Bitcoin worth $9M buried in garbage dump

A hard drive containing about $9 million in bitcoin is trapped under mounds of trash at a landfill site like this one in the U.K.

LONDON (CNNMoney)

The device is now buried under a mountain of garbage at a landfill site in Wales. It will be almost impossible to find.

James Howells got rid of the drive, which holds a digital store of 7,500 bitcoins, between June and August this year.

The IT worker mined the virtual currency four years ago when it was the exclusive domain of tech geeks.

Back then bitcoin was worth very little. On Friday, the cryptocurrency broke through $1,200, making the missing hard drive worth around $9 million.

Related: Bitcoin worth almost as much as gold

Howells had been hanging onto it for several years before deciding to clean up his home.

After discovering the mistake late last week, a "devastated" Howells began a frantic search through computer files and other drives for a backup. There isn't one.

A trip to the garbage dump was the only option.

"As soon as I saw the site, I thought you've got no chance. The area covered is huge," he told CNN.

A spokesperson for Newport City Council said an item thrown away in the summer months would now be buried under 25,000 cubic meters of waste and earth.

The council, which operates the dump, said it has helped retrieve items in some circumstances "but this would have to be done very quickly after it was thrown away."

Howells said he's had all sorts of suggestions emailed to him about how to get the drive back.

But well-meaning individuals shouldn't bother heading to the tip on his behalf - it's closed to the public for safety reasons.

Related: 8 things you can buy with bitcoin

Speculators have helped power bitcoin's dazzling rise this year.

A growing number of businesses now accept bitcoins, including some Subway sandwich shops and Richard Branson's Virgin Galactic space travel venture, though critics claim it's unlikely to become a legitimate currency.

The program behind bitcoin was created anonymously and introduced on the internet in 2010. Unlike traditional money, bitcoins are not managed by a central authority and exist only in cyberspace.

-- CNN's Adam Dunnakey contributed to this report.

First Published: November 29, 2013: 11:08 AM ET

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Wal-Mart's U.S. CEO defends early Thanksgiving Day opening

NEW YORK (CNNMoney)

CNNMoney spoke with Wal-Mart's (WMT, Fortune 500) U.S. CEO Bill Simon.

Is shopping the kind of family tradition Wal-Mart wants to perpetuate?

Simon: Our job is to try to anticipate what the customer wants... Having families out, children in the building... gives it a different feel. And it's one that's in line with who we are at Wal-Mart. It feels a lot better in the evening than it did when it was early in the morning [on Black Friday].

Related: Thanksgiving openings are the new normal

Do you wrestle with the moral implications of [opening on Thanksgiving]?

Simon: We had planned not to move [the opening time] this year, but the market moved... I have a hard time imagining it could be 4:00. Let's hope that it doesn't move.

Are you willing to draw a line?

Simon: "We've seen about as early as it can go. It's hard to imagine that it can move much more."

Simon said he worked throughout most of the night, staying up by sipping coffee and downing a Monster energy drink. He noted that the company provided the 900,000 employees who worked on Thursday with a hot meal and extra pay -- plus a 25% corporate in-store discount for their own holiday shopping.

First Published: November 29, 2013: 10:41 AM ET

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Wal-Mart protesters arrested at Black Friday rallies

Demonstrators protesting outside a Walmart in Paramount, Calif. are arrested during a 2012 Black Friday protest. Protesters took to the streets near a number of Walmart locations again this year.

NEW YORK (CNNMoney)

Ten people were arrested on misdemeanor charges Friday at a protest near a Wal-Mart in Ontario, Calif., after they moved into an intersection and failed to disperse, Ontario Police Department Sgt. David McBride said.

McBride called the incident "peaceful," and estimated that between 100 and 150 people had attended the rally. It was unclear how many of those were actual Wal-Mart (WMT, Fortune 500) workers.

Another 10 people were issued citations at a protest near a Wal-Mart in Chicago for blocking a roadway. Protests also occurred in cities including Alexandria, Va.; Quincey, Mass.; Orlando, Fla.; Bellevue, Wash; Lakeside, Colo.; and Hyattsville, Md.

Wal-Mart's U.S. CEO defends early Thanksgiving Day opening

The protesters are calling for Wal-Mart to pay full-time employees at least $25,000 per year, and to increase opportunities for full-time work.

Wal-Mart currently employs 1.2 million hourly associates who earn an average of about $12 an hour and are also eligible for up to $2,500 a year in quarterly bonuses, spokesman David Tovar said. Of that 1.2 million, "over 50%" are full-time employees working an average of 37 hours per week, Tovar said.

Workers are considered full-time at Wal-Mart if they work 34 hours or more per week. The company's part-time workers average about 27 hours a week.

Over 475,000 of the company's associates earned $25,000 or more last year, according to a Wal-Mart presentation from September.

Protest organizers claimed rallies took place at 1500 locations Friday. Tovar said that number was hugely inflated, and that very few demonstrators were actual Wal-Mart employees.

Holiday shopping season kicks off with fights, arrests

Friday's protests were organized by OUR Walmart, a group backed by the United Food and Commercial Workers Union. OUR Walmart and the UFCW do not represent Wal-Mart workers, and say their goal is only "helping Wal-Mart employees as individuals or groups in their dealings with Wal-Mart over labor rights and standards."

OUR Walmart held similar protests last year. Last week, the National Labor Relations Board said it was ready to bring a case against Wal-Mart for allegedly retaliating against workers who took part in those protests.

The NLRB, which protects the rights of workers who organize for better working conditions, alleged that Wal-Mart stores in more than a dozen states "unlawfully threatened, disciplined, and/or terminated employees" who participated in legal strikes and protests.

Speaking to CNN Friday, Wal-Mart U.S. CEO Bill Simon denied the NLRB accusations and defended the company's labor practices, saying its pay is above the median for the retail sector.

"Black Friday...is the big stage and Wal-Mart is a big player on the big stage. Those who want to try to change an industry like retail, it's not unexpected that they would be out on Black Friday at Wal-Mart with something to say about it," Simon said.

First Published: November 29, 2013: 3:52 PM ET

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U.K. moves to cool property market

The Bank of England says U.K. house price inflation is accelerating and spreading out from London.

LONDON (CNNMoney)

House prices have increased by about 7% in a year, and by much more in London, raising concerns that borrowers may have trouble making repayments when interest rates start to rise from their record low levels.

Bank of England Governor Mark Carney said house price increases were gaining momentum, and broadening out across the country, but that the risks were manageable.

It was important to act now to avoid more dramatic intervention later, and to allow the bank to keep supporting the broader recovery in the U.K. economy with its low-rate policy, he told reporters.

"Risks to financial stability may grow if there are further substantial and rapid increases in house prices and a further build-up of household indebtedness," he said.

Household mortgage debt stands at about 110% of annual disposable income, below the 2008 peak of 128% but well above the longer term average.

Related: Five housing bubbles to watch

The changes announced Thursday mean that from next year, U.K. banks will no longer be able to use the "Funding for Lending" program to access cheap credit for mortgages and personal loans. Lending to businesses will be unaffected.

The Bank of England is also giving itself the power to vary the affordability criteria that mortgage borrowers must meet. This is supposed to ensure banks don't take on excess risk and homeowners are better able to service their debts if circumstances change.

But some analysts say the measures don't go far enough, particularly as a separate program of subsidized mortgages for borrowers with small deposits -- known as "Help to Buy" -- is unaffected.

Since April, such borrowers have been able to access interest-free loans for five years on newly-built homes. The program will be extended to help buyers purchase existing properties worth up to £600,000.

Related: Surging U.K. economy surprises central bank

Both programs were launched with the aim of stimulating lending in the wake of the financial crisis to support the economic recovery and job creation. But just months after the U.K. was teetering on the brink of a triple-dip recession, a surge in consumer spending and rising house prices have led to a dramatic turnaround.

