Why is United Airlines suing a 22-year-old?

22-year-old Aktarer Zaman founded Skiplagged.com last year.

NEW YORK (CNNMoney)

United Airlines (UAL) and Orbitz (OWW) filed a civil lawsuit last month against 22-year-old Aktarer Zaman, who founded the website Skiplagged.com last year.

The site helps travelers find cheap flights by using a strategy called "hidden city" ticketing.

The idea is that you buy an airline ticket that has a layover at your actual destination. Say you want to fly from New York to San Francisco -- you actually book a flight from New York to Lake Tahoe with a layover in San Francisco and get off there, without bothering to take the last leg of the flight.

Related: Airlines get $1 billion from baggage fees

This travel strategy only works if you book a one-way flight with no checked bags (they would have landed in Lake Tahoe).

It's not like these tickets are the cheapest all the time, but they often are.

In the lawsuit, United and Orbitz call Skiplagged "unfair competition" and allege that it is promoting "strictly prohibited" travel. They want to recoup $75,000 in lost revenue from Zaman.

Zaman said he knew a lawsuit was inevitable but he points out that there's nothing illegal about his web site.

He also said he has made no profit via the website and that all he's done is help travelers get the best prices by exposing an "inefficiency" in airline prices that insiders have known about for decades.

"[Hidden city ticketing] have been around for a while, it just hasn't been very accessible to consumers," Zaman told CNNMoney.

Related: 6 products to keep the skies friendly

Indeed, "hidden city," ticketing is no secret among frequent fliers, said Michael Boyd, President of Boyd Group International, an aviation consulting firm in Evergreen, Co. Boyd worked as an American Airline (AAL)ticket agent 30 years ago, and says he was trained at the airline to help customers find "hidden city" fares.

"I don't think it's illegal what he's doing," Boyd said. But lawsuits are expensive and it could end up costing the young entrepreneur who has irked the two billion dollar corporations.

Airlines usually offer cheaper fares for some destinations that are not regional hubs, Boyd said. Many of these flights are routed through more popular destinations. But if a lot of people take advantage of that discrepancy it could hurt the airlines, which is why they want to shut him down.

Related: 10 vacation experiences of a lifetime

Born in Bangladesh, Zaman grew up in Brooklyn, N.Y., and graduated with a bachelor's degree in computer science at age 20 from Rensselaer Polytechnic Institute. He lives in Manhattan and works at a technology start-up that he declined to name.

Zaman said Skiplagged is just a "side project."

Zaman and United declined to discuss the lawsuit. Orbitz said in a statement that it is obligated to uphold airline fare rules.

Other travel experts say that the airlines may not achieve much if Zaman's site is shut down, especially in a world where information is becoming more readily available.

"If [Skiplagged is] shut down, undoubtedly there will be other people to come along to scrape fares and make them available," said Robert Mann, president of R.W. Mann & Company, an airline consulting firm in Port Washington, N.Y.

First Published: December 29, 2014: 4:39 PM ET

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Newsweek finds Christianity again with its latest cover

NEW YORK (CNNMoney)

But religious-themed cover stories have long been a hallmark of the publication, and Jesus, in particular, has been a recurring figure.

Before the turn of the century, the magazine explored "2000 Years of Jesus."

When Mel Gibson's "The Passion of the Christ" was at the center of the national conversation in 2004, former editor Jon Meacham asked, "Who Killed Jesus?"

Around Christmas time that year, Newsweek's cover story analyzed the "birth of Jesus."

During the Easter season in 2005, Meacham, no stranger to divinity studies, penned a cover story titled, "How Jesus Became Christ: From Resurrection to the Rise."

Jesus continued His familiar place on Newsweek's covers under the leadership of former editor-in-chief Tina Brown, appearing on three covers in 2012 alone.

One of them, by the blogger Andrew Sullivan urged readers to "Forget The Church" and "Follow Jesus" in a cover story that featured an indelible shot of the Messiah dressed as a twenty-something - or "Hipster Jesus" as the Atlantic Wire described it.

Newsweek's cover archives only go back to the beginning of 2013, but the prevalence of the Jesus-centric covers has been preserved by other outlets, including the now-shuttered Atlantic Wire.

Rival magazine TIME has earned a similar reputation, with many past covers years closely paralleling Newsweek's. But like Newsweek, Time ran only one cover story on Christian themes in 2014: an April issue featuring an interview with Pastor Barbara Brown Taylor.

Other Christian figures show up on newsstands, too. The Virgin Mary has appeared on Newsweek's cover multiple times, and Mary Magdalene actually made the cover in 2003 and again in 2006, each story piggybacking on the blockbuster novel-turned-blockbuster movie "The Da Vinci Code."

What's united many of Newsweek's covers is the perception that they're motivated not by news value, but by magazine sales.

Pastor Rick Warren was one of many to accuse Newsweek's editors of cynical intentions when he took aim at Sullivan's piece in 2012. "I think it's disingenuous that magazines like 'Newsweek' know that their circulation goes up at Christmas and Easter if they put a spiritual issue on the cover, but it's always bait and switch," Warren told CNN's Jake Tapper, then with ABC News.

Rick Edmonds, a media business analyst at the Poynter Institute, offered a similar explanation.

"The short answer is that those articles typically get a good response and they sell very well," Edmonds told CNNMoney on Monday.

And while he said those covers aren't necessarily the most "newsy," Edmonds did say that the stories often tackle issues typically untouched by mainstream newspapers and television outlets.

Newsweek's latest cover story, by Kurt Eichenwald and published online the day before Christmas Eve, continues that tradition. It is headlined "The Bible: So Misunderstood it's a Sin," and calls out"God's frauds, cafeteria Christians who pick and choose which Bible verses they heed with less care than they exercise in selecting side orders for lunch."

Critics have contended that Eichenwald was out of his depth. RedState editor-in-chief Erick Erickson, who enrolled in seminary earlier this year, said that Eichenwald "displays staggering ignorance to attack Christianity."

Michael B. Dougherty, a senior correspondent for The Week, engaged in an extended back-and-forth on Twitter with Eichenwald on Christmas Day.

Eichenwald's polemic was bound to spur a dialogue (if not controversy) and, like previous Newsweek stories of that ilk, that appears to be the point. But Newsweek editor-in-chief James Impoco disputes the notion that the latest cover resembles previous issues.

"Seems you can't have it both ways -- accusing us of pandering for sales and stirring controversy," Impoco told CNNMoney in an email on Monday. "It's plain silly to put Kurt's examination of The Bible in the same category as a 90s style newsweekly Jesus cover. We were very aware of the cliche. In case you haven't noticed, The Bible is news."

First Published: December 29, 2014: 5:23 PM ET

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Wealthy Russians aren't buying U.S. homes anymore

NEW YORK (CNNMoney)

Deep-pocketed Russian buyers have been disappearing since last spring when international sanctions were imposed on Russia.

Over the past few years, Russian buyers have been responsible for some of the flashiest purchases in New York, according to Gabby Warshawer, research director for CityRealty, a website specializing in New York City sales.

Among them: the record breaking $88 million purchase of a Central Park West condo by Ekaterina Rybolovlev, the daughter of billionaire Dmitry Rybolovlev; composer, Igor Krutoy's $48 million purchase of a duplex in the Plaza Hotel and the $38 million purchase of an apartment in Time Warner Center by businessman, Andrei Vavilov.

"This year, we haven't seen any of those chart-topping sales," said Warshawer.

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

Russian buyers were driving the ultra-high-end market in Florida as well, according to Danny Hertzberg, a Coldwell Banker agent with The Jills Group in Miami Beach.

The most expensive sale in Miami's history was a home that sold for $47 million in 2012 to an unidentified Russian buyer. But even that paled in comparison to the $95 million sale of Donald Trump's Palm Beach palace in 2010 to Dmitry Rybolovlev, the father of Ekaterina, the woman who bought that $88 million condo on Central Park West.

Donald Trump's Maison de l'Amitie in Palm Beach, Fla. sold to Dmitry Rybolovlev in a record-breaking deal.

Last spring, however, all of those deep-pocketed Russians seemed to disappear, said Hertzberg.

"It felt like it changed almost overnight," he said.

Related: 10 least affordable rental markets

The big drop off occurred right after the Russian government tightened its currency restrictions, making it difficult for Russian nationals to move large sums of money out of the country. It's now even getting to be a challenge for some to transfer the small amounts of cash they need to pay real estate taxes and maintenance costs, Hertzberg said.

It's difficult to know just how much of an impact the pullout of Russian buyers will have on markets like New York, said Warshawer. Not only do fair housing laws make it almost impossible to accurately track a buyer's nationality, but the buyer's identity may also be concealed since many of the most expensive properties get bought and sold through middle men and limited liability companies.

