Ngopi Ngeteh

ABC's Josh Elliott leaving 'Good Morning America' for NBC Sports

Written By limadu on Senin, 31 Maret 2014 | 17.42

ABC's Josh Elliott is taking a new role at NBC Sports, raising questions about morning show staffing.

NEW YORK (CNNMoney)

The move has raised immediate questions about whether Elliott is now in line to take over "GMA's" main rival, the "Today" show.

Officially, no he's not -- the jobs that NBC will soon announce for Elliott will be at NBC Sports, not NBC News, the division that houses "Today." But behind the scenes, top NBC executives are eager to see him on "Today," even though that won't -- and can't -- happen right away, according to people with direct knowledge of the negotiations.

Elliott has a non-compete clause (common in the television industry) in his contract that bars him from co-anchoring "Today" for approximately six months, according to one of the people, who insisted on anonymity because of the confidential nature of contract negotiations.

Regardless, there isn't a job opening at the "Today" show right now. "Today" is still trying to recover from the damage done by Ann Curry's tearful sign-off in the summer of 2012, and the executives who oversee the show are reluctant to reopen old wounds by forcibly replacing another member of the cast.

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

That may partly explain why Elliott's pending deal is only with NBC Sports. The initial, informal conversations between NBC and Elliott's representatives were about both news and sports, according to two of the people with direct knowledge of the talks. One scenario would have had Elliott join the "Today" show in a news anchor role, putting him in line to succeed Matt Lauer.

But the discussions with NBC News were shelved. NBC may not have wanted to risk a destabilizing change at "Today" in the short term, and Elliott may not have wanted to jump directly from one morning show to its arch-rival.

Besides, NBC Sports is a logical next step for him. Elliott was a co-anchor of ESPN's "SportsCenter" before he joined "GMA" in 2011. He won't immediately replace anyone at NBC Sports; instead, he'll contribute to the coverage of "Sunday Night Football," soccer, horse racing and other sports.

Elliott's arrival will stoke speculation that NBC sees him as a younger version of sportscaster Bob Costas, who is famous for his decades of Olympics coverage. The chairman of NBC Sports, Mark Lazarus, told Sports Illustrated last month, "We said after Sochi we would start to think about what life after Bob might be, whether post-Rio, post-Pyeongchang, post-Tokyo, whenever he does not want to do it anymore."

Related: Disney to pay at least $500 million for YouTube video maker

A spokesman for NBC Sports declined to comment on Sunday night, but Elliott's move will be announced by the network early in the week.

In the meantime, Elliott's departure was confirmed Sunday by ABC News, in an internal memo from Ben Sherwood, president of the network's news division.

"Josh Elliott let us know today that he is going to NBC Sports," Sherwood wrote in the memo, which was unusually blunt about the negotiations that had taken place.

Sherwood seemed to affirm earlier press reports that Elliott had wanted a giant raise -- $8 million a year, by some accounts, up from $1.2 million currently.

"As many of you know, we have been negotiating with Josh these past several months," Sherwood wrote. "In good faith, we worked hard to close a significant gap between our generous offer and his expectations. In the end, Josh felt he deserved a different deal and so he chose a new path."

Sherwood said that Elliott would be feted on "GMA" sometime this week. He immediately named a successor in the news anchor chair, Amy Robach, who has already been a regular member of the cast.

Related: Apple eyes partnerships in bid to reinvent TV

The departure of Elliott, who was the show's "hunk" in the eyes of many female viewers, means that "GMA" will have just one man, George Stephanopoulos, alongside four women. Morning show profits are driven by female viewership, and time will tell how the new cast is perceived.

The other man on "GMA," Sam Champion, exited in December and now hosts a three-hour morning show on The Weather Channel.

Elliott's contract was the last of four that ABC sought to renew in the past six months. Robin Roberts, who leads the show along with Stephanopoulos, re-upped a few months ago, and Lara Spencer confirmed last week that she plans to stay on the program.

Of course, defections get more attention than renewals. Champion now occasionally appears on "Today," since The Weather Channel is partly owned by NBC. Sunday's poaching of Elliott seemed, from the outside, like the continuation of a strategy to pick apart the cast of a competitor.

For the moment, though, despite Champion's departure and a temporary surge by "Today" during the Winter Olympics, "GMA" remains solidly No. 1 the morning ratings race. Sherwood internal memo asserted that "'GMA's' best days are ahead."

First Published: March 30, 2014: 9:43 PM ET

17.42 | 0 komentar | Read More

Russia fallout pushes Europe to develop shale gas

LONDON (CNNMoney)

Jose Manuel Barroso, president of the European Commission, the EU's executive body, said growing tension with Russia over its actions in Ukraine serve as a "very strong wake-up call for Europe" about energy issues.

"Europe is working very decisively to reduce its energy dependency," he said last week at an EU-U.S. summit in Brussels.

Europe can pursue many long-term options such as ramping up renewable energy production and importing liquefied natural gas, both expensive propositions. But shale gas continues to be front of mind among energy ministers and policymakers.

Accessing nearby shale gas resources would be cheaper than other options and could create up to one million jobs in the coming years, according to research commissioned by the International Association of Oil & Gas Producers.

"The outlook [for shale] is undoubtedly brighter now than it was a year ago," said energy analysts at Eurasia Group.

Related: 4 reasons Russia will keep gas flowing to Europe

According to figures from the U.S. Energy Information Administration, European countries are sitting on roughly 470 trillion cubic feet of recoverable shale gas resources -- a huge amount considering gas demand in Europe is roughly 18 trillion cubic feet per year.

But it's not going to be an easy process: Europe's shale gas production is essentially zero right now, and it will take a coordinated effort to get moving.

