Workers' Christmas wish: Fire the boss

Nearly a quarter of workers' top workplace resolution for 2013 is to look for a new job, a new survey found.

NEW YORK (CNNMoney) -- The end of a year is a time for reflection, making resolutions and setting new goals. For some employees, one objective includes ousting their bosses.

Some 2% of workers admit their top resolution going into the new year is to help get their boss fired, according to a survey of more than 2,000 workers conducted by Glassdoor, a jobs and career website.

Another 23% said their main goal is looking for a new job.

Surveyed employees aren't all naughty when it comes to work-related wishes. A third of them said a top priority was to work hard to get a salary raise.

Related: Holiday shopping: What women want, men don't give

With the election settled, and the job and housing markets seeing signs of improvement, employees may finally be feeling more secure. Glassdoor saw glimmers of optimism in the survey, with more workers confident that they'll get more cash out of their employers this year.

The survey found that 76% of workers said they are eligible for a bonus this year, up from 73% last year. That's up from 63% four years ago, when the nation was hanging in the depths of an economic recession.

"As employment confidence gradually improves, it's no surprise to see employees looking to wrest back control over their own destiny," said Rusty Rueff, Glassdoor career and workplace expert.

Bonus expectations are not gender neutral. Roughly 60% of younger male employees expect a bonus under the Christmas tree this year, compared to 44% of younger women.

First Published: December 2, 2012: 1:39 PM ET

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China: Manufacturing sector expands

Workers move steel pipes in China. The country's manufacturing sector is showing signs of life.

HONG KONG (CNNMoney) -- China's official manufacturing index increased in November, boosting hopes for a sustained expansion in the crucial sector.

China's official purchasing manager's index jumped to 50.6 in November from 50.2 the previous month, the government said. Any reading above 50 indicates that factory conditions are improving in the manufacturing sector.

Another measure of manufacturing activity released Monday, HSBC's initial purchasing manager's index, also indicated improvement in the sector. At 50.5, the index is at its highest level in 13 months.

"This confirms that Chinese economy continues to recover gradually," said Hongbin Qu, an economist at HSBC.

The fate of manufacturing in China is considered a barometer of the global economy because of the country's role as a powerhouse exporter. And because it makes up a large part of China's economy, manufacturing strength plays an important role in shaping domestic policy.

China's economy has grown at an average of around 10% a year for the past three decades, allowing the country to rocket past international competition to become the world's second largest economy.

While GDP growth was slower last quarter than many economists expected at 7.4%, recent data on manufacturing and exports suggest growth is beginning to rebound.

HSBC's Qu now expects GDP to increase to around 8% in the fourth quarter as stimulus measures take hold.

First Published: December 2, 2012: 9:45 PM ET

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Singapore Airlines in talks to sell Virgin stake

HONG KONG (CNNMoney) -- Singapore Airlines said Monday it is in talks to sell its stake in Virgin Atlantic, a move that could shake up air travel in Asia and Europe.

The airline said it was "in discussions with interested parties" about a sale, but cautioned that the negotiations may not result in a deal. Singapore Airlines has held 49% of Virgin Atlantic since 1999, while British entrepreneur Richard Branson has retained a controlling share.

Singapore Airlines did not list potential suitors, but multiple media reports suggest Delta Airlines is participating in talks. A spokeswoman for the U.S. carrier declined to comment Monday, and representatives from Virgin Atlantic did not respond to a request for comment.

Shares of Singapore Airlines were down 0.5% in morning trading.

Should Singapore Airlines divest, the sale would be the latest round of shuffling in the merger-happy airline industry. Carriers have turned to consolidation in recent years as rising fuel costs and weak demand have affected profitability.

Delta's last major expansion, in 2008, took the form of a merger with Northwest Airlines. The consolidation proved difficult, with computer systems, cultural differences and passenger expectations all serving as major stumbling blocks.

But a tie-up with Virgin would provide strategic benefits for the second-largest U.S. carrier, including coveted space at London's Heathrow International, as well as increased access to European and Asian markets.

Related: Singapore Airlines to stop world's longest flight

The deal might also make sense for Virgin, which has been squeezed by discount competitors. The British airline also lacks a partnership with one of the major air alliances -- something Delta could help provide.

Virgin announced in September that Steve Ridgway, the company's CEO since 2001, would step down in spring 2013. The company reported an operating loss of $129 million for the year ended in February.

First Published: December 3, 2012: 12:09 AM ET

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Judge orders Paul Ceglia to pay Facebook $100,000 in fees

Ceglia will have to reimburse Facebook for more than $89,000 in legal and expert fees, plus nearly $7,000 for related travel.

NEW YORK (CNNMoney) -- A federal judge has ordered Paul Ceglia, an upstate New York man who claimed he's owed 50% of Facebook, to pay the social network nearly $100,000 in legal and travel fees.