However, New York appraiser Jonathan Miller, of Miller Samuel, isn't too concerned.

Related: New York's multi-million dollar condo sales keep soaring

"I kept hearing about Russians dominating New York's high-end market but they never really did," he said. "They just had the highest profiles."

But Hertzberg notes, the Russian buyers play another role, too. Like many other foreign clients, they were much more bullish on the U.S. real estate market during the housing bust than Americans were.

"Russians were willing to go well beyond what others would pay for trophy properties," said Hertzberg.

He thinks the rich Russian buyers will come back quickly if they can find a way to extract their wealth from the mother country.

"I hear from some Russian clients that the decline of the ruble has made them even more eager to buy here," he said.

First Published: December 29, 2014: 5:53 PM ET

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'The Interview': $15 million, 2 million streams

NEW YORK (CNNMoney)

Sony Pictures said Sunday that the scandalous Seth Rogen comedy was "rented or purchased online more than 2 million times" between Wednesday, when it was released, and Saturday.

The totals do not include Sunday, when Rogen and others held a live-tweet session to further promote online streams of the movie.

"Total consumer spending through Saturday for The Interview online is over $15 million," Sony said in a statement. Earlier, studio executives would only say that rental numbers were strong.

That's far more than the movie made in theaters -- despite sold out showings in a patchwork of theaters across the country. Through Sunday, "The Interview" is expected to make about $2.8 million at the 331 independently-owned theaters that have been showing it since Christmas Day.

This is about in line with industry expectations. Had it opened in the 2,000 to 3,000 theaters it was originally scheduled to be in, the movie would have made far more. But security fears scuttled that release two weeks ago and led to a hybrid in-theater and at-home release plan.

That's how Sony (SNE) un-canceled the movie last week, with the help of independent theaters and online stores like Google (GOOG)'s YouTube. (Some of the big theater chains would have considered showing the movie, but they objected to online distribution while the movie was in theaters.)

To put the sales figures so far in context, the movie's budget was about $44 million, and that does not include any of the marketing costs.

In other words, Sony still has a long way to recoup its costs. But it determined that announcing the online sales figures would bolster its decision to release the movie online and would generate further interest in renting.

Sony did not break out how many of the two million were rentals and how many were sales. It's also not clear exactly what kind of deals Sony cut with its online partners, but most of the revenue will likely go to the studio.

A source with knowledge of the arrangement said most of the digital sales were made through Google's YouTube and Google Play.

The results may be a glimpse of Hollywood's future. Studios aren't going to abandon theaters en masse -- far from it. Studios and theater chains generally have a mutually beneficial relationship.

But analysts say that digital distribution will gradually, almost inevitably, become more important to the studios over time.

Related: Watching 'The Interview' online was absurdly amusing

In addition to YouTube and Google Play, the movie was initially available through Microsoft (MSFT, Tech30)'s Xbox video store and a dedicated Sony web site.

At 1 p.m. Sunday, it was also made available through Apple's iTunes store, a development first reported by Re/code. Rental through iTunes costs $5.99, the same price as through the other sites.

The addition of Apple (AAPL, Tech30) is noteworthy because an earlier distribution deal between Apple and Sony fell apart last week.

"The Interview" is still not available through Sony's PlayStation video store. The PlayStation Network has been plagued by an apparently unrelated outage in recent days.

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

And to encourage more rentals of the movie, Rogen, his co-star James Franco and co-director Evan Goldberg held the live-tweet session Sunday afternoon. It was a twist on the notion of "social TV."

One Twitter executive dubbed the social networking site "the world's biggest movie theater." The site has been promoting the live-tweeting session extensively.

In a statement about the weekend box office numbers, Rogen said, "The fact that people actually left their houses when they had the option of staying home is amazing."

Related: What we know about the Sony Pictures hack

First Published: December 28, 2014: 2:37 PM ET

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AirAsia CEO takes to Twitter fast in wake of tragedy

Tony Fernandes, CEO of AirAsia.

(CNNMoney)

"This is my worse nightmare," CEO Tony Fernandes posted on Twitter as a search and rescue operation was underway. "My only thought(s) are with the (passengers) and my crew. We put our hope in the SAR operation and thank the Indonesia, Singapore and Malaysian governments," he wrote, referring to the search-and-rescue effort in the Java Sea along well-trafficked shipping routes.

That was one of a dozen tweets Fernandes sent or retweeted in the first 12 hours after Flight 8501 lost contact with air traffic controllers. The Airbus A320-200 was headed to Singapore from Indonesia with 162 on board, the airline said.

The posts were retweeted tens of thousands of times. Meanwhile, hashtags like "#AirAsia" and "#QZ8501," the flight's aviation code name, trended worldwide.

The CEO's messages were aimed at families of the passengers, his staff and the public.

"I as your group ceo will be there through these hard times. We will go through this terrible ordeal together and I will try to see as many of you," Fernandes wrote.

"Our priority is looking after all the next of Kin for my staff and (passengers). We will do whatever we can. We continue to pass information (as) it comes."

He called his team "all stars" and urged them to "be strong, continue to be the best. Pray hard. Continue to do your best for all our guests. See u all soon."

"I am touched by the massive show of support especially from my fellow airlines. This is my worse nightmare. But there is no stopping," he wrote.

The airline's official social media account responded, too. It posted regular updates to Twitter and Facebook. AirAsia changed its logo on social media from red to grey.

Fernandes has been with the company since its earliest days. In 2001, he and several partners bought an unprofitable air travel company -- it owned just two planes -- and turned it around, according to his company biography.

AirAsia's approach was in contrast to the way Malaysia Airlines handled the disappearance of its Flight 370 earlier this year. Malaysia Airlines was criticized by the passengers' families, who said they were given little information, and that some of what they were told was false.

Both companies are based in Malaysia.

--CNN's Yousuf Basil contributed to this report

First Published: December 28, 2014: 11:53 AM ET

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AirAsia shares slide after plane vanishes

HONG KONG (CNNMoney)

Company shares were off by more than 10% in the opening minutes of trading in Malaysia.

The search for the missing plane, which lost contact with air traffic controllers early Sunday morning, has resumed in the shallow waters of the Java Sea between the islands of Belitung and Borneo.

CEO Tony Fernandes addressed the crisis on Twitter, saying the low-cost airline will do whatever it can to help.

"This is my worse nightmare," Fernandes said. "My only thought(s) are with the (passengers) and my crew. We put our hope in the SAR operation and thank the Indonesia, Singapore and Malaysian governments," he wrote, referring to the search-and-rescue effort.

Related: AirAsia CEO takes to Twitter fast in wake of tragedy

Led by the outspoken Fernandes, AirAsia pioneered the low-cost airline model in Asia, delivering rapid growth as it undercut bloated legacy carriers in the region. The airline offers few free perks, and saves money by encouraging passengers to check themselves in.

Fernandes has been with the company since its earliest days. In 2001, the former music executive and several partners bought the unprofitable air travel business -- it owned just two planes -- for 1 Malaysian ringgit, or around U.S. $0.25.

The airline is strongest in Southeast Asia, where it has built a huge network of routes between Malaysia, Thailand and Indonesia. AirAsia is frequently named the best low-cost airline by industry group Skytrax, an distinction it won again in 2014.

The carrier's workhorse aircraft is the Airbus A320, a narrow-body model that is ideal for short and medium-range routes between Asia's regional airports. The missing plane is an Airbus A320-200, a variation that offers an extended flight range.

The airline boasted a clean safety record until the disappearance of Flight 8501, which departed from the Indonesian city of Surabaya. The missing aircraft was operated by AirAsia's affiliate in Indonesia.

Related: Search resumes for missing AirAsia Flight

First Published: December 28, 2014: 9:18 PM ET

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

NEW YORK (CNNMoney)

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

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

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

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

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

Related: 5 ways to make your Wi-Fi faster

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

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

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

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

Related: Netflix speeds jumped 51% this year

Related: Verizon is killing off 3G

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

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Watching 'The Interview' online: absurdly amusing

NEW YORK (CNNMoney)

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

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

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

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

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

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

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

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

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

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

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

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

Maybe not.

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

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

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

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For moviegoers, 'patriotic duty' to see 'The Interview'

NEW YORK (CNNMoney)

Ever since the movie studio was crippled by a cyberattack on Nov. 24, it has been on the defensive. Last week, after hackers objecting to the content of "The Interview" threatened American moviegoers, Sony (SNE) canceled the movie's Christmas day release in 3,000 theaters from coast to coast.

But now the scandalous Seth Rogen comedy has been resurrected. Yesterday it went on sale on the Internet. Today it's coming out in 331 independently owned movie theaters, some of which have already reported sell-out crowds -- perhaps the best Christmas gift Sony could have wished for.