Pavel Molchanov, an energy analyst at Raymond James, says the whole process will take years.

"Over the next five years, [European] countries will have to identify where their resources are and build out the infrastructure for this industry to develop -- that can include developing pipelines and training workers," he said. "This also means getting the required rigs to drill for shale gas, which are in the U.S. and Canada, but don't really exist in Europe."

On top of that, a web of regulations is slowing progress, and environmental concerns about the process of extracting shale gas have led some European countries to ban the practice altogether.

The controversial extraction process -- called hydraulic fracturing, or fracking -- involves injecting water, sand and chemicals deep into the ground at high pressure to crack shale rock, allowing oil and gas to flow.

This practice has spurred America's energy boom, but opponents argue fracking can contaminate local water, create earth tremors and wreak havoc on the environment.

Related: The world's next fracking hot spots

Despite the obstacles, the United Kingdom and Poland are making the biggest strides in pursuit of shale gas production.

"Poland is the furthest along. It's conceivable that in the next five years we could see meaningful production," said Will Pearson, director of global energy and natural resources at Eurasia Group.

Lithuania, Romania and Ukraine are also keen to pursue shale, he said.

Meanwhile, other countries are less enthusiastic. Germany, Denmark, Ireland and the Netherlands have informal fracking bans, requiring so much onerous documentation and pre-drilling research that energy companies are hesitant. Bulgaria and France have outright fracking bans.

"It will take awhile before France and Germany change their policies toward shale," said Pearson, but "hostility toward the sector is going to dissipate" as Europe tries to decrease its dependence on Russian energy.

Related: The real reasons to export U.S. gas

There's debate over when European shale gas production might start making a dent in the gas market, but experts aren't expecting anything significant until 2020 at the earliest.

"Shale gas production in Europe is effectively zero. Twelve months from now it will still be zero. Five years from now, it will be more than zero," said Raymond James analyst Molchanov.

Over the medium term, Europe is working on building more interconnected links and storage facilities to give nations more flexibility with their natural gas supplies.

The process "is not very glamorous," says Pearson, but it will help Europe reach its goal of greater energy independence.

First Published: March 31, 2014: 12:05 AM ET

17.42 | 0 komentar | Read More

Stocks: Ending the quarter on the up

NEW YORK (CNNMoney)

Investors are hoping stronger economic data and fading geopolitical risks will help stocks resume their five-year run higher.

U.S. stock futures were pushing up ahead of the open.

There is little economic or corporate news on the docket Monday, but investors are gearing up for a busy week which concludes with jobless data Friday.

Related: March stocks: In like a lion, out with whiplash

The Dow, S&P 500 and Nasdaq all ended Friday less than 1% higher. The Dow was the only major U.S. index to end the week in positive territory after a decent 60-point rally on Friday.

The S&P has eked out a gain of 0.5% over the year to date, but the Dow remains stuck in the red, still down 1.5% during the quarter.

Related: Fear & Greed Index

European markets were generally firmer in morning trading, ahead of eurozone inflation data due later Monday. A weak number is likely to revive talk that the European Central Bank could act Thursday to boost the economy.

Related: CNNMoney's Tech30

Asian markets ended mixed. The Shanghai Composite dropped 0.4% as investors wait for clarity from Beijing on possible new stimulus measures. The benchmark index has lost almost 4% this year on worries over slower economic growth in China.

Hong Kong's Hang Seng and Japan's Nikkei, which often diverge from the Shanghai Composite, ended the trading day in positive territory.

First Published: March 31, 2014: 4:58 AM ET

17.42 | 0 komentar | Read More

Michael Lewis: Markets are 'rigged'

Michael Lewis' new book examines high-frequency trading. (An earlier version of this story featured an incorrect photo.)

NEW YORK (CNNMoney)

"Flash Boys: A Wall Street Revolt" explains how several insiders discover these firms are gaining an advantage over others: lightning-fast trades achieved through automation and advanced computer networks.

"The United States stock market, the most iconic market in global capitalism, is rigged ... by a combination of the stock exchanges, the big Wall Street banks and high-frequency traders," he said in an interview with CBS' "60 Minutes."

The victims, he said, are "everybody who has an investment in the stock market."

"The insiders are able to move faster than you and play it against orders in ways you don't understand," Lewis said.

Related: Business Wire ends feed to high speed traders

The high-frequency trading industry has seen less scrutiny than other parts of the financial system, but regulators are turning their attention to it. The New York attorney general has pushed back on firms that feed high-frequency traders. They've also looked into -- and even shut down -- paid subscription services that feed financial results directly into the traders' computers.

It's too early to be certain, but the Wall Street culture may be starting to shift. In mid-March, for example, Goldman Sachs Chief Operating Officer Gary Cohn said his bank supports reforms to reduce the "fragmentation and complexity" of trading -- essentially, to level the playing field.

Related: Will stocks 'keep calm and carry on?'

Lewis is a former Wall Street insider himself who wrote about his experiences in the best-selling book "Liars Poker," which he followed by others including "Moneyball." The movie rights to another, his 2010 hit "The Big Short," were recently purchased by Paramount Pictures and Brad Pitt's Plan B movie house.

"Flash Boys" is set for release on Monday.

First Published: March 30, 2014: 8:03 PM ET

15.30 | 0 komentar | Read More

ABC's Josh Elliott leaving 'Good Morning America' for NBC Sports

ABC's Josh Elliott is taking a new role at NBC Sports, raising questions about morning show staffing.

NEW YORK (CNNMoney)

The move has raised immediate questions about whether Elliott is now in line to take over "GMA's" main rival, the "Today" show.

