The Coolest Kickstarter ever raises over $13 million

NEW YORK (CNNMoney)

The Coolest Cooler (yes, a cooler) raised $13.3 million in its 52-day run. The previous record holder, the Pebble smartwatch raised $10.2 million in 2012.

Why have more than 60,000 people contributed to a cooler campaign?

Well, this cooler includes a blender, waterproof bluetooth speaker, USB charger, cutting board and bottle opener -- a "portable party," according to founder Ryan Grepper of Portland, Ore.

And those who pledged enough ($165 or more) will save at least $130 on the cooler, which will retail for $299.

Related: The 13 most WTF gadgets

Those who contributed less can still get in on a piece of Kickstarter history: A $25 contribution earned a Coolest-branded reusable party cup and a drink guide; for $55, backers receive the party cup plus a "Keep Calm and Blend On" tee.

And for the first eight backers who contributed $2,000, Grepper will fly out and help them host a tailgate party with the Coolest (before its available to backers in February 2015).The record is impressive by any measure, but the last couple days have been a whirlwind: Backers contributed over $2 million in 24 hours.

The rush to contribute in the final days isn't all that shocking to Jason Greenberg, PhD and assistant professor at New York University's business school.

"This is something we tend to see in cultural settings where the 'rich get increasingly richer,'" said Greenberg. "A firm end date and time can precipitate this."

But it adds more pressure to satisfy consumer expectations.

"Bigger capital raises entail bigger expectations and scrutiny," said Greenberg.

Grepper is acutely aware of this obligation.

"I feel personal responsibility to each backer that has supported me and am committed making the Coolest live up to its name," said Grepper.

Related: Water balloon lovers pledge $645,000 on Kickstarter

The success of the Coolest is perhaps all the more surprising because this isn't its first time around the Kickstarter block.

Grepper unsuccessfully tried to raise $125,000 for similar model In November 2013 (he only earned $100,000),

"My confidence was pretty low because of the first campaign," said Grepper.

But a combination of seasonality (launching the campaign in July vs. November), more supporters and an improved design helped him get far more than his $50,000 goal this time around.

Setting the bar so low -- and meeting it within 36 hours of launching -- has helped him get ahead on production. He's currently in the process of locking in a final design and securing a factory to produce the coolers (which will be available in three colors: Margarita, Blue Moon and Coolest Orange).

Related: These startup ideas are money magnets

So, are the millions raised any indication of how it'll fare post-crowdfunding?

They could be.

"We've seen more and more angels and investors using [Kickstarter] as a minor league in terms of [gauging] customer demands," said Greenberg.

Grepper said he's already been contacted by "many" retailers who are interested in working with him to sell the product.

According to PrivCo, a financial data provider on privately-held companies, U.S. cooler sales totaled $635 million in 2013.

Igloo Products Corp "dominates" the market, according to Matt Turlip, senior analyst at PrivCo. The company, which ACON Investments bought from J.H. Whitney & Co. earlier this year, owns 53% of the full-size cooler market.

"Maybe in a year or two, the Coolest can hope to compete," said Turlip.

First Published: August 29, 2014: 9:19 PM ET

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A&E deal would price Vice at $2.5 billion

Vice's co-founder Shane Smith has said he wants Vice to be the "next CNN" and "next MTV."

NEW YORK (CNNMoney)

Vice Media is in talks with A&E about a deal that would value it at more than $2.5 billion, according to a Vice spokesman.

A&E would buy a 10% stake in the company.

Vice would also create content for the A&E cable networks, according to a person with knowledge of the negotiations.

Its online content, magazine and HBO series, called Vice, specifically targets millennials.

On YouTube, the Vice channel has nearly 5 million subscribers. Its most popular video, "First Animal to Survive in Space," has 12.1 million views, followed by "The Biggest Ass in Brazil," which has been viewed 10.6 million times.

A&E, which also owns the Lifetime and History channels, is buying the stake to gain digital exposure.

Flipboard: Future of Media

A&E is jointly owned by Disney (DIS) and the Hearst Corporation. An A&E spokesman declined to comment.

Time Warner (TWC) was also interested in buying a stake in Vice, but those discussions are now over, according to a person familiar with the negotiations. (Time Warner owns CNN.)

This isn't the first time Vice has attracted investment from an established media company. Rupert Murdoch's 21st Century Fox paid $70 million for a 5% stake last year.

Vice's other minority shareholders include marketing services firm WPP, The Raine Group and former Viacom (VIA) chief executive Tom Freston.

The company's co-founder Shane Smith has said he wants Vice to be the "next CNN" and "next MTV."

First Published: August 29, 2014: 8:41 PM ET

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Sports betting vs. the stock market

NEW YORK (CNNMoney)

They both believe they can predict the future, and they sometimes fall into the trap of making decisions with their hearts instead of their brains. And of course, they both hate to lose.

But don't let those similarities fool you. Gambling on sports may be more fun, but it's definitely a more risky use of money than putting it in the stock market.

In the long run, investors have the chance to make more money because there are fewer downside risks.

To put it another way, the stock market is a lot more forgiving than the MGM Grand (let alone your local sports bookie).

"A lot of people regard investing as gambling, but I frequently say no. Which casino in Atlantic City, Las Vegas or Macau pays the bettor 73% of the time?" said Sam Stovall, chief investment strategist at S&P Capital IQ.

That's the percentage of time that Stovall's research shows the S&P 500 -- the gold standard in the stock market -- has increased in value during the years since 1926.

Those are pretty good odds.

Related: 4 reasons September could be good for stocks

The betting appeal: Americans bet an estimated $380 billion each year on sports. It's easy to see why fans may be tempted to gamble on their favorite teams and athletes. Gambling on football star Peyton Manning to win might seem like a safe bet, especially compared with picking winners in the stock market.

"You're making a wager based on some facts and some intuitions. And in neither instance can you be guaranteed to be correct," said Randall Fine, managing director of The Fine Point Group, one of the casino industry's largest consulting firms.

Manning is really, really good at what he does for a living. Heck, even his commercials are funny.

But take it from one person who has lots of experience in both worlds.

"Betting is more difficult and riskier," said one resident of Hoboken, New Jersey, who bets on illegal gambling sites and also invests in stocks. He asked for his identity to be withheld due to legal concerns.

"A large, steady company has a low chance of plummeting and causing you to lose all your money, but even Peyton Manning doesn't cover the spread sometimes," he said.

All or nothing: Gambling on sports tends to be a zero-sum game. A bettor gambling on the Green Bay Packers will instantly lose his or her entire $500 bet if Aaron Rodgers and his teammates fail to win or cover the spread.

However, someone sinking $500 into Apple stock has little risk of losing that entire initial investment, especially in the short term. The stock might go up and down some, but it typically doesn't go to zero.

Related: Apple and 9 other stocks hit new records

Investors also have the ability to spread their money out among many stocks. People often invest in funds that buy dozens or even hundreds of stocks, which helps reduce the risk.

And investors have greater access to tools that can minimize the risk of losing money. For example, a stop-loss order instructs a broker to dump a stock when it tumbles below a specific price.

Such hedging tools are not as readily or even feasible to sports gamblers, Fine said.

At the same time, investing in stocks actually carries higher upside potential. While many stocks offer steady returns, investors sometimes hit the jackpot (think: buying Apple back in early 2009 or Tesla in 2012).

Related: How $2 billion Clippers bet could pay off

Gamblers and investors also have far different time horizons.

A stock can theoretically be held onto for an infinite amount of time, but a sports bet can end in the blink of an eye.

Even the unlucky investors who jumped into the market at its peak in October 2007 eventually made their money back when stocks reclaimed their pre-recession levels in 2013.

The same can't be said for those who bet big on the Denver Broncos last Super Bowl.

"You can hold onto your betting tickets all your life, but you're not going to get squat," said Stovall.

First Published: August 31, 2014: 8:14 AM ET

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Stocks: 5 things to know before the open

Click chart for in-depth premarket data.

LONDON (CNNMoney)

Here are the five things you need to know before the opening bell rings in New York:

1. Amazing August: The major U.S. indexes have climbed up by roughly 3% to 4% over the course of the month, with the S&P 500 hitting record-high levels.

It seems stocks could rise further on Friday -- U.S. stock futures were edging up ahead of the opening bell.

U.S. stocks closed lower Thursday. The S&P 500 lost a few points, closing at 1,997. The Dow and Nasdaq both moved about 0.3% lower.

Related: Fear & Greed Index

2. Russian markets roiled: Investors are taking notice after NATO published satellite images showing evidence of Russian troops inside Ukraine.

The ruble was off by about 0.3% versus the U.S. dollar on Friday. It's fallen by 10.5% since the start of the year.

Russia's benchmark Micex was also lower by 0.5%. Over the course of 2014 the index has fluctuated wildly -- it's off by about 6% since the start of January.

Related: CNNMoney's Tech30

3. European overview: Major markets across Europe were higher in early trading.

Fresh monthly data from Eurostat showed that European inflation remains tepid and unemployment in the euro area is stuck at 11.5%. The numbers are likely to feed expectations that the European Central Bank will be forced to embark upon a stimulus program to support the economy.

4. Worries about Japan: Japanese markets were soft Friday after more weak data failed to support the country's Abenomics revival plan.

"Japanese markets are down following a raft of negative data. Further declines in household consumption indicate that the increase in sales tax is hitting Japanese households hard," said Tom Beevers, CEO of StockViews.