The strength of the comeback took the Bank of England by surprise, and earlier this month it upgraded its forecasts for growth and signaled that interest rates could rise much sooner than it was forecasting earlier in the year.

The pound has rallied 10% since July to trade near a 12-month high of $1.63.

First Published: November 28, 2013: 8:12 AM ET

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Target's Black Friday deals draw big lines

Black Friday "addict" Qiana Roberts, left, convinced her niece Najla Roberts and friend Qian Boone to stand in line for hours at a Philadelphia Target.

PHILADELPHIA (CNNMoney)

She skipped Thanksgiving with her family in order to get a spot in line outside a Philadelphia Target (TGT, Fortune 500) at 8 a.m. Thursday morning -- 12 hours before it opened. By the time she got there, she was about twelfth in line.

"It's hard for me not to go, even when I don't really need anything," said Roberts, who has waited in line at either Target or Wal-Mart (WMT, Fortune 500) for seven Black Fridays straight. "Guess, I'm a little addicted."

By 7:30 p.m., some 200 people were braving the cold in hopes of nabbing Black Friday deals at the Target in West Philadelphia.

Black Friday 2013: What to expect

Most of the people in line said they wanted the "doorbuster" sale item -- a 50-inch Element TV for $229 that usually sells for $600 -- available by ticket to the first 50 people in line. The other big sale item was Beats By Dre headphones on sale for $115, normally $179.

Roberts, 35, was desperate to get three TVs, so she enticed niece Najla Roberts and friend Qian Boone to come along.

"But I would have gone alone. I've done it before," said Roberts who works for the Philadelphia school system.

Target is one of a handful of stores that kicked off Black Friday earlier on Thanksgiving Day this year. But its 8 p.m. opening was still two hours later than the store openings at Toys "R" Us, Best Buy (BBY, Fortune 500) and Wal-Mart.

Poll: Will you shop or not?

Shoppers didn't seem too irked by the earlier opening. Indeed, Rick Dengelegi, who oversees 9 Philadelphia-area Target stores, said lines were longer, even earlier than last year.

"Some guests may have already shopped (elsewhere) and then come here, but we're definitely seeing a bigger line, which is exciting," Dengelegi said.

First in line was Khalif Robinson who got to the West Philadelphia Target at 12:45 a.m. Thursday morning to ensure he got a deal on the 50-inch TV to better enjoy the Philadelphia Eagles football games.

Robinson mistakenly got in line that early because he thought Target opened at 8 a.m. Other shoppers didn't arrive until 3 a.m. Robinson wore a warm Eagles jacket, but his toes had gone numb by Thursday evening -- and he was starving, because he hadn't eaten all day.

"I'm going to eat seven plates of glory (Thanksgiving feast) when I get home," said Robinson, with a couple of hops to stay warm.

Related: Is Black Friday Worth It?

For Darlene Robinson (no relation to Khalif), waiting in line for the 50-inch TV was a mission of love. Robinson is the housing coordinator for Women Walking in Victory, a Philadelphia nonprofit about to open a new 16-bed home for poor women with mental health problems.

The television was for the 15 women checking in to the new facility on Friday.

"Some of them really have nowhere to turn, so I'm here for the people," said Robinson who got in line around 4 p.m. "It's worth the wait."

First Published: November 29, 2013: 1:02 AM ET

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J.C. Penney shows signs of life on Black Friday

Shoppers headed to a J.C. Penney store in New Jersey on Thanksgiving seeking early Black Friday deals.

WAYNE, N.J. (CNNMoney)

On Thursday night, the parking lot at a store in Wayne, N.J., was sparse an hour before opening at 8 p.m. Meanwhile, a few miles away lines had already wrapped around Best Buy (BBY, Fortune 500) and Target (PBCFX).

But minutes before the store opened, about 100 people suddenly showed up, with most heading straight to the shoe section.

"So far, I have seven pairs," said Geraldine Jaquez, her arms piled high with boxes of boots. "I've never done Black Friday before, but I like these earlier hours because there's not as much traffic."

Like many of its competitors, J.C. Penney (JCP, Fortune 500) opened at 8 p.m. on Thanksgiving this year -- its earliest Black Friday opening ever. While the turnout was modest, the Thursday opening brought in budget shoppers who kept trickling in as the night went on. Some had saved up months in advance, preparing to score deals this night.

Related story: J.C. Penney fans win fight for free snow globes

"I love J.C. Penney. It's awesome. Their regular prices are like sale prices and then to get sales on top of that is a real deal," said Colin Cook, who planned to spend about $350 on gifts for family, women's clothing and maybe some diamond stud earrings for $79.99.

J.C. Penney is hoping for strong holiday sales, a season when retailers typically earn the bulk of their annual profits. J.C. Penney has been focused on damage control after former CEO Ron Johnson's plan to revolutionize the company backfired. Instead, it alienated longtime customers by eliminating discounts, getting rid of house brands and changing store design to appeal to younger shoppers.

Johnson was ousted in April, and J.C. Penney has been working to lure back customers ever since.

Discounts returned in a big way as the retailer focused on clearing out inventory that wasn't resonating with customers. On Thanksgiving night, the store offered deep discounts -- 80% off St. John's Bay puffer coats, 70% off many juniors dresses, and Samsonite luggage marked down to $159.99 from $400.

"We're very excited to see our customers are responding and we're definitely seeing customers coming back to the old J.C. Penney they were used to," said Store Leader Susie Schaechner.

Turnarounds are tough, though. With many items on clearance, the company's profit margins have been squeezed, sending its stock down about 48% from a year ago.

Related story: J.C. Penney stock target: $1

Retail comebacks are hard to pull off, but not unprecedented. About a year ago, Best Buy was struggling to compete with Amazon (AMZN, Fortune 500). Analysts were even predicting a bankruptcy. Things picked up after new CEO Herbert Joly entered the picture. Now, Best Buy shares are up more than 200% over last year.

Will J.C. Penney be the next retailer to engineer a comeback? It's still too soon to be sure, but it seems the company may be turning a corner.

"I'm a little more optimistic than I would have been two months ago. When I go to the store, I'm starting to see things normalize a bit," said Brian Sozzi, CEO and Chief Equities Strategist with Belus Capital Advisors. "The traffic on weekends seems to be improving. There are some signs of life there."

Earlier this month, the company announced its October sales rose from a year ago -- the first time that's happened in nearly two years.

And Black Friday customers certainly like the deals.

"I don't like shopping. I hate it," said Jenny Acuna. "But I like J.C. Penney. The prices are reasonable."

First Published: November 29, 2013: 1:45 AM ET

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Sriracha factory ordered to put a lid on smell after locals pepper city with complaints

NEW YORK (CNNMoney)

A judge in Los Angeles County has ordered Sriracha maker Huy Fong Foods to suspend operations at a plant in the city of Irwindale that local residents claim has caused an overpowering odor.

Irwindale claimed in a lawsuit that the stench was causing watery eyes, sore throats and headaches, prompting complaints from dozens of residents.

"You couldn't stay outside in some places," Irwindale city manager John Davidson said. "We've had softball teams that have had to cancel their games and practices because their eyes were watering."

The judge's ruling orders Huy Fong to "immediately make changes in its site operations reducing odors and the potential for odors." The city has been pushing Huy Fong to install a new filtration system to address the issue.

"We want to find a balance between letting this business be a business and protecting our residents," Davidson said. "We hope this will allow us to sit down with Huy Fong and come up with a solution that meets the needs of the community."

Huy Fong declined to comment.

For most of its lifespan, Huy Fong has produced the Thai chili sauce without incident in Rosemead, Calif., but it shifted some production to Irwindale earlier this year.

While Huy Fong isn't the originator of Sriracha, the company's distinctive green-topped bottles have become a staple on grocery shelves, kitchen lines and restaurant tables since it began U.S. production in 1983.

