption that goes toward their services. AT&T announced this kind of "sponsored data" program earlier this year for the mobile Web. The worry with this system is that it favors established companies that can pay up for speedy delivery of their content, putting smaller firms at a disadvantage and potentially stifling innovation.

"On a tiered Internet controlled by the phone and cable companies, only their own content and services -- or those offered by corporate partners that pony up enough 'protection money' -- will enjoy life in the fast lane," the advocacy group Free Press says. To top of page

First Published: March 21, 2014: 5:34 PM ET


22.16 | 0 komentar | Read More

No winners for $1 billion NCAA challenge

NEW YORK (CNNMoney)

The $1 billion prize for a perfect NCAA bracket that his Berkshire Hathaway (BRKA, Fortune 500) was backing will go unclaimed.

None of the fans who signed up for the perfect bracket challenge sponsored by Quicken Loans and Yahoo Sports made it out of the first round of 32 games played without at least one mistake. The two firms would not say how many fans entered the free contest.

Buffett sold an insurance policy to Quicken Loans and Yahoo (YHOO, Fortune 500) which would have compensated them if they had to pay out the 10-figure sum.

One estimate puts the odds of picking a perfect bracket at 9.2 quintillion to one -- an awkward, rarely-used number that can also be thought of as 9.2 billion-billion. Those odds are longer than the likelihood of winning Powerball and Mega Millions in the same weekend.

Related: College basketball's real billion dollar winner

But the 9.2 quintillion estimate assumes each team has a 50% chance of winning every game, which is probably not the case. Others have put the odds at a marginally better 7.4 billion to 1. That's 42 times worse than your chance of winning Powerball.

"There is no perfect math...There are no true odds, no one really knows," Buffett told CNN in January when the challenge was announced.

The odds became even longer with upsets this week. In Thursday's opener, 84% of fans picked Ohio State to win, only to see the University of Dayton upset its rival. Then on Friday upstart Mercer University knocked off perennial powerhouse Duke, which was the choice of 98% of fans with Yahoo brackets.

The tournament is so popular partly because of the history of first-round upsets that play havoc with fans' brackets.

Related: More billionaires pledge to give away fortunes

CBS Sports, which runs one of the bigger bracket challenges, says that in the past two years its final perfect brackets were eliminated in the 22nd and 23rd games of the tournament, or about two-thirds of the way through the first round.

ESPN reports that of the roughly 30 million entrants it's had over the 13 years, no one has come close to a perfect bracket, and that only one person has had a perfect first round in the last seven years.

"I don't want to say it's impossible, but it's basically impossible," said John Diver, director of product development for ESPN Fantasy. To top of page

First Published: March 22, 2014: 9:51 AM ET


22.16 | 0 komentar | Read More

U.S. sanctions on Russia begin to bite

Written By limadu on Jumat, 21 Maret 2014 | 22.16

gennady timchenk russia sanctions

Russian billionaire Gennady Timchenko's business empire is under pressure as the U.S. steps up sanctions over Crimea.

LONDON (CNNMoney)

Moscow's MICEX index fell more than 2% -- taking its losses for the year to 14%. The ruble was steady, after dipping early in the day, but has still lost about 10% since the start of the year.

The U.S. added more senior Russian officials and a bank to its list of targets Thursday, including Yuri Kovalchuk, described by U.S. officials as President Vladimir Putin's personal financier.

And President Obama warned Moscow the U.S. would target key sectors of the economy if Russia escalates the crisis in Ukraine.

Russian leaders earlier this week laughed off Western sanctions, which remain largely focused on disrupting the travel plans and freezing the personal assets of about 40 officials, some from Ukraine.

But the targeting of powerful figures close to Putin, and a company -- Bank Rossiya -- shows that the U.S. at least is ready to take more serious measures.

Europe will add a dozen more names to its list of sanction targets Friday, a source told CNN, but won't include companies, reflecting divisions among the European Union's 28 members and fears about the impact of a trade war on the region's fragile economic recovery.

Europe has much more to lose than the U.S. in terms of trade, investment and financial exposure to Russia if economic sanctions are imposed.

Still, Russia would come off worst, and its faltering $2 trillion economy could stall this year, analysts say.

Standard & Poor's said Thursday it could downgrade Russia's sovereign credit rating, and Fitch did the same Friday, warning growth could fall way below 1% this year as a consequence of the crisis.

"Since US and EU banks and investors may well be reluctant to lend to Russia under the current circumstances, the economy may slow further and the private sector may require official support," it said.

Related: Western banks lend billions to Russia

U.S. moves to punish Russia for what the West views as a violation of Ukrainian sovereignty are starting to make life uncomfortable for some of Putin's allies.

Billionaire Gennady Timchenko sold his 44% stake in Swiss-based energy trading company Gunvor on Wednesday, just 24 hours before he landed on the sanctions list.

Timchenko's Volga Group also owns stakes in natural gas producer Novatek -- whose shares fell 7% -- and in Bank Rossiya, which U.S. officials have said will be "frozen out of the dollar."

Bank Rossiya is Russia's 17th biggest bank, with $10 billion in assets, according to a senior U.S. administration official. It has substantial interests in oil and gas.

Visa (V, Fortune 500) and MasterCard (MA, Fortune 500) had stopped providing services to the bank's clients, it said in a statement. Russia's central bank was reported by local media to have pledged to prop up Bank Rossiya.

Other wealthy Russians targeted by the latest round of sanctions include Arkady and Boris Rotenberg, who the U.S. says profited heavily from contracts for the Sochi Olympics.

Arkady Rotenberg owns a big chunk of Mostotrest, Russia's biggest bridge builder, through his investment firm Marc O'Polo Investments. Mostotrest shares were down 4% in Moscow.

The brothers own 76% of SMP Bank, another financial institution cut off by Visa and MasterCard Friday. To top of page

First Published: March 21, 2014: 8:54 AM ET


22.16 | 0 komentar | Read More

Time Warner Cable CEO to get $80 million golden parachute

rob marcus time warner cable

Time Warner Cable CEO could get a $79.9 million golden parachute if the company is sold to Comcast.

NEW YORK (CNNMoney)

In a filing about the deal Thursday, Comcast disclosed the estimated value of the Time Warner Cable parachutes for its top officers.

Marcus's annual compensation package under the contract he signed last year would have been $6.5 million in salary and cash bonus, and $9.5 million in stock grants. So the $79.9 million package comes out to nearly five year's worth of minimum compensation. But about half of the value of that parachute is due to the immediate vesting of restricted stock and options he had received in the past when he held other positions with the company. He became CEO on Jan. 1 after serving as its president.

Arthur Minson, chief financial officer, will get a $27.1 million parachute, while Michael LaJoie, the chief technology officer, gets $16.3 million, while Philip Meeks, the chief operating officer, gets. $11.7 million.

Of course the announced $45 billion deal to combine the nation's two largest cable companies is far from certain. It still requires the approval of regulators, who are certain to hear objections from consumer groups arguing the deal is bad for customers.

Related: Comcast to buy Time Warner Cable for $45 billion

Executive employment contracts typically contain golden parachutes which promise big payout if there is a "change in control" of the company.

The idea is that shareholders do not want executives to block a possible deal that would be good for shareholders due to concerns about how it will affect them personally. The company also does not want top executives or leave the company while merger negotiations are underway.

But the size of some recent parachutes has raised questions.

Former Heinz CEO William Johnson became eligible for a $212.6 million golden parachute after the company was purchased last year by a Warren Buffett's Berkshire Hathaway (BRKA, Fortune 500) and private equity firm 3G Capital.

Related: Departing Novartis chairman forgoes $78M parachute

But sometimes the golden parachute can pay off even when the executive is fired for problems with his or her performance.

Henrique de Castro, who was essentially fired as chief operating officer of Yahoo (YHOO, Fortune 500) earlier this year due to poor performance, left with a golden parachute estimated to be more than $60 million despite being at the company for only 15 months. To top of page

First Published: March 21, 2014: 9:31 AM ET


22.16 | 0 komentar | Read More

Stocks pull back from record highs

SP 1030

Click for more market data.

NEW YORK (CNNMoney)

The S&P 500 hit a record high almost immediately after the opening bell in a frenzy of buying that traders said was tied to the expiration of options contracts Friday. The index quickly backed off the highs, but remained higher in early trading.

The Dow Jones industrial average also gave back some of its initial gains. The Nasdaq turned lower.

Stocks could be volatile Friday because four futures and options contracts expire -- a phenomenon known as quadruple witching.

"That's the main driver of the day," said Peter Cardillo, chief market economist at Rockwell Global Capital. He noted that the only other major market-driving news was that 29 of the 30 big banks passed the Federal Reserve's stress test. Regional bank Zions (ZION) was the only one that did not and its shares were down 2% in early trading.

It's been a busy week. The Federal Reserve tweaked the guidance for future policy changes. There have also been rising tensions between the West and Russia and continued concerns about slowing growth in China.

