Oregon has a bridge to sell you. Seriously

The Sellwood Bridge in Portland was built in 1925, but must be moved to make way for a new one.

NEW YORK (CNNMoney)

County officials are taking bids in an attempt to save the historic 1,000 foot-long Sellwood Bridge in Portland from demolition. An online ad for the bridge reads: "For sale - one 90 yr old steel truss bridge. Very used. As is."

Work is already underway to replace the aging steel bridge. Because of its historic value, county officials are trying to find it a new home.

The Sellwood Bridge has spanned the Willamette River since 1925, but can't handle today's traffic demands. It's the busiest two-late bridge in the state, currently handling 30,000 cars a day, said Mike Pullen, a spokesman for Multnomah county, where the bridge is located.

Prospective buyers would have to move it and could use it for bikes and pedestrians, for example.

The county has no asking price and officials are ready to deal.

"We would expect (bids to) be very, very low because the real goal is to save the bridge," said Pullen.

The purchase price would likely be small compared to the moving costs. Preventing the bridge's lead paint from contaminating the environment will also be expensive, he said.

To put the costs in perspective, Pullen said construction crews recently shifted the bridge 60 feet downstream as part of the construction plan. That cost $1 million.

A committee will evaluate the bids based on criteria, including where the bridge would be placed, how it would be used and "evidence of financial ability to accomplish the move," the county said.

They'll even consider bids to buy just one or two sections of the four-piece steel structure.

If there are no buyers, the contractor building the new bridge will tear down the old one and recycle the scraps.

Bids are due Sept. 12 and an open house for prospective bidders will be held on Aug. 26.

But county officials aren't holding their breath for a buyer to step forward. Last time the county listed a bridge -- about eight years ago -- the bidder dropped out after realizing how much it would cost to move, Pullen said.

First Published: August 13, 2014: 5:47 PM ET

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Cisco is laying off up to 8% of its employees

Cisco has been struggling with anemic growth.

NEW YORK (CNNMoney)

The IT firm -- which makes Internet switches, routers and other networking devices -- announced Wednesday it plans to lay off up to 6,000 employees in the coming months, or about 8% of its global workforce.

Cisco (CSCO, Tech30) CEO John Chambers said the company plans to use the cost savings from the layoffs to invest further in its data center, software, cybersecurity and cloud services businesses.

A Cisco spokeswoman declined to comment on which specific units of the company will face the cuts, saying it "will vary depending on the business need."

The news came as Cisco reported quarterly earnings that fell slightly versus a year ago. Shares dipped in after-hours trading.

Related: Candy Crush maker's shares plunge 20%

Cisco's stock has slipped over the past year amid concern from investors that the company lacks growth potential and is too reliant on networking businesses that are becoming outdated. Chambers said Wednesday that he was "pleased with how we are transforming our company over the past several years, and that journey continues."

Cisco did manage to boost its stock price earlier this year by increasing its dividend, and has returned $13.3 billion in total to shareholders in the past four quarters.

First Published: August 13, 2014: 6:08 PM ET

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The 'Bill Ackman IPO': Hedge fund going public

NEW YORK (CNNMoney)

In a letter to investors Wednesday, Ackman said he plans to take one of his funds -- Pershing Square Holdings -- public later this year.

That means regular people across America could get a stake in his fund that has only been open to the wealthy and connected.

His reasoning: to give even more sway to activist investors like himself. Ackman's investing strategy is to make large bets for or against certain stocks and then lobby aggressively for change the management, corporate structure, or overall business to achieve the returns that he wants.

Related: 5 bold ideas from hedge fund titans

With greater financial firepower, Ackman argues, activists will be able to go after more large companies that aren't operating in the best interest of shareholders.

"Prior to the arrival of shareholder activism, when shareholders were disappointed with management, they had no choice but to sell because they had little if any recourse," Ackman declared in the investor letter. "Today, they call a shareholder activist."

But Ackman is known for some high profile flops.