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

Related: Disney to pay at least $500 million for YouTube video maker

A spokesman for NBC Sports declined to comment on Sunday night, but Elliott's move will be announced by the network early in the week.

In the meantime, Elliott's departure was confirmed Sunday by ABC News, in an internal memo from Ben Sherwood, president of the network's news division.

"Josh Elliott let us know today that he is going to NBC Sports," Sherwood wrote in the memo, which was unusually blunt about the negotiations that had taken place.

Sherwood seemed to affirm earlier press reports that Elliott had wanted a giant raise -- $8 million a year, by some accounts, up from $1.2 million currently.

Sherwood said that Elliott would be feted on "GMA" sometime this week. He immediately named a successor in the news anchor chair, Amy Robach, who has already been a regular member of the cast.

Related: Apple eyes partnerships in bid to reinvent TV

The other man on "GMA," Sam Champion, exited in December and now hosts a three-hour morning show on The Weather Channel.

First Published: March 30, 2014: 9:43 PM ET

15.30 | 0 komentar | Read More

Russia fallout pushes Europe to develop shale gas

LONDON (CNNMoney)

"Europe is working very decisively to reduce its energy dependency," he said last week at an EU-U.S. summit in Brussels.

"The outlook [for shale] is undoubtedly brighter now than it was a year ago," said energy analysts at Eurasia Group.

Related: 4 reasons Russia will keep gas flowing to Europe

But it's not going to be an easy process: Europe's shale gas production is essentially zero right now, and it will take a coordinated effort to get moving.

Pavel Molchanov, an energy analyst at Raymond James, says the whole process will take years.

On top of that, a web of regulations is slowing progress, and environmental concerns about the process of extracting shale gas have led some European countries to ban the practice altogether.

This practice has spurred America's energy boom, but opponents argue fracking can contaminate local water, create earth tremors and wreak havoc on the environment.

Related: The world's next fracking hot spots

Despite the obstacles, the United Kingdom and Poland are making the biggest strides in pursuit of shale gas production.

"Poland is the furthest along. It's conceivable that in the next five years we could see meaningful production," said Will Pearson, director of global energy and natural resources at Eurasia Group.

Lithuania, Romania and Ukraine are also keen to pursue shale, he said.

Related: The real reasons to export U.S. gas

There's debate over when European shale gas production might start making a dent in the gas market, but experts aren't expecting anything significant until 2020 at the earliest.

"Shale gas production in Europe is effectively zero. Twelve months from now it will still be zero. Five years from now, it will be more than zero," said Raymond James analyst Molchanov.

Over the medium term, Europe is working on building more interconnected links and storage facilities to give nations more flexibility with their natural gas supplies.

The process "is not very glamorous," says Pearson, but it will help Europe reach its goal of greater energy independence.

First Published: March 31, 2014: 12:05 AM ET

15.30 | 0 komentar | Read More

GM's recall problems grow

Written By limadu on Minggu, 30 Maret 2014 | 15.30

NEW YORK (CNNMoney)

Late in the day, GM said it had recalled 172,000 Chevrolet Cruzes "to replace a right front axle half shaft that can fracture and separate without warning during normal driving."

Hours earlier, the automaker said it had told dealers to stop selling those Cruzes but did not disclose what the problem was.

The recall covers some 2013 and 2014 models with the 1.4-liter turbo engine, the most popular version of the compact car.

The Cruze is GM's best selling car model in the United States, and is also sold internationally.

Even more seriously, General Motors is contending with a damaging recall of millions of other cars because of an ignition switch flaw linked to fatal crashes.

In fact, GM expanded its ignition switch recall on Friday to add 824,000 cars sold in the United States between 2008 and 2011. Until then, that recall had included cars only through model year 2007.

GM also said Friday that it had confirmed that one more death had been caused by the ignition switch problem, meaning it now believes 13 people have died in accidents related to the faulty switch.

GM Chief Executive Mary Barra said the switch recall now covers 2.2 million cars sold in the United States.

In affected vehicles, the ignition can switch the car off while it is running, disabling the power steering and air bags.

Although GM has recalled the vehicles, it has said they are still safe to drive if owners remove any extra weight from key rings. GM has said it will begin the repairs on April 7.

Congress and federal prosecutors are investigating why GM did not recall the cars for a decade after it discovered the problem.

Barra, who has apologized repeatedly for the delays in the recall, is due to testify before Congress on Tuesday and Wednesday.

She explained the expansion of the ignition switch recall in a statement Friday, noting faulty switches could have been installed as a repair after owners purchased one of the newer models

"Trying to locate several thousand switches in a population of 2.2 million vehicles and distributed to thousands of retailers isn't practical," Barra said. "Out of an abundance of caution, we are recalling the rest of the model years."

She added: "We are taking no chances with safety."

--CNNMoney's Chris Isidore, Katie Lobosco and Peter Valdes-Dapena contributed to this report.

Related: Wheels video series - BMW 535d

First Published: March 29, 2014: 8:41 AM ET

15.30 | 0 komentar | Read More

GM adds 824,000 vehicles to recall

NEW YORK (CNNMoney)

Until today the recall included the Chevrolet Cobalt and HHR, the Pontiac G5 and Solstice, and Saturn Ion and Sky through model year 2007. Now the company is including all model years of those vehicles because faulty switches could have been installed as a repair after owners purchased one of the newer models.

About 95,000 faulty switches were sold to dealers and wholesalers and about 90,000 of those were used to make repairs, the company said.

The new recall adds to the 1.4 million vehicles already recalled in the United States.