But for the most part, stocks kept pushing higher. As it stands now, the major U.S. indexes look set to close out the week with a healthy gain.

Related: Fear & Greed Index shows greed again

Markets were rattled Wednesday after Fed chair Janet Yellen suggested that the central bank could begin hiking interest rates sooner than expected. But stocks have climbed every other day this week.

The latest reading on the CNNMoney Fear & Greed index shows investors are getting greedy once more.

But the mood isn't quite so perky in Russia, where the stock market and ruble are under pressure after the U.S. announced sanctions against more high-ranking Russian individuals and a bank. Western nations are trying to put pressure on Russia after it annexed Crimea, a region in southern Ukraine.

The impact on global markets from the sanctions "will be real but not drastic," according to analysts at political risk consultancy Eurasia Group.

The analysts said capital flight from Russia "will likely be extremely high" in the first quarter and the sanctions will "send a chill through the Russian banking sector." But the Americans and Europeans are unlikely to impose on Moscow the kind of crippling sanctions they used against Iran, according to Eurasia.

Related: Risks in focus as China's economy slows

There's little U.S. economic or corporate news on the docket Friday. Before the bell, Tiffany (TIF) reported full-year earnings and sales that fell short of forecasts.

Shares of Darden Restaurants (DRI, Fortune 500), the parent company of Red Lobster, officially released its latest quarterly results. Darden had warned earlier this month that profits would be down sharply, but the stock did wind up moving higher in early trading.

Nike (NKE, Fortune 500) shares slid after the company said earnings could be squeezed over the next few quarters.

Symantec (SYMC, Fortune 500)shares plunged after the company fired its CEO. The stock was the worst performer in CNNMoney's Tech 30 index Friday and is now the biggest loser in the index for the year.

Related: CNNMoney's Tech 30

European markets were all rising in morning trading. Asian markets mostly closed with gains. China's yuan fell to a one-year low against the dollar earlier this week as the nation's central bank allows the currency to trade more freely. Investors have also been worried about bankruptcies in China after the nation's first corporate bond default last month. To top of page

First Published: March 21, 2014: 9:52 AM ET


22.16 | 0 komentar | Read More

European IPOs boom as bull market runs

Written By limadu on Kamis, 20 Maret 2014 | 22.17

LONDON (CNNMoney)

Initial public offerings on exchanges in the U.K., the Netherlands, Denmark and Spain have raised $12.4 billion so far this year, easily surpassing the $9.2 billion raised in the United States, according to data from Dealogic.

The London Stock Exchange has seen a parade of offerings, raising 10 times as much as during the same period last year, according to Thomson Reuters (TRI) data.

Other European exchanges such as Euronext in Paris have also hosted big IPOs, unlike 2013 when new issues were few and far between.

As the bull market in equities continues into its fifth year, and the eurozone crisis fades, companies see this as an ideal time to raise money and investors are happy to snap up new shares.

"There had been a lack of new names and companies over the last five years [in Europe]," said Matt Toole, head of Thomson Reuters' deal intelligence unit. "Investors are looking for those new names to put in their portfolio and companies are lining up to sell shares."

Related: Yee-haw! Riding the mechanical bull market

The IPO rush is also being fueled by private equity firms looking to cash out of their investments.

"The whole [private equity] market is talking about the IPO window," said Ernst & Young's European IPO expert Martin Steinbach. "If you have an exit window, you take the chance."

Attractive valuations in Europe may be playing a part too. London's FTSE 350 index is currently trading at 14 times earnings, compared with 16.5 times for the S&P 500.

Related: Royal Mail delivers... for investors

A global IPO boom got underway in late 2013 as investors became increasingly confident in the economic outlook and central banks continued to pump cheap money into markets. Over $40 billion has been raised globally so far this year, twice as much as at the same point in 2013.

That trend continues for now as investors expect markets to remain firm, despite geopolitical tensions, slower growth in China and prospects of tighter monetary policy in the U.S. and U.K.

Internet, e-commerce and retail companies are leading the charge in London. U.K.-based online food delivery service Just Eat said this week it planned to issue shares. The firm could be worth as much as $1.5 billion, according to reports.

"There's more risk appetite. Investors are looking for growth, and that's represented through technology [firms]," said Ernst & Young's Steinbach.

Last year's successful Twitter (TWTR) IPO in the U.S. helped boost the pipeline of tech offerings. Dealogic data shows 26 tech firms have raised nearly $6 billion in IPOs around the world this year, with more to come.

Candy Crush maker King goes public next week in New York, and China's Alibaba has said it also plans to list in the U.S.

Related: China's Alibaba picks U.S. for IPO

There's been a crush of new IPOs from mainland China after Beijing lifted a year-long ban in late 2013. Dealogic data shows 62 Chinese companies have raised roughly $7.3 billion on global exchanges since the start of the year. To top of page

First Published: March 20, 2014: 9:30 AM ET


22.17 | 0 komentar | Read More

The Fortune interview: Tom Brokaw

BRO07 tom brokaw

Brokaw in his office in Rockefeller Center in 2013

(Fortune)

Even now, at 74, he's still on the air at NBC for breaking news, as well as on special features for Today and for the recent Winter Olympics in Sochi. He has also become a bestselling author, most famously with The Greatest Generation, about those who came of age during the Depression and went on to fight World War II. That voice of his is probably the reason he's also the only broadcaster to earn treatment on The Simpsons, as well as on Family Guy, where his pronunciation of words with the letter l was hilariously parodied ("I'd love to lick a lemon lollipop in Lillehammer").

MORE: A giant of the broadcast generation - Brokaw in photos

These days, while working on a new book, Brokaw is also fighting multiple myeloma. He received that diagnosis last summer, after he was medevaced out of his 1,000-acre ranch in Montana with severe back pain. Brokaw says he was determined to keep the diagnosis private because "I wanted to concentrate on getting well -- and I didn't want to become the celebrity disease of the week"; but when the news was about to leak, he publicly disclosed the cancer in mid-January.

In a series of conversations with Fortune's David A. Kaplan, he reflected on more than 50 years in broadcasting and a personal life that early on hardly seemed destined for greatness. In his Rockefeller Center office filled with memorabilia of history and family, he talked about journalism, celebrity, public service, Warren Buffett, David Letterman, and who does the best Brokaw imitation. Edited excerpts:

Fortune: If a bus hits me on my way out today, this will be a perfect career bookend. I once interviewed Walter Cronkite for my high school paper. It was my first interview with somebody famous.

Brokaw: I adored Walter. I never was at CBS, but we ended up becoming friends. I was one of his eulogists. [Cronkite died in 2009, at 92.] Think about the adulation showered over him -- oh, man -- and the fame that came with it.

How did he handle it?

He loved being Walter Cronkite. There was nothing wrong with that because of the way in which he embraced it. I was a big fan. Think of the run he had, in the midst of whatever was going on: flying missions in World War II, Nuremburg, J.F.K., all the way to the end of the 20th century.

How did he come to know you?

I was unknown because I came to Washington from the West. I started covering Watergate. Immodestly, I'd say I did it pretty well, in part because it was hard to go wrong. Walter was keeping track. I remember the first thing he said to me: "I don't know anybody who can go out there without any script on a big complicated run of stories -- and just get it right."

Was he a mentor?

No. My mentor in the transition from the old Gabriel Heatter and John Cameron Swayze way of doing things was David Brinkley. He brought an entirely different style to what we were doing. He was able to sit at a desk on a night when all hell was breaking loose -- like for an election -- and with elegance in his language convey to you personally what was going on. It was one-on-one. We became quite close, in part because he realized I was tuning into him in a way the other correspondents were not.

Less so Cronkite or Huntley?

They were more old school. One time Walter came over here to tape something. We were having this great conversation, but when it came time for him to say, "On June 6, 1944," he went right into Walter Cronkite voice. [Brokaw imitates.] David didn't do that.

How did Brinkley do it?

There's a famous example. At their convention in 1968, the Republicans were trying to patch things up and arranged for [Richard] Nixon and [Nelson] Rockefeller to come in at the same time and walk through the crowd. And [NBC News president] Reuven Frank said into David's ear, "Give me a little something that will sum this up." And David said, "If that isn't love, it'll have to do until the real thing comes along." And then he shut up. He nailed it.

BEER, COEDS, AND MEREDITH

Do you love being Tom Brokaw?

Oh, you know, what's not to love? But not for the reasons a lot of people would guess. Fifty-one years ago I married an astonishing, gifted woman, Meredith.

You met when?

We were both 15. My dad was a construction foreman [for the Army Corps of Engineers], and we moved to a little town on the Missouri River named Yankton, S.D. I saw her picture. She was stunningly beautiful, gifted, smart, a cheerleader, a musician. She was a straight arrow. I was more than a bit of a wild child.

At 15?