Rogen showed up at a midnight screening in Los Angeles to celebrate the movie's unlikely release. "If it wasn't for theaters like this and people like you, this wouldn't be" happening, Rogen said, adding an expletive for good measure.

Related: Sony Streams 'The Interview' online

A few hours later, the movie opened at the Cinema Village theater in the Greenwich Village neighborhood of New York City. Some of the film's fans waiting in line said "The Interview" wasn't just holiday entertainment, but a "patriotic duty" in defense of freedom of expression.

"It is a celebration of the constitution. It's very important to show that any idea can be expressed," said Willie Jasso, who was first in line.

The comedy, which has received mixed reviews, is about an assassination plot against the North Korean dictator Kim Jong-Un. It is widely believed that the cyberattack was partly related to North Korea's fury over the movie, which the country has called an "act of war" by the United States. Hackers invoked 9/11 in a Dec. 16 message warning Americans to stay away from theaters playing the movie.

But on Thursday morning the mood at Cinema Village was festive rather than fearful.

"It did not seem like a credible threat anyone could carry out, and now it's even less likely," said Mark Rosenzweig, another patron at the theater.

The FBI and local law enforcement have worked with movie theaters on steps to ensure security at screenings of the movie.

Top-selling movie rental on YouTube

While some movie buffs lined up on Christmas morning, many others shrugged off the release -- and that's a point that a spokesman for President Obama made in a statement on Wednesday.

"People can now make their own choices about the film, and that's how it should be," White House deputy press secretary Eric Schultz said.

So now the question becomes: how many people will really pay to see "The Interview?"

It's too soon to know how many tickets have been sold. And a Sony spokesman reaffirmed on Thursday morning that the company will not be releasing any immediate data about the number of online rentals.

The movie is available for a $5.99 rental through YouTube, Google (GOOGL, Tech30) Play, Microsoft's (MSFT, Tech30) Xbox video store, and a special web site set up by a startup called Kernel.

The sites do not provide video view counts for movie rentals, but on Thursday morning "The Interview" was listed as the No. 1 seller on YouTube and Google Play.

Related: Watching 'The Interview' online: absurdly amusing

Kernel said there was "tremendous demand" shortly after the 1 p.m. ET release on Wednesday.

"Tremendous" is the same word that Charles Roark, the owner of the Hollywood Cinema in Martinsville, Va., used to describe anticipation for "The Interview."

"We are one of only two theaters in Virginia to get the movie, and the phones have been ringing off the hook for advanced sales, as well as customers flooding the doors," he said, calling sales "more brisk than nearly any previous movie we've ever shown."

'Essential' for this movie to come out

The simultaneous physical and digital release plan was stitched together in recent days. It came over the objections of some of the big movie theater chain owners, which are reluctant to have movies rented on the Internet while they're still on big screens.

A spokesman for the National Association of Theater Owners declined to comment.

One of the chain owners' concerns is pirating, and sure enough, "The Interview" started to show up on illegal file-sharing websites by Wednesday night. The New York Times reported that a Chinese-subtitled version has the title translated as "Assassinate Kim Jon-un."

The smaller theaters that agreed to show the movie Thursday were aware of the digital distribution plan ahead of time.

Steve Mason, a co-owner of the Cinémas Palme d'Or in Palm Desert, Calif., said he had been requesting to show "The Interview" ever since the big movie chains backed away from plans to release it last week.

His cinema now has two showings of the movie on Thursday evening.

"Independent theaters are fearless. We are in it for the love of film," Mason said in an email to CNNMoney. "We would never back down from showing this movie or any other one."

Michael Lynton, the Sony Pictures CEO, sounded similarly confident in a video message to staff on Wednesday that was obtained by CNN.

"It was essential for our studio to distribute this movie, especially given the assault on our business and on our staff," Lynton said.

"This film represents our commitment to our filmmakers and free speech," he added. "While we couldn't have predicted the road this movie traveled to get to this moment, I am proud our fight was not for nothing, and that cybercriminals were not able to silence us."

Lynton also emphasized that "we continue to seek other partners and platforms to further expand the release."

Those other partners could be the big chains, or they could be digital distributors like Netflix (NFLX, Tech30).

A Sony spokesman declined to comment Thursday on reports that Netflix might stream the movie to its subscribers in the coming weeks or months.

--CNN's Pamela Brown and Rosa Flores contributed reporting.

First Published: December 25, 2014: 12:09 PM ET

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10 least affordable rental markets

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

NEW YORK (CNNMoney)

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

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

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

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

New York's multimillion dollar home sales keep soaring

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

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

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

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

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

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

Source: RealtyTrac

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

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JetBlue offers to fly police to NYPD funeral

NEW YORK (CNNMoney)

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

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

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

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

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

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

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

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

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Watching 'The Interview' online: absurdly amusing

NEW YORK (CNNMoney)

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

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

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

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

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

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

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

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

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

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

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

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

Maybe not.

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

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

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

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Russia debt closer to junk status

NEW YORK (CNNMoney)

The ratings agency said Tuesday the move "stems from what we view as a rapid deterioration of Russia's monetary flexibility and the impact of the weakening economy on its financial system."

The ratings agency currently rates Russia's debt at one notch above junk status and a downgrade would nudge Russia over.

S&P said that there is a 50% likelihood that Russia will be downgraded in the next 90 days.

Russia's economy has been pushed to the brink of recession by falling oil prices -- half of the government's revenue comes from oil and gas exports.

The nation's currency has plunged to all-time lows, raising concerns that it is headed for a full-blown financial crisis. The Russian central bank has hiked interest rates five times this year in an attempt to prop up the ruble.

Russians have been rushing to withdraw rubles and convert them into dollars, worried about the devaluation and the soaring price of imported goods.

The rates Russian banks lend to each other have more than doubled in the past month -- overnight lending rates now stand at 25% -- indicating just how serious the funding crisis has become.

Russia's central bank said Monday it would provide an emergency loan of 30 billion rubles ($545 million) to keep a struggling bank afloat and protect customers' deposits while it engineers a longer term bailout involving a bigger Russian bank.

The ruble gained ground Monday, after bouncing off a record low against the dollar last week as Russia drained billions more from reserves to buy its currency, and announced a series of measures aimed at shoring up the banking industry.

They include a plan to pump one trillion rubles ($16 billion) into Russian banks next year, and new deposit insurance that guarantees savings up to 1.4 million rubles ($23,200).

Related: GM halts deliveries to Russia

Related: iPhone prices soar in Russia

First Published: December 23, 2014: 1:54 PM ET

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Where you can watch 'The Interview'

NEW YORK (CNNMoney)

Sony Pictures announced on Tuesday the controversial Seth Rogen comedy will run "in a number of theaters on Christmas Day."

Here's a list of the locations that have signed up. (Forgive the incompleteness -- we'll continue to update this list on Wednesday!)

Related: Sony plans limited release

This list will be updated as additional theaters announce showtimes. If you know of another theater showing the movie, or your theater will show the movie, let us know: gregory.wallace@CNN.com.

Here's where you can watch the movie starting on Christmas Day:

Alabama:

-- The Edge 12 (Irondale)

Arizona:

-- Harkins Valley Art (Tempe)

-- The Loft Cinema (Tucson)

California:

-- Los Feliz 3 Cinemas (Los Angeles)

-- Cinefamily (Los Angeles)

-- Cinémas Palme d'Or (Palm Desert, CA)

-- Foothill Cinema Stadium 10 (Azusa)

-- Santa Paula 7 (Santa Paula)

-- Perris 10 (Perris)

-- Agoura Hills Stadium 8 (Agoura Hills)

-- Sterling 6 (San Bernardino)

-- Granada Hills 9 (Granada Hills)

-- East Hills Mall (Bakersfield)

-- Commerce 14 (City of Commerce)

-- Van Nuys Plant 16 (Van Nuys)

-- Fontana 8 (Fontana)

-- Janss Marketplace 9 (Thousand Oaks)

-- University Village 10 (Riverside)

-- Westminster 10 (Westminster)

-- Palladio 16 Cinemas (Folsom)

Colorado:

-- Alamo Drafthouse Littleton (Littleton)

Florida:

-- The Sun Ray Cinema (Jacksonville)

-- Prado Stadium 12 (Bonita Springs)

-- Edison Park 8 (Fort Myers)

Georgia:

-- Plaza Atlanta Theatre (Atlanta)

Indiana:

-- Georgetown 14 Cinemas (Indianapolis)

Kentucky:

-- Maiden Alley Cinema (Paducah)

Michigan:

-- Alamo Drafthouse Kalamazoo (Kalamazoo)