Most famously, he disclosed a $1 billion bet against Herbalife, the controversial maker of diet shakes and supplements, based on the belief that the company is a pyramid scheme. Despite his best efforts to openly campaign against the company, the stock has soared.

He also took a beating on an investment in troubled retailer J.C. Penney in recent years.

Still, Ackman's track record is impressive. His Pershing Square Holdings fund returned 32% in the first half of 2014, compared to a 7.1% gain for the S&P 500.

At the end of the day, investing in a publicly traded Pershing Square is essentially a wager on Ackman himself.

First Published: August 13, 2014: 3:26 PM ET

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Oil tycoon could face record divorce judgment

Harold Hamm, billionaire founder of oil firm Continental Resources, with his wife Sue Ann in 2012. Their split could result in the largest divorce judgment in history.

NEW YORK (CNNMoney)

Last week lawyers for Harold Hamm and his wife Sue Ann Hamm squared off in divorce court in Oklahoma City, according to court documents.

Not much is known about the trial -- the judge has sealed most records and the proceedings. But Mr. Hamm, 68, is worth an estimated $20.2 billion, according to the research firm WealthX. The vast majority of that wealth was accrued during his 26-year marriage.

Mrs. Hamm, 58, would only need to get a quarter of his net worth to surpass the $4.5 billion judgment against Russian oligarch Dmitry Rybolovlev in May. That ruling was dubbed the "most expensive divorce in history" at the time.

But now the Hamm divorce is poised to top that. "It appears it will be the most expensive divorce in history," said Seymour Reisman, a matrimonial attorney in New York who handles high net worth cases, although he's not involved in the Hamm trial. "I saw one report saying she was in line for $4 billion to $8 billion."

Mr. Hamm, no. 39 on Forbes' list of the world's richest people, made his money as founder and chairman of Continental Resources (CLR), an oil company that helped pioneer the use of fracking. Hamm also was Mitt Romney's top energy adviser during the 2012 presidential campaign, and was named as one of Time Magazine's most influential people that year.

Related: Richest Americans in history

The judge ordered the case closed out of concern the trial could reveal sensitive information about Continental, one of the largest producers in North Dakota's Bakken Shale. The judge said he set aside eight weeks for the trial, according to the Daily Oklahoman.

How the Hamms' assets will be split depends on two central issues, said M. Shane Henry, an Oklahoma matrimonial attorney who is not directly involved in the trial but is following it through press reports and chatter in the local legal community.

The first is the date to be used for the separation of assets, said Henry, chair of the Oklahoma Bar Association's family law section. The earlier the date used, the more likely Mr. Hamm will get to keep a larger share of the fortune, since Continental's value has grown tremendously over the last few years.

The second is how much Mrs. Hamm contributed to the growth of the company, both as a former executive at Continental and as a partner to Mr. Hamm. Mr. Hamm owned the majority of Continental shares before his marriage to Mrs. Hamm.

In most divorce cases, the parties settle, but "the reason these people can't settle is it means literally millions and millions of dollars to one side or the other," Henry said.

Another complication is that there reportedly is no prenuptial agreement, according to Reuters, though Reisman in New York said that still wouldn't rule out a large judgment.

"Prenuptials are like any contract," he said. "Lawyers can find loopholes to set them aside."

Lawyers for neither Mr. Hamm nor Mrs. Hamm returned calls seeking comment.

Related: North Dakota's booming economy

Mr. Hamm is a somewhat larger-than-life figure in an industry known for them -- a self-made "wildcatter," or someone who drills for oil where it hasn't previously been found.

Born the last of 13 children to a family of Oklahoma sharecroppers, he started driving tank trucks for the oil industry right out of high school. He started his businesses by buying trucks, then other oil field equipment, and finally oil wells -- all before receiving a formal college education.

"It's been a tremendous ride," he told CNNMoney in a 2011 interview. "And it's all been built through the bit."

First Published: August 12, 2014: 6:30 PM ET

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Big businesses still fighting for same-sex marriage

NEW YORK (CNNMoney)

While the federal government now recognizes same-sex marriage, individual states still get to make their own rules. And since many states continue to prohibit it, navigating through this patchwork of laws can be extremely complicated for national companies.