Close. Anyway, she and I went through high school together and stayed good friends. She went on to become Miss South Dakota. I went completely off-track. I got interested in her, and she gave me what they now call the Heisman -- don't come near me. [Brokaw laughs and puts his arms in front of himself, as in the pose of the Heisman Trophy.] It was a handwritten letter: "I'm not interested." "I don't know what you're doing with your life." "Don't call, don't show up."

But otherwise it was positive?

It was a wake-up call. It was crushing to be rejected by Meredith. So I straightened out my life.

And she noticed?

About six months later, typical Meredith, she came to me and said, "I probably was out of line." I said, "No, I had it coming." We had a date that Sunday night. Six months later we were married.

What had you done to fix your life?

I quit drinking so much, and I showed up for life. I'd been just racing through. I don't want you to over-interpret this, but I was kind of a whiz kid: governor of Boys State, an athlete, the outstanding ROTC cadet. I was an enigma because when I decided to turn it on, I could hit it out of the park. I think part of what happened is I was just in overload in terms of expectations. A friend said, "You could ride that charm pony, Tom, all day long and get away with more than most people." And then I went off the high board. Meredith pulled me back. It's the single most important thing that happened to me.

It sounds like something you've thought about.

What I've thought about is, How in the hell did I let that happen in the first place? I once described my skid as an "ankle bracelet I continue to wear every day of my life -- wasting the opportunities that were given to me." I was drinking beer and chasing coeds every night.

Did you save that letter from her?

No, dammit, I didn't.

MIDWESTERN ROOTS

How did you adjust to fame?

Very easily. When I was 20 and in college and had my first job in television -- working weekends [for NBC affiliate KTIV] in Sioux City [Iowa] -- I was making $65 a week. People would see me outside a cafeteria trying to figure out what I could get for Sunday breakfast for $1.20. But they were very excited because I was on television, and they'd come over. They'd all had a good meal. They'd walk away, and I thought, "Well, that tells you all you need to know about the value of being a public person -- I can't afford to go into the cafeteria."

You get paid in compliments but not in coin.

That lesson never left me. It put everything in perspective for me. So I parked the whole business of celebrity at that point. There is a kind of radioactive celebrity these days, in which you become larger than you deserve to be. Everybody knows who you are, where you're going, and when.

How did you get your first full-time job?

I was lucky. There was a job at a station in Omaha [for NBC affiliate KMTV]. Bill "Doc" Farber made sure I got to the interview. This guy, right here [he points to a bronze statue on his desk, alongside two other statues, of Lincoln and Churchill]. He was head of the political science department at the University of South Dakota. He's still a heroic figure on campus; he may have turned out more Rhodes scholars than anybody in a school that size in the country. [Farber died in 2007.] We drove down together. I came home with the morning-news job.

Did you come across Warren Buffett in Omaha?

No. We've laughed about it. Meredith taught English at Omaha Central. She was very good at it. She taught with Warren's aunt. We like to say that we knew the Buffett who could diagram a sentence but not the one who was making a lot of people very rich.

And then you went to Atlanta?

I learned a lot in 2½ years in Omaha -- you would do the tornadoes, [Barry] Goldwater came a lot, one of the Wallendas fell from a sway bar and died -- but I wanted to get to the network. In 1965, I went to Atlanta [to NBC affiliate WSB], which was in the middle of everything. All hell was breaking loose in the civil rights movement. After six months NBC said, "You might as well come work for us."

In L.A.?

Yes. I was 25. In those days, the network operated differently. I wasn't just a local reporter -- I was part of the network team. I did a lot of reports for Huntley-Brinkley, and I briefed David on political stuff when he came out. I got thrown into fast waters. I worked hard. It was a great break for me -- the rise of [Ronald] Reagan, the Watts riots, the antiwar movement, the counterculture. I got to be a part of it and hold my own.

You're good-looking and have a baritone voice, but there was other network talent. Why you?

I had this unusual mix of curiosity, the ability to write in ways people understood, and when I appeared, viewers seemed to trust me to get them through some cataclysmic changes. In Los Angeles, I had the good fortune of anchoring the news right before Johnny Carson came on, so to see him the Hollywood stars watched me first.

Like?

Rob Reiner was one. Cary Grant, Henry Fonda, Roz Russell. Next thing you know, they're including Meredith and me in their social circle. Meredith had George Burns as a partner at a dinner party one night. We enjoyed it, but then we'd happily go back to our real lives.

IN THE ANCHOR'S CHAIR

After six years in L.A. you became White House correspondent and then host of Today before taking over as the anchor of NBC Nightly News, in 1982, for more than two decades. Is the anchor job different now?

There's much more of an emphasis on being known as a star today. I think people of my generation became journalists -- you know, right after the broadcast pioneer fathers -- because we wanted to report the big stories. I grew up at a time when if I had strayed, I'd get cuffed by people like Peter Lisagor [the Washington bureau chief of the Chicago Daily News in the 1960s and 1970s] or other print journalists who effectively raised me. We lived next door to Scotty Reston [of the New York Times], who would lean out his kitchen window and talk to me about what had happened at the White House that day. Those people became my models. It's just a different time and ecosystem now.

Are you at all ambivalent when you go on Letterman or Jon Stewart? News anchors didn't used to do that.

Walter went on the Mary Tyler Moore Show, but, no, I'm not. With Letterman, I know that we're going to drive hard on the news of the day in some fashion, and he's going to give me an opportunity to say things I'd like to say. It's on my terms. We have a good relationship -- he's an old friend.

Was 9/11 the biggest story of your time?

It was easily the toughest single story for lots of reasons, but the most enduring big story will be the collapse of the Soviet Union and the rise of China. Those are stories that can define an epoch.

When you say "toughest," you mean emotionally or reportorially?

Because you had to hold it together emotionally, you had to get it right, and you didn't know where you were getting it from a lot of that day. You were out there on the end of the gangplank, trying to keep the audience informed and not do something dumb. When the towers were still standing, having grown up around construction, I said, "At some point those towers are going to have to be brought down." And immediately I thought, "God, I've gone too far." And then moments later they came down.

THE BUSINESS OF JOURNALISM

You've been outspoken about the trajectory of journalism. Isn't there something salutary about having more news outlets?

I don't see myself as the generational scold. But I reserve the right to make observations, just as others reserve the right to make theirs. You know, I don't wake up in the morning and ask, "How do I nail them today?"

When you've counseled on-air to rein in commentary during election coverage, did you get off-air blowback from Chris Matthews or Keith Olbermann?

Keith wasn't happy with me because we would make these elaborate arrangements about how far he'd go, and then instantly he'd cross the line. I did think that on the night he told the President to shut the hell up that he'd gone too far. He may still carry a note I wrote to him when we first got going with MSNBC saying he'd done a very good job on election night with all the returns coming in.

He carries around the note?

He pulls it out whenever my name comes up: "This is what he wrote to me, and then this is what he said on the air." It's tiresome.

So Bob Costas carries around a Mickey Mantle baseball card and Keith Olbermann carries around a note from Tom Brokaw?

Yes, but Bob carries around Mickey in a sacred way.

Could you have been a print journalist? You still would've seen the things you saw, talked to everybody, visited exciting places.

That's a question I've asked myself a lot. But you have to remember that when I came into the field, broadcast journalism was exploding. Especially where I lived, the opportunities were far greater in TV and radio than in print.

If the Times had called to ask, "Come be a foreign correspondent for us"?

Well, I've been able do lots of print. Not just the books, but op-ed and magazine pieces over the years: about being there when the Berlin Wall came down, about health care for veterans.

It sounds as if it's an irritant that you're not given enough credit for your writing abilities.

It's a mild itch at best.

If you had been a print journalist, how much would you have missed being on the box?

A little bit. The box gives me a kick. It's a different verbal skill set altogether. It's my natural place to be.

Thinking on your feet?

Right. At the end of the day, what you're doing is just trying (1) to get it right, (2) in a way that engages people, and (3) make sure it lingers. You can do that in the printed word, but it's not the same.

But you appreciate the appeal of writing.

Books are changing too. I'm thinking about a new one, and I'm looking first at forms. Tom Friedman [a New York Times columnist] and I had a three-hour dinner with Jeff Bezos [the CEO of Amazon] this summer about the range of choices now available in electronic publishing. It was just before his [Bezos's] purchase of the Washington Post was announced. Not a peep from him -- Tom and I laughed what ace reporters we were.

If you were 20 again, would you still head toward TV?

I might go to work for Bloomberg because they've got so much range. They're on television, they're digital, they're business, they're political. They're the biggest presence in Washington. But I seem to have the tools for exactly what I've been doing for 50 years, so I'd probably do it again.

Is news too fast now?

Look at all the tweeting stuff. My wife and I were in an auto accident [in 2009]. It could've been very serious for us. Tragically, a woman was killed. The next day, when you typed in our names in Google, there were about 200 websites referring to the accident.

