How to invest like a billionaire

NEW YORK (CNNMoney)

Bill Ackman, who runs the hedge fund Pershing Square, had the best year among the "big guys." His portfolio gained nearly 47% this year, according to an analysis by iBillionaire.

His ace bet this year was on health care company Allergan (AGN), the maker of Botox. It turned out to be one of the best performing stocks of 2014 after two rival drugmakers got in a bidding war to take it over.

Related: Billionaire boom: Where the money is now

Ackman is a high conviction manager who likes to put a lot of money into a few stocks. It paid off this year thanks to Allergan and Canadian Pacific (CP), his second-largest position, which soared 27%.

But the gains may not last. Canadian Pacific could be hurt by plunging oil prices and the pullback in the North American energy sector, which transports some goods via train.

Related: Investing is harder than poker, David Einhorn says

The sage of Omaha: Many investors know the name Warren Buffett. 2014 will go down as a "ho-hum" year for him. His portfolio of publicly traded stocks is on track to end the year up about 9%, according to iBillionaire. That's well below the 15% total return (including dividends) for the S&P 500.

Buffett's largest stake is in the bank Wells Fargo (WFC). That was a winner for him as the bank grew lending and its asset management business, but his second-largest holding in Coke (KO) went sour as consumers around the world shifted away from sodas to other beverages.

The company Buffett may regret buying the most this year though is IBM (IBM, Tech30). It's by far and away the worst performer among the 30 top American businesses in the Dow.

IBM is trying to reinvent itself by laying off workers and selling its chip unit at a loss. Buffett likes to stick with companies for the long-term, but so far, other investors aren't impressed with the turnaround plan.

Related: Warren Buffett loses $2 billion in two days

Next generation investors: While not as well known yet, David Tepper, the head of Appaloosa Management, is seen as a "next generation Buffett."

He actually beat Buffett this year, thanks largely to his investments in tech stocks like Facebook (FB, Tech30).

"Another big trend from the next generation Buffetts is to be very bullish on airlines. A few months ago that didn't make sense, but now that oil is down so much, Delta (DAL) is up 80%," says Raul Moreno, CEO and co-founder of the iBillionaire website, app and ETF.

While energy has taken a beating this year and hurt some of these billionaire's portfolios, many of them are actually adding to their positions.

Related: The best stocks of 2014

The losers of 2014: That's certainly the case for Carl Icahn, one of the year's biggest laggards. He is on track to finish 2014 slightly negative thanks to his energy holdings in Ichan Enterprises.

But the uber wealthy investor having the worst year out of all the managers that iBillionaire tracks is Wilbur Ross. He's the head of WL Ross & Co., which was acquired by Invesco in recent years.

Distressed assets are his specialty, but his own portfolio looks in need of some rescuing this calendar year as over half his portfolio is in Navigator Holdings (NVGS), a shipping company that transports liquefied gas. The stock is down about 26%.

Ross' second largest position is in Exco Resources (XCO), an energy company that lost 60% of its value this year.

"When companies go down, billionaires become more aggressive and buy more," Moreno says.

First Published: December 31, 2014: 5:48 AM ET

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Stocks: 4 things to know before the open

Click on the chart for in-depth market data.

LONDON (CNNMoney)

Here are the 4 things you need to know before the opening bell rings in New York:

1. Futures bounce: U.S. stock futures are pointing to modest gains to kick off Wednesday's session.

This year the Dow Jones industrial average is trading up nearly 9%, the S&P 500 has gained about 13% and the Nasdaq has rallied by more than 14%.

2. International markets overview: European markets are moving higher in a shortened trading day.

Investors in China gave stocks a year-end boost, while many other Asian markets were closed for the holidays.

Buoyed by new trading rules, policy action to support the economy and hopes of more stimulus, the Shanghai Composite was the world's best performing major market in 2014, climbing more than 50%.

Related: Fear & Greed Index

3. Economic update: It's a light day for economic news, with just weekly jobless claims due out from the U.S. Department of Labor at 8:30 a.m. ET.

4. Tuesday market recap: It was a down day for U.S. stocks Tuesday. The Dow slipped 0.3%, the S&P 500 dropped 0.5% and the tech-heavy Nasdaq shed 0.6%.