Most other Asian markets closed the week with some gains.

5. U.S. economic reports: The U.S. government will report personal income and spending numbers at 8:30 a.m. ET. The University of Michigan will release the final reading of its consumer sentiment index for August at 9:55 a.m.

First Published: August 29, 2014: 5:29 AM ET

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Malaysia Airlines slashes 6,000 jobs in major restructuring

HONG KONG (CNNMoney)

State investor Khazanah, which owns nearly 70% of the carrier, revealed the 30% workforce reduction on Friday. Khazanah also announced the creation of a new corporation that will absorb the majority of the carrier's assets.

Khazanah plans to buy out minority shareholders and de-list the current Malaysia Airlines. Assets will then be shifted to the new company, which the fund said could be ready to go public in three to five years.

Azman Mokhtar, the managing director of Khazanah, said that the changes were necessary to help the airline compete in the rough-and-tumble airline industry.

"The combination of measures announced today will enable our national airline to be revived," Mokhtar said. "While funds have been made available, they come with strict conditions, so as to ensure that Malaysia Airlines truly resets its business model and cost structures."

The airline reported on Thursday that it lost $97.4 million in the second quarter, as it reeled from its second aircraft disaster of 2014 -- the loss of MH17 over Ukraine.

Related: Malaysia Air posts $97 million loss

Malaysia Airlines was once a symbol of national pride. But the airline was in big financial trouble before the twin disasters of Flight 370 and Flight 17 claimed the lives of 537 people.

The carrier hadn't turned a profit in years, efforts to compete with low-cost carriers had failed, and the need for yet another government bailout was growing.

Analysts say that Malaysia Airlines had been hindered by uncompetitive supplier contracts, and a bloated workforce. Labor unions are sure to oppose the restructuring efforts.

Related: Passengers' families could collect millions

MH17 was shot out of the sky in July, over territory that's controlled by pro-Russian militants battling the Ukraine government. The United States says a surface-to-air missile took down the plane.

In March, Malaysia Airlines Flight 370 from Kuala Lumpur to Beijing disappeared with 239 people on board. No trace of the plane has been found.

First Published: August 29, 2014: 3:46 AM ET

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Struggling Angry Birds maker dumping CEO

The maker of the Angry Birds video game is replacing its CEO.

NEW YORK (CNNMoney)

Rovio Entertainment, the Finnish video game maker, announced that CEO Mikael Hed will "pass the hoodie" in January to former Nokia (NOK) executive Pekka Rantala, a reference to the typical clothing worn in the company's offices.

The company is shifting its business from a pay-to-play, in which players buy the video game, to a free-to-play model. It now gets about half its revenue from licensing Angry Birds images for toys, clothing and other novelty items. But while revenue has held up, profit in 2013 fell by more than 50%.

Rovio has had trouble with its plans to charge users for purchases made in the games. Competitors such as King Digital Entertainment (KING), maker of the Candy Crunch game, have been far more successful with that business model. But King has struggled as well, disappointing investors when it reported its first quarterly results since its March IPO.

Rovio has also increased spending on animation and video distribution as it prepares for the debut of the first Angry Birds movie in 2016. Hed will remain with the company, joining its board and assuming the title as chairman of Rovio Animation.

First Published: August 29, 2014: 8:11 AM ET

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New England's epic supermarket feud ends

With few customers and no deliveries, shelves for perishable items were quickly left empty.

NEW YORK (CNNMoney)

Arthur T. Demoulas, the ousted president of Market Basket, reached an agreement late Wednesday to buy out the stake in the 71-store chain controlled by his cousin.

The deal ends a 10-week standoff that included employee protests and a customer boycott.

Terms were not disclosed. The Boston Globe said the sale price was upward of $1.5 billion, citing a source briefed on the negotiations. In the end, the governors of Massachusetts and New Hampshire got involved in negotiations to reach a deal.

The dispute began in June when the company's board replaced Demoulas, who was beloved for his leadership but had long feuded with his cousin, Arthur S. Demoulas, over control of the family-owned company. Arthur S. and his family controlled 50.5% of the shares of the company.

Employees sided with Artie T., as the Market Basket president is known, and asked customers to boycott. Deliveries were halted to the stores, resulting in empty shelves, and hours for part-time employees were slashed.

The sale's announcement left the employee group backing Artie T. ecstatic.

"Details are emerging as we write this but we wanted to let the world know that we have emerged from this crisis victorious!" said a statement posted on the Web site of We Are Market Basket, the group of employees and customers.

The company's statement said Artie T. and his management team would return to the chain immediately. Two outside co-CEOs who were brought in by his cousin will remain in place until the sale closes, which is expected in the next several months. All employees were invited to return to work.

But the financial impact of the idle stores may have caused lasting damage to the company's finances. It is believed to have lost several million in potential revenue daily -- a major blow in the grocery industry, whose profit margins are low.

The situation also hurt employees. Management repeatedly threatened to terminate workers who did not show up, but held off while negotiations for a sale were ongoing.

Related: Market Basket workers fight for their boss

For some employees, lack of hours during the stoppage put in jeopardy their eligibility for the generous profit-sharing program, one of the company's main employee benefits and a substitute for a more traditional retirement package.

Despite the large scale, Market Basket under Artie T. maintained the personal touch. Employees proudly wear their years of service on their nametags and spend their entire career at the company, rising from a bagging or cashier position to leadership roles.

They said the firing of Artie T. hit like a blow to their own family, and expressed concern that new management -- a pair of outside hires -- was more interested in profit than maintaining the company's distinctive culture.

--CNNMoney's Chris Isidore contributed to this report.

First Published: August 28, 2014: 7:33 AM ET

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Malaysia Air posts $97 million loss

HONG KONG (CNNMoney)

The carrier lost $97.4 million in the three months ended in June, as it reeled from its second aircraft disaster of 2014 -- the shooting down of a flight over Ukraine. The report is likely to be the airline's last as a public company, coming one day before a major restructuring is expected to be announced.

State investor Khazanah, which owns nearly 70% of the airline, plans to buy out small shareholders as a first step to overhauling the national carrier.

The fund, which is expected to release more details Friday, has promised other changes that will amount to a "complete overhaul" of the airline.

Thousands of job cuts are expected, something analysts say is needed to help the bloated airline compete with more nimble rivals. Labor unions are expected to oppose the measures.

Related: Malaysia Airlines to be pulled from stock market

Malaysia Airlines was once a symbol of national pride. But the airline was in big financial trouble before the twin disasters of Flight 370 and Flight 17 claimed the lives of 537 people.

The carrier hadn't turned a profit in years, efforts to compete with low-cost carriers had failed, and the need for yet another government bailout was growing.

Related: Passengers' families could collect millions

MH17 was shot out of the sky in July, over territory that's controlled by pro-Russian militants battling the Ukraine government. The United States says a surface-to-air missile took down the plane.

In March, Malaysia Airlines Flight 370 from Kuala Lumpur to Beijing disappeared with 239 people on board. No trace of the plane has been found.

First Published: August 28, 2014: 7:50 AM ET

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Why I left a job in finance to play video games

NEW YORK (CNNMoney)

He found the work fast paced and it paid well, but something was missing. He asked for some time off in 2012. He quit a week later to become a full-time video game player.

What seemed like a crazy move at the time has turned out to be one of Wu's best trades. He is now at the forefront of the "eSports" movement, which is bringing video game tournaments to the mainstream, similar to what happened with poker.

"Some say that gaming is what children or teens do, as if it's a dirty thing," Wu told CNNMoney. "But it's very dynamic. It requires teamwork, thinking out of the box and being creative. It's an outlet to develop your brain."

Related: Why I put World of Warcraft on my resume

Growth of eSports: Thousands of people watch Wu's every move in his online gaming tutorials on YouTube and Twitch, the streaming service that Amazon (AMZN, Tech30) just bought for nearly $1 billion.

The people who tune in are often playing the game themselves and trying to use Wu's tips to make it to the next level. They can even send Wu messages with questions.

ESports are becoming so mainstream that a competition Wu did play-by-play commentary for in July aired on ESPN3, and companies like Red Bull, Monster (MNST) and Coca-Cola (KO)now sponsor big gaming events.

Related: Amazon buying Twitch for nearly $1 billion

To put it in dollar terms, Wu had what he dubs a "part-time job" during his Duke University days playing Defense of the Ancients -- known as DotA. He was a member of a Danish team that competed around the world. Winning a major tournament would result in players getting a few thousand dollars each.

"We were lucky to get 5-figure prizes in my day," he says.

The stakes are higher today. At a key DotA tournament in July known as The International, the winning team from China walked away with $5 million.

"DotA is so much more dynamic as a game than say, chess. It's so much more difficult to work as a team to overcome obstacles versus chess where you examine your own play," Wu says, trying to explain the appeal of a multi-player game like DotA. "There's not much of a social aspect to chess."

Related: MLB gets into the video game business

Master gamer: The purpose of DotA is to capture the other team's "ancient," kind of like the summer camp game of capture the flag. Two teams of five players each go head-to-head. They select characters -- much like picking teams in gym class -- that have different skills. Almost every obstacle in the game has to be overcome through teamwork.

The top teams hail from all over the world. Over 40 million people have watched final rounds of The International competition via Twitch.

These days it's hard to believe Wu hid his gaming from a college girlfriend and felt he had to find a "real job" after graduating.

Wu is better known in the gaming community as MerliniDota. It's a nickname he picked up in middle school. He uses it now for his Twitter handle and YouTube channel.