Whereas 20 years ago ...

The auto accident would've gotten a line or two in the Daily News, and that would've been it. But not 200 hits. And then everybody's invited to comment!

Part of that isn't increased curiosity -- only technology enabling its fulfillment, no?

No, the web has created it.

Are you described the new world or lamenting it?

It is a reality, and I'm lamenting it. But I'm also embracing it. I'm not going to turn things back. What's missing is dialogue among us. There isn't a nanosecond between what happens and what people say about it and then a reaction to that. I would like to see more use of the digital universe for fact checking, for contemplative discussion.

LINDSAY LOHAN AND THE TODAY SHOW

Have you relented on the matter of White House Correspondents Dinners?

Are you kidding?

I'm just checking. So you didn't go this year?

[Laughs.] No. I hate it in a way that I can't adequately convey. I have a reasonably manageable ego, but I can't believe people see this as a wonderful exercise. It's so repulsive and so antithetical to who we should be. It's astonishing. It really is.

Do you find yourself revisiting this issue a lot?

I had a memorable moment during a dinner in my early days. It was a different culture in the ballroom, with people who had something to say: Lee Iacocca on my right and P.X. Kelley, the commandant of the Marines, on my left. Across from me was Philip Hart from Michigan, one of the last of the great senators. We were having a good time, laughing back and forth. And he looked at me and said, "Mr. Brokaw, how old are you?" And I said, "I'm 33." And he said, "That's just great." It was a snapshot of a moment. You don't have those anymore, where a senior senator says to a young correspondent, "I want to know a little bit more about you."

Now you can have Lindsay Lohan saying so!

I mean, how much worse can it be than to get Lindsay Lohan?

Any thoughts on the current travails of Today?

Yeah, but I'm not going to share them with you. [Laughs.] You think things are tough now? When I took it over in 1976, it had been a monopoly for 25 years. They had not changed a writer or producer or concept. And then Good Morning America came along. I was a traditional newsman. Jane Pauley [the new co-host] was, you know, barely out of college. I remember one morning we had a harpsichordist on in a long gold brocade dress. And even I understood this wasn't how you produce a morning show.

What happened?

We went down hard. GMA took over. And then Steve Friedman came in [as executive producer] and said we'll get this thing back on top. Politics is probably my strongest suit, and we caught the wave going into [Ronald] Reagan's election in 1980.

Are Today's problems cyclical?

They're not. But it's like fashion or music. You lose your touch. I talk to the staff about it. The other day they were really hot. You had Matt [Lauer] on with a really good interview with Justin Timberlake. And they had Sting in the studio doing a song. They're retooling, and they'll be back.

Better than a harpsichord?

Yeah, better than the harpsichord.

Do you watch The Newsroom on HBO?

A little bit. It's a well-scripted show, but I don't think it touches what we do. It's Aaron [Sorkin's] wish that newsrooms would behave that way.

What do you read every day?

I'm a hopscotcher -- I read around. I Google a lot of stuff. I don't read print newspapers as much as I used to. Politico. Sometimes Redstate and BuzzFeed. I've got to stop the middle-of-the-night reading because it's just too easy to wake up and reach over and get your iPad and get hooked.

You retired in 2004 at 64. In retrospect, was it the right call?

When I left, part of the reasoning was seasonal. I wanted to be able to go pheasant hunting in the fall, which is a sweeps period, and I couldn't take days off in the middle of the week. I wanted to go fishing for steelhead in British Columbia, biking in New Zealand. This year alone we were in Africa for a week, and trips to Argentina, Chile, and Antarctica. And we spend a lot of time in Montana. I didn't want to wait until I was 75 or 85. My back was a reminder that time is catching up with me. [That back pain was the key indication of the onset of multiple myeloma.]

How are you doing with your health?

I'm encouraged with the progress I'm making in treatment. But I do want to keep it a private matter.

THE GREATEST GENERATION

Why did you get interested in writing about the military?

I wasn't actually there on the 40th anniversary of D-Day. I was on the beach a little earlier. Sam Gibbons, a congressman from Florida, came over to me and pulled out a cricket that the 101st Airborne carried. It went click, click. Gibbons said, "I was here 40 years ago." And I said, "Tell me what happened." As he did, tears started streaming down his face. His wife came over and said, "Sam, you don't have to do this." He said, "Yes, I do." He told stories the next half-hour she'd never heard before.

That was the impetus for The Greatest Generation?

It took me a while. I started collecting these stories. I was scheduled to write another book for Random House but told them, "I have this other idea." And they said, "Stop what you're doing and do that."

It was an epiphany?

It was. In fairness, I road-tested it. I did it in commencement addresses several times. It was at Yale Class Day that I called it "The Greatest Generation."

Your phrase?

Totally my phrase.

Why did the book work so well?

Ken Burns has the best line about me. He said, "You gave them permission to talk."

Why are people comfortable with you?

I've never understood it. I think Midwesterners -- the Johnny Carsons, the Harry Reasoners -- do well because we grew up in the middle of the country. We look both ways, east and west, north and south. [Someone] said I have an affidavit face -- "You look at it and know he's telling you the truth."

THE VOICE

Who does the best Brokaw imitation?

Ed Helms, the guy who used to be on Jon Stewart. I don't even know him. One night Letterman turned to him and said, "Say it: 'Meredith and I want you to come visit us at the ranch, David.' " He did me pitch-perfectly.

I can't remember Peter Jennings ever being done.

Mine is distinctive. It's gotten me where I am. I can't complain. To top of page

First Published: March 20, 2014: 9:40 AM ET


22.17 | 0 komentar | Read More

Yellen spoke, stocks listened

Dow 10

Click for more market data.

NEW YORK (CNNMoney)

The Dow Jones industrial average, the S&P 500 and the Nasdaq edged higher in morning trading, recovering from earlier weakness.

Investors are still digesting the outcome of the Federal Reserve's policy meeting Wednesday -- the first under the direction of chair Janet Yellen.

The official statement was as expected: The Fed will continue reducing its bond buying in April and the central bank will now base its interest rate policy on inflation data and a broad array of labor market indicators, instead of the unemployment rate alone.

But investors seized on a passing remark Yellen made during a press conference following the meeting. While the Fed plans to keep interest rates near zero for a "considerable period" after its bond buying program ends this fall, Yellen suggested that period could amount to just six months.

"Some clumsy moments at the podium by the new Fed Chair led to a more tumultuous day for the markets than many had expected," said Mike Wallace, an economist at Action Economics. Investors were also caught off guard by new forecasts from hawkish Fed officials about when a potential rate hike could occur, he added.

European markets were moving down in afternoon trading Thursday, while Asian markets closed with losses.

Related: Fear & Greed Index still in neutral

But while the stock market took a hit, the dollar rallied as a result of Yellen's comments and "the fact that the Federal Reserve sounded more hawkish than expected," according to Marc Chandler, currency strategist for Brown Brothers Harriman, who titled his market report, "Dollar rally as Yellen lays an egg."

The Chinese yuan hit a one-year low against the dollar.

Related: CNNMoney's Tech30

In economic news, the U.S. government said initial claims for unemployment benefits rose last week. An index of manufacturing activity by the Federal Reserve Bank of Philadelphia bounced back in March. The National Association of Realtors said rising prices and cold weather weighed on sales of existing homes in February.

In corporate news, Homebuilder Lennar (LEN) issued a strong report and said new orders in the latest quarter rose 10%. But the stock fell in early trading. Shares of other residential construction companies were also lower, including KB Home (KBH), D.R. Horton (DHI) and Hovnanian (HOV)

Shares of companies that make 3D printers fell after ExOne (XONE) reported a larger-than-expected loss and issued an outlook that disappointed investors. 3D Systems (DDD)and Voxeljet (VJET)were caught in the downdraft.

Burlington Stores (BURL) reported a quarterly jump in same-store sales and adjusted net income year-to-year. Shares of Guess (GES) fell after the apparel maker's revenue forecasts fell below analyst expectations. Dow company Nike (NKE, Fortune 500) will report after the market closes. To top of page

First Published: March 20, 2014: 9:44 AM ET


22.17 | 0 komentar | Read More

GM names new safety chief after string of recalls

Written By limadu on Selasa, 18 Maret 2014 | 22.16

mary barra

GM CEO Mary Barra has named a new safety chief at the automaker, which is reeling from problems with a recall.

NEW YORK (CNNMoney)

Jeff Boyer, who has been with the company for 40 years in a wide range of engineering and safety positions, will hold the new post. He'll report to the company's vice president of global vehicle engineering. This is the first time the company's top safety executive has been this high on GM's organizational chart. He'll have considerable access to the company's leadership.

CEO Mary Barra, who promised Monday to change the way that GM handles recalls, said Boyer's new job will be "to quickly identify and resolve product safety issues."