Related: The only funds you need in your portfolio now

Related: Billionaire David Einhorn says investing is harder than poker

First Published: December 31, 2014: 5:11 AM ET

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Russia slashing vodka prices as economy reels

Russian President Vladimir Putin is known to enjoy his vodka with high-powered friends, including Chinese President Xi Jinping.

LONDON (CNNMoney)

The state agency that regulates the alcohol market said this month that it will slash vodka prices in February by about 16%.

The price cut marks a reversal for Russian policy makers, who have tried to discourage excessive drinking by hiking alcohol taxes, banning advertising and introducing new, restrictive regulations over the past few years.

But now inflation in Russia is near 10%, the ruble has fallen by more than 40% this year and the economy is shrinking -- and cheaper vodka just might take the edge off.

The country is getting hit hard by a sharp drop in oil prices as well as Western sanctions, and the situation is expected to get much worse before it gets better.

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

News of the vodka price cut comes after Russian President Vladimir Putin told government officials in Moscow last week that he was concerned that expensive vodka was driving consumers to drink cheaper bootlegged substitutes, which are not fully taxed or regulated.

The latest estimates suggest that up to one-third of vodka in Russia is bought through the black market.

Alcohol prices in Russia have risen much faster than other items in recent years due to targeted government regulations. In 2013, alcohol prices shot up by about 15%, according to data from Euromonitor International.

Rising prices have helped curb consumption, and vodka sales have been hit particularly hard.

Russians consumed nearly 1.2 billion liters of vodka drinks in 2013, according to research from Mintel, down 13% compared to 2012.

Alcoholism in Russia is considered a major problem. It's believed to cause nearly 500,000 deaths per year and is responsible for one-third of crimes, according to Euromonitor.

"Alcohol consumption patterns in Russia are amongst the riskiest in the world as consumers frequently prefer to drink excessively," Euromonitor stated in a report.

First Published: December 31, 2014: 7:10 AM ET

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Russian banks starved for cash as funding crisis worsens

LONDON (CNNMoney)

The country's financial sector is under tremendous stress from the plunging value of its currency combined with Western sanctions imposed over Russia's actions in Ukraine.

Starved of international funding sources, Russian banks are finding it tough to lend to local companies, threatening to hurt the country's already fragile economy.

Related: Russian economy shrinks for the first time since 2009

Last week midsize lender Trust Bank collapsed and authorities rushed to its aid. The Russian central bank will provide up to 99 billion rubles ($1.7 billion) in loans to prop up the institution. It will also lend about $470 million to the bank that is overseeing the bailout of Trust.

Finance minister Anton Siluanov said the government would also boost capital to state-owned banks VTB and Gazprombank. VTB is one of the country's biggest lenders.

But Russian banks will need even more support. Western sanctions enforced over the Ukraine crisis have cut Russian companies off from European and U.S. funding sources.

"Banks need to provide finance to companies that are under sanctions or are unable to go to capital markets," said Sergey Voronenko, associate director at Standard & Poor's. So the banks will demand more help from the government, he said.

The rate at which banks lend to each other for short periods, known as the interbank lending rate, has spiked in Russia. Overnight rates are around 18%, which shows that even financial institutions are wary of lending to each other -- intensifying their reliance on government handouts.

Voronenko said banks and large corporations will need to refinance to repay almost $100 billion in foreign debt next year.

The depreciating ruble is making that extremely difficult. The currency has lost about 40% of its value against the U.S. dollar this year, leading some foreign companies to halt sales of their products in Russia.

Related: Russia's crisis hurts these Western brands the most

It's also prompted Russians to pull money out of their bank accounts. Voronenko said there's been "panic-driven deposit outflow" in December and Russia banks could face even tougher and more unpredictable operating conditions in 2015.

So far this year the Russian central bank has burned through more than $110 billion in foreign currency reserves to help prop up the ruble.

The economy contracted for the first time since 2009 in November and the country - which relies heavily on energy export revenues - is on track for a much sharper slowdown next year if oil prices remain low.

Still, Berenberg chief economist Holger Schmieding is confident Russia can prevent a systemic banking crisis even if there is capital flight given current circumstances.

He believes the government has the means to recapitalize banks and help companies meet foreign debt obligations.

However, he said that to ward off a serious recession, Russia has to act to lift sanctions.