"There is a push to get a pro scene in gaming," Wu says. "The target age is 16 to 28, and 95% are males."

Most of the top players are 21 to 23. That's why Wu no longer competes actively. Instead, he has found his niche educating others on how to play and being a web personality at tournaments.

It might not be that far of a stretch to compare him to former NBA basketball player Bill Walton, who took his and UCLA and pro experience and channeled it into a top TV commentator gig for decades.

Wu laments what his professional career might have been if he were only a few years younger, but the reality is he's making more money on the gaming "scene" today than he did as a Wall Street-type trader.

First Published: August 28, 2014: 6:27 AM ET

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Stocks: 4 things to know before the open

Click chart for in-depth premarket data.

LONDON (CNNMoney)

Here are the four things you need to know before the opening bell rings in New York:

1. Stocks are on fire: U.S. stock futures were stable Wednesday morning, a day after the S&P 500 closed above 2,000 for the first time ever.

If investor sentiment remains strong, it's possible the benchmark index could surpass its latest record-setting high.

U.S. stocks advanced Tuesday. The Dow tacked on nearly 30 points, the S&P 500 was up 0.1%, and the Nasdaq was 0.3% higher.

2. Geopolitics: The new Israel-Hamas ceasefire could give investors confidence Wednesday. Israel's benchmark index was higher in early trading.

Meanwhile, talks between Russian President Vladimir Putin and Ukrainian President Petro Poroshenko over Ukraine have concluded.

The Russian Micex index was up by about 0.7% in early trading. Russia's equity and currency markets have taken a hit this year after Western nations levied sanctions.

Related: Fear & Greed Index

3. Earnings: Brown-Forman (BFA)and Tiffany & Co. (TIF) will report earnings before the opening bell, while retailers Guess (GES) and Williams-Sonoma (WSM) will report after the close.

Shares in gun maker Smith & Wesson (SWHC) plunged by as much as 15% in extended trading after the company said quarterly sales were dragged down by a shrinking demand for rifles.

Related: CNNMoney's Tech30

4. International markets overview: European markets were looking anemic in early trading as investors reacted to weaker-than-expected economic data.

Asian markets all closed higher, except for the Hang Seng in Hong Kong, which dipped by 0.6%.

First Published: August 27, 2014: 5:14 AM ET

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IMF chief Lagarde under investigation in France

Christine Lagarde is the head of the International Monetary Fund.

LONDON (CNNMoney)

Under French law, a formal investigation means prosecutors believe they have serious evidence implicating a suspect in a crime. It does not necessarily lead to charges or a trial.

The case stems from 2008 when Lagarde was finance minister under former French President Nicolas Sarkozy.

Prosecutors believe that Lagarde was negligent in dealing with a case that saw a supporter of Sarkozy -- Bernard Tapie -- awarded a settlement worth 285 million euros plus interest.

The IMF said Wednesday that Lagarde has not been charged and will continue in her role at the organization.

Lagarde is "on her way back to Washington and will, of course, brief the board as soon as possible," the IMF said. "Until then, we have no further comment."

Other French officials and business people have been questioned in the case, including Lagarde's former chief of staff, Stephane Richard, who is now head of the massive telecom group Orange (ORAN).

Last year, Lagarde's home was searched and she was questioned by a French court, but was not placed under formal investigation.

--CNN's Carol Jordan and Jo Shelley contributed to this report.

First Published: August 27, 2014: 6:51 AM ET

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Time Warner Cable suffers nationwide Internet outage

NEW YORK (CNNMoney)

Time Warner Cable said the outage occurred at 4:30 a.m. ET "during our routine network maintenance."

"An issue with our Internet backbone created disruption with our Internet and On Demand services," the company said in a statement.

"As of 6 a.m. ET, services were largely restored as updates continue to bring all customers back online," the company added.

Related: Would you sign up for 'virtual cable'

Some Time Warner Cable customers said in tweets that their Internet service was still spotty after 7 a.m., though it had resumed working for others, including this reporter, who's filing his story via the provider's Internet connection.

The outage is another black eye for Time Warner Cable (TWC), which has a dismal reputation among consumers.

Earlier this year, the American Consumer Satisfaction Index showed Time Warner Cable had the lowest satisfaction rate of any big television provider.

Comcast (CCV), the company with the second-lowest satisfaction rate in that survey, is in the process of acquiring Time Warner Cable.

Both companies have made big investments to improve customer service and the quality of their products -- but of course none of that matters when customers wake up and find out the Internet is not working.

Time Warner Cable serves about 14.5 million homes, most of which subscribe to cable and broadband Internet.

Many of those homes are in big metropolitan areas like New York City and Los Angeles. That made Wednesday's outage more noticeable, because it affected journalists and the people who employ them.

First Published: August 27, 2014: 8:09 AM ET

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GM's compensation fund gets 100th death claim

Ken Feinberg has received 100 death claims so far.

NEW YORK (CNNMoney)

GM received 100 death claims and 184 injury claims as of Friday, according to a spokeswoman for Ken Feinberg, a consultant hired to administer GM's compensation fund. He began receiving claims on Aug. 1 and will continue to do so until Dec. 31, 2014.

GM has pledged to pay victims who were injured or killed as a result of a defect affecting 2.6 million cars that can cause the vehicle to shut off unexpectedly, disabling airbags. Officials have admitted that the company made mistakes, leading to a decade-long delay in issuing a recall for the affected vehicles.

Related: GM offers victims more than $1 million

Not everyone who submits a claim will receive compensation. Claimants must prove that the defect is to blame for the accident. Feinberg, who was tasked to give out compensation to victims after the 9/11 terrorist attacks and other high-profile tragedies, will evaluate all the claims and respond within three to four months.

GM (GM) is offering at least $1 million to the families of those who died. The automaker will give another $300,000 for each surviving spouse and dependent, in addition to a sum of money that will be determined by the victims' earning potential.

Compensation for those who were injured will be based on the severity of the injury. Victims give up their right to sue GM if they take the money.

The automaker expects to pay between $400 million to $600 million to compensate victims. No claims have been paid out yet, according to the spokeswoman.

First Published: August 25, 2014: 5:52 PM ET

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Stocks: 4 things to know before the open

Click chart for in-depth premarket data.

LONDON (CNNMoney)

Here are the four things you need to know before the opening bell rings in New York:

1. Stock markets mellow: U.S. stock futures were little changed Tuesday and European markets were mostly in negative territory. Gold prices were higher by 1% to about $1,290 per ounce.

The early market mood just isn't quite as jubilant as it was Monday when the S&P 500 surpassed 2,000 for the first time ever. The Dow and the Nasdaq both rose by about 0.4%.

The latest reading on the CNNMoney Fear & Greed index shows investors are still feeling relatively fearful.

2. Earnings expectations: Shares in advertising giant WPP (WPPGY) were higher by roughly 2% in London after the firm reported strong half-year earnings.

"It seems as if the ill-fated merger of Omnicom and Publicis has led to WPP winning business as they post pre-tax profit ahead of forecasts," said Tom Robertson, a trader at Accendo Markets.

In New York, Best Buy (BBY) will report earnings before the opening bell. Gun maker Smith & Wesson (SWHC) will report after the close.

Related: M&A market is heating up

3. Economics: There are a few important economic announcements to watch Tuesday.

The S&P/Case-Shiller 20-city home price index comes out at 9 a.m. ET., followed by the Conference Board's consumer confidence index at 10 a.m.

Related: CNNMoney's Tech30

4. International markets overview: European markets were mostly lower in early trading Tuesday after rallying in the previous session. The London FTSE 100, which was closed for a holiday Monday, was higher as it played catch-up with the rest of the continent.

Most Asian markets ended with losses Tuesday.

First Published: August 26, 2014: 5:05 AM ET

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Burger King buying Tim Hortons

Burger King is buying Canadian doughnut maker Tim Hortons.

NEW YORK (CNNMoney)

The deal could be the latest example of a U.S. company buying a foreign company in order to move its legal home to that of the company it is acquiring, thus allowing it to pay corporate taxes at a lower rate.

Burger King's announcement does not make mention of the tax implications of its purchase of Tim Hortons (THI).

Burger King's (BKW) has arranged for $12.5 billion in financing to complete the deal, with $3 billion of that coming from Warren Buffett's Berkshire Hathaway (BRKA). Berkshire is only providing financing and will have no management role in the combined company.

First Published: August 26, 2014: 8:08 AM ET

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Is Burger King moving to Canada?

HONG KONG (CNNMoney)

The new company would be headquartered in Canada, the two firms said in a joint statement. Both Tim Hortons (THI) and Burger King (BKW) would continue to operate as standalone brands.

By moving north of the border, Burger King would be completing what is called an "inversion" -- a strategy that allows U.S. firms to lower their tax bills by merging with a foreign company, and then relocating to the new country.

Corporate tax rates are lower in Canada than the U.S., which has the highest tax rate among developed economies.

In the case of Miami-based Burger King and Tim Hortons, the combined company would be the world's third largest fast food chain, generating $22 billion in sales at more than 18,000 restaurants in 100 countries.

Related: 7 things you absolutely must know about corporate taxes

In the past decade, at least 47 U.S. companies have used the inversion process. Several inversions have been proposed this year and more are in the works.

One major inversion deal was announced in July, when Chicago-based AbbVie agreed to a $54.7 billion merger with Britain's Shire, slashing AbbVie's effective tax rate to about 13% by 2016 from 26%.