Related: GM recall - 10 things you need to know

GM has been harshly criticized after admitting that its engineers were aware of a problem with ignition switches as early as 2004, but did not order a recall of 1.6 million vehicles worldwide until February of this year.

Barra conceded Monday that "something went wrong with our process in this instance and terrible things happened."

Related: GM recalls another 1.5 million vehicles

Boyer, 58, was working in the company's purchasing department when the ignition switch problem was first discovered in 2004.

Since 2011, he has been executive director of engineering operations and systems development. Immediately before that, he was responsible for the performance and certification of GM vehicle safety and crashworthiness. To top of page

First Published: March 18, 2014: 10:00 AM ET


22.16 | 0 komentar | Read More

Mt.Gox is back ... sort of

bitcoin mt gox

Bitcoin exchange Mt.Gox, which halted operations last month, is back online.

NEW YORK (CNNMoney)

Mt.Gox had been one of the leading exchanges for the virtual currency. But last month it went bankrupt and halted operations, with hundreds of millions of dollars' worth of bitcoins gone missing.

The site is not letting customers trade or make withdrawals from their accounts. Mt. Gox says customers can and should check their account balances. But that doesn't mean they'll be able to recover any of those funds during the upcoming bankruptcy proceedings.

Related: I lost money with Mt.Gox

"This service is provided on this site only for the convenience of all users," said a notice on the Mt. Gox website, which went on to say that the amount listed is not an acknowledgment by Mt.Gox that customers are owed that amount. It also said the method for filing claims will be published on the site soon.

How Mt.Gox went down

Mt.Gox filed for bankruptcy in Japan on Feb. 28, with debts totaling $64 million.

Three weeks earlier it had halted withdrawals from customer accounts after discovering that its trading platform was under attack by hackers.

Trading was halted and the site shut down a few days before the bankruptcy filing. Earlier this month, a federal judge temporarily froze the U.S. assets of Mt. Gox CEO Mark Karpeles. To top of page

First Published: March 18, 2014: 10:00 AM ET


22.16 | 0 komentar | Read More

Google, Viacom settle YouTube lawsuit

google youtube

Viacom sued Google unit YouTube in 2007, seeking more than $1 billion for unauthorized video uploads from "The Daily Show with Jon Stewart," and other programs.

NEW YORK (CNNMoney)

The two companies announced the resolution of the seven-year-old case in a statement on Tuesday. They did not release the terms.

Viacom originally filed suit in 2007 against YouTube, a unit of Google (GOOG, Fortune 500), seeking more than $1 billion in damages for unauthorized uploads of video clips from "The Daily Show with Jon Stewart" and other programs on Viacom (VIA) channels.

Viacom's lawyers argued that YouTube profited from illegal clips. Google's lawyers argued it abided by provisions under the Digital Millennium Copyright Act and removed unauthorized videos, when notified.

Related: Get ready for "over-the-top" TV

Since the lawsuit was filed, YouTube has become the world's largest video-sharing web site and also a partner to major media companies, including Viacom.

The futures of companies like Viacom are increasingly intertwined with technology giants like Google, which the two parties acknowledged.

"This settlement reflects the growing collaborative dialogue between our two companies on important opportunities, and we look forward to working more closely together," the statement said.

Viacom and Google have separately both shown interest in delivering a bundle of cable channels via the Internet, a concept known as "over the top TV." The two also have shared interests in various advertising and technology innovations.

Viacom has not had much luck in the courts and is in the process of appealing some of the setbacks. Oral arguments on this case were slated for Monday.

In the settlement, neither company will pay any money to the other, according to a person with direct knowledge of the terms, who insisted on anonymity because the companies had agreed to not publicly discuss the terms.

It could be interpreted as a victory for Google, given that Viacom had originally sought $1 billion in damages. To top of page

First Published: March 18, 2014: 10:01 AM ET


22.16 | 0 komentar | Read More

Heineken and Sam Adams boycott St. Patty's Day parades

Written By limadu on Sabtu, 15 Maret 2014 | 22.17

sam adams beer

Heineken and Sam Adams are withdrawing their sponsorships of St. Patty's Day parades in New York City and Boston.

NEW YORK (CNNMoney)

Sam Adams, owned by Boston Beer Co (SAM), will no longer be sponsoring the parade in Boston on Sunday, while Heineken (HEINY) has pulled its sponsorship from the New York City parade on Monday.

"We believe in equality for all," a Heineken USA spokeswoman said.

Sam Adams said it had tried to convince Boston's parade organizers to modify their rules and allow LGBT groups to march.

Related: Obamacare will cover same-sex spouses

"We were hopeful an agreement could be reached to allow everyone, regardless of orientation, to participate in this parade," the company said in a statement. "However, given the current status of the negotiations, this may not be possible."

The South Boston Allied War Veterans Council, which is organizing the parade, said in a statement on its website that it is not opposed to LGBT (lesbian, gay, bisexual and transgender) people, it just doesn't allow sexual orientation to be displayed.

Related: Chick-fil-A CEO's equality award sparks backlash

It said lesbian and gay veterans who had wanted to march as part of an LGBT veterans group could still march in the parade under the condition that they wouldn't identify themselves as gay with signs or t-shirts.

"We invite all to join us to celebrate this historic event, but we must maintain our guidelines to insure the enjoyment and public safety of our spectators," the group stated.

Even the cities' mayors have reservations. New York Mayor Bill de Blasio is boycotting the parade, while Boston Mayor Martin Walsh is reportedly trying to convince organizers to change their policy before he makes his final decision. To top of page

First Published: March 14, 2014: 6:01 PM ET


22.17 | 0 komentar | Read More

Weibo: China's Twitter files to go public

weibo ipo

Weibo, a Chinese microblogging site, filed for an IPO in the U.S. on Friday.

NEW YORK (CNNMoney)

The Beijing-based social media company intends to list on the New York Stock Exchange and is looking to raise $500 million.

Weibo, owned by Sina Corp. (SINA), was profitable for the first time in the last three months of 2013, raking in $3 million. The results were boosted by a 163% surge in ad revenues to $56 million.

Most of the company's revenue comes from ads since it does not charge users, except for VIP memberships.

Weibo has been growing -- active daily users numbered 61.4 million at the end of December, up from 58.9 million in September.

Related: Weibo IPO should be turning points for Sina

It had about 129 million monthly users in December. Weibo has some catching up to do -- by comparison, Twitter (TWTR) averages 241 million monthly users and went public last November.

Friday's regulatory filing did not disclose the number of shares to be sold or the price range for those shares. To top of page

First Published: March 14, 2014: 7:06 PM ET


22.17 | 0 komentar | Read More

Crimea: Economic fallout of a 'yes' vote

ukraine crimea map

Crimea is voting on Sunday in a referendum to decide if the region should break from Ukraine and join Russia.

LONDON (CNNMoney)

The West has called the vote illegal, saying Russian military activity in Crimea violates Ukraine's sovereignty and will influence the outcome of the referendum.

U.S. and European leaders say Russia will pay a price for annexing Crimea, and German Chancellor Angela Merkel has warned of a potential "catastrophe."

Related: Live coverage of the crisis in Ukraine

If, as expected, Crimeans choose Russia over Ukraine, the fallout could ultimately affect economic growth, trade, investment and energy supplies.

Sanctions: Western powers may move as early as Monday to impose sanctions against leading Russians.

Europe and the U.S. would probably limit restrictions initially to travel bans and asset freezes on select individuals close to Russian President Vladimir Putin. Russia has said it will retaliate in kind.

The focus on individuals, rather than Russian companies or trade, reflects concern that a new Cold War could hurt the region's fragile economic recovery.

Russia's economy: While sanctions would hurt both sides, Russia would suffer much more than the West, analysts say. The European Union's exports to Russia account for 1% of EU gross domestic product. Russian exports to the EU are worth nearly 15% of Russian GDP.

Former Russian Finance Minister Alexei Kudrin, now an economic adviser to Putin, said even limited sanctions would hit foreign and domestic investment in Russia. Western banks are already shutting off credit lines. Kudrin was quoted by Russian media saying the economy may not grow at all this year as a consequence of the current tension.

Russian markets are reeling. The main stock market index has fallen by roughly 20% this year, and the ruble has plunged to record lows against the dollar. Investors pulled $33 billion out of the country in January and February, and that figure could hit $55 billion by the end of March, according to Russian investment bank Renaissance Capital.

Russia will also face a hefty bill for supporting Crimea. The region currently depends on Ukraine for roughly 70% of its budget, 90% of its water, and most of its energy and food supplies.

"It will be a great problem for [Russia] to supply ... all these necessary daily products for the population," said Yaroslav Pylynskyi, a director at the Woodrow Wilson Center.

Helena Yakovlev Golani from the University of Toronto estimates Russia will want to commit roughly $10 billion annually over the next five years to build infrastructure, support pensions and pay social benefits to the region's 2 million people.