The company produced 20 million bottles of Sriracha in 2012, or $60 million worth, all without the benefit of advertising. Consumer devotion to the brand has inspired cookbooks, embroidery, jewelry and a limited-edition flavor of Lay's potato chips.

First Published: November 27, 2013: 4:31 PM ET

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Disgusted shoppers threaten to boycott Black Friday Thursday

This badge is circulating on Facebook and was shared more than 959,000 times as of mid-day Wednesday.

NEW YORK (CNNMoney)

Among their biggest targets: Kmart plans to kick Thanksgiving day off, opening stores at 6 a.m. and remaining open for 41 hours straight.

Toys "R" Us starts its doorbusters at 5 p.m. At Wal-Mart stores (many of which are open all day), the deals start at 6 p.m.

Best Buy opens at 6 p.m., and then Macy's, Kohl's, J.C. Penney, Target and Sears all open at 8 p.m.

An "I pledge to not shop on Thanksgiving" badge is circulating on Facebook and has been shared more than 959,000 times as of mid-day Wednesday.

Related: Are you working during the holidays? Share your story

"5 pm open on Thanksgiving? Really?" wrote Jaime Etheridge Krauss on the Toys "R" Us Facebook page. "A store who is devoted to children and families opens when Americans sit down at the dinner table? What about your employees?!?"

"Hey Kmart! Because of you being Open on Thanksgiving and totally disrespecting your employees, Our Family will never spend a $ in your store!" writes Frank Chip Munroe.

"Kohl's has always been my absolute favorite place to shop. However, as much as it breaks my heart to say this I will no longer be shopping at Kohl's from this point on or any of the other retailers that are opening ON THANKSGIVING. This is a day for family and giving thanks," wrote Kelli Williams Lord.

"Macy's I am disappointed in you for opening your stores on Thanksgiving. Let your employees have a day with their families! It is not the end of the world to wait until Friday to start the chaos!" wrote Katie Buchanan Reynolds.

"I always wanted to believe that Target was somehow better than Walmart in product, and in policies. I realize that Target does not share my values and will no longer get my business. Give your employees a paid day off!" wrote Sean Pierce.

"Even Ebenezer Scrooge let Bob Cratchit go home a few minutes early on Christmas Eve," wrote Dan Hall on J.C. Penney's page. "When you're eating your Thanksgiving turkey this year, remember that your employees are taking time away from their families to help satisfy your greed."

Poll: Do you think Black Friday is worth it?

Of course, the real test of shopper anger will come tomorrow night: Will the the outraged shoppers be outnumbered by people who turn out for the deals?

The holiday shopping season was cut six days shorter this year because Thanksgiving falls later on the calendar, and retailers are fearing sales could be flat.

First Published: November 27, 2013: 2:18 PM ET

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Black Friday: Is it worth it?

NEW YORK (CNNMoney)

Some of the nation's largest retailers plan to open their doors on Thanksgiving Day, kicking off with Kmart (SHLD, Fortune 500) at 6 a.m.,Toys R Us at 5 p.m. Wal-Mart (WMT, Fortune 500) and Best Buy (BBY, Fortune 500) at 6 p.m. and Macy's (M, Fortune 500), Target (TGT, Fortune 500) and others will open throughout the evening.

The big enticement will be so-called "doorbusters," limited-time only deals offered to the first shoppers in the store. Hot-ticket doorbusters are typically electronic items like TVs and laptops at deep discounts of 50% or more.

Poll: Will you shop on Black Friday or not?

Yet most stores keep such limited supplies of these deals, that few shoppers walk away with them, said Marshal Cohen, chief retail analyst at the NPD Group. "If you're looking for that ultimate score, the half-price big screen TV, if you're not the 24th person in the line, 'good luck,'" he said.

Some die-hard shoppers started camping out in front of an Ohio Best Buy as early as last week to nab its popular doorbuster deals on big-screen TVs, laptops,video games and other electronics, such as a $500 55-inch LG flat-screen TV.

One exception: Wal-Mart is guaranteeing prices for some of its best deals, as long as customers are in line during specific times. If a store runs out of the product, shoppers get a voucher guaranteeing the product at the sale price.

But shoppers may not need to venture out to nab most Black Friday deals in the first place. With competition fierce, many retailers' are offering deals online that rival the ones being offered in stores, said Walter Loeb, a retail analyst and president of Loeb Associates.

Target, for example, will start offering almost all of its in-store deals in the early morning hours of Thanksgiving on Target.com before stores even open. Meanwhile, Consumer Reports has noted that Amazon (AMZN, Fortune 500) is offering Black Friday prices on big-screen TVs that are similar to deals available at Wal-Mart and Best Buy stores.

Related: Black Friday 2013: What to expect

"Prices during the holidays, even for some of the doorbusters, aren't necessarily the best prices of the season," said Patricia Huddleston, a professor of retailing at Michigan State University.

A recent survey by personal finance site, NerdWallet.com, found that 23 out of 25 stores were offering at least one product at the exact same price as last year, while some stores had multiple deal repeats or offered better prices on certain products earlier in the year.

And certain products will likely see even deeper discounts as Christmas approaches.

For example, better prices on winter clothing and generic toys are often found in the final week or two before Christmas as stores attempt to clear their shelves, said Trae Bodge, a spokesperson for RetailMeNot.com, a web site that tracks consumer deals.

So unless you have your eye on a hot product that you're worried will sell out, it's often best to wait. "Black Friday is about specific items," Bodge said. "Do the remainder of your shopping afterwards."

Related: 5 Black Friday tricks to avoid

Jessica Kessler had her first Black Friday experience several years ago, waking up at 3 a.m. on Friday to stand outside in the cold with hundreds of people waiting for Kohl's to open. Since then, she has ventured out with her husband's family in the early morning hours of Black Friday to hunt for deals. But she said there is no discount deep enough to draw her from her home on Thanksgiving.

"I was able to knock out a good bit of my shopping in the years that we went and got some deals that I was happy with," she said. "But at this point, there is no amount of savings that they could offer that would make it worth it to me."

First Published: November 27, 2013: 12:05 PM ET

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FDA orders genetic testing firm 23andMe to halt sales

The FDA says 23andMe "has failed to address the issues described during previous interactions with the Agency."

NEW YORK (CNNMoney)

23andMe is led by Anne Wojicki, who co-founded the company in 2006 and recently separated from her husband, Google co-founder Sergey Brin. Google (GOOG, Fortune 500) has invested millions of dollars in the company in recent years.

23andMe offers $99 saliva-testing kits that customers use at home and then send to the company for reports on their heritage, their receptiveness to medications and their genetic risk for dozens of health conditions.

"Strike back before cancer has a chance to strike," the California-based company says on its website.

But in a letter dated Friday and posted on its website, the FDA said that despite extensive correspondence with 23andMe, regulators "still do not have any assurance that the firm has analytically or clinically validated the [personal genome service] for its intended uses."

Related: The race to a $100 genome

The agency warned of the potential health consequences for customers whose results contain inaccurate positive results for health risks. Women whose results indicate a risk for breast cancer, for example, could undergo unnecessary surgery or chemotherapy.

The FDA said 23andMe "must immediately discontinue marketing the [personal genome service] until such time as it receives FDA marketing authorization."

23andMe said it "recognize[s] that we have not met the FDA's expectations regarding timeline and communication."

"Our relationship with the FDA is extremely important to us and we are committed to fully engaging with them to address their concerns," the company said in a statement.

Wojicki has claimed that 23andMe has already mapped the genotypes of nearly 500,000 people. The company's name is a reference to the 23 chromosome pairs present in human cells.

FDA spokeswoman Erica Jefferson said the agency "supports innovative products that can be demonstrated to work as claimed."