Drugmaker Mylan also announced last month that it would buy a Netherlands-based unit of Abbott Laboratories in a deal designed to let it incorporate abroad.

Related: 8 of the world's craziest fast food items

The flurry of deals has attracted the attention of Washington, and the White House has called on companies to practice "economic patriotism."

"They're declaring they're based someplace else even though most of their operations are here. .. My attitude is I don't care if it's legal -- it's wrong," President Obama said in July.

First Published: August 24, 2014: 11:18 PM ET

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Hackers attack Sony PlayStation Network

The "Lizard Squad" has targeted Sony's online gaming network.

NEW YORK (CNNMoney)

Over the weekend, Blizzard Entertainment, CCP Games, Riot Games and Sony (SNE) have done maintenance to bring their networks back online.

CNNMoney quiz: What hackers know about you

The hackers, speaking publicly on Twitter, claimed responsibility for attacking the PlayStation Network and others, disrupting the ability of millions of gamers to play together online.

According to the targeted companies, hackers flooded their networks with illegitimate traffic -- a strategy known as a distributed denial of service attack. The FBI said it was investigating.

The hackers slammed the following game networks:

• Battle.net (World of Warcraft, Starcraft II, Diablo III)
• EVE Online
• League of Legends
• PlayStation Network and Sony Online Entertainment

On Sunday, Sony said both its services were still under repair but assured customers no user data was exposed. The other networks did not immediately return requests for comment.

When John Smedley, president of Sony Online Entertainment, acknowledged the "large scale" attacks on Twitter, he came under fire as well. Knowing that Smedley was on a flight from the Dallas area to San Diego, the hackers made a veiled threat about bombs on his plane.

"We have been receiving reports that @j_smedley's plane #362 from DFW to SAN has explosives on-board, please look into this," the group said to American Airlines on Twitter, pairing that with images of the Sept. 11, 2001 attacks.

The plane was diverted to Phoenix Sky Harbor Airport.

CNNMoney's cybersecurity Flipboard magazine: How safe are you?

The FBI later released this statement: "The flight landed without incident. Passengers were safely removed from the plane."

-- CNN's Evan Perez contributed to this report.

First Published: August 24, 2014: 10:03 PM ET

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Stocks: 4 things to know before the open

Click chart for in-depth premarket data.

LONDON (CNNMoney)

Early indications are good. U.S. stock futures were all higher Monday and European markets advanced.

Here are the four things you need to know before the opening bell rings in New York:

1. Stock market movers -- Burger King, Tim Horton's, Roche, InterMune: Get ready for market reaction after Burger King (BKW) announced it's in talks to buy the Canadian coffee chain Tim Hortons (THI) in a deal that could see the burger chain move its headquarters to Canada and lower its tax bill.

Shares in Roche (RHHBY) were up by about 0.5% after the Swiss pharmaceutical giant announced it's paying $8.3 billion to buy Nasdaq-traded InterMune (ITMN). The offer represents a 38% premium compared to where InterMune shares closed on Friday.

2. French government shake-up: French Prime Minister Manuel Valls has presented President Francois Hollande with his government's resignation, and a new government will be announced on Tuesday. Shares in the benchmark CAC 40 in Paris were higher by about 1% in early trading.

Related: Fear & Greed Index

3. Economic data: New data on business sentiment in Germany shows confidence continues to deteriorate as the economy loses steam. Many German firms have suffered as tensions escalate with Russia, a major trading partner.

At 10 a.m. ET the U.S. Census Bureau will release data on new home sales.

Related: CNNMoney's Tech30

4. Friday market recap: U.S. stocks closed mixed Friday. The Dow Jones Industrial Average and S&P 500 both slid about 0.2%, but the Nasdaq gained about 0.1%.

First Published: August 25, 2014: 5:13 AM ET

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The Coolest Kickstarter tops $9 million

NEW YORK (CNNMoney)

More than 46,000 people think so. The Coolest Cooler has raised over $9.2 million on Kickstarter -- and it still has a week to go.

It's described as a "portable party" and includes features like a blender, waterproof bluetooth speaker, USB charger, cutting board and bottle opener.

It's the second highest grossing campaign ever, ranking just behind the Pebble (the smartwatch that raised a record $10 million in 2012).

"There's a point where products derive much more attention than any rational expectation would suggest," said Jason Greenberg, PhD and assistant professor at New York University's business school, "In a market where potato salad can raise $55,000, it's not that surprising."

What's more surprising is that this isn't Coolest's first time around the Kickstarter block.

Related: The 13 most WTF gadgets

Ryan Grepper of Portland, Ore., unsuccessfully tried to raise $125,000 for similar model of The Coolest In November 2013. He only raised about $100,000.

On Kickstarter, Grepper detailed the biggest changes this time around: Seasonality (July vs. November), more supporters and an improved design.

It's certainly worked -- but are the millions any indication of how it'll fare post-crowdfunding?

They could be.

"We've seen more and more angels and investors using [Kickstarter] as a minor league in terms of [gauging] customer demands," said Greenberg.

Related: Water balloon lovers pledge $645,000 on Kickstarter

According to PrivCo, a financial data provider on privately-held companies, U.S. cooler sales totaled $635 million in 2013.

Igloo Products Corp "dominates" the market, according to Matt Turlip, senior analyst at PrivCo. The company, which was acquired by VC firm J.H. Whitney & Co. earlier this year, owns 53% of the full-size cooler market.

"Maybe in a year or two, with $9 million in funding, The Coolest can hope to compete," said Turlip.

Those who pledged enough for the cooler ($165 or more) will have to wait until February 2015 to get the product (which will come in Margarita, Blue Moon and Coolest Orange).

But they will have saved a cool $130 -- it'll retail for $299.

First Published: August 22, 2014: 5:22 PM ET

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10 Western companies getting slammed in Russia

LONDON (CNNMoney)

Many are reporting slower Russian sales and, in some cases, store closures as the Ukraine-Russia conflict drags on. Some have seen their share price get pummeled since the start of the year.

Cold War-style tensions and escalating sanctions are slamming these companies, as American and European leaders blame Russian President Vladimir Putin for the unfolding crisis and violence in Ukraine.

Here are 10 of the highest profile, worst hit companies:

1.McDonald's: Russian officials and regulators have been cracking down on the restaurant chain. Officials shut a handful of popular McDonald's (MCD) restaurants in Moscow this week, and state media report that Russia's consumer watchdog will be conducting checks on outlets as part of a food standards investigation.

Meanwhile, Wendy's (WEN) was recently forced to exit Russia due to what it said was a change in management at its local partner Wenrus. Wendy's had been in Russia since 2011.

2. Coca-Cola: The drinks giant said this week that quarterly sales declined by about 5% in Russia, Ukraine and Belarus. Coca-Cola (KO) blamed "economic instability in the region," but global sales increased by 3%.

3. Carlsberg: The Danish brewer warned this week its annual results will be weaker than expected, as Russian demand dries up. Carlsberg (CABGY) estimated that industry-wide Russian beer sales fell by as much as 7% in the first six months of 2014 due an uncertain economic environment, leading it to also lose market share. Carlsberg beer is the most popular beer in Russia by a wide margin. The company's stock has fallen 15% since the start of the year.

4. Adidas: In late July, the German sportswear company announced it was shutting stores and scaling back expansion plans in Russia. It said that "tensions in the region" had hurt consumer spending, and that the decline in the Russian ruble hurt profitability. Adidas (ADDYY) slashed its 2014 earnings forecast by 20% to 30%, partly because of Russia. Shares have plunged 37% since the start of 2014.

5. Volkswagen: The German automaker blamed an 8% drop in its Russia car sales during the first six months of the year on political tensions, and it said it believes i sales industry wide fell about 25% in July. Volkswagen (VLKAY) shares are down 13% since the start of the year.

6. Ford: A weakening ruble and slower sales in Russia have hurt Ford's (F) bottom line.

7. Renault: The French car maker has warned investors about a sharp slowdown in Russia and other emerging markets. Russia is Renault's (RNSDF) third largest market in terms of sales.

8. BP: The British oil giant BP (BP) owns a large stake in Rosneft, Russia's biggest oil company, and warned that unit will suffer from tougher U.S. sanctions. Investors are also worried about other energy companies, including Total (TOT) and Exxon Mobil (XOM), which have significant ties with Russia.

9. Societe Generale: Profits at the French bank's Russian unit fell 36% in the second quarter.

10. Danone: The French food multinational said first-half results were hurt by a decline in the ruble, and that it was forced to hike prices for some products in Russia due to strong inflation.

-- CNN's Olga Pavlova contributed to this report.

First Published: August 23, 2014: 10:12 AM ET

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Glenn Beck sought out CNN deal, but talks died fast

NEW YORK (CNNMoney)

But the idea fizzled fast and talks aren't expected to resume, according to several people with direct knowledge of the exchange. "The talks were never serious," one of the people said.

Still, Beck's interest -- first reported Friday night by the Wall Street Journal -- is a sign that he is seeking partnerships to help his two-year-old cable channel, called The Blaze.

The Blaze has had a hard time gaining distribution on cable and satellite systems. It is not alone: Many fledgling channels are in similar positions, particularly channels that are not backed by major media companies.

Time Warner (TWX), owner of CNNMoney and CNN, is one of those major media companies. It also owns HBO, TNT, TBS, and other channels, so it has significant leverage in negotiations with distributors like Comcast (CMCSA) and DirecTV (DTV).