In affected vehicles, the ignition can switch the car off while it is running, disabling the power steering and air bags. At least 12 deaths have been attributed to the issue. Although GM has recalled the vehicles, it has said they are still safe to drive if owners remove any extra weight from key rings.

Related: GM's steps to a recall nightmare

"Trying to locate several thousand switches in a population of 2.2 million vehicles and distributed to thousands of retailers isn't practical," said CEO Mary Barra in statement. "Out of an abundance of caution, we are recalling the rest of the model years," she said.

GM has been criticized for how it has handled the recall because it has admitted that some employees were aware of problems with the ignition switch in small cars at least as early as 2004. Barra will testify before a U.S. congressional subcommittee on April 1 as part of an investigation into the automaker's handling of the flawed ignition switch.

Owners who may have had a suspect part installed in their cars will receive a letter the week of April 21, according to the company. GM (GM, Fortune 500) dealers will replace the ignition switch for free and customers who had paid to have the switch replaced previously will be eligible for a reimbursement.

The National Highway Traffic Safety Commission urges impacted drivers to have their vehicles repaired promptly after receiving the notification from GM. In the meantime, the group advises them to follow GM's recommendation to use only the ignition key with nothing else on the key ring when driving the vehicle.

First Published: March 28, 2014: 6:16 PM ET

15.30 | 0 komentar | Read More

Tesla reaches deal to keep selling in New York

NEW YORK (CNNMoney)

Tesla (TSLA) and the New York Automobile Dealers Association have reached a compromise in their battle over Tesla's existing five stores in New York City and surrounding suburbs.

The dealers had been pushing to shut down the stores, charging that they violated dealership laws that prohibit selling directly to customers. All other automakers rely on independently-owned dealers to sell cars.

The dealers are a powerful political lobby in most states and seek to prohibit direct sales.

As part of the compromise announced late Friday, Tesla can continue to operate its existing stores but new ones will be allowed only through dealerships.

Tesla said it is happy with the agreement, an indication that it plans dealerships in the future.

Tesla has argued that it needs direct sales to consumers so its own sales people can explain the advantages of electric cars. It says that if it had to use dealers who also sell cheaper, gas powered cars, the dealers would neglect the Tesla Model S, which has a starting price of $69,000.

Tesla is aiming to introduce a cheaper electric car in about three years. It hopes to sell about 500,000 cars per year by 2020, up from 35,000 expected in 2014. Tesla's own company filings concede that the lack of an outside dealership network would limit increased sales of the car.

The agreement in New York comes days after Tesla got a delay on a ban on sales in neighboring New Jersey.

New Jersey had been set to prohibit the two Tesla stores from selling cars starting April 1, but this past week it agreed to delay that ban on sales until at least April 15. And legislators and members of the New Jersey dealership association are talking about a compromise that would allow Tesla sales to continue long-term, if not indefinitely.

Interactive map: Where you can buy a Tesla

First Published: March 29, 2014: 3:49 PM ET

15.30 | 0 komentar | Read More

Ford boosts CEO pay 11% to $23.2 million

Written By limadu on Sabtu, 29 Maret 2014 | 17.42

Ford CEO Alan Mulally is credited with turning the company around.

NEW YORK (CNNMoney)

Mulally was paid $23.2 million in 2013, up from about $21 million the previous year, Ford (F, Fortune 500) said in a regulatory filing.

For 2013, the automaker's earnings rose 26% to $7.2 billion. The company also shared its strong performance with its hourly factory workers with a record profit-sharing bonus of about $8,800 each.

Mulally became Ford's CEO in 2006 and is credited with turning the automaker around, allowing it to avoid the bankruptcy and federal bailout that rivals General Motors and Chrysler Group required during the recession.

Mulally is also highly regarded in the corporate world and rumors circulated earlier this year that he would be tapped by Microsoft (MSFT, Fortune 500) to replace retiring CEO Steve Balmer. But Mulally put those rumors to bed in January and said he would stay with Ford at least through 2014.

Ford is paying Mulally more than what GM (GM, Fortune 500) paid former CEO Dan Akerson in 2013. Akerson retired in January and was replaced by Mary Barra, whose pay package totals $14.4 million.

Mulally's base salary remains the same at $2 million. His raise comes from a bigger bonus and increase in stock awards.

First Published: March 28, 2014: 4:45 PM ET

17.42 | 0 komentar | Read More

S&P downgrades Target for data breach

Last year's data breach keeps hurting Target. S&P downgraded it one notch.

NEW YORK (CNNMoney)

The breach compromised credit card numbers and personal information of tens of millions of customers during the 2013 holiday season. Target (TGT, Fortune 500) has said the hack cost the company as much as $61 million in the final months of 2013.

S&P expects the breach to have a "somewhat lingering effect" on traffic at the retailer's stores through at least August of this year. Sales slowed in the most recent quarter, which ended Feb. 1.

Target recently said its ongoing investigation of the breach could turn up "additional information that was accessed or stolen."

But the agency also said Target's outlook is stable. Although the retailer lost $723 million in Canada last year, S&P expects those losses to narrow in 2014. The agency also considers costs due to the data breach to be "significant but manageable."

First Published: March 28, 2014: 5:22 PM ET

17.42 | 0 komentar | Read More

GM adds 824,000 vehicles to recall

NEW YORK (CNNMoney)

About 95,000 faulty switches were sold to dealers and wholesalers and about 90,000 of those were used to make repairs, the company said.

The new recall adds to the 1.4 million vehicles already recalled in the United States.

Related: GM's steps to a recall nightmare

First Published: March 28, 2014: 6:16 PM ET

17.42 | 0 komentar | Read More

Ford boosts CEO pay 11% to $23.2 million

Ford CEO Alan Mulally is credited with turning the company around.

