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Wal-Mart exec: Credit card upgrade a 'joke'

Written By limadu on Sabtu, 04 April 2015 | 14.44

The new "chip & signature" program is barely an improvement on security and fraud, said Mike Cook, Wal-Mart's assistant treasurer and a senior vice president, at this week's Electronic Transaction Association's Transact conference in San Francisco. Cook said Wal-Mart would have preferred a "chip and PIN" system that Europe and Africa have, since PINs would protect cards from being stolen.

"The fact that we didn't go to PIN is such a joke," Cook told CNNMoney.

Cook said signatures on checks were sufficient 100 years ago, but they're outdated today. PINs on debit cards were a major improvement to stop thieves decades ago. They'd do the same for credit cards -- which is why banks should use them for all cards.

"Signature is worthless as a form of authentication," Cook said during a presentation at the conference. "If you look at the Target and Home Depot breaches ... not a single PIN debit card needed to be reissued in those breaches. The card number was worthless to the individual thief and fraudsters, because they didn't know the PIN."

This comes from a company that's been adamant about adopting technology to stop fraud. Wal-Mart (WMT) has been ahead of the curve -- more so than any other U.S. retailer. It started installing EMV-capable payment terminals at its stores eight years ago, and they're already active today. That means you can dip a chip-enabled card there, a safer way to pay than swiping.

emv chip credit card New chip credit cards are using signature, instead of more secure PINs. One Wal-Mart executive isn't happy.

Related: What hackers know about you

Retailers in general have been critical of the U.S. banking industry's decision to avoid PINs on credit cards, calling it a half-step in the right direction.

The United Kingdom, for example, implemented chip-and-PIN and saw a dramatic decrease in fraud stemming from counterfeit cards and stolen cards. By using chips alone, the American upgrade would only cut down on counterfeiting.

However, both companies leading this upgrade -- Visa (V) and MasterCard (MA) -- note that counterfeiting makes up the vast majority of credit card fraud anyway. So, they're tackling the biggest problem currently hurting banks and annoying shoppers, who keep getting reissued cards.

Banks don't want to add a PIN to your credit card for other reasons too. Banks fight to be your most frequently used card. A PIN-required card might annoy you enough to make you relegate it to second place. No bank wants to be card number two -- even if it's safer, said Martin Ferenczi, a top executive at one of the world's largest card makers, Oberthur Technologies.

Also, it's expensive. Attaching PINs to credit cards is an extra batch of data running along the credit card network. That tiny addition requires a multi-billion dollar software upgrade at credit card companies, banks, makers of payment terminals and merchants, experts say.

Besides, better technology has already come around, like Apple Pay and Samsung Pay, tap-to-pay features that use your phone. They hide your credit card number from retailers, and they use unique one-time codes that are useless to hackers and thieves. Banks hope these will become main payment methods in just a few years.

"We don't see a need for it," said Visa vice president of risk products Stephanie Ericksen. "[Chip-and-PIN] will have a shorter shelf life. We're moving to new technologies and innovation."

Did someone steal your tax refund? Share your story with CNN.

Related: You're about to get a new credit card - and it's an epic failure

Related: Credit card of the future could stop fraud

Related: Apple's plan to change how you pay for everything

CNNMoney (New York) April 3, 2015: 3:28 PM ET


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'Mad Men' brings prestige, if not powerful ratings, to AMC

jon hamm bench Much has been made about the final season of the critically acclaimed drama such as a "Mad Men" style bench outside the Time-Life Building in New York City.

The AMC drama is beginning the second half of its final season on Sunday. Over the years it has won 15 Emmys, including Outstanding Drama Series, four years in a row.

But in the ratings last year it ranked a lowly #21 among all the dramas on cable. Add all the dramas on broadcast TV, and it would rank even lower on the list.

During its seven episodes last spring, the first half of the final season, "Mad Men" averaged 3.7 million viewers in the Nielsen "Live+7" ratings that combine live viewership and a week's worth of delayed viewership.

The live average viewership was just 1.4 million viewers, according to Nielsen. That means more than half the audience used digital video recorders and video-on-demand systems to catch up.

With 3.7 million "Live+7" viewers, "Mad Men" ranked below shows like FX's "Fargo," BET's "Being Mary Jane," TNT's "Perception," and USA's "Suits."

Based on all the awards and press acclaim, you might have guessed its audience was a lot bigger.