That's one of the reasons why Beck's representatives from his media company, Mercury Radio Arts, reached out.

One of the sources compared the proposal to the joint venture between Oprah Winfrey and Discovery Communications for the channel that became OWN. Discovery provided the shelf space on cable systems and Winfrey provided the bulk of the programming for that channel.

Related: Future of media

Another source said Beck's company proposed that it buy a block of time on HLN, a smaller television sibling of CNN. That would have been a homecoming of sorts for Beck, who hosted a nightly show on HLN from 2006 to 2008. But CNN signaled that it was not interested.

The contact from Mercury Radio Arts came after media reports about talks between Time Warner and Vice Media. Those talks, first reported in late June, have also involved HLN. They are believed to be ongoing, though neither of the companies have commented publicly.

Spokespeople for Beck and CNN declined to comment.

When I interviewed Beck for CNN's "Reliable Sources" last month at his headquarters in Irving, Texas, he acknowledged the challenges that independent channel owners face. At the time, I didn't know about his company's outreach to CNN, and he didn't mention any possible partnerships with major media companies.

Related: Glenn Beck's challenge: Getting into your TV

But he spoke at length about his interest in making sure Mercury Radio Arts reaches audiences through television, radio, the Internet, in-person events, and other means.

"I am interested in delivering an experience for people," he said. "And I want to be in every -- in every possible venue."

Beck's channel is arguably the biggest opportunity he has. It originated on the Internet and was picked up by the country's second-biggest satellite television provider, Dish Network (DISH), in 2012. At the time, that was a big coup for Beck.

Since then, The Blaze has struck distribution deals with about 70 smaller TV providers. But the industry is top-heavy, and only two of the ten biggest providers, Dish and Cablevision (CVC), have supported The Blaze so far.

Beck's representatives have declined to say how many of the country's 100 million homes with pay-TV currently have access to The Blaze, which helps to explain his apparent interest in partnerships.

First Published: August 23, 2014: 8:17 PM ET

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Hypoallergenic nuts to solve nut allergies

NEW YORK (CNNMoney)

Gus had suffered — but luckily survived — anaphylaxis, a potentially fatal reaction. Tests later revealed he had allergies to peanuts and tree nuts, like almonds and hazelnuts, the mere scent of which makes his eyes and throat itch. Now 5 years old, Gus politely refuses his friends' high fives, lest they bear traces of M&M's or other nut-containing products. Hass carries baby wipes everywhere, cleaning every surface within his reach. Yet Gus still suffers a reaction roughly once a month, and he's experienced around 20 anaphylactic episodes besides.

More from Ozy: How does money smell?

Gus knows his allergies can kill him. "He asks tough questions," Hass says. " 'What happens to kids who die from food allergies? Are there food allergies in heaven?' "

At present, no treatment exists for nut allergies. An EpiPen can quell severe reactions, but the only widely accepted preventive measure is vigilant avoidance. It's rarely vigilant enough.

That's why researchers at the U.S. Department of Agriculture have shifted their focus. Instead of treating people who suffer from nut allergies, they're trying to treat the nut. That means "disrupting [the] structure" of nut proteins, says Christopher Mattison, a molecular biologist at the USDA's Agricultural Research Service.

More from Ozy: Crime that pays well unless you're a woman

Understanding how this works requires a bit of biology. Nut allergies typically flare when an antibody in the immune system, immunoglobulin E (IgE), binds to the nut's protein, triggering a reaction. So scientists have devised a clever tactic to trick IgE: modifying the shape of the proteins so the antibody can't recognize them.

To that end, Mattison and his colleagues treated proteins from cashew nut extract — proteins similar to those found in many other nuts — with a combination of heat and sodium sulfite, a chemical often used as a food preservative. Both disrupt crucial chemical bonds that help hold nut proteins intact, basically dicing them into smaller pieces. The researchers then mixed modified and unmodified cashew proteins with IgE from people allergic to cashews.

More from Ozy: Extreme food at state fairs

Sure enough, roughly 50 percent less IgE latched on to the altered proteins, as described in the Journal of Agricultural and Food Chemistry in June — indicating that the modified cashew proteins might at least dampen the severity of an allergic reaction.

But "there's plenty of work to be done before we can extend [this] into ... a practical solution," says Mattison. So far, scientists have only extracts, not whole nuts; at this stage, it's hard to know what a modified nut would taste like. And while the scientists have reduced IgE binding, they haven't eliminated it altogether — which doesn't help patients sensitive to even the tiniest amounts of nut protein.

Still, the possibility excites Hass and others. Peanut and tree nut allergies plague an estimated 19 million kids and adults in the U.S., and the number of children with peanut allergies in the U.S. has tripled in just over a decade.

More from Ozy: Me, mom, dad, grandparents all under one roof

Earlier studies have used similar treatments, but with harsh, laboratory-grade chemicals. The new study is the first to use a compound — sodium sulfite — that falls under the Food and Drug Administration's "generally regarded as safe" category, bringing modified nuts a step closer to being made as a food product.

Still, hypoallergenic nuts probably won't appear in supermarket aisles for several years. First, Mattison and his team want to tweak the treatment process so they can use a smaller amount of sodium sulfite, or an even milder alternative. They also want to explore whether the process can be applied to other nut proteins. So far, preliminary tests have revealed that it significantly alters the the structure of some peanut, pistachio and pecan allergens.

More from Ozy: Come to the U.S.: Buy a sports arena

They're also working to modify whole cashews, not just cashew extract — and to ensure that modified nuts taste the same as their unaltered counterparts. They'll also eventually need to test the method in a living system, such as mice and actual cells.

Mattison's approach, treating the allergen instead of the patient, is the opposite of oral immunotherapy — gradually scaling up consumption of allergy-triggering foods to dull the immune system's sensitivity to them. Oral immunotherapy has shown promise, but building tolerance can take months.

In a clinical trial, 84 percent of children tolerated the equivalent of about five peanuts, but only after 26 weeks of therapy, as described in The Lancet in January. And patients could still suffer severe allergic reactions as their immune systems learn to tolerate the offending food. In contrast, nut allergy sufferers could theoretically eat however many allergy-free nuts they want, whenever they want.

Even if researchers do successfully manufacture hypoallergenic nuts, some view them as the second-best solution. "My preference ... would be to actually decrease the allergic response of the individual," says Jessica Martin, a food allergy blogger whose son is allergic to pistachios, cashews, a host of other tree nuts and about 15 other foods. Oral immunotherapy "is the holy grail in my mind. I want a cure."

But other parents, like Hass, would embrace even a quasi-fix. "Anything helps."

First Published: August 22, 2014: 3:10 PM ET

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Coming soon: The Maxwell House K-Cup

NEW YORK (CNNMoney)

Starting this fall, Keurig (GMCR) will partner with Kraft (KRFT) to offer Maxwell House, Yuban and Gevalia K-Cups.

Kraft has been selling a "single serve" coffee product for awhile that works in Keurig machines, but this will be the first time the companies are collaborating on branding and distribution.

Call it the morning beverage friendship. It's already caffeinating returns, at least for Keurig Green Mountain. The company's stock soared 13% Friday, sending the stock to its highest price ever -- over $135 a share.

To put it another way, you can buy roughly 220 K-Cups at the grocery store for the same price as one share of Keurig stock.

The deal hasn't done much for Kraft, however. Its stock was flat after the announcement.

Related: Should Coke buy Keurig Green Mountain?

Keurig Green Mountain stock popped another 13% after its deal with Kraft

Keurig already has dozens of K-cup partnerships, including ones with Dunkin' Donuts (DNKN), Starbucks (SBUX) and Snapple (DPS). This latest deal also adds McCafe, the McDonald's (MCD) coffee that is sold in stores, to the K-Cup offerings, since Kraft helps promote and distribute McCafe.

"They have all these partner brands. This really gives the consumer what they want," says Marc Riddick, a senior analyst at Williams Capital who covers the stock. "Keurig doesn't need to dictate to a consumer what they should chose."

Keurig's stock is up an incredible 77% since the start of the year, as the home coffee and tea brewing machine gains in popularity. The company joined forces with Coca-Cola (KO) in February, and there are plans for a cold beverage Keurig machine.

Related: Green Mountain soars on Coke partnership

"I am positive on the management team, but the bigger issue is the growth that is available in this beverage space," says Riddick. He notes that consumers are voting with their dollars and shifting more to coffee and tea and away from carbonated soft drinks.

The Kraft deal makes Keurig's device even more integral to a typical home. In some ways, Keurig has managed to do what smartphone makers have done -- the coffeemaker is now the focal point device for consumers to access a wide variety of beverages, much like apps on smartphones.

Investors are sensing there could be even more partnerships in the works.

First Published: August 22, 2014: 2:50 PM ET

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The Coolest Kickstarter tops $9 million

NEW YORK (CNNMoney)

More than 46,000 people think so. The Coolest Cooler has raised over $9.2 million on Kickstarter -- and it still has a week to go.

It's described as a "portable party" and includes features like a blender, waterproof bluetooth speaker, USB charger, cutting board and bottle opener.

It's the second highest grossing campaign ever, ranking just behind the Pebble (the smartwatch that raised a record $10 million in 2012).

"There's a point where products derive much more attention than any rational expectation would suggest," said Jason Greenberg, PhD and assistant professor at New York University's business school, "In a market where potato salad can raise $55,000, it's not that surprising."

What's more surprising is that this isn't Coolest's first time around the Kickstarter block.