NEW YORK (CNNMoney)

Mulally was paid $23.2 million in 2013, up from about $21 million the previous year, Ford (F, Fortune 500) said in a regulatory filing.

For 2013, the automaker's earnings rose 26% to $7.2 billion. The company also shared its strong performance with its hourly factory workers with a record profit-sharing bonus of about $8,800 each.

Ford is paying Mulally more than what GM (GM, Fortune 500) paid former CEO Dan Akerson in 2013. Akerson retired in January and was replaced by Mary Barra, whose pay package totals $14.4 million.

Mulally's base salary remains the same at $2 million. His raise comes from a bigger bonus and increase in stock awards.

First Published: March 28, 2014: 4:45 PM ET

15.30 | 0 komentar | Read More

S&P downgrades Target for data breach

Last year's data breach keeps hurting Target. S&P downgraded it one notch.

NEW YORK (CNNMoney)

S&P expects the breach to have a "somewhat lingering effect" on traffic at the retailer's stores through at least August of this year. Sales slowed in the most recent quarter, which ended Feb. 1.

Target recently said its ongoing investigation of the breach could turn up "additional information that was accessed or stolen."

First Published: March 28, 2014: 5:22 PM ET

15.30 | 0 komentar | Read More

GM adds 824,000 vehicles to recall

NEW YORK (CNNMoney)

About 95,000 faulty switches were sold to dealers and wholesalers and about 90,000 of those were used to make repairs, the company said.

The new recall adds to the 1.4 million vehicles already recalled in the United States.

Related: GM's steps to a recall nightmare

First Published: March 28, 2014: 6:16 PM ET

15.30 | 0 komentar | Read More

Hong Kong buyers send London real estate soaring

Written By limadu on Jumat, 28 Maret 2014 | 17.42

Developers sometimes use scale models to illustrate planned London developments for Hong Kong buyers.

HONG KONG (CNNMoney)

London real estate is among the most desirable in the world, attracting wealthy investors looking for high returns -- often at the expense of city natives who are being priced out of many neighborhoods.

Foreign money so dominates that nearly 70% of newly built properties in prime areas of central London were bought by foreign nationals between 2011 and 2013, according to realtor Knight Frank.

And nowhere is the frantic race for London real estate more evident than in Hong Kong, where newspapers regularly feature full-page advertisements for new buildings and developers host sales events in swanky hotels.

Hong Kong's marquee Mandarin Oriental hotel is transformed into a showroom for London properties on most weekends, with realtors including Knight Frank and Colliers seeking to attract buyers -- many of whom are willing to shell out for an apartment sight unseen.

Competition for these buyers is intense, so much so that sellers even do battle over securing the best function rooms at the Mandarin.

"The buyers we are dealing with are very experienced investors," said Neil Batty, Knight Frank's head of international project marketing. "There are also people who come every week to look at the projects that are on offer, so they understand what's good value."

Batty said that 130 to 140 potential investors come through the doors on a typical weekend at the Mandarin. The would-be buyers are met with floor plans, view books with glossy images of Buckingham Palace, as well as a sizable supply of dim sum, croissants and coffee.

Buying at the Mandarin is a full-service experience. As a deal is signed, investors can meet with lawyers or discuss furniture options with interior designers.

Some investors hope to rent out the property to tenants. Others buy for their children studying at boarding schools and universities across the UK. Most sign up for developments that won't be completed for years.

"Asian buyers are very savvy and are used to reading plans. They are able to visualize what they are getting in the end," explained Cherrin Loo, the Head of International Residential Properties at Savills China.

Related story: Record London house prices stoke bubble fears

Jenny Leung, a Hong Kong homeowner who also has property in Australia, said she was looking to diversify her investment portfolio in 2011 when she bought an apartment in London's Canary Wharf through a property exhibit.

"You do want some kind of diversification," she said. "You don't just want to invest in your home country or home town."

Others value London real estate for its raw earning power, and see property as a stable alternative to stocks.

"If you look at the performance of the stock market over the last 10 years compared to central London, I think that most people would come out worse if they were in the stock market," said Ashley Osborne, executive director of international properties at Colliers International.

"There's just a feeling that people would rather have a stake in something that they own outright."

Related story: Rich Chinese overwhelm U.S. visa program

For developers, selling in Hong Kong is a matter of going where the money is. Euroterra co-founder Pantazis Therianos said he chose to focus on Asia after observing the success that other developers were having in the region.

But some developers fear the appetite for London properties may slow as the government prepares to tax future investment gains made by non-residents.

Currently, only UK residents are subject to capital gains tax on their second homes -- a tax that is usually levied at 28%.

The capital gains tax change, due to take effect in April 2015, will require overseas buyers to surrender some of the profits they make on UK property.

Some foreign buyers will be affected by another tax change. From this month, the government is applying stamp duty at a rate of 15% to any purchase of residential property worth £500,000 or more made through a company.

And pressure is building for measures to prevent foreign investors being offered first refusal on prime London real estate. The city's mayor has urged developers to stop marketing new homes to overseas buyers before they've been made available to Londoners.

-- CNNMoney's Mark Thompson contributed to this article.

First Published: March 27, 2014: 9:42 PM ET

17.42 | 0 komentar | Read More

Russia looks to Asia for trade cushion

Russian President Vladimir Putin is seeking China's support on Crimea.

HONG KONG (CNNMoney)

The Kremlin's calculations rely heavily on China -- already the second largest importer of Russian goods and a voracious energy consumer.

Increased Russian reliance on China would be helped along by a thaw in relations between Moscow and Beijing in recent decades. The countries share a border, often team up on U.N. Security Council votes and frequently trade military equipment.