"The FDA has worked and will continue to work closely with any company marketing direct-to-consumer genetic tests without stifling innovation," she said.

A variety of commercial genetic testing companies have emerged in recent years, though most aren't regulated. The sector has been criticized by the Government Accountability Office, which warned in 2010 that consumers were receiving results "that are misleading and of little or no practical use."

The FDA announced plans to regulate genetic testing in 2010, but has yet to issue guidance on the subject, according to the National Human Genome Research Institute. The agency has been handling its enforcement responsibilities on a case-by-case basis.

First Published: November 25, 2013: 5:13 PM ET

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Gas prices may fall on Iran deal

Click here to see gas prices in your state.

NEW YORK (CNNMoney)

In fact, analysts expect gas prices to decline after the big Thanksgiving travel week regardless of the Iran deal.

Iran entered into a preliminary agreement over the weekend with the United States, Russia, UK, China, France and Germany to limit its nuclear program in exchange for lighter economic sanctions. Oil prices were down Monday morning on the news. And that may be the start of a larger, long-term price decline that could occur as a result of the deal, according to Oppenheimer oil analyst Fadel Gheit.

"The market is trying to tell us, the more good news coming from Iran, the lower oil prices will be. But it's not going to happen overnight," he said.

Related: Find the gas price in your state

Gheit said oil traders will wait to see if the deal goes through. Even if sanctions are eased, it will take time for new foreign investment to reach Iran and spur production there.

"But once the sanctions are removed, I think we'll all see tremendous increase in oil and gas production that is good for the consumer and the global economy," he said. "If the deal goes through with no glitches, I truly believe we could see gasoline down 40-50 cents a gallon by next summer."

Tom Kloza, chief oil analyst with the Oil Price Information Service and GasBuddy.com, agrees that the impact on U.S. gas prices will be minimal in the near term.

"It's not a major game changer for the next six months," he said.

But he says that U.S. drivers will see the lowest pump prices in several years before Christmas anyway.

Related: U.S. to become top oil producer by 2015

The average price of a gallon of self-serve regular gas stands at $3.28 a gallon, up about 7 cents in just last seven days. Only about 8% of stations nationwide reported prices under $3 per gallon, compared to more than 20% just last week.

The recent run-up in prices has been due to short-term factors, including problems at some Gulf Coast refineries that are nearly resolved, according to Kloza.

But the average price for gas is still down 15 cents, or about 4%, compared to a year ago. The boost in U.S. oil production and a decline in U.S. demand due to more efficient vehicles has removed the threat of very expensive gas.

Only 1% of stations nationwide now charge more than $4 a gallon, compared to 10% that did six months ago.

First Published: November 25, 2013: 12:57 PM ET

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Twitter needs an Asian strategy

Twitter must target Asia more aggressively if it hopes to have long-term financial success.

NEW YORK (CNNMoney)

All social media companies need to emphasize mobile. Fortunately for Twitter (TWTR), it is already off to a good start: 75% of its users access the service via a mobile device, and mobile advertising accounts for around 55% of its revenue.

Twitter also announced the acquisition of mobile advertising company MoPub in September for a reported $350 million, an indication that the company realizes it needs to be an even bigger player in mobile.

But Twitter has a problem. It is not a major presence in Asia. And according to figures from tech research firm Gartner, the Asia Pacific region is the biggest mobile ad market, with an estimated $4.8 billion in revenues this year.

North America is second, with $3.8 billion in mobile ad sales. So for Twitter to realize its full potential, it will need to infiltrate the Asian market sooner rather than later.

Related: How Twitter is driving change in Saudi Arabia

At present, only a fraction of Twitter's users are based in the Asia-Pacific region. Twitter's current share of global mobile advertising revenue sits at about 2%, compared to Facebook's (FB, Fortune 500) 16% and Google's (GOOG, Fortune 500) 53%.

That's not great news for Twitter. But if the company can successfully grow its user base in Asia, there is a good chance that Twitter's total share of global mobile ad sales will increase dramatically.

So what stands in Twitter's way? Sina's (SINA) Twitter-like micro-blogging service Weibo, and voice and 'chat' messaging services such as Tencent's WeChat are the biggest obstacles.

Weibo has been successful gaining share in China. Net income in the third quarter for Weibo nearly tripled from a year ago while sales were up 21%.

This growth has been fueled mostly by a strategic partnership with Alibaba, through which Weibo subscribers are able to purchase goods on the site using 'Alipay', Alibaba's third party payment system. In fact, Twitter might want to adopt a similar model in order to help it achieve profitability.

WeChat, on the other hand, has done a strong job of infiltrating the broader market outside of China, building a strong user base in countries such as India, Malaysia and Thailand.

Tencent (TCEHY) also used WeChat to boost sales in China through a collaboration with its own e-commerce website 51buy, and recently made headlines by generating HK$637 million (US$82 million) worth of sales through its service on November 11, which has become the Chinese equivalent of Cyber Monday in the United States.

Related: China's Craigslist surges in IPO

So for Twitter to effectively grow its audience in Asia, it will be crucial to understand and appreciate the differences in user behavior between that region and the U.S. -- especially with regards to China. It may also need to follow some of the strategies that Weibo and WeChat have employed in their own quest for profitability.

Of course, it would help if Twitter figured out a way to be profitable from its existing user base. But expanding into what's already the world's largest market for mobile advertising will be key to Twitter's long-term success.

Peter Pham is director of AlphaVN, an independent research and investment advisory firm. He is also the author of the book "The Big Trade" and runs AlphaVN.com, an investing blog focusing on Vietnam and other markets in Southeast Asia. Magare Banda is an Asian markets analyst focusing on new media.

First Published: November 25, 2013: 10:26 PM ET

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Credit Suisse banker sentenced to 30 months in prison

NEW YORK (CNNMoney)

Serageldin, who had been extradited from the UK in April, had pled guilty to the charges. At the time of his February 2012 indictment, authorities said he faced up to 45 years in prison if convicted. Preet Bharara, the U.S. Attorney for the Southern District of New York, announced the sentencing late Friday evening.

According to the statement from Bharara's office last year, Serageldin's manipulated the prices of the mortgage bonds to try to cover up the trading loss. His price manipulation, it said, was responsible for $540 million of the $2.85 billion charge that Credit Suisse (CS) was forced to take in early 2008.

Serageldin's co-conspirators, David Higgs and Salmaan Siddiqui, have also pleaded guilty and are awaiting sentencing.

First Published: November 22, 2013: 7:56 PM ET

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Investors thankful for stocks at records

Click the chart for more stock market data.

NEW YORK (CNNMoney)

Trading volume is typically quiet during the holiday-shortened week. The U.S. markets will be closed on Thursday for Thanksgiving and will shut down at 1 p.m. EST on Friday.

Still, stocks have historically moved higher even as investors may be more focused on turkey and football. The S&P 500 has averaged a gain of 0.6% during Thanksgiving week over the past 20 years, according to Schaffer's Investment Research.

And with just a small move up, the Nasdaq could top 4,000, a level it hasn't touched since September 2000 -- just months after the tech market collapsed. The Nasdaq ended last week just shy of 3,992.

Related: 8 things to know about the 2013 bull market

Meanwhile, world focus was on the nuclear deal reached between Iran and the five permanent members of the U.N. Security Council plus Germany this weekend.

Under the deal, Iran has agreed to significantly reduce its nuclear program. In exchange, the six world powers will temporarily lift several sanctions against Iran, including those on gold and precious metals. Nearly $4.2 billion in Iranian oil reserves that had been frozen will also be unlocked.

Investors continue to wait for more clarity from the Federal Reserve about when it may pull back on some of its stimulus measures.

Minutes from the Fed's October meeting released last week showed that policymakers believe scaling back, or tapering, its bond buying program is warranted "in coming months." But exactly when the Fed will make the tapering announcement remains unclear.