What the series lacks in sheer audience size, however, it makes up for with influence and affluence, something advertisers crave.

mad men end of era "Mad Men" kicks off the second part of its final season on Sunday.

"Mad Men" is one of the most upscale shows on ad-supported TV. 53 percent of "Mad Men" viewers ages 25 to 54 are from households with incomes that exceed $100,000.

According to AMC, no other prime time series comes close to that level of affluence. It helps the channel charge more for ads on the show.

AMC said earlier this week that ad space on the May 17 finale is sold out.

The show has been valuable for other reasons, too. It -- and "Breaking Bad" -- made AMC a real player in the cable programming business.

"'Mad Men' had an immediate impact and quickly became a calling card for AMC. It helped lay the foundation for everything that followed," Charlie Collier, AMC's president, said in an email.

"It also set a standard with respect to its ability to reach and connect with very difficult-to-reach audiences including the most upscale influencers and tastemakers across the worlds of media, music, fashion, design, politics and more," he added.

Related: 'Walking Dead' helps 'Better Call Saul' set cable record

The series has spawned fashion tastes, college courses, and Internet memes, not to mention the countless marketing materials that the network has produced to celebrate the second half of the final season.

This includes a exhibition at the Museum of the Moving Image, a "Mad Men" Dining Week, and a bench outside of the Time-Life Building with the iconic silhouette of the show's anti-hero Don Draper. And that's just in New York.

TV historian Tim Brooks affirmed that Nielsen ratings alone mask the true significance of the series.

"It paid off as a marquee program," Brooks said. "It drew a lot of attention to itself and AMC by bringing in that upscale audience and the attention and awards that came with it. It serves a different purpose."

CNNMoney (New York) April 3, 2015: 1:49 PM ET


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'Furious 7' revs up for biggest box office opening of 2015 to date

fast and furious 7

After seeing some of Friday's results, industry analysts now expect the film to earn $130 to $140 million throughout North America this weekend.

Earlier, they were predicting $115 to $125 million -- and even those projections were turning heads in Hollywood.

The film is sure to have the biggest opening of 2015 to date, pretty easily overtaking February's $85 million opening of "Fifty Shades of Grey."

A $130 to $140 million box office total would also drive right by last year's $95 million opening of "Captain America: The Winter Soldier" -- which was, until now, April's biggest opening ever.

"Furious 7," starring Vin Diesel and Dwayne "The Rock" Johnson, marks the unofficial start of the summer movie season.

The film franchise has been hugely popular for over a decade. Its loyal following has helped it make $2.4 billion worldwide since 2001.

This time around, there's even more interest, partly because the seventh film is the last to include the actor Paul Walker.

Walker died in a 2013 car crash while the film production was still taking place.

Related: Buckle up: 'Furious 7' will be emotional for Paul Walker fans

The film is being released by Universal, a division of NBCUniversal.

Coincidentally, February's "Fifty Shades of Grey" was also a Universal picture.

Industry estimates indicate that "Furious 7" made about $16 million during special Thursday night showings.

Variety reported that it is expected to earn another $58 to $60 million on Friday. These totals, even higher than originally expected, are what's driving the total projections above $130 million.

Universal will wait to publicly celebrate until sometime Saturday or Sunday.

No matter what the final total for opening weekend, it's clear that "Furious 7" will become the biggest opening in "Fast" series history, passing the $97.3 million "Fast & Furious 6" launch in May 2013.

It will also set the template for what Hollywood hopes will be a hot season after last year's dismal U.S. summer box office.

CNNMoney (New York) April 3, 2015: 9:58 PM ET


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The world's hottest stock market is in China

Written By limadu on Jumat, 03 April 2015 | 14.44

The Shenzhen Composite has surged a whopping 45% so far -- easily making it the world's hottest market in 2015. China's benchmark Shanghai Composite has also jumped a staggering 19%.

These giant market leaps are at odds with the broader Chinese economy -- GDP growth is clocking a slower pace and recent economic data points have been disappointing.

But experts say that Chinese investors are betting the central government will be forced to take stimulus action to revive the sluggish economy -- a move that is expected to keep lifting stocks.

"The equity market clearly believes the Chinese government will continue to take policy action to achieve its growth target, and poor growth statistics will lead to greater policy easing," wrote BNP Paribas equity strategist Manishi Raychaudhuri in a research note.