Should the West pursue new sanctions to isolate Russia -- possibly in response to further incursions into Ukraine -- those ties will be put to the test. Moscow could also widen the search for support to Japan and India.

Related: Ukraine to get $18 billion rescue from IMF

Energy supplies are likely to feature prominently in any shift to the East.

Russia sends more than 7 million barrels of oil a day to the world markets, and its total energy trade earns 70% of its $515 billion in annual export revenue, according to the U.S. Energy information Administration.

It has long pursued a natural gas deal with China, but a final agreement between state-owned behemoths Gazprom and China National Petroleum Corp has been delayed by a disagreement over pricing.

Now, Russia may be willing to accept a lower price in exchange for the security of having another dedicated buyer for its gas. Elsewhere in Asia, Russia could pursue additional business with South Korea and Japan, two traditional U.S. allies that are also big energy importers.

Related: Russian energy should keep flowing

Europe and the U.S. have imposed sanctions on top Russian officials and oligarchs, and one Russian bank, in response to Moscow's annexation of Crimea. They have also warned of tougher measures to come if it destabilizes other parts of Ukraine.

Throwing a wrench into energy markets, however, is something western countries hope to avoid given Europe's reliance on Russian gas.

Related: Russia's U.S. debt not a threat

There are signs, though, that Russia should not presume total Chinese cooperation if it is forced to pursue alternative markets for its exports.

Beijing has been measured in its public position on the crisis in Ukraine, sticking to well-worn statements on the need for dialogue and a diplomatic solution.

The Communist Party is extremely wary of popular uprisings, and top officials were reportedly especially unnerved by the events of the Arab Spring.

And the idea that a dissatisfied region can break away via referendum -- as happened with Crimea -- sets an unwanted example for Tibet and Xinjiang.

This unease was perhaps best reflected in China's decision to abstain, rather than vote with Russia, on a draft U.N. resolution that criticized the Crimea vote.

India is another country with cordial relations with Russia. Putin specifically thanked India -- right after China -- for "understanding" Russian actions in Crimea.

"We are grateful to the people of China, whose leaders have always considered the situation in Ukraine and Crimea taking into account the full historical and political context, and greatly appreciate India's reserve and objectivity," Putin said last week.

First Published: March 27, 2014: 10:18 PM ET

17.42 | 0 komentar | Read More

Stocks: A strong end to a 'meh' March?

Click chart for in-depth premarket data.

NEW YORK (CNNMoney)

U.S. stock futures were all higher ahead of the opening bell.

The first three months of 2014 have been bumpy and it's possible all the major indexes could end the quarter in the red. The Dow Jones industrial average has declined by 1.9% since the start of the year. The Nasdaq is off by 0.6% and the S&P 500 is essentially flat over the same period.

A few economic reports and quarterly results scheduled for release Friday could affect market sentiment.

The U.S. government will publish personal income and spending data for February at 8:30 a.m. ET.

The University of Michigan will also be releasing it's consumer sentiment index at 9:55 a.m.

In corporate news, BlackBerry (BBRY) and Finish Line (FINL) will report earnings before the opening bell.

Shares in Blackberry have recovered by roughly 22% since the start of the year on hopes the company's CEO can revive the struggling smartphone maker. However, shares have declined over the past few days as investors worry about the company's turnaround plans and Societe Generale (SCGLF) downgraded the stock to "sell".

Related: Fear & Greed Index

U.S. stocks ended lower Thursday. The Dow was little changed, while the S&P 500 and Nasdaq ended in the red. Banks, especially Citigroup (C, Fortune 500), were among the biggest losers for the day.

European markets were up slightly in morning trading. The Dax in Germany advanced by 0.9%.

Most Asian markets closed out the trading day with gains, though the Shanghai Composite dipped by 0.2%.

First Published: March 28, 2014: 5:41 AM ET

17.42 | 0 komentar | Read More

Lawyer wants recalled GM cars off the road

The Chevrolet HHR is one of the models included in GM's recall of 1.6 million vehicles worldwide.

NEW YORK (CNNMoney)

GM has told owners of the vehicles with flawed ignition switches that they can safely drive the cars if they remove any extra weight from key rings.

In affected vehicles, the ignition can switch the car off while it is running, disabling the power steering and air bags. At least 12 deaths have been attributed to the issue. About 1.6 million vehicles have been recalled worldwide, including the Chevrolet Cobalt and HHR, Pontiac G5 and Solstice, and the Saturn Ion and Sky built in model years 2003 through 2007.

Related: Lawsuit alleges GM botched recall

Although GM has recalled the vehicles, it hasn't told owners to stop driving them.

Robert Hilliard, the attorney seeking the court order, represents the owners of a 2006 Chevrolet Cobalt who claim the recall has diminished the value of their car due to growing consumer skepticism.

Hilliard's clients say they are concerned there are more than 1 million unsafe vehicles on the road putting other drivers at risk. They want GM to issue a "Park It Now" alert.

"It is a moral imperative that they send a letter to every one of their customers to park it now and do not drive it another foot," Hilliard said.

Related: Steps to a recall nightmare

Judge Nelva Gonzales Ramos has agreed to hear the motion on April 4 in U.S. District Court in Corpus Christi, Texas.

GM (GM, Fortune 500) says that if owners follow its directions the cars are safe to operate.

"GM engineers have done extensive analysis to make sure if you use only the ignition key with no additional items on the key ring, the vehicle is safe to drive," GM spokesman James Cain said Thursday.

The automaker has urged dealers to provide customers worried about their cars with loaner vehicles. About 10,000 people have requested loaners since the cars were recalled in February. Repairs to the recalled cars will begin on about April 7, Cain said.