Related: The 13 most WTF gadgets

Ryan Grepper of Portland, Ore., unsuccessfully tried to raise $125,000 for similar model of The Coolest In November 2013. He only raised about $100,000.

On Kickstarter, Grepper detailed the biggest changes this time around: Seasonality (July vs. November), more supporters and an improved design.

It's certainly worked -- but are the millions any indication of how it'll fare post-crowdfunding?

They could be.

"We've seen more and more angels and investors using [Kickstarter] as a minor league in terms of [gauging] customer demands," said Greenberg.

Related: Water balloon lovers pledge $645,000 on Kickstarter

According to PrivCo, a financial data provider on privately-held companies, U.S. cooler sales totaled $635 million in 2013.

Igloo Products Corp "dominates" the market, according to Matt Turlip, senior analyst at PrivCo. The company, which was acquired by VC firm J.H. Whitney & Co. earlier this year, owns 53% of the full-size cooler market.

"Maybe in a year or two, with $9 million in funding, The Coolest can hope to compete," said Turlip.

Those who pledged enough for the cooler ($165 or more) will have to wait until February 2015 to get the product (which will come in Margarita, Blue Moon and Coolest Orange).

But they will have saved a cool $130 -- it'll retail for $299.

First Published: August 22, 2014: 5:22 PM ET

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Stocks: 4 things to know before the open

Click chart for in-depth premarket data.

LONDON (CNNMoney)

Here are the four things you need to know before the opening bell rings in New York:

1. Big day for Janet Yellen: Investors will be paying close attention to Janet Yellen's 10 a.m. ET speech at the Jackson Hole Economic Policy Symposium.

The Federal Reserve chief is expected to focus on U.S. employment trends, and investors are hoping she may give some indication about plans for interest rates and monetary policy.

Any surprise statements from Yellen tend to move markets dramatically as people reset their economic expectations.

U.S. stock futures were trending lower.

Markets advanced in the previous trading session. The S&P 500 edged up 0.3% to close at a record high, just above 1,992. The Nasdaq and Dow Jones Industrial Average also ended a touch higher.

Related: Fear & Greed Index

2. Stock market movers -- GameStop, Ross Stores, Rosneft: Shares of GameStop (GME) rose after the company said its quarterly profit doubled.

Shares of Ross Stores (ROST) also moved higher after the company reported a jump in quarterly sales and profits.

Rosneft shares drifted 2% lower in Russia after The Financial Times reported a $2 billion deal with oil trader Vitol has been shelved. The energy giant, which has seen shares fall by 9% since the start of the year, is facing Western sanctions that limit its financing options.

3. Earnings: Foot Locker (FL) and the Royal Bank of Canada (RY) will report earnings before the opening bell.

Related: CNNMoney's Tech30

4. International markets overview: European markets faltered in early trading. The benchmark indexes in France and Germany both declined by roughly 1%.

The weakness comes as tensions rise over the Ukraine-Russia conflict. Ukraine reported Friday that 90 Russian trucks are heading for the Ukraine border, in violation of an agreement between the two countries. Ukraine has warned in the past that Russian trucks can be used to help rebel separatists operating in Eastern Ukraine.

In Asia, stock markets mostly closed with small gains.

First Published: August 22, 2014: 5:10 AM ET

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The crazy flavor experiments in Chinese fast food

Pizza Hut in Hong Kong serves a crayfish pizza that's designed to appeal to local tastes.

HONG KONG (CNNMoney)

Sound strange? Not if you're in China, where these Frankenstein foods are being served up by American fast food chains hoping to dominate foreign markets by catering to local tastes.

The experimentation is endless: Pizza Hut offers Thousand Island seafood pizzas, McDonald's (MCD) serves soy milk and fried dough strips for breakfast, Dairy Queen scoops out wasabi ice cream and Starbucks (SBUX) sells red bean green tea Frappuccinos.

Burger King (BKW), Dunkin' Donuts, Starbucks, Papa John's (PZZA), McDonald's, Pizza Hut and KFC are all competing for a bigger slice of China's $100 billion fast food market.

There's just one problem: double cheeseburgers and pepperoni pizzas aren't exactly typical Chinese cuisine. As a result, the chains are constantly looking for ways to appeal to the local population, while keeping signature items on the menu.

Related: 8 of the world's craziest fast food items

"The trick is, they want to keep as much of their DNA as possible in terms of having core menu items that are recognizable in any market, but also figuring out what the hero products for the specific market are going to be," said Ben Cavender of China Market Research.

McDonald's in Hong Kong, for example, serves noodles, fresh corn and lychee punch. KFC offers rice with its fried chicken meals.

"When we introduce the rice option, we still use a Western flavor ... [such as] mushroom or Chicken a la King," said Alan Chan, CEO of Birdland, the private company that runs KFC franchises in Hong Kong. "We still want to keep the identity of predominantly Western-style fast food."

It's not only the menu that is different in China. The fast food chains are also going upmarket in an effort to stand out in the crowded restaurant industry.

Pizza Hut offers lobster bisque and mussels stewed in white wine. The restaurant is a popular spot for teenagers to spend a romantic evening.

These are "nicely-decorated sit down restaurants," Cavender said. "In most cases, people going tend to be white collar -- comparatively speaking, these restaurants are still quite expensive compared to a street corner noodle shop."

Dreaming up the right items for the local market is not easy, and can take as long as 18 months from concept to plate, said Richard Leong, CEO of Pizza Hut in Hong Kong.

Related: Supercombos and 'Big Slabs:' 9 unhealthiest restaurant meals

Leong introduces new products about eight times a year. Everything from cheese fondue pots to a pizza crust stuffed with fish roe and salmon cream cheese have made the menu -- but he did once veto squid ink flambé pizza.

Even regional preferences can vary. Leong says what works in Hong Kong might not work in other parts of China.

"Every year, we still have to crack our heads -- we're like fashion designers," said Leong. "We have to sit and think about the next thing we have to do."

First Published: August 21, 2014: 10:18 PM ET

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Talent wars: Silicon Valley vs. Wall Street

NEW YORK (CNNMoney)

As a math whiz with a passion for economics, the rising college senior would seem to fit the mold for Wall Street. But Velasquez was actually drawn to the Citi (C) gig because he thought it would make him stand out if he applies for a job later at Google (GOOGL, Tech30).

Like other young talent, Velasquez has become disillusioned by post-crisis Wall Street. He sees a better future in the California lifestyle and seemingly limitless potential offered by Silicon Valley firms.

"I like Google's innovation. I like working on products that will actually change the world. I don't think Wall Street has that appeal right now," said Velasquez, 22, who is attending the University of Massachusetts, Amherst.

Banks plot pay rises: Big banks have figured out that if they want students like Velasquez to come work for them, they have to do more. That's why they're scrambling to boost their compensation packages for young talent.

Goldman Sachs (GS), JPMorgan Chase (JPM) and Bank of America (BAC) are likely to raise the salaries of some junior-level employees by around 20%, people familiar with the matter told CNNMoney.

Related: 'Brutally honest' cover letter leads to job

While compensation varies, starting Goldman analysts -- the lowest rung in the investment banking career track -- receive base pay of about $70,000. A 20% bump would lift that figure to around $85,000.

The Goldman pay hikes are aimed at keeping up with rivals, as well as competitive pay packages offered by non-banks like tech companies, a person familiar with the matter said.

Big banks are even scaling back on the punishing schedules of junior employees in an effort to appear friendlier to millennials.

"The No. 1 reason why young people leave finance is the lifestyle: working 100-hour weeks and being on call constantly. That's brutal and very, very difficult to keep up in the long term," said Scott Rostan, a former banker at Merrill Lynch who now runs a Wall Street business education firm.

The long hours turned Velasquez off to the world of finance. He views Google as "a lot more laidback and stress-free compared with my experience at Citi." He ought to know after wrapping up a 10-week internship at the New York bank earlier this month.

"At Citi, there were constant deadlines due to all the regulations we had," he said.

Related: Bank of America to pay $16.7B over mortgages

Tech companies are 'game changers': But the cultural divide between Silicon Valley and Wall Street goes far deeper than the hours.

Young people are enticed by the impact that tech companies aspire to make. Google is designing driverless cars, Twitter (TWTR, Tech30) and Facebook (FB, Tech30) are enabling revolutions in the Middle East, and Amazon.com (AMZN, Tech30) is devising ways to deliver packages by drone.

Jason Hanold, CEO of a Chicago-based executive search firm, first noticed the shift back in the early 2000s when he led in-house recruiting at consulting leader McKinsey. He said Goldman and McKinsey used to be the most desirable employers, at least until the arrival of companies like Google and Amazon.

"We felt like a Top 40 hit falling down the charts because all these other organizations in the Valley became more desirable. The pendulum has never swung back towards the investment banks," said Hanold.

Related: The unglamorous life of hedge fund startups

Millennials want to make an impact: Young people don't cherish the thought of sitting in the same role for many years before having any real influence at a Wall Street bank. Tech companies like eBay (EBAY, Tech30) or Facebook have created cultures where young people can have more of an immediate impact.

"They live by the notion that the best ideas win. That's very appealing for millennials, who expect more sooner and believe in meritocracy," said Hanold.

Related: Ex-FBI agent airs Wall Street's dirty laundry

Geography is also playing a role in the shifting talent battle. Google, Facebook and other tech giants have amassed enough resources to expand outside of California into areas like Chicago, Pittsburgh and New York.