Energy supplies: As long as the crisis doesn't spill over into other parts of Ukraine, analysts believe a full scale trade war should be averted and Russia will keep pumping critical supplies of energy to Europe.

In its weakened economic state, Russia can't afford to lose export revenues. And the threat of a suspension of gas supplies is less potent than the last time it happened -- in 2009 -- because European gas stockpiles are higher and the weather is getting warmer.

Related: 4 reasons Russia will keep gas flowing

Europe's economy: European markets could suffer modest and short-lived losses from the chill in relations with Russia, given close business and trading ties. Germany would be most exposed -- it has more than 6,000 companies active in Russia.

Still, economists expect the fallout to be contained. Berenberg's Holger Schmieding said the hit to Germany's economic growth would be at most 0.1% to 0.2% over the next 12 months, assuming the crisis is limited to Crimea. That would leave the European recovery intact.

Ukraine: With or without Crimea, Ukraine will need billions in financial support over the next few months to get back on its feet.

The EU has offered Ukraine $15 billion over the next two years, in the form of loans, grants, investments and trade concessions. The U.S. has promised $1 billion in loan guarantees, and the World Bank is talking about backing infrastructure and social security projects worth $3 billion.

A team from the International Monetary Fund has been on a fact-finding mission in Kiev since March 4. The IMF said Thursday the team would stay until March 21 to begin negotiations on a program of support and economic reform.

-- CNN's Isa Soares contributed to this report. To top of page

First Published: March 15, 2014: 7:54 AM ET


22.17 | 0 komentar | Read More

Create jobs, save a cow

Written By limadu on Jumat, 14 Maret 2014 | 22.16

shanley knox 2

Shanley Knox, left, and Florence Okunim, a Ugandan artisan.

NEW YORK (CNNMoney)

Raised an evangelical Christian in Northern California, Knox spent several summers in college writing for a faith-based aid organization in Uganda. But she soon became disillusioned with religious-based charity work.

"There was a discrepancy between what the locals wanted and what was being given to them," she said.

So she decided to start her own business selling Ugandan-made products to consumers in the West.

She started with paper beads. Now she's getting much more ambitious.

With Ugandan-born business partner Olivia Byanyima, she formed Olivia Knox, which aims to make and market jewelry, eyeglass frames, dishes and other products made from the horns of a revered Ugandan cow.

"I felt like partnering with locals was the most effective way to help people," said Knox. "And I can start a career for myself."

Related: Handbag company lifts Pakistani women from poverty

The company is brand new -- it just incorporated in February -- and started with just $7,000, mostly from family members and an Indiegogo campaign.

Currently, the company contracts with a local Ugandan factory and a government-run incubator where artisans make similar goods. Sales are modest so far. The firm has three jewelry accounts -- in Canada, Ireland and the United States -- that brought in maybe $1,000 last month.

But the plan is to go after luxury fashion and eye wear businesses, where exotic cow horn frames can cost up to $15,000 a pair. They are currently exploring partnerships with French and Chinese firms. Knox, who's based in New York City, spends much of her time courting fashion designers. She says at least a half a dozen are interested in the products.

Once they have more buyers, they plan to open their own factory in Uganda, possibly with the same artisans and workers who currently make the goods. The aim is for conditions in the factory to be much better than those in many other local facilities.

This is part of a big emphasis on social responsibility. Knox said they plan to hire 10 local women who will be paid a living wage -- which she said is about $200 a month, or twice as much as many garment workers make. They are also working to join a United Nations program focused on empowering women.

Much of this social responsibility focuses on the cows, known as Ankole, which are slaughtered for their meat in Uganda while the horns are underutilized.

ankole cow

A measurement of wealth

For centuries, the cows, which are native to Africa, played a pivotal role in the nomadic Bahima Tribe, which Byanyima was born into. The people lived off their meat and dairy, and the animal became ingrained in the tribe's music and folklore. It's still exchanged at weddings (the price for Byanyima's hand in marriage: 14 cows), and is a measurement of wealth. Wearing the cow's horn is thought to be an aphrodisiac and bestow other special powers.

Despite this -- and its large, colorful horns -- the breed is in danger. Other cows produce more milk, so local farmers are cross breeding the Ankole with breeds like the Holstein, which eventually eliminates their horns.

"If these cows become extinct, my culture will go with them," said Byanyima, 34, who has an MBA from Columbia University and runs the finance side of the business.

The hope is that by increasing the value of these horns, farmers will have an economic incentive to keep the breed pure.

Byanyima, who's been in the United States since 2003 and previously worked in finance, met Knox at a fundraising party last fall. She's quick to note the contrasting career paths of the two of them.

"I came to the United States to figure out a life for myself, and she's doing the reverse," said Byanyima. "You don't think to look for opportunity in Africa, but it's there." To top of page

First Published: March 14, 2014: 10:22 AM ET


22.16 | 0 komentar | Read More

Madoff employee trial nears the end

madoff employee george perez

Guilty or not guilty? George Perez, former computer programmer for Bernard Madoff, and his four ex-colleagues will soon learn their fate.

NEW YORK (CNNMoney)

The case of Dan Bonventre, Joann Crupi, Annette Bongiorno, George Perez and Jerome O'Hara is expected to go to jury Friday at a federal district court in New York. They're accused of helping Bernard Madoff steal $20 billion from thousands of investors with his long-running Ponzi scheme. The charges they face include conspiracy to commit securities fraud.

All the defendants have pleaded not guilty. They say they didn't know that Madoff's firm was a front for a pyramid-style scheme, despite working there for many years.

Prosecutor Randall Jackson slammed that claim on Thursday, saying the defendants were willing participants in Madoff's fraud. He dismissed the notion that the employees knew nothing about the malfeasance as "an absurdity."

Jackson drew a comparison between the willingness of Madoff employees to turn a blind eye to the fraud and children pretending to believe in Santa Claus.

"Even after kids realize there's no such thing as flying reindeer, some act like they still believe," said Jackson, "because they like getting all those presents."

Related: Madoff said he was 'surrounded by idiots and assassins'

But in closing arguments, Dan Bonventre's defense attorney Andrew Frisch reminded the jurors that while they're looking at the Ponzi scheme with the benefit of hindsight, Madoff employees couldn't.

"You wonder, if you had lived in Madoff's world, if you would have seen it," Frisch said. "So many people were taken in by the toxic cocktail of Bernie Madoff's stature on Wall Street."

Bonventre spent 40 years working for Madoff, and testified last month that he was as fooled by Madoff as any of the victims. He said Madoff went to great lengths to maintain his image as a magnanimous Wall Street wizard who cared about his employees.

"None of that was real," Bonventre testified. "Now I think [Madoff] was a terribly ill man. It's difficult to reconcile everything I knew about him for 40 years with everything I know now."

Related: Five things you didn't know about Madoff's epic scam

Another former employee, Annette Bongiorno, testified that she spent years recording trades for Madoff that didn't exist, without truly understanding what she was doing.

"He told me what to do," she said. "I typed."

Federal prosecutors have spent years picking apart the claim Madoff made during his 2009 guilty plea that he acted alone.

Another former Madoff colleague, Frank DiPascali, Jr., served as a star witness for the government and provided details about the fraudulent firm's machinations.

DiPascali pleaded guilty to fraud and admitted to cooking the books during his 33 years at Madoff's firm.

"We were lying," DiPascali said on the stand. "I'm talking about trades that ... actually didn't exist."

But defense attorney Frisch dismissed DiPascali as a "pathological liar" and therefore unreliable on the stand, since his prime motive is to win a reduction in his prison sentence.

Related: Prison exclusive: Bernie Madoff can't sleep

DiPascali has yet to be sentenced.

Madoff was sentenced to 150 years and he is currently incarcerated in a federal prison in North Carolina. He is scheduled for release in 2139. To top of page

First Published: March 14, 2014: 10:59 AM ET


22.16 | 0 komentar | Read More

Stocks little changed as caution remains

Dow 10:30

Click the chart for more markets data

NEW YORK (CNNMoney)

Investors are bracing themselves for Sunday's referendum in Crimea, where voters will decide whether to break away from Ukraine and join Russia. Ukraine and the West have described the vote as illegal. They have accused Russia of violating Ukraine's sovereignty and are threatening sanctions. The Dow Industrials fell 231 points on Thursday on jitters about the effects of the sanctions.

Russia's benchmark index fell more than 2% Friday, taking losses for the year so far to nearly 19%. The ruble weakened further against the dollar. Russian markets have been hit hard by fears that the crisis will deter foreign investment and wipe out growth this year.

The Nikkei in Japan dropped by 3.3%. Recent poor export figures from China have sparked worries about the pace of growth in the world's second biggest economy and has sent some investors to seek safety in Japan's yen.

Related: 4 reasons Russia will keep gas exports flowing

In corporate news, shares of Aeropostale (ARO) plunged after the retailer reported a bigger-than-expected loss and drop in revenue for the most recent quarter. It plans to close 52 stores this year.