The order came after Ceglia canceled 10 planned depositions in July and August at the last minute, after Facebook had already paid its lawyers to prepare for and travel to the depositions. Seven were scrapped with less than 48 hours' notice, and three were canceled with less than 24 hours' notice.

As punishment, Ceglia will have to reimburse Facebook for more than $89,000 in legal and expert fees, plus nearly $7,000 for related travel.

The bizarre Ceglia-Facebook legal saga began in July 2010, when Ceglia filed suit in New York claiming that he paid Facebook founder Mark Zuckerberg to build a website similar to what became Facebook, and that they agreed to split the company. Both Facebook (FB) and Zuckerberg have strenuously denied Ceglia's claims.

Ceglia's credibility took a big hit last month when federal agents arrested him on charges of perpetuating a "multi-billion-dollar scheme" to defraud Facebook. If convicted, Ceglia faces up to 40 years in prison.

The government's complaint against Ceglia echoes Facebook's accusations. Ceglia "doctored, fabricated, and destroyed evidence to support his false claim," according to a statement from the U.S. attorney's office. The complaint accuses Ceglia of altering a contract and inventing emails that didn't exist.

This week a federal jury indicted Ceglia on the fraud charges. His lawyer, Dean Boland, also filed a motion to withdraw from the case -- although Ceglia is fighting to keep him. Boland did not return a call seeking comment.

Ceglia has already lost several legal teams in the past. A judge will have to decide whether Boland will be allowed to leave the case.

First Published: November 30, 2012: 12:05 PM ET

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What's my retirement 'Number'?

NEW YORK (CNNMoney) -- What number do we need to hit to retire comfortably? $1 million, $2 million, more? -- Jim Rodgers, Madison, Wisc.

Your question is timely: Mutual fund titan Fidelity recently released its estimate of how much people should have in savings to retire. The Number: eight times final salary.

That figure caught my attention because it's a lot lower than most targets you see. Just last month MONEY recommended you shoot for a nest egg of 12 times your income by retirement.

These numbers vary for many reasons, which I'll get into below. But the real issue here is that no single figure can possibly reflect your specific financial circumstances. At best this kind of number is a ballpark estimate for how much you should save, not a substitute for planning. Before you use one as even a rough guide, though, you should know what goes into it.

Fidelity assumes retirement at age 67 and figures your savings must last 25 years. We reckon you'll retire at 65 and want your savings to support you for 30 years. Those two more years on the job, which can boost your Social Security check by 15% to 20%, plus the fact that your savings don't have to last as long, shrinks your target.

Related: Why high-income savers need to put more away now

Another variable is how much you'll draw from your savings. Fidelity aims to provide 85% of your after-tax income, an approximation of what you were actually spending. After estimating how much Social Security will provide, the number crunchers calculate your withdrawals. With a $75,000 salary at retirement, you'd need to take just over $35,000 from your savings the first year.

This methodology seems reasonable to me, but then things get tricky. Pulling $35,000 from a $600,000 portfolio ($75,000 times eight) represents a withdrawal rate of almost 6%. To have a reasonable chance of your savings lasting 25 to 30 years, most advisers suggest something closer to 4%.

When I asked Fidelity senior vice president Steve Feinschreiber for the probability that a portfolio would last 25 years starting with a near-6% withdrawal rate, he estimated it "very roughly" at 70%. A Morningstar retirement-income calculator put the likelihood at about 50%.

Related: Can I afford to retire early?

Finally, the higher your income, the less of your salary Social Security will replace and the more you'll have to withdraw. In fact, Fidelity concedes that with a six-figure income your target might have to be higher than eight.

To be safe, I'd recommend you shoot to save 10 to 12 times your salary. Better yet, use an online tool like Fidelity's own Retirement Income Planner or T. Rowe Price's Retirement Income Calculator to get an estimate of your retirement readiness.

Look at The Number if you want. Just don't pin your fortunes on any single one.

First Published: November 30, 2012: 12:28 PM ET

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European bailout funds downgraded

The European Union flag flies amongst member countries' national flags in front of the European Parliament in Strasbourg, France.

NEW YORK (CNNMoney) -- Another day, another European downgrade.

Ratings agency Moody's announced a downgrade Friday of the continent's main bailout vehicle, the European Stability Mechanism, knocking it one notch from prized Aaa status to Aa1.

The ESM, which was finalized in October, is a bailout fund designed to have a lending capacity of €500 billion that can issue bonds and also receives funding from European member states. It was conceived as an eventual replacement for the European Financial Stability Facility, which has backed bailouts for Greece, Portugal and Ireland.

The EFSF received a similar one-notch downgrade Friday.