Some experts believe the Fed could begin pulling back on its $85 billion per month in bond purchases as early as December.

Poll: How will the stock market do in 2014?

But others think the Fed will wait until early 2014 after Ben Bernanke's term as Fed chair is over.

Current Fed vice chair Janet Yellen is awaiting approval from the Senate to be the next head of the Fed.

Her confirmation is expected to be a formality after the Senate Banking Committee voted last week to send her nomination to the full Senate for a vote that is likely to take place next month.

The Fed's stimulus measures have been a major factor fueling the bull market for the past several years.

HP earnings and retail sales in the spotlight: Though the week ahead will likely be light on economic news, investors will be keeping an eye on a few earnings reports.

Hewlett-Packard (HPQ, Fortune 500) will be in focus as investors look for an update on Meg Whitman's turnaround plan for the PC and printer maker. Investors have been pleased with Whitman so far, and HP has been beating low expectations. Shares of HP are up almost 80% so far this year.

Related: Retailers brace for a tough holiday season

Tiffany's (TIF) and Barnes & Noble (BKS, Fortune 500) are also on tap to report their latest quarterly results. Retailers will generate a lot of attention on the night of Thanksgiving and Black Friday as the holiday shopping season kicks off.

There are some worries that consumers may be less willing to spend as much on gifts this year. But stores are opening earlier than ever before in hopes to attract more shoppers for Black Friday, one of the busiest days of the year for retailers.

Kmart, a subsidiary of Sears (SHLD, Fortune 500), is leading the pack, opening at 6 a.m. on Thanksgiving Day and staying open for 41 hours straight -- a move that has generated backlash from some customers who feel that store employees should be given a break to spend time with family on the holiday.

Wal-Mart (WMT, Fortune 500)is opening doors at at 6 p.m. on Thanksgiving Day, two hours earlier than last year. Macy's (M, Fortune 500), Kohl's (KSS, Fortune 500), J.C. Penney (JCP, Fortune 500) and Sears will let customers in at 8 p.m.

First Published: November 24, 2013: 11:17 AM ET

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Swiss voters reject proposal to cap executive pay

The campaign to cap executive pay at 12 times the lowest salary was led by young members of Switzerland's Social Democratic party.

LONDON (CNNMoney)

The "1:12 -- for fair wages" initiative, which proposed capping executive salaries at 12 times the lowest paid employee's, was rejected by 65.3% of voters, and failed to win majority support in any of the country's 26 districts.

The vote means that Swiss-based executives at companies such as UBS, (UBS) Credit Suisse (CREDIT SUISSE AG), Novartis (NVS)or Glencore Xstrata (GLCNF), will still be able to earn salaries worth more in a month than their lowest paid workers make in a year.

Switzerland's constitution allows four popular initiatives to be put to a national vote each year, provided the organizers gather 100,000 signatures in support.

In order to force a change in the law, the initiative would have needed to be approved by a majority of the electorate and the country's 26 cantons, or districts.

Related: Opinion: U.S. should follow Swiss on pay cap

The Swiss federal government and parliament had recommended voting against the cap, joining business leaders in warning that it could force some companies to leave the country and others to shed jobs.

Switzerland is a wealthy country, enjoying above average rates of growth and employment and relatively short working hours. The average household has net disposable income of about $30,000, compared with the OECD average of $23,000.

But OECD figures also show a considerable gap between rich and poor -- the top 20% of the population earn nearly five times as much as the bottom 20% -- and anger at growing inequality has been increasing as executive pay packages soar.

Examples of excess -- such as a plan by Novartis, subsequently dropped, to pay its outgoing chairman nearly $78 million over six years -- gave the 1:12 campaign momentum.

Related: UK moves to block bankers' bonus cap

Some of Switzerland's neighbors have also responded to popular anger over executive pay at a time of record unemployment and stagnant wages.

EU policymakers are hoping to limit bonuses for any banker earning more than 500,000 euros a year (or $678,000 U.S.). The maximum payout would be equal to annual salary or twice salary if a majority of shareholders approve.

The cap -- which is being challenged in court by the British government -- would apply globally to banks based in the EU, and to international banks operating within Europe. It could affect more than 35,000 bankers around the world, the vast majority of them in London.

First Published: November 24, 2013: 12:48 PM ET

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Cable stocks surge on takeover chatter

Click the chart to track shares of Time Warner Cable.

NEW YORK (CNNMoney)

Charter Communications (CHTR, Fortune 500), the fourth largest cable provider with just over 4 million subscribers, has reportedly been in talks with major banks to borrow money to fund a possible bid for Time Warner Cable (TWC, Fortune 500), the second largest cable company with over 11 million subscribers.

But according to a source familiar with the matter, Time Warner Cable has reached out to Comcast (CMCSA, Fortune 500) for a possible deal. There are currently no ongoing conversations though, the source added. With over 21 million subscribers, Comcast is the nation's largest cable provider. (Time Warner Cable was spun off from CNNMoney owner Time Warner (TWX, Fortune 500) in 2009.)

Time Warner Cable and Comcast declined to comment, while Charter could not be reached.

Shares of Time Warner Cable jumped almost 10% on the chatter, while Comcast and Charter shares also gained ground. Another smaller cable company, New York-based Cablevision (CVC, Fortune 500), shot up on the reports as well. Cablevision has long been considered a takeover target.

Related: Who's cutting the cord? Cable stocks soaring

Citing people familiar with the situation, the Wall Street Journal said Charter has held talks with Bank of America (BAC, Fortune 500), Barclays (BCS) and Deutsche Bank (DB) to help come up with financing for a Time Warner Cable bid.

The company may also be reaching out to sovereign wealth funds and wealthy individuals to help pay for the buyout without taking on too much debt. Time Warner Cable is worth $34 billion -- almost three times as much as Charter.

Media mogul John Malone's Liberty Media (LMCA) is the largest shareholder in Charter and Malone has been a loud supporter of more consolidation in the cable industry, which is facing rising costs in programming.

Plus, cable companies are worried about losing subscribers, as some consumers cut the cord and shift to devices like Apple (AAPL, Fortune 500) TV and Roku as well as streaming video services like Aereo, Netflix (NFLX), Hulu and Amazon's (AMZN, Fortune 500)' Prime Instant Video.

While speculation of a deal has been rising for several months since Malone became a shareholder of Charter, the financing efforts represent "perhaps the most concrete step discussed to date," said Nomura analyst Adam Ilkowitz in a note to clients.

He expects Charter will have to raise about $25 billion in total -- $15 billion in debt and $10 billion in cash from other sources.

A merger between the two would likely save $500 million in programming expenses a year, Ilkowitz said.

But IHS cable networks analyst Erik Brannon said those savings may or may not trickle down to consumers, given the rising expenses and intense competition among cable providers.

Meanwhile, further consolidation between the nation's largest cable providers could raise concern among government regulators -- most notably the Department of Justice and the Federal Communications Commission. Citing unnamed sources, CNBC reported that Comcast is seeking advice on antitrust and FCC concerns.

A merger between Comcast and Time Warner Cable would result in one company with over 32 million subscribers, or nearly a third of all cable subscribers, Brannon said. But he doesn't think a merger between the two is likely.

"I don't think it makes sense for Comcast at this point," he said, noting that Time Warner Cable has been losing an average of about 175,000 subscribers per quarter recently. During the third quarter alone, the company lost a startling 306,000 subscribers due to its month-long fight with CBS (CBS, Fortune 500). "There isn't much upside versus the expenditures Comcast would have."

First Published: November 22, 2013: 1:32 PM ET

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Foxconn to build plant in Pennsylvania

A Foxconn factory in China. The contract manufacturer for Apple and other leading U.S. tech companies announced plans to build a plant in Pennsylvania.