First Published: March 27, 2014: 8:09 PM ET

15.30 | 0 komentar | Read More

Hong Kong buyers send London real estate soaring

Developers sometimes use scale models to illustrate planned London developments for Hong Kong buyers.

HONG KONG (CNNMoney)

Foreign money so dominates that nearly 70% of newly built properties in prime areas of central London were bought by foreign nationals between 2011 and 2013, according to realtor Knight Frank.

Competition for these buyers is intense, so much so that sellers even do battle over securing the best function rooms at the Mandarin.

Buying at the Mandarin is a full-service experience. As a deal is signed, investors can meet with lawyers or discuss furniture options with interior designers.

Related story: Record London house prices stoke bubble fears

"You do want some kind of diversification," she said. "You don't just want to invest in your home country or home town."

Others value London real estate for its raw earning power, and see property as a stable alternative to stocks.

"There's just a feeling that people would rather have a stake in something that they own outright."

Related story: Rich Chinese overwhelm U.S. visa program

But some developers fear the appetite for London properties may slow as the government prepares to tax future investment gains made by non-residents.

Currently, only UK residents are subject to capital gains tax on their second homes -- a tax that is usually levied at 28%.

The capital gains tax change, due to take effect in April 2015, will require overseas buyers to surrender some of the profits they make on UK property.

-- CNNMoney's Mark Thompson contributed to this article.

First Published: March 27, 2014: 9:42 PM ET

15.30 | 0 komentar | Read More

Russia looks to Asia for trade cushion

Russian President Vladimir Putin is seeking China's support on Crimea.

HONG KONG (CNNMoney)

The Kremlin's calculations rely heavily on China -- already the second largest importer of Russian goods and a voracious energy consumer.

Related: Ukraine to get $18 billion rescue from IMF

Energy supplies are likely to feature prominently in any shift to the East.

It has long pursued a natural gas deal with China, but a final agreement between state-owned behemoths Gazprom and China National Petroleum Corp has been delayed by a disagreement over pricing.

Related: Russian energy should keep flowing

Throwing a wrench into energy markets, however, is something western countries hope to avoid given Europe's reliance on Russian gas.

Related: Russia's U.S. debt not a threat

There are signs, though, that Russia should not presume total Chinese cooperation if it is forced to pursue alternative markets for its exports.

Beijing has been measured in its public position on the crisis in Ukraine, sticking to well-worn statements on the need for dialogue and a diplomatic solution.

The Communist Party is extremely wary of popular uprisings, and top officials were reportedly especially unnerved by the events of the Arab Spring.

And the idea that a dissatisfied region can break away via referendum -- as happened with Crimea -- sets an unwanted example for Tibet and Xinjiang.

This unease was perhaps best reflected in China's decision to abstain, rather than vote with Russia, on a draft U.N. resolution that criticized the Crimea vote.

India is another country with cordial relations with Russia. Putin specifically thanked India -- right after China -- for "understanding" Russian actions in Crimea.

First Published: March 27, 2014: 10:18 PM ET

15.30 | 0 komentar | Read More

China bank hit by multi-day cash run

Written By limadu on Kamis, 27 Maret 2014 | 17.42

Hundreds of customers have taken their money out of a Chinese bank after rumors suggested it was nearing collapse.

HONG KONG (CNNMoney)

The details of the bank run, which took place in a coastal province north of Shanghai and lasted at least three days, were reported by state media.

Customers were worried their savings would be lost -- a very real concern in China, which has no official insurance system to protect bank deposits.

The panic was so widespread that the bank placed stacks of cash in bank teller windows to reassure customers that it had enough funds to meet demand.

A Reuters journalist reported from the scene that the bank was staying open 24-hours a day, and that the cash needed to satisfy hundreds of waiting depositors was being trucked in by armored car.

Local government officials responded to the bank run in a video statement that sought to reassure customers that their money was safe.

The China Banking Association issued a similar statement that expressed confidence in the bank's financial health, and warned that rumor mongers would be held legally accountable.

The Sheyang county governor also said the People's Bank of China would protect depositors, although the central bank hasn't publicly addressed the situation.

In a pinch, the central bank could tap a credit facility for rural banks that was established in January.

Related story: China's high wire act on failing companies

Analysts said the episode highlights the need for deposit insurance in China, a reform that is on Beijing's to-do list. Doing so should give depositors greater confidence, and help prevent future bank runs.

The government is widely expected to begin work on the issue this year as it seeks to implement financial and economic reforms.

In the meantime, it appears that the immediate risks from this week's run are contained.

"We believe the government will not allow deposit-taking institutions to fail, so this incident will likely be resolved soon without significant repercussions on the financial system," said Zhiwei Zhang, an economist at Japanese brokerage Nomura.

UBS economist Wang Tao has before called deposit insurance a "prerequisite" for a more market-oriented economy that would include flexible interest rates.

A "crisis resolution mechanism will also lay the foundation for allowing more credit defaults and exit of small financial institutions," she said.

Attempts to contact the bank Thursday were unsuccessful, but it appeared the incident may have run its course -- with only one real victim.

Local police said in a social media post that they had "captured" the suspected gossipmonger on Wednesday night.

First Published: March 27, 2014: 2:37 AM ET

17.42 | 0 komentar | Read More

Ukraine to get $18 billion rescue from IMF

Ukraine will receive as much as $18 billion in aid from the International Monetary Fund. The country was on the brink of bankruptcy.

LONDON (CNNMoney)

Kiev has been running dangerously low on cash to pay for imports and service its debts since the ousting of pro-Moscow former President Vitkor Yanukovych last month, which killed off a $15 billion financial lifeline from Russia.