"It's not to get closer to customers or a retail distribution play. It's for talent. It's about being near the metro areas so they can capture the hearts and minds of the young talent," said Hanold.

Related: Former James Bond now a financial advisor

What's next? None of this means young people are completely abandoning Wall Street.

Despite the fierce competition from Silicon Valley, Rostan's education firm, Training the Street, is enjoying a 20% increase in the size of its classes this summer

"Right now the growth sector is the tech startups. But Wall Street isn't going anywhere in the foreseeable future," he said.

But it's clear these titans of finance may need to do more to appeal to the best and the brightest -- and not just on the compensation front.

"Increasing pay without a continued evolution of their culture would be meaningless," said Hanold.

First Published: August 22, 2014: 8:23 AM ET

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Wal-Mart slashes prices on 5S and 5C ahead of iPhone 6 launch

You can now get an iPhone 5C from Wal-Mart for just 97 cents with a two-year contract.

NEW YORK (CNNMoney)

Wal-Mart (WMT) cut prices for the iPhone 5S and 5C on Wednesday, offering further evidence that next-generation iPhones will indeed be released on the rumored launch date of Sept. 9. Big retailers like Wal-Mart typically slash prices ahead of new releases to clear out inventory.

You can now get an iPhone 5C at Wal-Mart for just 97 cents with a two-year contract from Sprint (S), Verizon (VZ, Tech30) or AT&T (T, Tech30), down from $29. The 5S is now $79 with a contract, down from $99.

Related: Be wary of no money down on iPhone 6

Apple (AAPL, Tech30) is expected to release a pair of larger iPhones in September: one with a 4.7-inch screen, and one that's 5.5 inches. Those compare to the 4-inch display on the iPhone 5S.

Apple will likely provide more details on the forthcoming version of its mobile operating system, iOS 8, at the September event. It is also widely expected to unveil a new smartwatch at the event.

First Published: August 21, 2014: 7:11 AM ET

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World getting 'super-aged' at scary speed

LONDON (CNNMoney)

By 2020, 13 countries will be "super-aged" -- with more than 20% of the population over 65 -- according to a report by Moody's Investor Service.

That number will rise to 34 nations by 2030. Only three qualify now: Germany, Italy and Japan.

"Demographic transition ... is now upon us," warn Elena Duggar and Madhavi Bokil, the authors of the Moody's report.

"The unprecedented pace of aging will have a significant negative effect on economic growth over the next two decades across all regions."

They cite Conference Board estimates that rapid aging will knock nearly one percentage point off global growth rates over the next decade.

Related: 31% of Americans have no retirement savings

According to Moody's, Greece and Finland will turn "super-aged" next year. Eight countries, including France and Sweden, will have joined them by 2020.

Canada, Spain and the U.K. will be "super-aged" by 2025, and the U.S. will follow by 2030.

The problem isn't confined to Europe and North America. Singapore and Korea will be in that category by 2030, while China will also face "severe aging pressures."

Aging populations create problems because there could be fewer working people to drive economic growth and support the retired population.

The report's authors say that this demographic trend will lead to a decline in household savings, which in turn will reduce global investment.

Related: I'm 57 and owe $152,000 in student loans

But policymakers can minimize the impact by encouraging immigration to expand the workforce, and by investing in technology to help workers become more productive.

Other measures could include policies to keep people in work by raising the retirement age or enticing stay-at-home mothers to return to their jobs.

First Published: August 21, 2014: 7:48 AM ET

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Ex-FBI agent airs Wall Street's dirty laundry

NEW YORK (CNNMoney)

The former FBI agent runs a firm that sophisticated investors hire to conduct background investigations on companies they want to invest in.

Sometimes Springer's research reveals the secrets of company founders -- like allegations of fraud or even felonies -- that causes investors to walk away from a deal.

"We're the people who do the due diligence: Are they who they say they are?" said Springer, founder and president of New York-based Corporate Resolutions.

Springer, 60, believes one of the biggest problems in the financial world is that too many big investors, pension funds and venture capital firms simply don't know who they are betting on.

He's got plenty of stories to back up his case.

Too toxic: One private equity firm was shocked by what Springer discovered when he dug into the background of a mobile startup in Argentina.

The company's founder told investors he received startup financing from wealthy family members involved in banking. However, Springer's investigation revealed the founder was actually being financed by a drug cartel.

Related: Former James Bond now a financial advisor

Some members of the private equity firm were "upset" with the findings, Springer said, because it made them realize the founder was too "toxic" to invest in. "But their compliance people were ecstatic," he said.

The story highlights the risk that major investors face when they blindly sink money into a company.

"People have a false sense that because it's a regulated industry they don't need to check. You still need to do your homework," said Springer, who worked for the FBI between 1975 and 1987.

Related: From snow shoveler to biotech billionaire

Dirty laundry: Regulations require public companies to disclose material information in filings such as a 10-K. But Springer knows that some skeletons never get aired in these official documents.

"We've found CEOs of publicly traded companies who have filed for bankruptcy or who have been sued for fraud -- and yet it's not mentioned" in regulatory filings, he said.

Lies of omission, referred to by lawyers as "material non-disclosure," are among the biggest issues that background checks reveal.

Related: How math nerds are taking over Wall Street

Business is booming: Of course, it doesn't make sense for regular investors to go out and hire former FBI guys to investigate the companies they want to buy stock in.

Corporate Resolutions, which employs 28 people and has offices in Boston, Hong Kong, London and Miami, charges U.S. clients between $200 and $275 per hour.

Springer said the general rule is to spend about a tenth of 1% of an investment on an investigation. So that means someone investing $50,000 in a mutual fund wouldn't call his firm, but a hedge fund sinking $10 million into a startup might consider ponying up about $10,000 to do an investigation.

Sophisticated investors like hedge funds are increasingly willing to do just that.

"It's a growing trend -- and that's good. It's preventing a lot of bad deals. Our industry has flourished," Springer said.

Related: 'Brutally honest' cover letter leads to a job

Willful blindness: Corporate Resolutions is also hired by law firms to conduct internal investigations when employees are accused of fraud or other crimes.

"It's not always expensive to look into an allegation, but to ignore it can be costly," Springer said.

Despite all of the dirt he's uncovered, Springer believes Wall Street has cleaned itself up over the past 20 years.

"Way before Dodd-Frank was even started, I think Wall Street got the message and they fixed it up themselves," he said.

Related: JPMorgan exec loves getting his hands dirty

Yet Springer does think there's room for improvement, especially among hedge funds.

Hundreds of corporations and private equity firms have bought his firm's whistleblower hotline service, which costs $1,800 a year and allows employees to report trouble like unethical behavior or fraud.

But no hedge funds have bought the service during the eight years Springer has been selling it. That's despite the fact that these anonymous tips are forwarded to outside counsel, not regulators.

"A lot of hedge funds don't want to air their laundry. But willful blindness doesn't work anymore," he said.

First Published: August 21, 2014: 8:10 AM ET

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Flat Russian beer market hits Carlsberg

Carlsberg is Russia's biggest brewer with about 37% of the market.

LONDON (CNNMoney)

The Danish company warned Wednesday that profits would fall this year as the crisis over Ukraine hits consumer sentiment and growth in eastern Europe.

"Unfortunately, we believe that the eastern European beer markets will be impacted further as consumers are facing increased challenges and this will impact the group's profits," said Carlsberg (CABGY)CEO Jorgen Buhl Rasmussen.

Russian 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 in June.

Related: The world's most popular beer is...

Carlsberg is heavily dependent on sales in Russia, where it is the biggest brewer supplying local brands such as Baltika. It's also been hit by a 10% fall in the Ukrainian beer market. Shares in the company fell about 3% in European trading.

Russia's economy has stalled as Western sanctions, and the threat of an escalation in the Ukraine conflict, hit investor and consumer confidence.

The country's central bank has been forced to jack up interest rates to contain rising inflation. And a food import ban could drive prices even higher.

Dutch brewer Heineken (HEINY) said Russia had little impact on its overall performance so far this year, although it expected group earnings and sales growth to moderate in the second half due to a mixed economic outlook.

"There is always something in the world that is going wrong -- what is good about Heineken is that we are also in parts which are strong," CEO Jean-Francois van Boxmeer told CNN.

Heineken shares were up about 7% after it reported strong first half revenues and profits.

First Published: August 20, 2014: 6:00 AM ET

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Twitter removes images of James Foley's death

James Foley disappeared in northwest Syria in late 2012 while working for GlobalPost.

LONDON (CNNMoney)

"We have been and are actively suspending accounts as we discover them related to this graphic imagery," Twitter (TWTR, Tech30) CEO Dick Costolo said.

In a video posted by the Islamic State in Iraq and Syria (ISIS) on YouTube, Foley is seen kneeling next to a man dressed in black. Foley reads a message, presumably scripted by his captors, that his "real killer'' is America.

ISIS has carried out many killings, including beheadings, as part of its effort to establish an Islamic caliphate that stretches from Syria into Iraq.

In many cases, ISIS -- which refers to itself as the Islamic State -- videotapes the murders and posts them online.

Related: Twitter co-founder live-tweets protests in Ferguson

Foley's family used social media to appeal for privacy, and to urge people not to watch the video, or share it -- a call echoed by many Twitter users Wednesday.

A Twitter spokesperson declined to comment on the number of accounts it had suspended, or provide further details.

CNN is not airing the video.

Twitter says it removes imagery of deceased individuals under certain circumstances.