NEW YORK (CNNMoney)

The company, which a year ago said it was looking at expanding its U.S. operations, will also give $10 million to Carnegie Mellon University as part of a strategic research and development partnership with the Pennsylvania college. The money will go towards research and education in the fields of robotics and advanced manufacturing.

The company made the announcement Thursday evening, only one day after Terry Gou, the founder and chairman, first met with Pennsylvania Gov. Tom Corbett.

"This is somewhat of a rarity for us that a project moved along as quickly as it has," said Steve Kratz, spokesman for the state's department of Community and Economic Development.

A location for the plant has yet to be selected.

Related: Apple faces new Chinese labor allegations

Foxconn said last December that it wanted to increase its U.S. operations beyond plants it operated in Texas and Indiana. The company has 30 employees in Harrisburg already, although state officials could not say what the facility there did now.

The statement about its U.S. expansion plans came on the heels of an announcement by Apple (AAPL, Fortune 500), a major Foxconn customer, that it planned to start building some Apple products in the United States.

Foxconn's plants in Asia are massive, employing as many as 190,000 workers at a single factory by some estimates, many of whom live at the plants as well as work there. The company has been criticized for work conditions and for the large number of workers at some plants who have committed suicide.

First Published: November 22, 2013: 7:12 PM ET

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Credit Suisse banker sentenced to 30 months in prison

NEW YORK (CNNMoney)

Serageldin, who had been extradited from the UK in April, had pled guilty to the charges. At the time of his February 2012 indictment, authorities said he faced up to 45 years in prison if convicted. Preet Bharara, the U.S. Attorney for the Southern District of New York, announced the sentencing late Friday evening.

According to the statement from Bharara's office last year, Serageldin's manipulated the prices of the mortgage bonds to try to cover up the trading loss. His price manipulation, it said, was responsible for $540 million of the $2.85 billion charge that Credit Suisse (CS) was forced to take in early 2008.

Serageldin's co-conspirators, David Higgs and Salmaan Siddiqui, have also pleaded guilty and are awaiting sentencing.

First Published: November 22, 2013: 7:56 PM ET

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Cable stocks surge on takeover chatter

Click the chart to track shares of Time Warner Cable.

NEW YORK (CNNMoney)

Charter Communications (CHTR, Fortune 500), the fourth largest cable provider with just over 4 million subscribers, has reportedly been in talks with major banks to borrow money to fund a possible bid for Time Warner Cable (TWC, Fortune 500), the second largest cable company with over 11 million subscribers.

But according to a source familiar with the matter, Time Warner Cable has reached out to Comcast (CMCSA, Fortune 500) for a possible deal. There are currently no ongoing conversations though, the source added. With over 21 million subscribers, Comcast is the nation's largest cable provider. (Time Warner Cable was spun off from CNNMoney owner Time Warner (TWX, Fortune 500) in 2009.)

Time Warner Cable and Comcast declined to comment, while Charter could not be reached.

Shares of Time Warner Cable jumped almost 10% on the chatter, while Comcast and Charter shares also gained ground. Another smaller cable company, New York-based Cablevision (CVC, Fortune 500), shot up on the reports as well. Cablevision has long been considered a takeover target.

Related: Who's cutting the cord? Cable stocks soaring

Citing people familiar with the situation, the Wall Street Journal said Charter has held talks with Bank of America (BAC, Fortune 500), Barclays (BCS) and Deutsche Bank (DB) to help come up with financing for a Time Warner Cable bid.

The company may also be reaching out to sovereign wealth funds and wealthy individuals to help pay for the buyout without taking on too much debt. Time Warner Cable is worth $34 billion -- almost three times as much as Charter.

Media mogul John Malone's Liberty Media (LMCA) is the largest shareholder in Charter and Malone has been a loud supporter of more consolidation in the cable industry, which is facing rising costs in programming.

Plus, cable companies are worried about losing subscribers, as some consumers cut the cord and shift to devices like Apple (AAPL, Fortune 500) TV and Roku as well as streaming video services like Aereo, Netflix (NFLX), Hulu and Amazon's (AMZN, Fortune 500)' Prime Instant Video.

While speculation of a deal has been rising for several months since Malone became a shareholder of Charter, the financing efforts represent "perhaps the most concrete step discussed to date," said Nomura analyst Adam Ilkowitz in a note to clients.

He expects Charter will have to raise about $25 billion in total -- $15 billion in debt and $10 billion in cash from other sources.

A merger between the two would likely save $500 million in programming expenses a year, Ilkowitz said.

But IHS cable networks analyst Erik Brannon said those savings may or may not trickle down to consumers, given the rising expenses and intense competition among cable providers.

Meanwhile, further consolidation between the nation's largest cable providers could raise concern among government regulators -- most notably the Department of Justice and the Federal Communications Commission. Citing unnamed sources, CNBC reported that Comcast is seeking advice on antitrust and FCC concerns.

A merger between Comcast and Time Warner Cable would result in one company with over 32 million subscribers, or nearly a third of all cable subscribers, Brannon said. But he doesn't think a merger between the two is likely.

"I don't think it makes sense for Comcast at this point," he said, noting that Time Warner Cable has been losing an average of about 175,000 subscribers per quarter recently. During the third quarter alone, the company lost a startling 306,000 subscribers due to its month-long fight with CBS (CBS, Fortune 500). "There isn't much upside versus the expenditures Comcast would have."

First Published: November 22, 2013: 1:32 PM ET

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Foxconn to build plant in Pennsylvania

A Foxconn factory in China. The contract manufacturer for Apple and other leading U.S. tech companies announced plans to build a plant in Pennsylvania.

NEW YORK (CNNMoney)

The company, which a year ago said it was looking at expanding its U.S. operations, will also give $10 million to Carnegie Mellon University as part of a strategic research and development partnership with the Pennsylvania college. The money will go towards research and education in the fields of robotics and advanced manufacturing.

The company made the announcement Thursday evening, only one day after Terry Gou, the founder and chairman, first met with Pennsylvania Gov. Tom Corbett.

"This is somewhat of a rarity for us that a project moved along as quickly as it has," said Steve Kratz, spokesman for the state's department of Community and Economic Development.

A location for the plant has yet to be selected.

Related: Apple faces new Chinese labor allegations

Foxconn said last December that it wanted to increase its U.S. operations beyond plants it operated in Texas and Indiana. The company has 30 employees in Harrisburg already, although state officials could not say what the facility there did now.

The statement about its U.S. expansion plans came on the heels of an announcement by Apple (AAPL, Fortune 500), a major Foxconn customer, that it planned to start building some Apple products in the United States.

Foxconn's plants in Asia are massive, employing as many as 190,000 workers at a single factory by some estimates, many of whom live at the plants as well as work there. The company has been criticized for work conditions and for the large number of workers at some plants who have committed suicide.

First Published: November 22, 2013: 7:12 PM ET

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Credit Suisse banker sentenced to 30 months in prison

NEW YORK (CNNMoney)

Serageldin, who had been extradited from the UK in April, had pled guilty to the charges. At the time of his February 2012 indictment, authorities said he faced up to 45 years in prison if convicted. Preet Bharara, the U.S. Attorney for the Southern District of New York, announced the sentencing late Friday evening.

According to the statement from Bharara's office last year, Serageldin's manipulated the prices of the mortgage bonds to try to cover up the trading loss. His price manipulation, it said, was responsible for $540 million of the $2.85 billion charge that Credit Suisse (CS) was forced to take in early 2008.

Serageldin's co-conspirators, David Higgs and Salmaan Siddiqui, have also pleaded guilty and are awaiting sentencing.

First Published: November 22, 2013: 7:56 PM ET

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California: 10K a day applying for Obamacare

More people are signing up for Obamacare coverage in California.

NEW YORK (CNNMoney)

The Covered California board also voted Thursday not to allow residents to extend individual policies that don't comply with Obamacare. Seeking to quell an uproar over insurers canceling plans, President Obama last week allowed state regulators and insurers to extend these policies for another year.