-- Michigan Theater (Ann Arbor)

Minnesota:

-- St. Anthony Main Theatre (Minneapolis)

Missouri:

-- Alamo Drafthouse Kansas City (Kansas City)

-- MX Movies (St. Louis, Missouri)

New York:

-- Alamo Drafthouse NYC (Yonkers)

-- Flix Stadium 10 (Lancaster)

-- Auburn Movieplex 10 (Auburn)

-- Canandaigua Theaters 10 (Canandaigua)

North Dakota:

-- Fargo Theater (Fargo)

Ohio:

-- Grandview Theatre (Columbus)

-- Tower City Cinema (Cleveland)

Oklahoma:

-- RiverWalk Movies (Jenks)

Oregon:

-- Living Room Theaters (Portland)

Pennsylvania:

-- Southside Works Cinema (Pittsburgh)

South Carolina:

-- Terrace Theater (Charleston)

-- Nickelodeon Theater (Columbia)

Tennessee:

-- The Belcourt (Nashville)

-- The Franklin Theatre (Franklin)

Texas:

-- Alamo Drafthouse Dallas-Fort Worth (Richardson)

-- Alamo Drafthouse Lakeline (Austin)

-- Alamo Drafthouse Lubbock (Lubbock)

-- Alamo Drafthouse Mason Park (Katy)

-- Alamo Drafthouse New Braunfels (New Braunfels)

-- Alamo Drafthouse Park North (San Antonio)

-- Alamo Drafthouse Ritz (Austin)

-- Alamo Drafthouse Slaughter (Austin)

-- Alamo Drafthouse South Lamar (Austin)

-- Alamo Drafthouse Vintage Park (Houston)

-- Alamo Drafthouse Westlakes (San Antonio)

Wisconsin:

-- Grand Cinema Theatres (New London, WI)

Virginia:

-- Alamo Drafthouse DC (Ashburn)

-- Hollywood Cinema (Martinsville)

Here's where the movie starts showing next week:

-- Laemmle's NoHo 7 (North Hollywood, CA)

-- Movieland Cinemas (Coram, NY)

-- The Fox Theatre (Dallas, OR)

The movie will likely open in additional theaters beyond the ones that are known at this time.

--CNN's Brian Stelter, Molly Shiels, Lorenza Brascia and Stephanie Gallman contributed to this report.

First Published: December 23, 2014: 4:14 PM ET

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Everybody rallied to pay off this family's $200,000 in debt

The Mason family (pictured here with their grandkids) has received an outpouring of support since a CNNMoney story in July about their $200,000 in student loan debt.

NEW YORK (CNNMoney)

Steve and Darnelle Mason were stuck with $200,000 in student loan debt when their daughter, Lisa, died of liver failure five years ago at age 27.

Like a lot of parents, they had co-signed Lisa's loans for nursing school. But because the money had been borrowed from a private lender, instead of the federal government, they had no way out.

CNNMoney profiled the Masons in July, and the family says the attention sparked an outpouring of help, for them and their three grandchildren who they took in after their daughter passed away.

Now those bills are about to be wiped out completely.

Here's what has happened since July:

-- The Masons have received $41,000 through a campaign on GoFundMe.

-- Two of their student loan providers have forgiven more than $60,000 in outstanding debt.

This left them with about $100,000 in debt. Then, a lawsuit over their daughter's death settled, and their lawyer said he has decided to waive $100,000 in legal fees to help the family pay off the rest.

Money leftover from the settlement will go directly to the Masons' grandkids, ages 9, 12 and 14.

"The tremendous emotional cost [of losing Lisa] was compounded by a sudden and colossal financial debt," said family attorney David Fine. "Offering a portion of our fee to the Masons provides a small amount of comfort and security to a wonderful family."

Just as touching for the Masons was all the non-financial support.

-- A local orthodontist has offered to give free braces to the Masons' grandkids.

-- People countrywide have sent the Masons more than 150,000 messages of support, as well as gifts for their grandchildren -- including a care package with $750 worth of toys.

-- Elizabeth Warren highlighted the family's story at a Senate Banking Committee hearing in July.

-- More than 210,000 people have signed the family's Change.org petition urging lawmakers to require private student loan debt to be forgiven when the primary borrower dies.

-- The family says a nonprofit wants to help build a college fund for their three grandchildren.

For Steve and Darnelle, who live in East Highland, California, the support has been life-changing. They both work for a church, and on their salaries they struggled to pay down the debt -- especially now that they are supporting three children.

"We are just overwhelmed at the response," Darnelle said. "We can only hope that this wave [that the story] began will turn into a tsunami for all those other families that suffer as we do."

First Published: December 23, 2014: 4:35 PM ET

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Israeli bank helped U.S. account holders avoid taxes

NEW YORK (CNNMoney)

As part of a settlement reached on Monday with the U.S. Department of Justice, Bank Leumi Group will pay $270 million in fines. It's the first time an Israeli bank has admitted to this type of criminal activity.

The bank put its clients' money into accounts in tax haven countries such as Switzerland and Luxembourg and helped its clients create false tax returns over a 10-year period, the Justice Department said.

"IRS will not tolerate the use of offshore accounts to illegally escape paying taxes and we will continue to focus on this priority area," said Internal Revenue Service Commissioner John Koskinen.

Leumi is one of the largest banks in Israel. It has offices in New York, Florida, Illinois and California.

A spokesperson for the bank did not immediately respond to a request for comment.

First Published: December 22, 2014: 4:59 PM ET

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IRS to auction remainder of Darryl Strawberry's Mets salary

Strawberry took home four World Series titles over his 17-year Major League Baseball career.

NEW YORK (CNNMoney)

The Internal Revenue Service is putting outfielder Darryl Strawberry's retirement annuity on the auction block next month.

The annuity, seized by the IRS because Strawberry owed back taxes, was part of a contract he signed in 1985, back when he was slugging home runs for the New York Mets.

The annuity will be worth about $1.3 million, to be paid out over nearly 19 years, when it goes up for sale on January 20, according to court documents.

The starting bid is $550,000.

The IRS filed a lien against Strawberry because he owes the IRS back taxes from 1989, 1990, 2003 and 2004. A court document from 2012 said he owed the IRS nearly $543,000.

Related: $325 million deal may be riskiest contract in sports

The auction was authorized by a court, which will divide the money between the IRS and other parties.

The IRS will get to exchange two decades worth of monthly installments for an immediate lump sum that would settle Strawberry's outstanding tax debt.

Strawberry signed with the Mets in 1993 and over the course of his 17-year Major League Baseball career, took home four World Series titles. He was named an All-Star for eight consecutive seasons and had 335 career home runs. But he was plagued by a cocaine addiction and other troubles.

The auction is set to take place in Illinois, but bids will also be accepted by mail.

Related: Three lessons investors can learn from Derek Jeter

Related: Standing room only tickets go for $800

First Published: December 22, 2014: 4:02 PM ET

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A peek into North Korea's Internet

NEW YORK (CNNMoney)

For most North Koreans, it's nonexistent. There are only 1,024 known IP addresses in the entire country. The Internet is typically reserved for government officials, a few foreign ambassadors and outside assistance groups, according to a North Korean defector-turned-journalist.

By comparison, the United States has 1.5 billion IP addresses.

It's important to note that it's not one IP address per device, so there could be thousands of devices hooked up to the Internet in North Korea. Still, it still has one of the smallest Internet presences in the world.

All sorts of devices are hooked up to the Internet there, however. There are a few Sony PlayStations and XBoxes, and some of those ubiquitous voice-over-IP office phones, too. Researchers have even spotted a MacBook -- one single Macbook -- connected to the world-facing Internet.

Companies like Apple (AAPL, Tech30), Sony (SNE) and Microsoft (MSFT, Tech30) aren't permitted to sell to North Korea, so these devices are probably bought by third parties, said HP security research director Ted Ross.

Still despite these details, little is known about all the devices in North Korea connected to the Internet. The country is notoriously secretive and isolated. What we know is that Internet access there is small and tightly controlled.

Some clues are offered by security researchers at HP (HPQ, Tech30). Others come from an anonymous person who claims to have mapped some of North Korea's computer network and provided unique data to prove it.

Nearly all of the country's Internet traffic is routed through China. Firms that monitor that traffic say it is comparable to only about 1,000 high-speed homes in the United States.

All of it went offline Monday in a mysterious blackout. Matthew Prince, president of CloudFlare, which monitors Internet traffic worldwide, said three scenarios are likely.

Either the North Korean government pulled the plug (like Syria did in 2012). Or its main Chinese telecom provider turned it off. Or a few computer-savvy misfits overloaded North Korea's tiny Internet "tube" with garbage traffic, a relatively simple tactic known as a Distributed Denial of Service attack.