"Immediate family members and other authorized individuals may request the removal of images or video of deceased individuals, from when critical injury occurs to the moments before or after death, by sending an email to privacy@twitter.com," company policy states.

"When reviewing such media removal requests, Twitter considers public interest factors such as the newsworthiness of the content and may not be able to honor every request."

CNNMoney is seeking comment from Google (GOOG) on the YouTube posting.

First Published: August 20, 2014: 8:06 AM ET

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Branson, business leaders seek Ukraine solution

Richard Branson wants to help end the conflict in Ukraine.

LONDON (CNNMoney)

In an open letter posted on the Virgin website, Branson and heavyweights behind companies including Unilever (UL), eBay (EBAY, Tech30), WhatsApp and PayPal said they want to help find a peaceful solution to the crisis

"As concerned business leaders from Russia, Ukraine and the West, we encourage our governments to compromise and find a peaceful solution to the current conflict," they said in the letter. "We would like to offer whatever support we can to help resolve this violent conflict."

Besides Branson, others signing the letter include Indian businessman Ratan Tata, Nobel Laureate Muhammed Yunus, former eBay president Jeff Skoll and 10 high-ranking Russian and Ukrainian businesspeople.

The signers say they hope to avoid a new Cold War scenario and encouraged all business leaders around the world to start dialogues to end the conflict. "Conversations, not armed conflict, are critical at this juncture," it said.

Related: Russia's beer market is fizzling

Cold War-style tensions have been building for months since Russia annexed Ukraine's Crimea region. Eastern Ukraine has been rocked by pro-Russian separatists who were blamed for downing Malaysian Airlines Flight 17, which was flying over the region.

Western nations reacted to the conflict by issuing sanctions against Russia, saying President Vladimir Putin was supporting the rebels. Russia countered by banning various food imports from the U.S., Europe, Australia and Canada.

The escalating sanctions and slump in business sentiment has hit a wide array of companies, including Adidas (ADDYY) and Carlsberg (CABGY).

Russia's economy has stalled and European growth has flatlined because of the ongoing crisis.

First Published: August 20, 2014: 7:42 AM ET

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Stock market bubble warnings grow louder

NEW YORK (CNNMoney)

They aren't warning of an imminent crash, but their comments should remind investors that the current bull market -- over five years long -- can't last forever.

1. Nobel Prize-winning economist Robert Shiller: Valuations at "worrisome" levels.

"The United States stock market looks very expensive right now," Robert Shiller wrote in a recent column for The New York Times.

Shiller, a Yale University professor who is often cited as one of the most influential people in economics and finance in the world, created a metric that compares stock prices with corporate profits. The metric recently climbed above 25. That level has only been surpassed three times since 1881: 1929, 1999 and 2007.

Steep market tumbles followed each instance, including the bursting of the dotcom bubble in the early 2000s. The Nasdaq still hasn't fully recovered from that meltdown.

The Yale professor sounds bewildered by the lofty valuations for the stock market, which has nearly tripled since the March 2009 bear market lows.

Related: Get ready for lousy stock returns

But none of this means it's time to sell everything. Shiller notes that his gauge is a "very imprecise timing indicator" and said the market could "remain at these valuations for years."

2. Hedge fund king Carl Icahn believes there's a bubble.

"We can no longer simply depend on the Federal Reserve to keep filling the bunch bowl," the hedge fund billionaire wrote on Tumblr last week, referring to the numerous measures the Fed has taken to stimulate the U.S. economy.

Icahn described a "dangerous financial situation" that includes challenges tied to monetary policy, unemployment and income inequality.

He also said recent comments from Fed chief Janet Yellen at the International Monetary Fund "suggest, and I agree, that we are in an asset bubble."

Related: Beware of social media, biotech stocks

Still, Icahn isn't calling for an imminent crash by any means. He acknowledged a bubble might not burst for "the next one, five, ten or 20 years."

It's also important to recall that Icahn currently owns billions of dollars worth of stocks. During the second quarter he even raised his stake in eBay (EBAY, Tech30) and added a new investment in Gannett (GCI). He still thinks there's value out there.

3. Ex-Treasury secretary Robert Rubin: Low rates could spark another financial crisis.

"The risk of excesses and the consequent instability have increased substantially," Rubin and Harvard professor Martin Feldstein wrote in an Op-Ed in The Wall Street Journal last week.

These financial luminaries (Feldstein served as chief economic adviser to President Ronald Reagan) didn't explicitly say whether a bubble already exists or if the Fed needs to hike rates now to prevent one.

However, they did advise the central bank to consider the possibility that the "excesses" caused by extremely low interest rates could "create financial crises."

Rubin and Feldstein pointed to record high stock prices, "dramatically" lower spreads on low-quality junk bonds and surging volumes of high-risk leveraged loans as alarming signs.

Related: Is it time for Wall Street to issue a correction?

If hedge funds are holding assets that suddenly pop in a bubble, there's a risk of "contagion and snowballing effect" when they all hit the exits at the same time, the duo wrote.

Rubin should know about this threat. He was in charge of Treasury in 1998 when collapsing hedge fund Long-Term Capital Management imperiled the whole system. Ultimately Wall Street was forced to come to the rescue with a $3.6 billion industry-funded bailout.

First Published: August 19, 2014: 8:07 AM ET

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Heinz recalls lead-laced baby food in China

NEW YORK (CNNMoney)

The company said the small regional recall affects a high-protein cereal, according to spokesman Michael Mullen. He said that a lot of the affected cereal has already been withdrawn.

The Pittsburgh-based food company initiated the recall after an internal investigation revealed that an isolated batch of defatted soy bean powder from a supplier in China contained lead.

The company, which was bought by Warren Buffett's Berkshire Hathaway (BRKA) and 3G Capital last year for $28 billion, did not say if anyone has gotten sick from the cereal.

According to the National Institute of Environmental Health Sciences, lead is a poison that sickens people and slows mental and physical growth in children.

First Published: August 19, 2014: 8:08 AM ET

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Hospitals in battle to pay people's Obamacare premiums

NEW YORK (CNNMoney)

Some hospitals in New York, Florida and Wisconsin are exploring ways to provide such aid, which would at least partly guarantee the hospitals get paid when the consumers seek care.

But the hospitals' efforts have set up a conflict with insurers, which worry such programs will add too many sick people to their rolls. The premium assistance could drive up costs for everyone and discourage healthier people from buying coverage, insurers wrote recently to the Obama administration.

Some hospital groups are already moving to set up programs through foundations or other non-profit groups, based on applicants' income, not health status, which a recent federal advisory said was allowed.

"We saw the need in our community," said Sarah Listug, spokeswoman for United Way of Dane County, a Wisconsin group that has raised $2 million from a local hospital system. The donations will help more than 650 low-income policyholders pay their premiums. "We have had calls from all over the U.S. asking how to set up partnerships like this."

The South Florida Hospital and Healthcare Association is seeking at least $5 million in donations from member hospitals.

And members of the Healthcare Association of New York State, which represents 500 hospitals and nursing homes, are considering expanding consumer assistance programs.

Related: Latinos not signing up for Obamacare

Hospitals or their foundations have long paid premiums for some patients — often those who fell behind after leaving their jobs and footing the entire cost of their coverage under COBRA.

But the issue of these types of payments has taken on new urgency because the federal health law could leave providers on the hook for unpaid bills. The law requires insurers to give subsidy-eligible enrollees who fall behind on premiums a 90-day grace period.

Insurers, in turn, may hold off paying these enrollees' bills for the final 60 days of that grace period -- and ultimately, deny payment if the patient doesn't catch up on premiums. That means doctors and hospitals face the prospect of not getting paid for their services or of having to seek payment from their patients.

That's a big incentive for providers to help pay those premiums.

"It's a situation where patients will be better off and the providers are better off as well if patients are able to maintain coverage," said Mark Rukavina, who consults for the hospital industry on medical debt.

Related: Obamacare help was in high demand

Insurers are urging the federal government to prohibit hospitals from selecting participants based on their health and also from directly paying premiums.

"If third parties provide incentives to gain coverage only once someone is sick, that will -- as the administration has warned -- clearly lead to a less healthy risk pool and put upward pressure on premiums for everyone," said Brendan Buck, a spokesman for the trade group, America's Health Insurance Plans.

But Jeffrey Gold, senior vice president and special counsel at the New York hospital group, says insurers' rates already assume a certain percentage of policyholders will be sicker than average.

"If a couple of people who show up at hospitals or other providers have a premium lapse, I don't understand why someone making them whole [by paying their premiums] would skew the risk pool," he said.

To avoid problems, hospitals are drafting selection criteria tied to income level -- and are paying consumers' premiums for an entire year, rather than simply when they lapse.

In the Wisconsin program, for example, eligible residents must live in Dane County, earn between 100% and 150% of the federal poverty level -- about $11,490 to $17,235 for an individual— and enroll in a subsidized silver plan.

In South Florida, "we're not talking about making premium payments for those who enrolled, then fell behind, but only [for] first-time buyers," said Linda Quick of hospital group, which has not finalized its plans. The association would enlist local United Way chapters to find and enroll eligible residents.

Even so, Quick acknowledges that getting the program off the ground may be difficult because of the cost to hospitals.

"I have a couple of systems where we're talking about half a million dollars" in contributions, she said.

Kaiser Health News is an editorially independent program of the Kaiser Family Foundation.

First Published: August 19, 2014: 8:22 AM ET

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