General Mills (GIS, Fortune 500) shares were also lower. The maker of Cheerios and Yoplait yogurt warned that third quarter profits would be below Wall Street forecasts.

Shares of Liberty Media (LMCA)are climbing after the company said that it was no longer making an offer for all of Sirius XM. (SIRI)Liberty currently own 53% of the satellite radio provider.

And shares of Castlight Health (CSLT)are soaring in their market debut. The healthcare software company priced its initial public offering at $16 and surged 150% to about $40 in late morning trading. To top of page

First Published: March 14, 2014: 9:40 AM ET


22.16 | 0 komentar | Read More

Starbucks' app to allow barista tips

Written By limadu on Rabu, 12 Maret 2014 | 22.17

starbucks tip app

Starbucks' new app allows customers to make digital tips for the first time.

NEW YORK (CNNMoney)

The new version of the app, due out March 19, will give customers a choice between no tip, 50 cents, $1 or $2 when checking out. They can add the tip up to two hours after they make the purchase.

Until now, customers using either their mobile phone app or credit or debit cards to pay could not include a tip on their bill. About 10 million customers have already downloaded the Starbucks app, which accounts for about 11% of in-store purchases.

Related: Apple issues fix for security risk

Making payments will also be somewhat easier in the new version. Once the app is open, all a customer will have to do to reach the pay screen is shake the phone, rather than page through the various menus to get to the bar code.

Related: Starbucks baristas must share some tips

Starbucks spokeswoman Linda Mills said the new app is being debuted for iPhones. Other versions, such as those for Android phones, are due out soon.

The Starbucks app, while very popular with customers, caused some negative publicity for the company in January after it was revealed it left customers' passwords open to attack. The company announced a software fix the next day. To top of page

First Published: March 12, 2014: 10:36 AM ET


22.17 | 0 komentar | Read More

Big Wall Street bonuses are back

wall street new york stock exchange

Wall Street bonuses jumped 15% from last year to their highest levels since 2007.

NEW YORK (CNNMoney)

The average bonus per employee in New York City's financial services industry grew by 15% to over $164,000 last year, according to a report from New York State Comptroller Thomas DiNapoli released Wednesday.

Of course, many rainmakers in the business do bring home millions of dollars a year, the bonus pool also includes employees such as secretaries and back office staff that make far less in annual salaries.

But the total bonus pool, which came to $26.7 billion, is the largest since 2007, DiNapoli said. It includes 2013 cash bonuses as well as deferred compensation from prior years.

Wall Street has roared back since the depths of the financial crisis. Shares of Goldman Sachs (GS, Fortune 500), Morgan Stanley (MS, Fortune 500), Bank of America (BAC, Fortune 500), Citigroup (C, Fortune 500) and JPMorgan Chase (JPM, Fortune 500) are well above the lows they hit in March 2009.

But the business has changed. Regulatory reforms since then have led to the shuttering of many once-lucrative trading desks at the big firms.

And banks are still cutting back on the number of workers on their payrolls. DiNapoli said there were 165,000 employees on Wall Street as of December 2013, nearly 13% less than before the market's meltdown.

See also: AIG CEO: 'I'm sorry' for lynching comparison

But before you take out your pitchforks to go occupy Wall Street, it's important to note the tax revenue the sector generates for the city and state of New York.

DiNapoli estimated that New York City collected $3.8 billion in taxes last year from activities directly related to the industry, a 27% bump from the previous year. That was 8.5% of the city's total tax collection.

At the state level, the windfall is even greater: New York took in $10.3 billion from the financial industry last year, or 16% of all state tax revenue.

However, that figure is still down from before the recession, when New York relied on Wall Street for 20% of its tax revenue.

To top of page

First Published: March 12, 2014: 10:59 AM ET


22.17 | 0 komentar | Read More

4 reasons Russia will keep gas flowing

europe gas exports

Germany, Turkey and Poland were the biggest importers of Russian gas in Europe in 2013, according to Gazprom. Russian gas imports account for about 44% of Germany's annual consumption.

LONDON (CNNMoney)

Moscow last interrupted exports to Ukraine and the European Union in January 2009 after failing to agree prices and transit tariffs with Kiev, creating a humanitarian emergency in parts of the Balkans and economic problems in countries such as Hungary and Slovakia.

Roughly half of Europe's gas from Russia is piped through Ukraine.

Ukraine is facing economic turmoil and its new pro-European government is under pressure from Russian troops mobilizing in its southern region of Crimea. It is struggling to pay its bills and owes Russia's Gazprom about $2 billion, arrears that are growing daily.

Gazprom has said it will cancel a discount on gas to Ukraine from April 1, and warned of a repeat of the 2009 crisis unless the debts are paid.

Moscow could also order the taps to be turned off as retaliation for Western sanctions. G7 leaders warned Russia again Wednesday not to annexe Crimea or face "further action, individually and collectively."

But history may not repeat itself. Here are four key reasons why Russia's threat may prove to be empty this time around.

Economy: Russia's weakening economy is heavily reliant on exports of oil and natural gas, with energy accounting for roughly 70% of annual exports. The consequences of a stoppage could be far more devastating to Russia than anyone else.

The Russian government is already forecasting that overall exports will decline by roughly 2% this year, and a gas disruption would make matters worse.

Gazprom's gas exports are worth about $66 billion a year, roughly 13% of total Russian exports of $515 billion. They also account for 5% of tax revenues.

Russia's economy is weaker than it was in 2009. Gross domestic product grew by about 1.3% last year compared to 3.4% in 2012. Many forecasters were expecting a slight upturn in 2014 but the standoff with Ukraine may mean it struggles to grow at all this year, according to some analysts.

Related: Russia paying price for Ukraine crisis

Warmer weather: Spring has sprung. As the weather gets warmer, demand for natural gas to heat homes wanes.

Officials know any disruption to natural gas supplies would not have the same impact as in 2009 when supplies were cut in the middle of winter.

Eurasia Group's Russian energy analyst Emily Stromquist expects that if Russia were to cut supplies, the disruption wouldn't come until April, when a new natural gas contract with Ukraine is due to be signed.

Natural gas stockpiles: A warmer winter in Europe has allowed countries to build their reserves of natural gas, leaving them better able to cope with any short-term supply disruption.

Oswald Clint, a senior analyst at Sanford Bernstein, estimates that if Russia halted gas exports right now, European inventories would keep the region going for over a month -- more than double the length of the 2009 outage.

The latest data from Gas Infrastructure Europe, which represents pipeline operators, shows stockpiles are roughly 47% of total capacity, higher than at the same time over the previous three years.

Related: Why Europe will balk at Russian sanctions

The threat of shale gas: European leaders are already looking to reduce their dependency on Russian energy by developing alternative sources such as shale gas.

And while the shale gas industry is still in its infancy, any further disruption to Russian supplies would simply give impetus to energy diversification efforts and boost the strong growth projected over the next decade.

"It would be counterproductive to Russia in the long run because it would encourage other countries to wean themselves from Russian gas," said Pavel Molchanov, an energy analyst at Raymond James.

"Gazprom is a huge cash cow for the Russian government. If in five to 10 years, eastern Europe no longer needs to buy as much natural gas from Russia as they do now, Russia will suffer in the long run," said Molchanov. To top of page

First Published: March 12, 2014: 11:01 AM ET


22.17 | 0 komentar | Read More

Once bankrupt, Vallejo still can't afford its pricey pensions

Written By limadu on Senin, 10 Maret 2014 | 22.17

vallejo police

The Vallejo police force, shown at a crime scene last year, remains "woefully understaffed" several years after bankruptcy, according to City Manager Dan Keen.

NEW YORK (CNNMoney)

The main culprit: Ballooning pension costs, which will hit more than $14 million this year, a nearly 40% increase from two years ago.

Amid threats of legal action from the state's pension giant, CalPERS, Vallejo did little during its nearly three-year stint in bankruptcy to stem the growth in its pension bills.

As a result, Vallejo continues to dole out large sums of money for retirees. Except for new hires, Vallejo's police and firefighters can retire at age 50 with as much as 90% of their salary -- for life. Public safety workers who retired in the last five years have average annual pensions of more than $101,000.

And the pension costs are expected to continue to rise, with a projected increase of up to 42% over the next five years.

Related: Detroit retirees sound off on possible pension cut

Moody's recently warned that Vallejo's pension obligations could force it to file for bankruptcy protection a second time. The credit rating agency said the city offers a cautionary tale for two other California cities teetering on the brink: San Bernardino and Stockton.

Vallejo City Manager Dan Keen counters that the city's financial position isn't as bleak as Moody's says. He said the city is in a much "better place" than when it filed for bankruptcy, in part due to a 1% sales tax hike that is funding new city services, like the installation of new surveillance cameras aimed at improving public safety.

In addition, employee concessions, such as a 5% pay cut for police, will allow the city to fill this year's projected $5.2 million budget shortfall, he said.