More than 360,000 people have created accounts on the Covered California website, through Nov. 19, according to health exchange officials. Some 39% of them are eligible for Medi-Cal. The rest can pick a private insurance policy on the exchange, with about half of them eligible for federal subsidies to defer premiums or out-of-pocket expenses.

Nearly 80,000 residents have signed up for a policy, the final step on the exchange before working out payment with the insurance company. That's up from 59,000 in mid-November.

"What we're seeing is people signing up," said Peter Lee, Covered California's executive director.

Younger Californians age 18 to 34 account for about 22.5% of the sign ups in October, just about the share they represent in the state population. Luring in younger and healthier consumers, who use fewer medical services and would offset older, costlier policyholders, are vital to the health of the state exchange. If young people don't enroll, then rates could soar for 2015.

"Not only are we seeing strong enrollment numbers overall, but enrollment in key demographics like the so-called young invincibles is very encouraging," said Lee.

Share your story: Are you signing up for Obamacare?

Those ages 55 to 64 account for about one-third of the 30,830 people in October who signed up for a plan.

Anthem Blue Cross, Kaiser Permanente and Blue Shield of California are capturing the majority of those picking plans, with each securing just over a quarter, according to exchange data.

One area where the exchange needs improvement is outreach to non-English speaking Californians, advocates at the exchange's board meeting said. Some 85.5% of those signing up are English-speakers, though only 56.1% of the state population is.

Coverage begins on Jan. 1, while open enrollment runs through March 31. Those who don't enroll face a penalty of $95 or 1% of family income, whichever is greater.

Also, although roughly 450,000 residents who are losing their current individual policies face higher premium prices on the exchange, the board opted not to take Obama up on his "fix." Extending the policies risks destabilizing the exchange because it is likely to attract sicker people seeking more comprehensive coverage, while allowing healthier policy holders to retain their bare bones plans. That could cause rates to rise in 2015. Also, it will cause much confusion among Californians. An insurance trade group representative urged board members not to allow extensions.

California joins at least eight other states rejecting the extensions. Some 200,000 residents will be allowed to extend their plans into early next year because their carriers -- Blue Shield of California and Anthem Blue Cross -- did not give them sufficient notice.

First Published: November 21, 2013: 5:42 PM ET

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Banks warned on high-interest loans

NEW YORK (CNNMoney)

Deposit advance loans are short-term loans offered by firms including U.S. Bank (USB, Fortune 500), Wells Fargo (WFC, Fortune 500) and Regions (RF, Fortune 500), typically in increments of a few hundred dollars or less.

Like payday loans, they often carry stiff fees and interest rates that can stretch well into the triple digits on an annualized basis. But unlike payday loans, they are limited to a bank's account holders, with the lender automatically deducting repayment from the customer's direct deposit.

While advertised as a convenient source for emergency cash, these loans can quickly become a recurring expense for borrowers.

"[T]hese products can trap customers in a cycle of high-cost debt that they are unable to repay," Thomas Curry, head of the Office of the Comptroller of the Currency, said in a statement.

The OCC and the Federal Deposit Insurance Corporation said deposit advance loans could potentially violate the Truth in Lending Act and other consumer-protection laws.

The FDIC said it recognized "the demand for responsible small-dollar credit products," but called for such loans to be affordable and underwritten with attention to the borrower's ability to repay. Bank examiners will assess deposit advance programs with an eye to protecting consumers, the OCC said, flagging those with poor underwriting standards and excessive fees.

Related: Top 10 consumer complaints

Regulators have previously issued similar guidance on payday and subprime loans.

Consumer advocates have long criticized deposit advance loans, and called for the country's other major banking regulator, the Federal Reserve, to address them as well.

"At long last, two key financial watchdogs have taken decisive action against the predatory loan practices of national banks and federal savings associations," Americans for Financial Reform said.

U.S. Bank, Wells Fargo and Regions said they were reviewing the guidance to see how it would affect their lending programs. The Consumer Bankers Association, an industry group, warned that the regulators could end up driving consumers to pawnshops and unregulated lenders.

A survey on payday loans released earlier this year by the Pew Charitable Trusts found that 72% of borrowers believed more regulation of the industry was needed, though 48% said they thought payday loans help borrowers more than they hurt them.

"Payday borrowers' experiences -- receiving credit to cover expenses but then ending up spending far more than suggested by the loan's two-week price tag -- lead to complicated and conflicted feelings," the report said.

First Published: November 21, 2013: 6:42 PM ET

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Big tech scrambles for Israeli firms

Tel Aviv and its surrounding areas are home to a vibrant tech start-up scene, considered second only to Silicon Valley. Companies such as Microsoft, Google and Cisco have large R&D offices in the area.

LONDON (CNNMoney)

Google (GOOG, Fortune 500), Apple (AAPL, Fortune 500), Intel (INTC, Fortune 500), IBM (IBM, Fortune 500) and Cisco (CSCO, Fortune 500) have all been involved in a spate of high-profile acquisitions over the past two years, scouring the country for the next big thing.

Dealogic data shows a big increase in activity in the sector, with nearly $4 billion in acquisitions of registered Israeli tech firms since 2012. But given this figure only includes deals where a valuation is made public -- and most deals are kept private -- the overall tally is likely to be much higher.

Zack Weisfeld, an executive at Microsoft (MSFT, Fortune 500) in Israel, estimates that about $13 billion in Israeli tech acquisitions have been done since the start of 2012.

"Over the last 18 months, the number of acquisitions has been staggering," he said.

Related: Why Waze maps are so valuable

Among the bigger deals, Facebook (FB, Fortune 500) said last month it was buying Israeli start-up Onavo, reported to be worth as much as $200 million.

In June, Google acquired the popular social mapping firm Waze in a deal reported to be worth roughly $1 billion. Just two months later IBM announced the acquisition of Trusteer, an Israel-based transaction fraud prevention company. The price tag was also reported to be as high as $1 billion.

Local media reported this week that Apple was buying PrimeSense for $345 million. The start-up is known for its 3D sensors. PrimeSense declined to comment and Apple did not respond to a request for comment.

Related: Israeli software stops hackers in their tracks

So what's the secret behind Israel's success in building such attractive tech targets?

Government policy plays a pivotal role. In Israel, most people are required to join the army after high school, gaining early exposure to advanced technology and sometimes developing high-tech communication and defense systems.

The government also exerts direct influence. Back in the 1990s, it created funds worth over $220 million to invest in promising Israeli startups, partnering with American and European investors.

And the government continues to offer grants, loans and tax breaks to encourage new tech firms and research and development. It also helps Israeli entrepreneurs build contacts in the U.S.

Related: Top 10 companies for R&D

Executives say the uncertain environment the young Middle East nation faces has also played its part in developing a culture of adaptability and risk-taking.

"Since we live in such an unstructured environment where things change so rapidly, we have to learn to change, adjust, modify and adapt," said Asaf Peled, founder and CEO of Israel-based media company FTBpro.

The combination of factors has led Israel to become a global player, with U.S. firms and investors drawn to its innovative technology.

"The companies being founded in Israel are very relevant for what we are looking for in terms of networking, data centers, security and video," said Tal Slobodkin, senior manager of corporate development at Cisco Systems in Israel.

Cisco has made 11 acquisitions and invested in 22 start-ups in the country since 1998.

Israel has been a hot-bed of tech acquisitions for decades, but past deals have tended to be on the smaller side. Now they're growing in value as local executives gain in experience and try to avoid selling out prematurely.

First Published: November 22, 2013: 12:19 AM ET

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CBO: Real debt ceiling deadline could hit in March

Treasury Secretary Jack Lew this week again noted that political brinksmanship over raising the debt ceiling benefits no one. And he urged lawmakers to raise the limit soon to create certainty for the economy.