"It's as if North Korea got erased from the global map of the Internet," Prince said.

Whereas the real Internet is reserved for a select and trusted few, everyone else in North Korea gets access to a national, walled-off intranet, a "pseudo Internet," available for public use called Kwangmyong.

That tiny network has maybe 5,500 websites at most, so users only see what the North Korean government wants them to see.

And yes, they get their own computer operating system. It's called Red Star.

Related: North Korea's attack should scare every company

Related: Sony doesn't know how but says 'The Interview' will be shown

Related: BitTorrent to release 'The Interview'?

First Published: December 22, 2014: 7:45 PM ET

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Uber agrees to temporarily suspend service in Portland

NEW YORK (CNNMoney)

The company said it would stop picking up customers there for three months after the city sued, asking a judge to order Uber to stop operating until it is in compliance with safety, health and consumer protection rules.

But Uber fully expects to be back. In fact, this could be good news for Uber fans in the long-run.

The city has agreed to update its laws, creating a new regulatory framework for companies like Uber that tend to fall somewhere between a taxi and a ridesharing service. People use it by requesting a driver with a smartphone app.

Related: Uber's global ambitions hit roadblocks

Uber, which operates in 60 cities across 21 countries, has run into problems because its drivers do not always meet the city's regulations for taxi and car services.

Last week, for example, a judge in Spain temporarily blocked Uber because the Madrid taxi service said it was unfair to competition and not properly licensed.

The mayor's office said it will set up a task force and present its findings at the April 9 council hearing. If new regulations are not available by then, the city will allow Uber to operate while it continues to work on the new regulatory framework.

Uber will stop picking up customers in Portland on Dec. 21, but said it will still operate in other parts of the metro area, including Beaverton, Gresham, Hillsboro and Tigard.

First Published: December 18, 2014: 7:13 PM ET

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Russia crisis hurts these brands the most

LONDON (CNNMoney)

A currency crisis and plunging oil prices have slammed the economy and damaged consumer confidence. If oil prices fail to recover, Russian GDP is expected to shrink by almost 5% next year.

That's bad news for plenty of Western companies with heavy exposure to Russia.

The currency collapse has driven up prices for Russians. Some shoppers have been rushing to buy before prices go any higher, but ultimately, spending on many Western consumer brands will slow.

And the wild swings in the ruble have already prompted companies such as IKEA, GM (GM) and Apple (AAPL, Tech30) to suspend some business in Russia.

Related: Putin blames the West for Russia's misery

Here are the Western brands taking the biggest hit from the Russian crisis:

Ford

It's been a tough year for automakers in Russia. Car sales are down about 12% so far this year, according to the Association of European Businesses. Ford (F) has been one of the hardest hit. Its sales slumped 40% in the first 11 months of the year, according to the AEB.

The U.S. automaker was forced to cut about 950 jobs at its Russia joint venture in April.

Volkswagen

It's a similar story for the German car giant. Volkswagen (VLKAF) halted production at its plant in the Russian city of Kaluga for 10 days in September, blaming the souring economy.

The group's main VW car brand saw Russian sales fall 20% between January and November, compared to the same period in 2013, AEB data shows.

Carlsberg

The Danish beer maker has issued two profit warnings this year due to slowing Russian demand. Beer market volumes fell by as much as 7% in the first six months of 2014, the brewer said, hit by the uncertain environment, weak growth and bad weather.

Carlsberg (CABGY) is heavily dependent on sales in Russia, where it is the biggest brewer supplying local brands such as Baltika. Its shares are down more than 20% this year.

Adidas

Sluggish consumer spending has forced the German sportswear maker to shut stores and scale back expansion plans in Russia.

Adidas (ADDDF) is one of the biggest retail brands in the country with 1,100 stores. Chief Executive Herbert Hainer said last month that weak consumer sentiment and the falling ruble was hurting its business.

BP

Crumbling oil prices and sanctions have dealt a double blow to oil majors in Russia. BP (BCONQ) owns a large stake in Rosneft, Russia's biggest oil company,

Rosneft has lost access to U.S. and European sources of finance, as well as technology and services to develop deep water, Arctic or shale oil deposits. It blamed an 86% fall in third quarter profit on the falling ruble and lower prices for Russian Urals crude.

BP shares are trading down 17% this year.

Related: Russia has cash to prevent economic collapse

ExxonMobil

ExxonMobil (XOM) made an Arctic oil discovery with Rosneft earlier this year. But the firm can't push ahead with the project until sanctions imposed over the Ukraine crisis are lifted.

Total

The French energy giant has also had growth plans clipped by the West's trade war with Russia. The firm shelved plans for a shale exploration venture with Russia's Lukoil due to the sanctions.

McDonald's

Earlier this year, Russian officials forced the fast food giant to close 12 restaurants because of sanitary violations. The move was widely believed to be politically motivated.

All restaurants have now reopened but McDonald's (MCD) said "very weak results" in Russia worked to drive European sales lower in November.

Danone

French food conglomerate Danone (DANOY) is a big player in Russia. The market represents 11% of the group's annual turnover and was the top ranking country by sales in 2013.

Rising prices are a growing worry for the company in Russia. The company said operating margins fell sharply in the first half of this year due to higher milk prices.

Siemens

Russia is also a major market for the German engineering titan, and sales are suffering. Siemens' (SIEGY)revenue from the country dropped about 14% in fiscal 2014, compared with the previous year.

European banks

An escalation of Russia's financial woes could create headaches for Western banks. European lenders are most exposed to the country, according to the Bank for International Settlements.

European banks had $155.9 billion in outstanding loans to Russia at the end of June. That's about 1% of total European bank lending. French banks have lent the most at $47.8 billion, followed by Italy with $27.7 billion. U.S. banks have lent a relatively modest $26.1 billion.

Among the major banks tied up in Russia are France's Societé Generale (SCGLY) and Italy's UniCredit (UNCFF).

Related: Western banks lend billions to Russia

First Published: December 18, 2014: 8:56 PM ET

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Avon fined for bribing Chinese officials with Gucci bags

Avon has been fined $135 million by the SEC for allegedly paying bribes to Chinese government officials.

HONG KONG (CNNMoney)

The SEC alleged that Avon's subsidiary in China doled out $8 million in bribes -- cash, gifts, entertainment, and travel -- to Chinese officials in charge of new regulations to sell directly to consumers. The watchdog also said the company falsely recorded the bribes as employee business expenses or vendor payments.

The luxury bribes, which included Louis Vuitton goods and box tickets to the China Open, helped Avon (AVP) win one of the first direct-selling business licenses in China in March 2006, according to a SEC statement.

Avon was able to "gain an edge over their competitors, and the company reaped substantial financial benefits as a result," said the SEC's Scott W. Friestad.

The SEC said Avon violated the Foreign Corrupt Practices Act by failing to put in place a system to detect and prevent bribery.

Related: World's most corrupt industries

Avon isn't the only company to have fallen under SEC investigation for FCPA violations. A number of major U.S. banks, including JPMorgan (JPM), are currently being scrutinized for their hiring practices in China.

Western firms operating in China have also gotten in trouble with the Chinese government for alleged corruption and bribery. Major drug companies, such as GlaxoSmithKline (GLAXF), have been netted in government probes and forced to pay big fines.

Avon has agreed to have a corporate compliance monitor for at least 18 months as part of the settlement with the SEC and Justice Department, according to a company statement.

The New York-based company brings in $10 billion in annual revenue and has 6 million sales representatives globally, according to the company website.

Read next: Half of China's wealthy plan to leave

First Published: December 18, 2014: 11:35 PM ET

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Americans send $2 billion a year to Cuba

NEW YORK (CNNMoney)

Most of it came from Cuban-Americans sending money home to their families. But now, anyone in the U.S. can send up to $8,000 a year to just about anybody in Cuba, as the Obama Administration eases restrictions with the Communist country.

"You can really see the impact this money is having on the island," said Alana Tummino, director at the Americas Society and Council of the Americas.

The money is often going to small, private businesses.

Yes, even though Cuba is a Communist country, it has moved towards a more private economy in recent years.

Related: Why I changed my mind about Cuba

There are now close to 500,000 people with state-issued private business licenses for everything from restaurants, to nail salons, to coffee shops and mechanics, Tummino said.

It remains difficult for these business owners to get loans, but that has been made easier with remittances from the U.S.

The Obama Administration has eased restrictions before.

In 2009, Cuban-Americans could begin sending as much money home as they wanted. Other Americans could begin sending money to Cubans they weren't related to in 2011 -- but the amount was capped at $500 every three months.

Now americans can send up to $8,000 a year to Cuba.