"There are certainly administrative issues involved in figuring out what you're doing in one state versus another -- things like payroll and trying to work with a law firm or consulting firm to help you understand the rules," says Julie Stich, research director at the International Foundation of Employee Benefit Plans.

Related: Same-sex marriage ruling's impact

Some company health insurance plans are governed by state law, for example, so couples living where same-sex marriage isn't recognized may not qualify for spousal benefits.

Those who do get spousal benefits have to pay state income tax on that health insurance, whereas same-sex couples living in states where their marriage is legal do not.

Related: Map of same-sex marriage in the United States

Other benefits, such as spousal Social Security, Medicare and medical leave, can also be subject to state laws.

As a result, a handful of Fortune 500 companies signed a legal brief this month in support of same-sex marriage in Wisconsin and Indiana -- where there are active cases challenging state bans.

"[We] are forced to bear unnecessary costs, complexity, and risk in managing our companies, and we are hampered in our efforts to recruit and retain the most talented workforce possible, placing us at a competitive disadvantage," the brief states.

Amazon (AMZN, Tech30), CBS (CBS), Cisco (CSCO, Tech30), Marriott (MAR), Pfizer (PFE), Staples (SPLS), Starbucks (SBUX) and Target (TGT) have all signed the brief.

While most of these businesses have long shown support for same-sex marriage, this is the first time Target has publicly announced its stance. It has been criticized in the past for donating to the campaign of a Republican gubernatorial candidate in Minnesota who opposed same-sex marriage.

Related: Same-sex marriage: One year later

In a statement explaining the company's decision, Target executive vice president Jodee Kozlak said that current laws "make it difficult to attract and retain talent."

But she said it wasn't merely a business decision.

"It is our belief that everyone should be treated equally under the law, and that includes rights we believe individuals should have related to marriage," Kozlak wrote.

Related: How same-sex ruling impacted our finances

The statement sparked strong reactions from both sides of the debate.

"[Target] just lost my business," the top comment on the company's blog post states. "I hold to the truth that God designed marriage and not man and that God set up marriage between one man and one woman. [I'm] sorry Target, I will not shop in your stores again."

Another commenter celebrated:

"Yay! Thrilled to be part of a company, and live in a state, that supports marriage equality! May everyone have the opportunity to marry the love of their life!"

First Published: August 12, 2014: 7:12 PM ET

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Japan GDP growth collapses amid sales tax shock

HONG KONG (CNNMoney)

Gross domestic product shrunk by an annualized 6.8% in the three months ended June, Japan's Cabinet Office said Wednesday. The result was actually better than the 7% contraction expected by economists.

On a quarterly basis, Japan's GDP dropped by 1.7% as business and housing investment declined. Japan's economy last suffered a hit of this magnitude after the 2011 tsunami and nuclear disaster.

The performance is the second half of a boom and bust cycle resulting from a sales tax hike that drastically changed consumer spending patterns.

Japan's consumption tax was increased to 8% in April in a bid to improve the country's fiscal position. If needed, the government has the option to implement an additional increase to 10% by 2015.

Earlier in the year, consumers responded in a big way, bringing forward big purchases -- and all the extra shopping contributed to the strong first quarter numbers. But now that the sugar rush is over, economists had expected Japan's growth rate to return to Earth in the second quarter.

Marcel Thieliant, an economist at Capital Economics, said it was always unlikely that the impact of the consumption tax hike would fade overnight.

But consumer spending is already improving, Thieliant said, and other indicators suggest business investment in machinery and equipment should increase.

"The upshot is that we still expect the recovery to resume in coming months," Thieliant said.

Related: Women hold key to fixing Japan's economy

Japan is facing a crucial period as the government presses ahead with its much-ballyhooed Abenomics revival strategy.

The country has been mired in a malaise brought on by falling prices and a strong yen for years. But the economy's prospects have brightened since Prime Minister Shinzo Abe announced fresh spending by the government and encouraged the central bank to unleash a wave of asset purchases.