The country's banks have also been told they can keep less cash in reserve, and benchmark interest rates have already been cut twice this year. Both moves have boosted stocks, according to Michael Liang of Foundation Asset Management. Economists predict the central bank will cut interest rates even further.

shanghai composite

Shenzhen, in particular, has been helped by its mix of listed companies -- the index is full of young tech, media and telecom firms. In Shanghai, large state-owned firms are the main attraction.

Experts say China's equities boom has also been fueled by renewed interest from retail investors.

Back in 2013, investors fled in droves after a series of fat-finger trading errors damaged confidence and raised questions over poor market regulation.

Related: Chinese investors trade way more often than Americans

Now, many individual investors are taking their money out of alternative investments -- such as the flailing property sector -- and putting it back into stocks.

About 170,000 new stock trading accounts are opened per business day in China, more than 10 times the average for last year, according to BNP.

China's massive stock rise is only lining the pockets of domestic investors -- foreign investment into Chinese stocks is still largely restricted. Trading volume through a program that launched last year allowing foreigners to invest in Shanghai has contributed a negligible fraction of daily turnover, Raychaudhuri said.

But for Chinese investors, "the wall of money seems destined to continue flowing, at least in the near term," said Raychaudhuri.

CNNMoney (Hong Kong) April 2, 2015: 10:39 PM ET


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Did China profit from corrupt Sri Lanka deals?

Mahinda Rajapaksa, the former president of Sri Lanka, was the driving force behind such a project, a $1.4 billion crown jewel to be built near Colombo by a state-backed Chinese construction firm.

But in the three months since Rajapaksa was unseated in an election stunner, the project has been put on hold, and allegations of possible corruption in the bidding process have tarnished the former president's reputation.

Sri Lanka's new president, Maithripala Sirisena, has directed his administration to investigate all deals signed by the previous government, looking for irregularities in contract negotiations.

Sirisena's government claims that many deals signed during the former president's rule, like the Port City project, did not go through the proper approval process. The number of deals under review is likely in the hundreds, worth billions of dollars.

Chinese companies are at the center of the storm. Rajapaksa had worked to develop close ties with Beijing, often at the expense of relations with New Delhi and the West. During his administration, Chinese firms won lucrative contracts to build roads, bridges and other large projects.

Related: Chinese investors trade way more often than Americans

Sri Lanka's new finance minister, Ravi Karunanayake, didn't pull any punches on the matter, telling CNN that many infrastructure deals involving Chinese firms are suspect.

"The Chinese companies used the opportunity of a corrupt regime to crowd out other companies coming in," he said. "There was no even playing field."

Bridges were built where there were no rivers, he said. Airports were constructed in the middle of nowhere. "That was the type of corruption that was going on," he said.

Asked which deals were tainted by corruption, Karunanayake replied with a question of his own: "Which deals weren't?"

Rajapaksa, the former president, was not able to be reached for comment. But in an interview with the South China Morning Post, he defended his actions and said China was being used as a political scapegoat.

"I wanted development for Sri Lanka and China was the only one which had the resources and the inclination to help me," he said. "They should be thankful to China for the help they extended; instead these people are treating China like a criminal."

China's Ministry of Foreign Affairs did not respond to a request for comment.

Related: The strong dollar is hurting emerging markets

Sri Lanka, traditionally seen as being in India's sphere of influence, is strategically important to both New Delhi and Beijing.

While it has put the Port City project on hold, the new administration is keen to stress that its close ties to China remain intact. Sirisena traveled to China within two months of being sworn in, and Beijing has pledged around $1 billion in new grants.

Karunanayake described the current relationship with Beijing as "very warm."

"It wasn't just Chinese companies," Karunanayake said. "It was basically anybody who achieved their objective, to get money in their pockets."

Still, the new leadership is keen to re-balance Sri Lanka's international partnerships.

"We now have an open invitation to the world. We would like to see anybody good bringing the best of investments to Sri Lanka," the new finance minister said.

"It could be India, China, the U.S., Europe, Myanmar, Maldives," he said. "We want a clean, transparent and accountable approach, which helps people to see 'yes the rule of law works in Sri Lanka.' "

The new government itself has pledged to stamp out corruption at government level within its first 100 days.

"We too have to walk the talk," said Karunanayake.

Related: Score one for China! U.S. loses Asia bank tussle

CNNMoney (Hong Kong) April 2, 2015: 9:38 PM ET


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Good news: More workers are quitting

no raise i quit

No, the 28-year-old Alabama resident didn't hypnotize his employer into giving him a raise. He didn't master a secret salary negotiating strategy either.