Moody's said the moves were driven by its downgrade of France earlier this month from Aaa to Aa1. France is the second-largest contributor to the two bailout vehicles after Germany, kicking in roughly 20% of the funding for each. Moody's said there was "a high correlation" between the creditworthiness of the bailout funds and that of their largest contributors.

The agency maintained its negative outlook for both the ESM and EFSF, meaning further downgrades are possible.

Klaus Regling, managing director of the ESM and CEO of the EFSF, called the downgrades "difficult to understand."

"This rating action does not inhibit ESM or EFSF in any way," he said in a statement Friday night.

Related: Europe's jobless lines keep growing

In downgrading France earlier this month, Moody's cited the country's fiscal challenges, weak growth prospects and exposure to additional eurozone shocks.

Yet Moody's said France was still in good shape when compared to its neighbors, citing its large and diverse economy and praising its commitment to structural and fiscal reform. France's borrowing costs remain low, with the country's 10-year bond yielding around 2% in recent months, suggesting investors do not view the country as a credit risk.

Fellow ratings agency Standard & Poor's downgraded France from AAA back in January.

First Published: November 30, 2012: 6:07 PM ET

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Judge orders Paul Ceglia to pay Facebook $100,000 in fees

Ceglia will have to reimburse Facebook for more than $89,000 in legal and expert fees, plus nearly $7,000 for related travel.

NEW YORK (CNNMoney) -- A federal judge has ordered Paul Ceglia, an upstate New York man who claimed he's owed 50% of Facebook, to pay the social network nearly $100,000 in legal and travel fees.

The order came after Ceglia canceled 10 planned depositions in July and August at the last minute, after Facebook had already paid its lawyers to prepare for and travel to the depositions. Seven were scrapped with less than 48 hours' notice, and three were canceled with less than 24 hours' notice.

As punishment, Ceglia will have to reimburse Facebook for more than $89,000 in legal and expert fees, plus nearly $7,000 for related travel.

The bizarre Ceglia-Facebook legal saga began in July 2010, when Ceglia filed suit in New York claiming that he paid Facebook founder Mark Zuckerberg to build a website similar to what became Facebook, and that they agreed to split the company. Both Facebook (FB) and Zuckerberg have strenuously denied Ceglia's claims.

Ceglia's credibility took a big hit last month when federal agents arrested him on charges of perpetuating a "multi-billion-dollar scheme" to defraud Facebook. If convicted, Ceglia faces up to 40 years in prison.

The government's complaint against Ceglia echoes Facebook's accusations. Ceglia "doctored, fabricated, and destroyed evidence to support his false claim," according to a statement from the U.S. attorney's office. The complaint accuses Ceglia of altering a contract and inventing emails that didn't exist.

This week a federal jury indicted Ceglia on the fraud charges. His lawyer, Dean Boland, also filed a motion to withdraw from the case -- although Ceglia is fighting to keep him. Boland did not return a call seeking comment.

Ceglia has already lost several legal teams in the past. A judge will have to decide whether Boland will be allowed to leave the case.

First Published: November 30, 2012: 12:05 PM ET

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What's my retirement 'Number'?

NEW YORK (CNNMoney) -- What number do we need to hit to retire comfortably? $1 million, $2 million, more? -- Jim Rodgers, Madison, Wisc.

Your question is timely: Mutual fund titan Fidelity recently released its estimate of how much people should have in savings to retire. The Number: eight times final salary.

That figure caught my attention because it's a lot lower than most targets you see. Just last month MONEY recommended you shoot for a nest egg of 12 times your income by retirement.

These numbers vary for many reasons, which I'll get into below. But the real issue here is that no single figure can possibly reflect your specific financial circumstances. At best this kind of number is a ballpark estimate for how much you should save, not a substitute for planning. Before you use one as even a rough guide, though, you should know what goes into it.

Fidelity assumes retirement at age 67 and figures your savings must last 25 years. We reckon you'll retire at 65 and want your savings to support you for 30 years. Those two more years on the job, which can boost your Social Security check by 15% to 20%, plus the fact that your savings don't have to last as long, shrinks your target.

Related: Why high-income savers need to put more away now

Another variable is how much you'll draw from your savings. Fidelity aims to provide 85% of your after-tax income, an approximation of what you were actually spending. After estimating how much Social Security will provide, the number crunchers calculate your withdrawals. With a $75,000 salary at retirement, you'd need to take just over $35,000 from your savings the first year.

This methodology seems reasonable to me, but then things get tricky. Pulling $35,000 from a $600,000 portfolio ($75,000 times eight) represents a withdrawal rate of almost 6%. To have a reasonable chance of your savings lasting 25 to 30 years, most advisers suggest something closer to 4%.