Under his leadership, the yen has fallen sharply and stocks have risen dramatically. The IMF has endorsed the plan and Japan has largely avoided charges of currency manipulation.

Related: Japan debt tops 1 quadrillion yen

But the third pillar of the Abenomics plan -- structural reforms -- has been tougher to implement.

Abe's government has proposed reforms that would make the labor market more flexible, encourage immigration, bring nuclear power plants back online and draw more Japanese women into the workforce.

Many of those proposals have foundered, or have been slow to develop.

First Published: August 12, 2014: 8:55 PM ET

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Fast food chains reveal China suppliers

HONG KONG (CNNMoney)

Well, if you're in Shanghai, you can now find out exactly where the beef came from.

Chinese regulators have ordered some fast food chains to reveal their suppliers in the wake of a major food safety scandal that shook consumer confidence in the country.

According to a government statement, McDonald's (MCD), Burger King (BKW), Carl's Jr., Papa John's (PZZA), KFC and Pizza Hut are all required to list the companies that supply their Shanghai restaurants.

Most of the chains have now published the requested data on their Chinese websites, breaking out where items including sandwich buns and cooking oil are purchased.

The unorthodox disclosures may help temper consumer fears after a Chinese broadcaster aired footage in July that showed workers at a Shanghai Husi plant handling tainted meat with their bare hands.

Local authorities investigated the allegations, and subsequently shut down the plant. Husi later recalled food processed at the facility, leading restaurants as far away as Japan to pull menu items.

The founder of Illinois-based OSI Group, the parent company of Shanghai Husi, has since apologized.

Related: Big Mac shortage in China

Fast food companies have scrambled to limit the fallout from the scandal, and many have ended their contracts with OSI.

Yum! Brands (YUM), the parent company of KFC and Pizza Hut, has warned that global profits could suffer.

"These events triggered extensive news coverage in China that has shaken consumer confidence, impacted brand usage, and disparaged the hard work of our over 400,000 Chinese employees," the company said late last month in a regulatory filing.

McDonald's Japanese unit also expects sales to suffer, and has published its supplier list to help assure customers that its offerings are safe.

First Published: August 12, 2014: 3:32 AM ET

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How Jack Ma will keep control of Alibaba

HONG KONG (CNNMoney)

Alibaba is preparing for a New York listing that could be the biggest in U.S. history and value the company at a mind-blowing $150 billion to $200 billion.

The firm's choice of city has been touted as a major victory for the New York Stock Exchange.

But the clincher appears to have been Hong Kong's refusal to accept a corporate structure that will leave co-founder Jack Ma and his partners firmly in control.

Asia's top financial market, in the face of hefty criticism, is standing by the "one share, one vote" principle for electing corporate boards.

The exchange does not bend this rule -- for anybody.

That may sound old fashioned in New York, where market regulators stopped insisting long ago that ordinary shareholders should be in charge.

Media empires such as the New York Times (NYT) and Rupert Murdoch's News Corp. (NWS) have long had two classes of shares: One, held by management, has most of the voting rights and all of the control; the other pays a dividend, if you're lucky.

The popularity of this kind of structure is growing, led by Facebook (FB, Tech30), Google (GOOG), LinkedIn (LNKD, Tech30) and other tech companies. Their justification: visionary founders need to be insulated from shareholders, who may get in the way.

Related: Meet four kings of Alibaba's online retail empire

Alibaba won't list with two share classes. Instead, co-founder Ma has come up with an even stranger structure.

Most candidates for the company's board will be nominated by Alibaba's 27 partners. And with major shareholders SoftBank and Yahoo (YHOO, Tech30) required to vote in favor, they're almost guaranteed to be elected.

"For so long as SoftBank and Yahoo remain substantial shareholders, we expect the Alibaba Partnership nominees will receive a majority of votes cast at any meeting for the election of directors and will be elected as directors," Alibaba said in its share prospectus.