NEW YORK (CNNMoney)

But soon enough, they will have to turn their attention to raising the debt ceiling.

If they don't they will risk a potential default on U.S. debt as early as March, according to a report released Wednesday by the Congressional Budget Office.

The deal lawmakers brokered in October to end the government shutdown let the Treasury Department continue borrowing new money through February 7 without regard to the debt limit. Then, on February 8, the debt limit will automatically reset to a higher level that reflects how much Treasury borrowed during the nearly 4-month debt ceiling suspension period.

At that point, however, Treasury will still be able to use "extraordinary measures," the special accounting maneuvers that let it keep paying the country's bills without going over the debt limit.

But the measures won't last very long.

"CBO projects that those measures would probably be exhausted in March. However, the timing and magnitude of tax refunds and receipts in February, March, and April could shift that date of exhaustion into May or June," the agency said.

Related: Budget czar to Congress: Just do it

Given how uneven the government's cash flow is from day to day and month to month, it's impossible to say with more precision when an actual default could occur.

CBO notes that the Treasury typically issues a large amount of tax refunds in February and March, which can lead to big monthly deficits. By contrast, April tends to create a large surplus because everyone is sending in their federal tax returns along with checks for any additional taxes they owe for the previous year.

Treasury Secretary Jack Lew has noted many times that political brinksmanship over raising the debt ceiling benefits no one. And he suggested as much again this week at the Wall Street Journal CEO Forum, where he urged lawmakers to raise the limit without drama.

"I hope ... they just do the debt limit in a business-like way and give some certainty to the U.S. and global economy. That would be the right thing to do."

First Published: November 20, 2013: 5:39 PM ET

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Google launches prepaid card

Google's new prepaid card will be funded by Google Wallet accounts.

NEW YORK (CNNMoney)

The tech giant announced the launch of a physical prepaid card on Wednesday. The new Google Wallet Card will be tied to a customer's Google Wallet account and can be used to make purchases and withdraw money from ATMs.

Google Wallet, which has been around since 2011, is a virtual wallet that is funded by transfers from other Google Wallet users or money transferred from other bank and credit card accounts. You can then use that balance to pay with a mobile phone at certain retailers.

The venture hasn't really taken off, however -- iPhones haven't adopted the technology necessary to use the in-store payment feature, and many retailers don't have the appropriate point-of-sale equipment to process the transactions.

Related: Occupy Wall Street's prepaid card for the 99%

But with the launch of this new prepaid card, a phone is no longer necessary to pay in stores -- customers can simply swipe their card the old-fashioned way instead.

The Google Wallet Card can be used at all locations where MasterCard is accepted, and it doesn't come with any fees. It doesn't even charge you to withdraw cash at the ATM (though some ATMs will charge you a separate fee).

The card can be requested through the Google Wallet Android app or online.

Google (GOOG, Fortune 500) is just the latest in a long line of companies, organizations and celebrities to jump on the prepaid card bandwagon. Last month, Occupy Wall Street debuted the Occupy Card. Walgreens, Justin Bieber and Suze Orman are among the many other newcomers to the business.

First Published: November 20, 2013: 6:49 PM ET

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Minor stumble for China's factories

HONG KONG (CNNMoney)

HSBC said on Thursday that its "flash" measure of sentiment among manufacturing purchasing managers fell to 50.4 in November, the first decline in four months and a bigger drop than economists had anticipated.

The index is an early gauge of the health of the sector, which is seen as a bellwether for China's export-heavy economy. Any number above 50 indicates an expansion in manufacturing activity.

HSBC's China economist Hongbin Qu said that the results indicate "growth momentum softened a little" due to weakness in new export orders and slower restocking activities.

Still, he said, the reading is the second-highest measurement in the past seven months. A final reading for the month will be released in December.

Beijing is likely to closely monitor the manufacturing sector for any continued signs of weakness, which could complicate reform efforts.

Party leaders wrapped up a four-day meeting in Beijing last week by announcing an agenda for reform that is aims to deliver results by 2020.

Related story: China cuts ribbon on free trade zone

Beijing's plan calls for opening its financial markets and promoting greater foreign investment. The leadership also hinted at changes in how companies file for stock market listings, the introduction of a bank deposit insurance scheme and an acceleration of interest rate liberalization. The roadmap seeks to roll back government control of state-owned enterprises and allow for greater competition with private firms.

Still, some questions remain. Although the plan was more detailed than analysts expected, it was silent on other looming issues including a rise in local government debt.

Related story: Asia stumble a major risk for global economy

Putting the plan into action could also prove to be rather difficult. The country's consensus-driven approach to policymaking could make for slow progress in translating the principles adopted at last week's meeting into real change for private companies, consumers and foreign investors.

And while the one-party system might avoid Washington-style gridlock, reformers still need to get regional and local governments on their side and convince party conservatives that change is for the better.

First Published: November 20, 2013: 10:32 PM ET

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U.S., JPMorgan near $13 billion settlement

JPMorgan and Justice Department could announce settlement as soon as Tuesday.

WASHINGTON (CNNMoney)

Elements of the proposed pact are now being signed by states that are parties to the agreement, the person said. Only a few details remain to be completed.

The outlines of the deal were first tentatively agreed to in October in negotiations led by Attorney General Eric Holder and JPMorgan (JPM, Fortune 500) Chief Executive Jamie Dimon.

A spokesman for the bank declined to comment on Monday evening.

In recent days, the parties finalized one of the last major pieces of the deal calling for $4 billion in money to help consumers.

Of that amount, at least $1.5 billion will go to reduce loan payments for homeowners mortgages are underwater, meaning the money owed on the loan exceeds the value of the home. Another $300 million to $500 million will pay for partial loan forgiveness and other aid for homeowners, with the goal of keeping them in their homes.

The remaining $2 billion could be used in a variety of ways, including funding new loans for low-income home buyers that the bank would be required to keep on its books instead of selling to investors. The bank could also use some of the money to pay for knocking down foreclosed homes in areas hard hit by the mortgage crisis.

An independent monitor will keep an eye on the bank to ensure compliance.

At issue in the deal are mortgage-backed securities and related derivatives that were blamed as a key cause of the financial crisis.

Related: Where are key players from the financial crisis now?

The $13 billion settlement includes an already-completed $4 billion deal with the Federal Housing Finance Agency to compensate Fannie Mae and Freddie Mac for allegedly misleading practices in loans sold to those agencies.

A federal criminal investigation based in Sacramento, California, would continue against the bank and several employees, and JPMorgan Chase has agreed to cooperate with that probe.

First Published: November 18, 2013: 6:57 PM ET

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Maria Bartiromo leaving CNBC

Bartiromo joined CNBC in 1993.

NEW YORK (CNNMoney)

CNBC anchor Maria Bartiromo is leaving the financial news channel, CNBC spokesman Brian Steel confirmed Monday. She is set to join rival Fox Business Network, according to various reports Monday evening.

"After 20 years of groundbreaking work at CNBC, Maria Bartiromo will be leaving the company as her contract expires on November 24th," Steel said in a statement. "Her contributions to CNBC are too numerous to list but we thank her for all of her hard work over the years and wish her the best."

A Fox spokeswoman said the network "[does] not have anything to announce at this time"

Related: Forbes explores sale

Bartiromo currently hosts the daytime program "Closing Bell" as well as a weekend show, "On the Money with Maria Bartiromo." She joined CNBC in 1993 and later became the first journalist to report live from the floor of the New York Stock Exchange on a daily basis.

She worked for five years at CNN Business News prior to joining CNBC.

Nicknamed the "money honey," Bartiromo was famously the subject of a tribute song by punk rocker Joey Ramone.

"I watch her at the big board every single day," Ramone sang. "While she's reporting you best stay out of her way."

First Published: November 18, 2013: 7:08 PM ET

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