When I asked Fidelity senior vice president Steve Feinschreiber for the probability that a portfolio would last 25 years starting with a near-6% withdrawal rate, he estimated it "very roughly" at 70%. A Morningstar retirement-income calculator put the likelihood at about 50%.

Related: Can I afford to retire early?

Finally, the higher your income, the less of your salary Social Security will replace and the more you'll have to withdraw. In fact, Fidelity concedes that with a six-figure income your target might have to be higher than eight.

To be safe, I'd recommend you shoot to save 10 to 12 times your salary. Better yet, use an online tool like Fidelity's own Retirement Income Planner or T. Rowe Price's Retirement Income Calculator to get an estimate of your retirement readiness.

Look at The Number if you want. Just don't pin your fortunes on any single one.

First Published: November 30, 2012: 12:28 PM ET

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European bailout funds downgraded

The European Union flag flies amongst member countries' national flags in front of the European Parliament in Strasbourg, France.

NEW YORK (CNNMoney) -- Another day, another European downgrade.

Ratings agency Moody's announced a downgrade Friday of the continent's main bailout vehicle, the European Stability Mechanism, knocking it one notch from prized Aaa status to Aa1.

The ESM, which was finalized in October, is a bailout fund designed to have a lending capacity of €500 billion that can issue bonds and also receives funding from European member states. It was conceived as an eventual replacement for the European Financial Stability Facility, which has backed bailouts for Greece, Portugal and Ireland.

The EFSF received a similar one-notch downgrade Friday.

Moody's said the moves were driven by its downgrade of France earlier this month from Aaa to Aa1. France is the second-largest contributor to the two bailout vehicles after Germany, kicking in roughly 20% of the funding for each. Moody's said there was "a high correlation" between the creditworthiness of the bailout funds and that of their largest contributors.

The agency maintained its negative outlook for both the ESM and EFSF, meaning further downgrades are possible.

Klaus Regling, managing director of the ESM and CEO of the EFSF, called the downgrades "difficult to understand."

"This rating action does not inhibit ESM or EFSF in any way," he said in a statement Friday night.

Related: Europe's jobless lines keep growing

In downgrading France earlier this month, Moody's cited the country's fiscal challenges, weak growth prospects and exposure to additional eurozone shocks.

Yet Moody's said France was still in good shape when compared to its neighbors, citing its large and diverse economy and praising its commitment to structural and fiscal reform. France's borrowing costs remain low, with the country's 10-year bond yielding around 2% in recent months, suggesting investors do not view the country as a credit risk.

Fellow ratings agency Standard & Poor's downgraded France from AAA back in January.

First Published: November 30, 2012: 6:07 PM ET

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Facebook and Zynga tear up their contract

Facebook formerly had a unique deal with Zynga, but the amended contract makes the partnership much more similar to that of other developers.

NEW YORK (CNNMoney) -- Facebook and Zynga have always been deeply intertwined, but the companies signed paperwork this week to make their relationship a bit more distant.

A pair of regulatory filings submitted late Thursday revealed that Facebook and Zynga have significantly revised the terms of a five-year deal they signed in late 2010. The new arrangement relaxes restrictions on both Facebook and Zynga, the gamemaker that drove 13% of Facebook's revenue for the first nine months of 2012.

Facebook will no longer be prohibited from developing its own games. That part of the deal isn't great for Zynga, which slashed both its workforce and its 2012 outlook last month after announcing disappointing performance for some games.

But Facebook released a statement saying the company is "not in the business of building games and we have no plans to do so. We're focused on being the platform where games and apps are built."

Despite that, Zynga investors sent the FarmVille maker's shares plummeting 11% in after-hours trading.Facebook (FB) shares remained flat.

Much of the deal was positive for Zynga (ZNGA), which shook off a few Facebook shackles.

The company won't have to use Facebook as the exclusive way to log into games on the newly launched Zynga.com, which Zynga hopes to build into a standalone gaming destination.

Even sweeter: Zynga won't be required to use Facebook's ads or virtual payment system on Zynga.com. That system typically gives Facebook a 30% cut of all sales that flow through it.

Finally, Zynga is no longer required to use Facebook "as its primary non-Zynga platform." But any new game must launch on Facebook "concurrent with, or shortly following" its debut on Zynga.com or any other social platform.

One especially provocative tidbit: As Zynga moves into "real money gambling games," Facebook wants to follow.

In countries where Zynga offers such games (they're banned in the U.S.), the new rules say Zynga must make those games available on Facebook if Facebook's local site allows them. Zynga struck its first real-cash gaming deal last month with bwin.party, an international gaming operator. It plans to launch poker and casino games in the U.K. early next year.

In an emailed statement, Zynga chief revenue officer Barry Cottle said the amendment "continues our long and successful partnership while also allowing us the flexibility to ensure the universal availability of our products and services."

First Published: November 29, 2012: 6:42 PM ET

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