If a nominee is rejected, Alibaba's partners can appoint an alternative -- without a vote -- to serve until the company's next annual meeting.

The structure, critics say, leaves the partners with far too much control over the board -- a committee to which they are accountable.

Related: Alibaba's mega IPO is coming

Echoing its Silicon Valley counterparts, Alibaba insists the structure is necessary to preserve the company's special sauce.

But investors should be wary. Studies show that companies with traditional "one share, one vote" rules tend to outperform firms with unequal voting rights.

Still, they can't complain they weren't warned.

"This governance structure and contractual arrangement will limit your ability to influence corporate matters, including any matters determined at the board level," the prospectus states.

First Published: August 11, 2014: 10:07 PM ET

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Would you trade pay for a higher 401(k) match?

NEW YORK (CNNMoney)

Nearly half, or 43%, of workers said they would opt for a lower salary in exchange for a larger employer contribution to their 401(k) plan, a Fidelity Investments survey of more than 1,000 working retirement savers found.

Related: 5 big retirement mistakes

"Employer contributions play a vital role in helping Americans reach their retirement savings goals -- these contributions represent more than 35 percent of the total contributions on average to an employee's workplace savings account," said Doug Fisher, senior vice president of workplace initiatives at Fidelity.

Fidelity noted that many working Americans are only able to save the suggested 10% to 15% of their salary with the help of their employer's contributions.

According to Fidelity's data, 79% of workplace retirement plans offer some sort of employer contribution, whether it be a 401(k) match or profit sharing.

Related: Will you have enough to retire?

Employers pitch in an average of $3,540 (or 4.3% of salary) into worker retirement accounts each year, according to Fidelity.

Over 10 years of saving, that match alone can grow to almost $50,000, assuming 5% annual returns.

First Published: August 12, 2014: 2:57 AM ET

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Amazon price war: Both sides want you to email a CEO

Amazon CEO Jeff Bezos and his Hachette counterpart should prepare for some reader emails.

NEW YORK (CNNMoney)

The war of words between Amazon, publishing house Hachette and an alliance of authors flared up this weekend, as the parties made their cases directly to readers.

There was still no sign the months-long standoff was any closer to a resolution than when it began in the spring.

That's when Amazon (AMZN, Tech30) started listing some Hachette e-books unavailable and physical copies as delayed, sometimes for several weeks. It has also posted prices higher than those available from other booksellers.

At the center of it all is a fight over how much Amazon should pay Hachette for e-books. Amazon says it should pay less because, it argues, e-books are less expensive to produce and have no resale value.

"With an e-book, there's no printing, no over-printing, no need to forecast, no returns, no lost sales due to out of stock, no warehousing costs, no transportation costs, and there is no secondary market -- e-books cannot be resold as used books," Amazon wrote in an online letter. It called the campaign Readers United.

Related: 5 gadgets that changed Amazon

But Hachette has said Amazon is not properly valuing the e-books. The publisher -- home to the Little, Brown and Grand Central Publishing brands -- said it wants a solution that "preserves our ability to survive and thrive as a strong and author-centric publishing company."

And the writers who have banded together said they're caught in the middle.

"This is no way to treat a business partner. Nor is it the right way to treat your friends," read a two-page ad from Authors United in Sunday's New York Times.

Among the signatories are high-profile Hachette authors Malcolm Gladwell and James Patterson. Those Hachette authors absent from the roll include J.K. Rowling, who has remained quiet on the matter, and Stephen Colbert, who rallied his fans against Amazon in a social media campaign this summer.

Both Amazon and the authors are trying to get readers to rally to their side. Amazon offered up an email address for Hachette CEO Michael Pietsch. The authors said they weren't taking sides, but provided an email address for CEO Jeff Bezos and asked supporters to help "change his mind."

Amazon, because of its size, has significant influence over pricing. But it has lost before. It conceded to the publisher Macmillan in 2010 but still insisted the prices it agreed to pay were "needlessly high for e-books."

First Published: August 10, 2014: 3:06 PM ET

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