Still, Keen said pension costs are a major concern.

"If we don't resolve those costs, then we're going to see services continue to suffer," said Keen, who has led the city since 2012. "We're going to have to cut somewhere."

A lot of cuts have already been made.

Vallejo's roads are littered with potholes. Three of its nine fire stations remain closed. And its police force is down by almost 40% -- though Keen says there are plans to hire more officers this year.

Crime has surged, with more than two dozen homicides last year, compared to only seven in 2006. Burglaries are also on the rise. Residents maintain neighborhood watch groups, but the crime is taking a toll.

"Some people in my neighborhood are voting with their feet and leaving Vallejo," resident Russell Zellers wrote in a 2013 letter to City Hall. "If things continue along the present course, I may not be far behind them."

Related: Retired union workers facing 'unprecedented' pension cuts

In the fatter years, Vallejo enjoyed a housing boom like many California cities. Flush with property tax revenues, city leaders approved increases in salaries and benefits for city workers. Police officers and firefighters were earning six-figure salaries, even before overtime.

As costs grew, city officials began dipping into the city's cash reserves to pay the bills. Then, in May 2008, after a wave of foreclosures caused property tax revenue to plummet, the city could no longer afford the generous salaries and other benefits it was paying and was forced to file for bankruptcy.

To help cut its debt, the city slashed retiree health benefits and the interest payments it paid to banks. It also cut pension benefits for new hires and raised the amount current workers must contribute to their pensions. But it did not attempt to cut pension benefits for current workers and retirees, a move that can only be attempted during bankruptcy.

In its report, Moody's blamed the state's pension giant CalPERS for Vallejo's lack of action.

CalPERS, which manages $277 billion in retirement assets for more than 1.6 million workers and retirees, has repeatedly argued that pension benefits are protected by California law. It says it is an "arm of the state" and should therefore be exempt from bankruptcy proceedings -- meaning it should get paid in full while other creditors could get pennies on the dollar.

Workers and retirees say their pensions were promised through employment contracts and they shouldn't be penalized for the city's bad planning.

Related: Pensions ask retirees to pay back tens of thousands

So far, no bankrupt California city has ever challenged CalPERS over pension cuts. CalPERS did not respond to a request for comment.

Vallejo's bankruptcy was likely only a short-term fix to its financial problems, said Michael Sweet, a California-based bankruptcy attorney at Fox Rothschild LLP.

"The problem will continue to fester until people face up to the fact that the money available is less than promises made," he said. To top of page

First Published: March 10, 2014: 10:37 AM ET


22.17 | 0 komentar | Read More

Fixing the holes in your 401(k)

401k fixing holes

Employer-sponsored retirement plans are getting better, but they've still got plenty of holes. Here's how to plug them.

NEW YORK (Money Magazine)

Still, shortcomings remain. And some of the fixes that have improved the overall system may actually be impeding your progress.

"You've got be careful," says Rick Meigs, who runs 401khelpcenter.com, an industry website that tracks trends in the retirement marketplace. "There are always unintended consequences."

In the stories that follow you'll learn the various ways that your plan is letting you down. More important, you'll find out how to make the best out of a savings tool that -- holes and all -- is still likely to be your best bet at being able to fund a pleasant and prosperous retirement.

Leak No. 1: Auto-enrollment is a double-edged sword

The push to enroll employees in 401(k)s automatically has generally been praised -- for good reason. Participation rose from 67% in 2005, before these programs began, to 78%, as young workers have been swept into the system. But for long-time savers, auto-enrollment cuts a different way.

Related: How does a 401(k) plan work?

Most companies set aside a fixed pot of money for 401(k) matches and other benefits. As the pool of eligible employees grows, firms can either set aside more or cut the size of the benefits. It's too early to tell how companies will respond in the long run, but a study affiliated with the Boston College Center for Retirement Research found that plans without this feature matched 3.5%, vs. 3.2% for auto-enroll plans.

Calculator: How fast will my savings grow?

Another unintended consequence: Many plans default workers in at a meager 3% savings rate, in part to avoid scaring off new participants. You know that's too little. What you may not realize, though, is that a low default rate for newbies can help "frame" what even experienced hands think is an adequate level of saving. In auto-enroll 401(k)s, those making more than $100,000 sock away 9.3% of their pay, vs. 10.7% for highly paid workers who aren't in such plans.

"People look at the 3% and think, 'That's what the company is recommending. So if I'm saving twice as much, that must be a good thing,' " says Rob Austin, director of retirement research at the benefits consultant Aon Hewitt. Yet even three times the default is probably insufficient, as many planners advise socking away 15% of your pay, including the match.

WHAT TO DO

Make automation work for you. Two in five auto-enroll plans offer a different automated function -- one that boosts your contribution rate over time unless you opt out, according to the Plan Sponsor Council of America. If yours doesn't, you may still be able to opt in to such a tool. Even if you think you're disciplined enough to make these adjustments yourself, sign up just in case.

Bank your raises as you go. At the same time some businesses are cutting their match, many are restoring bonuses and raises. Commit to saving at least a portion of those pay hikes before you get them, says Shlomo Benartzi, chief behavioral economist at AllianzGI.

"People tend to feel the pain of losses more than the pleasure of gains," he says. In this context, money "lost" to savings "feels like a loss." But that won't be the case if you sock the raise away before you ever have a chance to enjoy it.

Is your 401(k) plan letting you down?

Fees: Still paying too much?
Advice could come at a cost
Too few index funds to choose from
401(k) waiting periods take a toll
Company stock is still a problem To top of page

First Published: March 10, 2014: 10:34 AM ET


22.17 | 0 komentar | Read More

Invest $1 million, try for a U.S. green card

NEW YORK (CNNMoney)

Patel is here on an investor immigrant visa -- a controversial program that gives a green card to any foreigner who invests at least $500,000 and creates 10 jobs in the United States.

Next March, he'll have to go before immigration officials and prove he's created the 10 positions or he risks losing the temporary green card he was granted last year.

"The worst-case scenario is I leave," said Patel, 40, who's based in Dallas but originally from the UK. "I guess I could always sell the company."

The investor immigrant visa (officially known as EB-5) has been around since 1990 but has expanded rapidly in the last few years. Over 6,600 visas were issued under it in 2012, according to a recent Brookings Institution report. That's up from just 800 in 2007.

Related: Canada kills investor visa popular with Chinese

Its popularity seems to be driven by an increasing number of wealthy foreigners looking to move to the United States, as well as more people promoting the program abroad, according to Brookings.

But despite its popularity, the program has plenty of critics, especially those who see it as a way for the global elite to buy U.S. citizenship.

Even those who support it think there's too much red tape and believe parts of it are mismanaged to the point of fraud.

Much of the criticism is leveled at a separate part of the program that allows investment in regional economic development funds. There, private entities control and invest the money, with the visa applicant often having little idea of where the money goes -- though they still have to prove they've created jobs.

These private entities have been accused of ripping off investors, and both Brookings and an inspector general's report from the Department of Homeland Security, which oversees the program, recommend substantial management changes.

Most program participants choose this passive investment method, but not Patel.

"I'd have to trust my money to strangers and hope for a return," he said. Instead, he decided to start his own company.

Related: 3,000 Americans ditch their passports

The snack business wasn't new to Patel. After graduating from Babson's MBA program in 2002, he got a job at Stacy's -- then an upstart Boston snack maker. Four years later, Stacy's was bought by Frito Lay for an undisclosed amount. As CFO, Patel paid over a million dollars in taxes that year.

But without a job, Patel couldn't stay in the country.

"There's no visa to just stay in the United States and spend money," he said. So he went back to his native England, where he stayed for four years.

But he quickly realized he wanted to return to the United States.

In 2008, he attended a trade fair in Chicago where food makers were looking for marketers to sell their product. He considered fragrances and powdered drinks before settling on peanuts.

"I thought the category was kind of sleepy," he said. "There wasn't really a strong, fun, branded presence."

In 2011 he launched his brand -- Lord Nut Levington, which has six kinds of flavored peanuts that are sold in major U.S. supermarkets. This April, he'll be featured on ABC's show "Shark Tank."

He has two full-time employees -- an accountant and a marketing chief. Together, they handle product development, marketing and the finances. Everything else -- manufacturing, sales, etc. -- is handled by outside firms.

But Patel is frustrated with the investor visa program. There doesn't appear to be any leeway with his March 2015 deadline to create eight more jobs. And while the government does take indirect jobs into account, there's no way to measure that in advance. And it does not distinguish between minimum wage jobs and his two professional-level positions.

He may hire more people just to meet the requirement, but that would be a burden on his company -- which has yet to turn a profit.

"Maybe I should have opened a cleaning business," he said. To top of page

First Published: March 10, 2014: 10:39 AM ET


22.17 | 0 komentar | Read More
techieblogger.com Techie Blogger Techie Blogger