Related: The promise for American businesses if Cuba sanctions are lifted

The changes announced Wednesday raise the cap to $2,000 every three months.

At Western Union (WU), a money transfer can be made from the U.S. to Cuba much like one to someone in any other country.

"I think you're going to see a lot more people sending money, bolstering the Cuban economy," Tummino said.

First Published: December 17, 2014: 5:52 PM ET

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Sony downplays digital 'Interview' possibility

NEW YORK (CNNMoney)

Or maybe not. On Wednesday night, after Sony (SNE) canceled the film's planned Christmas Day release of the controversial film, the embattled studio also discouraged speculation that it might release the film digitally.

"Sony Pictures has no further release plans for the film," a studio spokesperson said in response to questions about digital distribution.

It's understandable why the digital possibilities were considered. Sony could have pursued streaming services like Netflix (NFLX, Tech30) and video-on-demand cable services like the one operated by Comcast (CCV).

"Sony should fight fire with fire: Make 'The Interview' available online, for free, on every pirate site in the world. In HD," said Digital Disrupton author James McQuivey in a tweet to CNN's Brian Stelter.

Plenty of studios release straight to streaming and pay-TV all the time, but usually with smaller, low-budget films.

For instance, the sequel to the 2000 hit "Crouching Tiger, Hidden Dragon" is slated to be released simultaneously in theaters and on Netflix (NFLX, Tech30) in August 2015.

"The Interview" could have been a pioneer -- a landmark moment for digital distribution -- but Sony's comment on Wednesday night seemed to preempt the idea.

First Published: December 17, 2014: 4:50 PM ET

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Judge denies request to release Steve Jobs trial video

HONG KONG (CNNMoney)

Jobs's taped deposition was used in a class-action lawsuit, which had been in court for a decade, that argued Apple abused its monopoly power in the music industry. Apple won the suit earlier this week, and won't have to pay damages in the antitrust trial.

The request to make the tape public was filed by the Associated Press, Bloomberg, and CNN.

Judge Yvonne Gonzalez Rogers found that because the video was used in lieu of live testimony, it should be considered as such -- cameras are prohibited in federal district courtrooms, and any other live testimony wouldn't have been taped. The transcript of the video, and not the tape itself, will serve as the official court record, according to the decision.

"As is typical of all live testimony, it is properly made available to the public through its initial courtroom presentation, and subsequently, via the official court transcript," the judge ruled.

The court ruling states that if video depositions were routinely released, that may discourage future witnesses from participating in taped depositions, out of concern they may be broadcast publicly someday.

The decision also noted that the courtroom wasn't sealed for any part of the trial, making all testimony accessible to the public. To accommodate the press, the court ordered extra copies of exhibits in the trial, and ensured the public had advance notice of the Jobs deposition.

Related: Apple wins antitrust trial

Parts of the video were played in court for the public and media, and the transcript of the deposition was made public for the first time earlier this month.

During the deposition, the attorney representing iPod owners asked Jobs questions about Apple's attempt in 2004 to limit the iPod's compatibility with rival music stores.

At the time, Jobs was on medical leave, appeared very thin and his voice was raspy, but seemed mentally sharp in the video, which CNN saw in the courtroom.

He was also defensive, evasive and opaque. Asked about events that took place seven years earlier, he said "I don't remember," "I don't know" or "I don't recall" 74 times during the two-hour session -- including when he was asked if he knew what the lawsuit was about, according to the transcript.

Related: What Steve Jobs said that has iPod owners up in arms

In the iPod's early days, Apple went to great lengths to ensure the iPods could only play music burned from CDs or purchased on iTunes. Music sold on iTunes had a special Digital Rights Management encryption that wasn't compatible with other MP3 players.

Throughout the deposition, Jobs portrayed Apple as a company that was at the mercy of the record labels. He said Apple was "very scared" of being in noncompliance with the labels' terms, which stipulated that iTunes music needed DRM protections.

Related: Apple now worth a whopping $700 billion

None of the major labels ever canceled their contracts with iTunes. In fact, Apple has been widely regarded as having the upper hand in its negotiations with the record labels, and Jobs has been accused of strong-arm tactics when setting iTunes' music prices.

Towards the end of the deposition, the attorney asked Jobs whether Apple's response to Harmony was "strong and vehement."

"They don't sound too angry to me when I read them," Jobs answered. "A strong response from Apple would be a lawsuit."

Read next: 10 best Steve Jobs emails

First Published: December 17, 2014: 11:12 PM ET

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Jack Ma made $18.5 billion this year

Thanks, Wall Street.

NEW YORK (CNNMoney)

Alibaba (BABA, Tech30) founder Jack Ma made more money than anyone this year, increasing his wealth by 173% -- a gain of $18.5 billion -- according to a list of the year's biggest winners and losers, from the research firm Wealth-X.

Ma, a former English teacher who started the Chinese online marketplace with $60,000, is now worth a total of $29.2 billion. His banner year is tied to Alibaba's IPO in September -- the biggest IPO ever.

Second on the winners list is Warren Buffett, whose savvy investing netted $13.5 billion so far in 2014 -- a gain of 23%. The Berkshire Hathaway (BRKA) chairman is now worth $72.6 billion.

Bill Gates, the world's richest man with a fortune of $83.1 billion, comes in at No. 3. Gates made $10.5 billion this year. While Gates founded Microsoft (MSFT, Tech30), most of his money now comes from a variety of investments, including Buffett's Berkshire Hathaway (BRKA).

Rounding out the top five are Facebook (FB, Tech30) founder Mark Zuckerberg, who made $8.4 billion, and Swiss telecom magnate Patrick Drahi with a $5.1 billion gain.

The biggest losers

It was a bad year to be a Russian energy tycoon.

Leonid Mikhelson, the biggest shareholder in Russian natural gas firm Novatek, saw his net worth go from $17 billion to $10 billion -- a decline of 41%.

His ill fortune was attributed to plunging oil prices, Russia's free-falling currency and Western sanctions imposed over the trouble in Ukraine.

Related: Who loses if Russia implodes

The second biggest loser is Japanese businessman Masayoshi Son, head of Softbank, the parent company of U.S. telecom firm Sprint (S). Son lost $5.9 billion last year, or 31% of his fortune.

Casino owners Lui Chee Woo and Sheldon Adelson, as well as Amazon's (AMZN, Tech30) Jeff Bezos, rounded out the losers list. Each saw their net worth shrink by roughly $5 billion.

First Published: December 16, 2014: 6:07 PM ET

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Google Ventures: less Ubers, more health care

NEW YORK (CNNMoney)

Google (GOOG)'s VC investment arm is doubling down on life science and health service startups. This means everything from digitizing primary care (One Medical) to cloud-based genome data (DNA Nexus). It's the first year that the majority of the fund's investment dollars have been in this sector (36%), followed by mobile (27%) and consumer startups (8%, down from 66% in 2013).

"It's not surprising at all to me that we, as investors, are interested in [the space]," said Bill Maris, managing partner at Google Ventures. "36% of our dollars invested doesn't seem like a huge number. I feel like we could probably do more."

It is, however, a significant increase.

In both 2012 and 2013, funding for life sciences and health startups made up just 9% of their total.

Google Ventures' portfolio includes companies like Nest (since acquired by Google), Blue Bottle Coffee Co., DocuSign, and, of course, infamous transportation disruptor Uber.

Related: Google searching for cancer cure

Overall VC funding mirrors this trend. According to data from PrivCo, funding to health care and life sciences startups jumped by nearly $8 billion from 2013 to 2014, capturing $20.7 billion. It's followed by commerce ($18.7 billion) and mobile ($13.9 billion).

According to Maris, his firm placed a "concerted effort" on funding fledgling startups in the life sciences. ("If we don't, who's going to?" he said.)

Maris -- who helped bring on genetics expert Andrew Conrad to head up Google X's Life Sciences team -- recalls getting criticized for their focus early on.

Related: Hedge funds want one-night stand with startups

"When we started this, we got some amount of criticism on why we'd be investing in life sciences of all things," he said. "It's become clearer that life sciences and technology go together quite well. [But] there isn't the same enthusiasm as there is for technology investing."

This spring, Google Ventures led a $130 million round of financing for Flatiron Health, a New York City-based software company that aggregates cancer data for oncologists. It's the second most funded startup in Google Venture's portfolio (Uber is the first).

Google Ventures -- which also invests in startups in Europe and Israel -- will be on the lookout to support more health and life sciences startups with its 2015 investment fund of $425 million.

After all, the potential payoff is significant.

"Life sciences is such a hopeful area," said Maris. "If you're a venture investor in the space, you've played a very small supporting role in the larger story of helping people live longer. You're investing in companies that really make a difference. It's just a little more meaningful."