Baxter just felt confident enough about the economy to jump from job to job in order to boost his salary. He's quit six different engineering jobs since February 2013, including two positions since last summer.

"I tend to change jobs about every six to twelve months. It's the best way to increase salary," Baxter told CNNMoney.

The calculation is simple: It comes down to staying and getting a 1% raise or leaving and receiving a 10% boost, he said.

"Always have an out in your back pocket," said Baxter, who currently works as a quality engineer at an auto parts supplier.

Related: The 100 best jobs in America

Baxter jobs quitting Ben Baxter, 28, has quit six different engineering jobs since February 2013. He's currently a quality engineer at an auto parts supplier.

More quits = better economy: Baxter is part a growing trend of workers who are walking into their manager's office and saying, "I quit."

Nearly 2.8 million employees voluntarily quit their jobs in January, up 17% from the year before, according to the latest government statistics. The quit rate, which measures the number of quits as a percent of total employment, ticked up to 2% from 1.7%.

All regions of the country have experienced increased quits over the past year. Sectors seeing more voluntary terminations include professional and business services and the accommodation and food services industries.

Quitting stats provide a glimpse into workers' willingness and ability to leave their jobs and find better employment elsewhere. Hiring continues to pick up. Last year was the best for American job growth since 1999.

"If people are leaving, they are more confident and it signals a stronger jobs market," said Kevin Cummins, U.S. economist at UBS.

Related: Why Wall Street isn't cheering wage hikes yet

'Big jump' in salary: Mark Bivens is also feeling more confident about the market for his talents. The 29-year-old has quit three jobs over the past two years, including two in the last 12 months.

After working at PayPal for four years, he was recruited to join Edward Jones in March 2013 for a job with a substantial increase in salary.

He quit for a job with a slight decrease in pay a year later at Lincoln Financial. However, Bivens then scored another "big jump" in pay a few months later when he was recruited through LinkedIn (LNKD, Tech30) to join Vendorin, an online electronic payment service for businesses.

"If there is something out there that I can find with more money and more responsibility, it makes sense to look around," said Bivens, who grew up in Alabama and currently works in Omaha, Nebraska.

Bivens jobs quitting Mark Bivens has landed big pay increases in part by accepting three different job offers over the past two years

Related: McDonald's is giving 90,000 workers a raise

Resume risks? People who work at more established companies like Edward Jones are not as open-minded about job hopping as those who work at younger companies like PayPal, Bivens said.

"At Edward Jones I was in the minority of people who kept their eyes open to look around," he said.

Of course, Bivens doesn't want a resume riddled with fleeting jobs that could scare off potential employers.

"I'm at the point at Vendorin where it would take a lot to take me away from there. I'm in a good place," Bivens said.

Related: Americans just aren't spending

Wage hikes coming? Other workers might benefit from the job-hopping stories of Baxter and Bivens. Even if you aren't ready to leave a job yourself, the fact that more people are voluntarily quitting serves as a wake-up call to employers.

When the quit rate starts to rise, wage growth tends to follow.

It makes sense: If companies are losing talented employees to competitors who are willing to pay more, they will be forced to increase salaries of current workers. That would be a very positive development for the economy.

"It's definitely been the missing ingredient," Cummins said.

Related: America's best paying jobs

Related: Looking for a job? Follow the money

CNNMoney (New York) April 3, 2015: 12:04 AM ET


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Chinese investors trade way more often than Americans

Written By limadu on Kamis, 02 April 2015 | 14.44

china vs world

That's when pesky fees and human error tend to drag down performance. Unless you get super lucky, this common mistake can turn into an expensive double-whammy.

Investors in China apparently didn't get this "less is more" memo.

Eighty-one percent of retail investors in China surveyed by State Street said they trade at least once a month. That's the highest of any country on the planet. Likewise, 73% of investors in Hong Kong said they trade monthly or more often in stocks, bonds, currencies and other securities.

Those are very high figures, especially considering just 53% of Americans and 32% of French investors say they trade monthly or more often.

"In the majority of cases, this does not work out to the benefit of the investors. Frequent trading destroys the value of your portfolio," said Suzanne Duncan, global head of research at State Street's Center for Applied Research.

Related: The two biggest mistakes investors make

She pointed to fees tied to each transaction as well as the tendency for investors to buy high and sell low.