The IMF said it had reached preliminary agreement with Ukraine on a program of reforms aimed at stabilizing the economy and creating the conditions for a return to sustained growth.

Related: Soros: Ukraine needs EU Marshall Plan

Central to the program are commitments by Ukraine to tackle corruption -- a major concern of international donors -- and reforming the country's energy market, including the gradual withdrawal of subsidies on natural gas.

"Importantly, this will be accompanied by scaled up social protection to mitigate the impact on the most vulnerable," the IMF said in a statement.

Related: Recession warning for Russia

With its foreign currency reserves shrinking rapidly and economic turmoil rising following Russia's annexation of Crimea, Ukraine was staring bankruptcy in the face.

Analysts estimate it needs $12-13 billion this year alone to pay for imports and service debt -- including a $1 billion bond falling due in June -- and arrears on Russian gas imports.

The EU has already offered Ukraine financial assistance worth $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.

First Published: March 27, 2014: 5:10 AM ET

17.42 | 0 komentar | Read More

Stocks: Banking sector in focus

Click chart for in-depth premarket data.

NEW YORK (CNNMoney)

The Federal Reserve rejected Citigroup's (C, Fortune 500) capital plan Wednesday, saying it was troubled by the bank's inability to predict how much it could lose in a severe economic downturn. It banned the bank from any dividend hikes or share repurchases for the next year.

Citi was among 30 large banks required to submit capital plans for an annual stress tests. The Fed approved 25 plans. Citi and four other banks faced rejections.

Trading volume could also be higher than normal in Bank of America (BAC, Fortune 500) shares after the firm announced first quarter earnings would take a hit due to a $9.5 billion settlement with the Federal Housing Finance Agency. The deal settles all litigation between Bank of America and the agency over mortgage-backed securities.

Aside from the banks, U.S. stock futures were looking firm ahead of the opening bell.

Related: Fear & Greed Index

Investors are waiting on the U.S. government to report initial jobless claims at 8:30 a.m. ET. The final estimate of fourth quarter GDP will be released at the same time.

On the earnings front, Lululemon (LULU), Accenture (ACN), and Gamestop (GME, Fortune 500) will report earnings before the opening bell.

Investors will also be watching King Digital Entertainment (KING). Shares in the maker of online game Candy Crush Saga took a beating after going public Wednesday.

Related: CNNMoney's Tech30

U.S. stocks ended lower Wednesday. The Nasdaq fell more than 1% and the Dow Jones industrial average and S&P 500 also closed in the red.

European markets were all declining in Thursday morning trading.

Asian markets ended with mixed results.

Shares in tech company Tencent (TCEHY) in Hong Kong fell by nearly 6%, leading Asian Internet companies lower. Investors and traders have been growing concerned that valuations have become too rich in the Asian tech, media and telecommunications sector.

First Published: March 27, 2014: 6:09 AM ET

17.42 | 0 komentar | Read More

Connecticut boosts minimum wage to $10.10 by 2017

Gov. Dannel Malloy will sign the bill Thursday at a cafe where he discussed wages earlier this month with President Obama.

NEW YORK (CNNMoney)

The state legislature approved the bill Wednesday and Gov. Dannel Malloy, who proposed the increase, announced he would sign it on Thursday evening.

The hike will be made in steps, first from the current rate of $8.70 to $9.15 on Jan. 1, 2015. It will go up to $9.60 the following year and reach $10.10 in 2017.

The move makes Connecticut the first state to match Democrats' proposal to raise the federal minimum wage to $10.10, a move President Obama supports.

The President has encouraged mayors, governors and state legislators not to wait for Congress to adopt the $10.10 rate.

Bills similar to Connecticut's are being debated in Maryland and Hawaii and the city of Santa Fe, New Mexico, raised minimum wage to $10.66 earlier this month.

Connecticut is only one of many states that have already hiked the minimum wage above the current federal rate of $7.25. Washington currently has the highest statewide minimum wage rate, set at $9.32 per hour.

Obama commended Connecticut legislators in a statement Wednesday, and at the same time urged Congress to act on the federal rate.

First Published: March 26, 2014: 9:02 PM ET

15.30 | 0 komentar | Read More

Slow down! A ticket hikes up your insurance

NEW YORK (CNNMoney)

Driving without buckling up results in a 5% increase, but that's the smallest hike according to a report from insuranceQuotes.com, a website that allows consumers to compare quotes. Those caught not signaling a turn or failing to yield for a pedestrian pay 19% more on average for insurance as a result.

Speeding, up to 15 miles per hour over the limit, can result in a 21% hike, according to the study.

Those are significant penalties, but still much lower than the 93% rate hike that can result after a DUI or the 82% increase for reckless driving.

Related: Study says car insurance is cheapest in December

"Some carriers see these violations as indicators that you might get into a future accident," said Laura Adams, senior insurance analyst for insuranceQuotes.com.

For most of those minor violations, the insurance rate hike could last for the next three years until the points fall off the driver's license.

But a driver could get rid of them faster by taking a safety course at a traffic school, Adams said. And she encourages consumers to shop around after committing a violation, because not every carrier takes them into consideration the same way.

"One carrier may really want to raise your rate while another may be more lenient with you," Adams said.

insuranceQuote.com partnered with Quadrant Information Services to calculate the impact of 17 types of moving violations in 50 states and Washington D.C using data from 60-70% of insurers in each. The average insurance increases are based on a hypothetical 45-year-old, married female who has a clean record and drives a 2012 sedan.

First Published: March 27, 2014: 12:17 AM ET

15.30 | 0 komentar | Read More

China bank hit by multi-day cash run