First Published: December 16, 2014: 5:24 PM ET

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The 2014 tax breaks you'll be able to take

Congress waited until the last minute to extend a slew of tax breaks - and a handful will affect individuals directly.

NEW YORK (CNNMoney)

Congress on Tuesday night extended dozens of expired "temporary" tax breaks for 2014.

It took the Senate, by a 76 to 16 vote, until the week after Congress was supposed to adjourn to pass the bill, which the House had already approved.

The bill will now be sent to President Obama, who is expected to sign it.

The majority of tax breaks in the bill pertain to businesses, but a handful will affect individuals.

Among those who will benefit from the retroactive extension to January 1, 2014: Teachers who buy classroom supplies, mass-transit commuters, residents of states with no income tax, parents with kids in college, some homeowners and some retirees with IRAs.

The bill also includes a new provision that will benefit disabled adults.

What's not clear yet is whether passage of the tax extenders bill so late in the year will force the IRS to delay when you can start filing your 2014 taxes, which typically begins in mid-January.

But whenever tax season starts, here are the extended tax breaks that you can take on your 2014 tax return:

Deduction for teachers' expenses: This measure lets school teachers deduct up to $250 for the costs of classroom supplies that they buy with their own money. It's available to all teachers, whether they itemize or not.

Related: Senate sends spending bill to Obama, avoiding shutdown

Equal treatment of commuting costs: All commuters may reduce their pre-tax income to account for their commuting costs. Under the law, however, those who drive to work and pay for parking are allowed to exclude more ($250 per month) than those who use mass transit ($130 per month). This measure again provides parity by also allowing mass transit riders to exclude $250 per month.

State and local sales tax deduction: If you itemize your taxes, this measure lets you deduct the state and local sales taxes you've paid in lieu of state income taxes.

The deduction can be a boon for itemizers who live in Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming. Those are the seven states that don't impose an income tax but where residents pay sales taxes, either at the state or local levels.

Tuition deduction: Among the many education tax breaks on the books, this one is available to all tax filers, whether you itemize or not. With it, you may deduct up to $4,000 in qualified tuition, fees and related expenses for post-secondary education, such as college and graduate school. The deduction may be taken for yourself, your spouse or your dependents.

Related: Washington budget voodoo hides true cost

But there are income limitations, and if you take it you may not take other types of education tax breaks, such as the Lifetime Learning Credit. Your deduction also is reduced by any grants and scholarships received to pay for school, as well as any money withdrawn from tax-advantaged, education savings accounts.

Deduction for mortgage insurance premiums: If you only put down a small amount to buy a home you may be required to pay for mortgage insurance to protect the lender against default. This tax break lets you deduct the cost of your premiums if you itemize your deductions.

Income exclusion for mortgage debt that's been forgiven: When you sell your home for less than what you owe the bank or your home is foreclosed, the bank may agree to forgive the remaining debt you owe. But the IRS typically treats that forgiven debt as taxable income to you. This tax break lets you exclude it from your income.

Related: The 'temporary' recession tax you're still paying years later

Tax-free IRA withdrawals for charity: With this measure, anyone over 70-1/2 may take tax-free distributions of up to $100,000 from a traditional IRA if the money is distributed directly to an eligible charity.

While retirees can't also take a deduction for that contribution, the money won't count as income. So it won't hurt when it comes to other taxes, such as those imposed on Social Security benefits when income exceeds a certain level, said Mark Luscombe, principal federal tax analyst for tax publisher WoltersKluwer, CCH.

Tax-free savings for people with disabilities: Attached to the extender bill is the Achieving a Better Life Experience (ABLE) Act. That act will permit people who were disabled before the age of 26 -- as well as their family and friends -- to contribute up to a combined total of $14,000 a year to an ABLE account.

Earnings would grow tax free and the money would not disqualify the disabled person from receiving federal assistance benefits such as Medicaid and Supplemental Security Income so long as it is used to pay for housing, transportation, education and wellness.

--CNN's Ted Barrett and Deirdre Walsh contributed to this report.

First Published: December 16, 2014: 8:17 PM ET

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Airlines get $1 billion from baggage fees

Airlines are raking in big bucks from baggage fees.

NEW YORK (CNNMoney)

All together the 27 U.S. airlines took in a total of $960 million from baggage fees last quarter, according to data released by the Department of Transportation Monday.

That's an increase of almost 9% from a year ago.

The baggage fees are still just a fraction of airlines' revenue. Actual ticket fares brought in $34 billion for the same 27 companies in the quarter.

And the collection from baggage fees alone don't cover the cost of fuel, which totaled about $11 billion over three months, or labor costs, which amounted to more than $10 billion.

Even JetBlue (JBLU), one of the last holdouts, announced last month that it will start charging baggage fees as part of a cost savings plan.

First Published: December 15, 2014: 7:49 PM ET

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Walmart 'layaway 'angel' pays $50k

Angels are real for many shoppers with gifts on layaway this holiday season.

NEW YORK (CNNMoney)

Stories of anonymous, deep-pocketed patrons paying for customers' layaway items at major retailers are becoming more common as Christmas nears.

On Monday, an unknown male customer at a Walmart (WMT) in Mechanicsburg, Pa., paid $50,000 for people's layaway items. The generous act covered 100 accounts, mostly for toys and electronics.

The so-called "layaway angel," arrived just in time. Monday marked the deadline for Walmart's customers to pay for their layaway items.

Related: Toys 'R' Us 'layaway angels' pay thousands for others' gifts

Mechanicsburg store manager Steve Myers and his staff had the pleasure of calling customers to tell them their items were ready for pick up, all paid off.

"These aren't gifts that are expected," Myers said. "It's just overwhelming to them that their layaway was paid off. Some of them burst into tears."

One of those layaway accounts belonged to Marilyn Garcia of Harrisburg, Pa.

Garcia, who works two jobs, has struggled financially this holiday season. She had no plans to even buy a Christmas tree because she's downsizing and moving homes soon.

Garcia just wanted to buy the Hello Kitty car for her 4-year-old granddaughter. She knew she was not going to make the layaway deadline, so she called Monday to ask for an extension.

A Walmart employee told Garcia no extension was necessary: she could pick up her granddaughter's present. It was all paid for.

It was great news for Garcia, who graduated from Harrisburg Area Community College on Sunday.

"I am still in shock. I'm humbled by it. I'm grateful. I am blessed," Garcia, 36, told CNNMoney. "If I could see that person, I would give them a hug and thank them and pray for them and pray it is returned to them many, many more."

Related: Use this app to get the lowest prices on your holiday shopping

The layaway angel in Mechanicsburg was not alone Monday.

One Walmart in Lake City, Fla., received a $59,000 check from a donor that covered about 300 accounts. Another Walmart nearby in Chiefland, Fla., had its layaway account cleared with a $51,000 check, according to a Walmart spokesperson. The donors in Florida were not identified and it was not known if they might actually be the same person.

Paying for layaway items is popular this holiday season. Two people in Massachusetts paid for all the layaway items at separate Toys 'R' Us stores last week. ABC's Good Morning America aired a "Layaway Live," segment recently too.

First Published: December 15, 2014: 7:46 PM ET

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Meet the 'accidental American' with a big tax bill

All Americans must file and pay U.S. taxes, no matter where they live or work.

HONG KONG (CNNMoney)

Meet Elad Shahar, who was born in 1969 to Israeli parents in New York when his father was posted there for work.

Anybody born on U.S. soil -- or to one American parent anywhere in the world -- is automatically a U.S. citizen, and therefore must file and pay taxes no matter where they live or work.

Shahar, like other "accidental Americans," was shocked to discover recently that he was on the hook for back taxes, and may have to pay fines.

"[I am] incredibly frustrated and in disbelief," he told CNNMoney. "It takes time to realize that yeah, this is what is actually happening."

Shahar, who speaks with an Israeli accent and "doesn't feel American," is now figuring out how to pay his taxes.

He wants to renounce his U.S. citizenship -- like a record 3,000 Americans last year -- but needs a clean record with the Internal Revenue Service first.

Related: Giving up your U.S. passport? It's going to cost you

"From an international perspective, the world is split into two halves -- the people who are desperate to get U.S. citizenship, and the people who are desperate to give it up," said Chris McLemore, senior counsel at Butler Snow.

The U.S. offers a fast track program for people like Shahar to file their taxes, but it's still a complicated process that often means extra accountant fees, and could end in a big bill.

The other option is to do nothing and hope Uncle Sam never comes knocking. London mayor Boris Johnson -- who left the U.S. when he was five -- is a famous refusenik. He said it was "absolutely outrageous" that he should be asked to pay U.S. tax on the sale of his London home.