In other words, American investors should not emulate their Chinese peers in this financial strategy. It's telling that only 3% of Chinese investors told State Street they feel prepared to meet their financial goals, compared with 20% of U.S. investors.

China investing stocks

Related: China's stock market skyrockets

Investing as a form of gambling: So what's behind the desire to trade frequently in China? Part of it may be a cultural difference.

While most Americans say they invest to meet their retirement goals, many people in China and other Asian countries say they do it because it's enjoyable.

"It's fun. It's what they do as a hobby," said Duncan.

Gambling is officially illegal in China -- with the exception of Macau -- which may encourage some Chinese to get their fix through stock wagers.

There's a saying in China that the domestic equity market is a "better casino than Macau," a Shanghai-based financial professional told CNNMoney.

"It's hard to find people not trading stocks these days, especially in big cities. It's the best pastime for the retired," she said.

Related: Emerging markets are the biggest loser from the strong dollar

Short-term focus: Alvin Cheung, an associate director at Prudential Brokerage in Hong Kong, said some people come into his office every day to trade stocks.

"People are very concerned about the stock market," he said. "The society in Hong Kong encourages people to invest as early as possible."

Part of the short-term focus on stocks may be fueled by painful memories of Mainland Chinese markets, which until recently had struggled mightily despite the country's enormous growth.

"In China you have had a disastrous market for over 20 years. So many people lost so much that they don't have a lot of trust in companies," said Andrew Stotz, a financial analyst who is based in Thailand.

"Hence, they view the market as just a place to gamble and place short-term bets," he said.

Related: China's big chess move against the U.S.

Buying at the top? It's easy to see how the recent gains could encourage Chinese investors to tinker even more with their portfolios. The Shanghai Composite has nearly doubled over the past year alone.

Forty-two percent of Chinese investors told State Street they would be more inclined to invest additional savings if the markets went up significantly, compared with 27% of global investors.

"They have the tendency to buy high and sell low. That's the natural inclination," said Duncan.

-- CNN's Vivian Kam contributed to this report.

Related: Lloyd Blankfein: 'There's no place for pure, unregulated capitalism.'

CNNMoney (New York) April 1, 2015: 9:54 PM ET


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CBS to turn '60 Minutes' Segment into 'Patriots Day' Movie

boston marathon

The movie, "Patriots' Day," is about Ed Davis, the former Boston police commissioner who helped lead the city's response to the Boston Marathon bombing in 2013. CBS announced the production of "Patriots' Day" on Tuesday.

What the network announced at the same time, more subtly, was "60 Minutes Productions," a unit that strives to strike deals like this one. The unit is led by "60 Minutes" senior producer Michael Radutzky, who will also be a producer of the movie.

"For years, we've been helping others put our stories on the screen. Now we're doing it for ourselves," a "60 Minutes" spokesman said Wednesday.

The arrangement is part of a larger trend in media. Magazine articles and TV news reports have long been mined for raw material by Hollywood screenwriters. More and more, the writers and publishers want to stay involved as stories are fictionalized, so that they might benefit financially down the line.

ed davis commissioner The movie will be about former Boston police commissioner Ed Davis, who helped lead the city's response to the marathon bombings.

To put it simply, it's a potential new revenue source for news organizations. (CBS declined to comment on the specific financial model for "Patriots' Day.")

"60 Minutes Productions" hasn't been mentioned publicly until this week. But Radutzky, a 20-year veteran of "60 Minutes," has been seeking ways for the newsmagazine to work with CBS Films for some time.

A CBS Films spokesman said "the idea of finding a ['60 Minutes'] segment to adapt as a CBS Films release has been floating around in discussions for years."

"While 'Patriots' Day' is the first project to move forward, we hope that there will be plenty more to come as we continue to work with Radutzky on finding more '60 Minutes' content for the big screen," CBS Films said.

"Patriots' Day" will be based on Davis's account of the marathon bombing and the manhunt that ensued. Davis first shared his account in a "60 Minutes" interview shortly after the bombing.

According to a press release, "CBS Films has secured Ed Davis' life rights as well as all of the information in connection with the '60 Minutes' story he appeared in."

When the interview aired in April 2013, CBS Films executives talked with Radutzky about the possibilities for a project, and Radutzky subsequently met with a variety of Hollywood producers about it, including one who ultimately shepherded the project along, Scott Stuber.