But holding out can make it difficult to travel to the U.S. for education, work or vacation, said David McKeegan of Greenback Expat Tax Services.

Related: Why I gave up my U.S. citizenship

A new U.S. law called the Foreign Account Tax Compliance Act adds a new risk. The law aims to stamp out tax evasion by requiring global financial firms to report American-owned accounts.

"FATCA really magnified the problem -- some of my clients [used to] say, 'I'm going to keep my head in the sand,' " said McLemore. "But we tell them now, with FATCA, there is no more sand."

For Shahar, dealing with his American citizenship has been a pain. At one point, his bank in Israel even threatened to close his accounts. Many banks around the world have dumped U.S. customers rather than wrestle with FATCA.

And paying his taxes has become a nightmare. First, he couldn't file his papers, because he had never been assigned a social security number.

Then to get one, he had to submit his education records and job history to prove he was abroad.

"This is absurd," Shahar said. "On the one hand, I want to renounce; on the other hand, I'm required to enter even more into the system to prove that I am a U.S. citizen."

Read next: Nobody escapes U.S. taxes - even astronauts

First Published: December 15, 2014: 9:15 PM ET

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Russia is buying weapons - a lot of them

LONDON (CNNMoney)

Russian defense companies boosted sales by more than 20% last year, driven by demand from the country's military, according to new data from the Stockholm International Peace Research Institute.

That compares with a 2% decline in sales globally, largely due to a weaker performance by American companies, which account for more than half of the world's arms trade.

Russia has begun investing heavily in upgrades to its military capabilities. President Vladimir Putin plans to spend more than 20 trillion rubles ($700 billion) bringing equipment up to date by 2025.

The modernization program is continuing despite an economic crisis that has already forced Russia to adopt an austerity budget for next year.

Defense and national security were the only departments to escape cuts of at least 5%. Spending on the military is set to rise by 85% between 2012 and 2017.

Russia's defense budget is now the third largest in the world, behind the U.S. and China.

Airfields, hundreds of fighter jets and a new fleet of battle tanks are in the works. Russia is also developing new long-range missiles, has acquired an advanced nuclear submarine and is working on eight new vessels for the navy, due for delivery by 2020.

Related: Kalashnikovs get new look to boost sales

Russia's relations with the West are the most strained they've been since the end of the Cold War. The U.S. and Europe have imposed sanctions against Russian companies and officials for annexing Crimea and providing support for rebels in eastern Ukraine.

The crisis in Ukraine could provide another boost to Russian arms sales.

"It is too early to say, but the conflict is likely to have an impact on some specific orders -- especially conventional ammunition," said Aude Fleurant, research director at the Stockholm institute.

Sanctions are unlikely to put much of a dent in sales at Russian defense companies, because they largely supply the domestic markets, or countries such as China and India.

But they have killed one $3 billion strategic deal, at least for now. France has halted the delivery of two Mistral warships until further notice.

Related: Inside Europe's arms trade with Russia

Related: Sanctions hit Russian oil and banks

First Published: December 14, 2014: 6:46 PM ET

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Sony lawyer tells media to stop reporting on material stolen by hackers

NEW YORK (CNNMoney)

Attorney David Boies said Sunday that the hackers' tactics are part of "an ongoing campaign explicitly seeking to prevent [Sony] from distributing a motion picture."

"The perpetrators of the theft have threatened" Sony employees, Boies wrote in letters to news organizations, using the SPE abbreviation for Sony Pictures Entertainment.

He said the hackers are "using the dissemination of both private and company information for the stated purpose of materially harming SPE unless SPE submits and withdraws the motion picture from distribution."

Boies' language strongly suggested that Sony is, in effect, being blackmailed by the anonymous hackers to stop the forthcoming film "The Interview" from being released.

Sony has not publicly said that before, nor has it accused any particular group of being behind November's crippling cyber attack.

But cyber security experts have fingered North Korea as a possible source of the attack. The North Korean regime has condemned "The Interview," a comedy starring Seth Rogen and James Franco, because its plot involves the attempted assassination of Kim Jong-Un.

Boies did not respond to a request for further comment on Sunday.

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

In the three-page letter to the legal offices of several news organizations, Boies said Sony "does not consent to your possession, review, copying, dissemination, publication, uploading, downloading, or making any use of the stolen information."

Furthermore, he said he was requesting "your cooperation in destroying" the materials.

Boies said that if the news organizations "used or disseminated" the materials, Sony "will have no choice but to hold you responsible."

Many news organizations, big and small, have been reporting on the revelations from the document dumps. In some cases, the hackers have tipped off journalists to new troves of private emails, budgets, scripts and other materials.

"Essentially, we've done their bidding," Variety co-editor in chief Andrew Wallenstein said on CNN's "Reliable Sources" on Sunday. "We've maximized the exposure to this content. I don't do that lightly."

"But on the other hand, it was going to get out there anyway, and we have to be part of the conversation," Wallenstein said in defending his decision to publish excerpts from the documents.

Along with CNN, The New York Times, The Hollywood Reporter and Re/code reported receiving letters from Boies on Sunday afternoon.

A Sony spokeswoman said the studio had no comment on the legal action.

Related: Bringing down Sony was frighteningly easy

First Published: December 14, 2014: 9:29 PM ET

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Petsmart acquired in $8.7 billion deal

PetSmart has agreed to be acquired in a $8.7 billion deal.

HONG KONG (CNNMoney)

A group of investors led by BC Partners will pay $83 a share for PetSmart (PETM), a 39% premium from the company's stock price before it began exploring a possible sale early July, according to a company statement.

"We are very pleased to add PetSmart to our portfolio of investments," said Raymond Svide of BC Partners. "PetSmart is an iconic brand and the category leader in the growing pet retail industry."

The PetSmart buyout is the biggest private equity deal announced globally this year, beating out Blackstone's $5.4 billion acquisition of auto-parts maker Gates Global, according to Dealogic.

Related: Private equity boss: Deals getting 'frothy'

PetSmart's stock suffered an 18% drop earlier this year, but the slide was arrested July 3 when activist investor Jana Partners began pressuring the company to put itself up for sale. Since then, shares have erased losses in a dramatic 30% rebound.

The pet supply retailer continues to face challenges, especially as shoppers move online. In the third quarter of this year, net sales were up by 2.6%, and the company's $92.2 million net income was flat compared to the same period last year.

Looking ahead, PetSmart still doesn't expect much of a sales boost next year, but it will implement a plan introduced earlier this year to cut costs by $200 million.

PetSmart executives and BC Partners the cost-cutting initiative, and a larger strategic overhaul, will set the company up for future growth.

PetSmart operates nearly 1,400 pet stores in North America, and offers a range of services including pet boarding, medical services, grooming, training and adoption.

The U.S. pet industry is expected to hit a record $59 billion this year, according to the American Pet Products Association.

Read next: China spends $1.5 billion pampering pets

First Published: December 14, 2014: 11:33 PM ET

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Toys 'R' Us 'layaway angels' pay thousands for others' gifts

NEW YORK (CNNMoney)

Two customers at separate Toys 'R' Us stores paid off thousands in debts on layaway items, giving hundreds of customers some extra holiday cheer.

One person paid $19,600 at a store in Auburn, Mass., about 47 miles east of Boston, Friday afternoon, covering 125 layaway accounts, according to Toys 'R' Us spokesperson Adrienne O'Hara. The person has not yet been identified.

Related: Foreclosure evictions halted for the holidays

An anonymous woman paid $20,000 for every layaway item at a Toys 'R' Us on Wednesday in Bellingham, Mass., an hour and a half east of Boston. She reportedly told the store manager on her way out, "If you have it, give it," according to the Milford Daily News.

It's the largest known layaway donation at a Toys 'R' Us this holiday season, O'Hara said.

These so-called "layaway angels," in Massachusetts covered 275 layaway accounts between the two stores.

"It's what the holiday are all about," O'Hara said.

Related: CNNMoney's 2014 holiday gift guide

Paying for strangers' holiday gifts is becoming popular, at least at Toys 'R' Us stores. Last holiday season, nearly 600 customers at Toys 'R' Us paid off another person's layaway account, O'Hara said.

There is even a non-profit organization, Pay Away the Layaway, devoted to helping those in need buy their holiday gifts. It was created in 2011, according to its website.

Customers typically use layaway accounts because they cannot afford to pay for an item all at once. Layaways increased in popularity recent years at many retailers during the recession and recovery with customers tight on cash.

The generous acts were well timed: Toys 'R' Us customers had just days to pay for their layaway items before the deadline on December 16.

Although the donors were not identified, it appears Santa had no involvement. No reindeer were reported in the Toys 'R' Us parking lots.

First Published: December 12, 2014: 7:08 PM ET

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