Stuber was working with actor Mark Wahlberg on the upcoming comedy "Ted 2." When Stuber mentioned the "Patriots' Day" idea to Wahlberg, there was immediate interest, and Wahlberg is now attached as a producer. Reports indicate that he may also star in the movie.

Related: Rolling Stone sales double with 'Boston Bomber' issue

Related: Boston bomb victims face lifetime of medical bills

CNNMoney (New York) April 1, 2015: 7:02 PM ET


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Salesforce CEO: We're helping employees move out of Indiana

The move is in response to a law signed last week by Indiana Gov. Mike Pence that allows businesses to refuse service to gay, lesbian and transgender people on religious grounds.

Benioff had already pledged to reduce his company's investments in Indiana, calling the law "brutal," "unfair" and "unjust." The cloud computing CEO said he is working with state officials in hopes of changing the statute.

Moving employees out of the state is a new step, however, and one of the most aggressive corporate actions taken in response to the new law.

Benioff told CNN's Poppy Harlow that several employees have asked for transfers -- and he has agreed, even supplying relocation packages.

"I just got an email on the way to studio from another employee who said, 'look I don't feel comfortable living in this state anymore, you have to move me out,' and I gave him a $50,000 relocation package and said, 'great, you're clear to go.' "

Benioff acknowledged that Salesforce (CRM, Tech30) won't be able to completely pull out of Indiana, given the size of the company's operations there. But the company is helping individual employees who feel oppressed to leave.

Related: Is the GOP losing Walmart?

Big business has been at the forefront of the backlash against the Indiana law, and similar legislation pending in states around the U.S.

Apple (AAPL, Tech30), Yelp (YELP), the NCAA, Eli Lilly (LLY), NASCAR, General Electric (GE), Angie's List and PayPal are among the companies that have raised concerns. Leaders from some 39 tech companies and organizations have also condemned the legislation.

"This is a really important point that, you know, CEOs have a lot of power and control on investment in states and we want to invest in states where there is equality," Benioff said.

"One thing that you're seeing is that there is a third [political] party emerging in this country, which is the party of CEOs," he said.

Related: Warren Buffett says discrimination for sexual orientation is 'wrong'

CNNMoney (New York) April 1, 2015: 11:53 PM ET


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New Cadillac with nifty security feature unveiled

Written By limadu on Rabu, 01 April 2015 | 14.44

The technology relies on the same cameras used to help with parking the big car. They're also attached to security sensors so if the car is moved or any window glass is broken, which would set off the alarm, a series of photos is taken all around the car. The images are stored within the car and can be accessed later using a memory card.

The CT6 is a full-sized rear-wheel-drive luxury sedan.

In engineering the CT6 General Motors emphasized weight savings. The car is built largely from aluminum but, in all, 11 different metals are used in its construction. That's because, according to GM, various types of steel can save more weight than aluminum in places where strength and stiffness are required.

Despite its size, the CT6 is almost exactly the same weight as the smaller mid-sized Cadillac CTS sedan. Thanks in part to the car's light weight, GM is promising a more dynamic and responsive driving feel than other big luxury sedans.

cadillac ct6 side

"It is a bold endeavor with unmatched dynamism that reignites a passion for driving in large luxury vehicles," Johan de Nysschen, president of Cadillac, said in an interview.

It also makes it possible for the car to use smaller, more fuel-efficient engines. When the car first goes on sale, the most powerful available engine will be a 400-horsepower turbocharged V6. It will also be available with a non-turbocharged V6 and a turbocharged 4-cylinder engine, a type of engine not used in other cars this size.

Photos - Cool cars from the Geneva Motor Show

The CT6 will also be available with a host of technology features besides just the security cameras. Drivers can also record front and rear views of the road while driving. A night vision system will help to identify people and large animals while driving in the dark and even brake automatically to avoid them. The inside rear view mirror can also display a view created by cameras outside the car enabling the driver to see the entire area behind the car as if the back of the car were invisible.

It will be available with all-wheel-drive and will also offer all-wheel-steering in which the rear wheels turn slightly to assist in tight maneuvers.

Also at the New York Auto Show, Cadillac's domestic rival, Ford's (F) Lincoln Motor Co., unveiled a new version of the Lincoln Continental, its own full-size flagship car. Although it is still a concept vehicle, Lincoln expects to sell a car very much like it next year. The CT6 will go into production in late 2015.

CNNMoney (New York) March 31, 2015: 8:48 PM ET


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