"The only thing Russia could do to ease a [deep] recession and to prevent further massive capital flight is to retreat from Ukraine," said Schmieding.

Related: Russia's debt closer to junk status

First Published: December 30, 2014: 5:08 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. Futures stumble: U.S. stock futures are pointing to a soft start as the price of oil continues to fall.

Crude oil futures are trading below $53 a barrel as worries about a global supply glut resurface.

Energy stocks, including Transocean (RIG), were under pressure in premarket trading.

Oil prices have nearly halved this year on concerns about elevated supplies and weak global demand, and this has dented investor confidence over the past few months.

Related: Fear & Greed Index

2. International markets: It's a sea of red across global markets.

European markets are losing ground in early trading as investors consider the potential consequences of an upcoming election in Greece. Stocks in Athens were down slightly.

Major Asian markets closed lower. Japan's Nikkei index dropped 1.6% on its final trading day of the year, while Hong Kong's Hang Seng closed with a loss of 1.1%.

Related: Japan's stock market peaked 25 years ago

3. Economic updates: The Case-Shiller 20-city index, which measures the health of the U.S. housing market, will be released at 9 a.m. ET.

The Conference Board's consumer confidence index comes out at 10 a.m.

4. Monday market recap: Stocks were little changed Monday -- with the Dow Jones industrial average down 0.1%, the S&P 500 up 0.1% and the Nasdaq steady -- but the indexes remain on track to post healthy gains for 2014. The Dow and S&P indexes are currently trading near record highs.

First Published: December 30, 2014: 5:06 AM ET

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Up close with the New Year's Eve ball

Behold the official Waterford Crystal New Year's Eve ball at its home atop One Times Square in New York City.

NEW YORK (CNNMoney)

Over the last few days, engineers have been hard at work preparing for showtime. Electrical lines have been hooked up, lights have been tested and new crystal panels have been attached to its exterior. On New Year's Eve, one very special button will release the ball and it will fall down a 120-foot pole for 60 seconds, marking the beginning of 2015.

"It's a gift to the world," said Regan Iglesia, the global brand director for Waterford, the crystal company that has been outfitting the ball since 1999.

Watched live by a million people in New York and on TV by over a billion around the world, the ball has been doing its yearly descent since 1907. And while the latest ball is covered in Waterford crystal, the first one was smaller, made of iron and had just 100 light bulbs on it. This one is much fancier and represents a year's worth of planning and work by Waterford.

Related: Prosecco: No longer the 'poor man's Champagne'?

The ball, which is 12 feet in diameter, has 2,688 crystal panels. Every year, some of them are switched out with a new design; this year there are 288 new panels, which are about the size of a large coaster. This year's theme is the "Gift of Fortitude," which Iglesia said signifies the strength of the human spirit.

About 32,000 LED lights adorn the ball. They randomly change color every few minutes and can make 16 million different combinations. The lights aren't pre-programmed, so nobody knows for sure what the ball will look like at midnight on New Year's Eve.

During a preview, I watched the ball change from blue and white to rainbow to red and green stars to a red and white kaleidoscope pattern. (I also saw a rather excited guest lick one of the panels. 'Tis the season!)

"It looks like a large, breathing orb," Iglesia said.

Related: Why cook a gourmet meal when you can defrost it?

The ball sits on top of a building that houses a Walgreens drugstore. It isn't much to look at, but don't let that fool you -- it has been specially reinforced to bear the ball's 12,000 pounds. There's a clear view of the city from the top, which Iglesia compared to the view of Moses parting the Red Sea.

He said he couldn't put a price on the ball's worth or how much it costs the company every year. Given that a pair of Waterford wine glasses can cost $150, we're betting it isn't cheap.

"We just say it's priceless," he said.

First Published: December 30, 2014: 6:32 AM ET

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Time is running out for RadioShack

NEW YORK (CNNMoney)

The company is saddled with more than 5,000 stores, many of which it can't afford to keep open.

Unfortunately for Radio Shack, the company is so cash-strapped that it can't afford to close them, either.

Closing stores is an expensive undertaking. It requires cash for paying severance, liquidating merchandise and paying penalties to exit leases early.

Management announced a plan earlier this year to close about 1,100 stores, but it has only been able to come up with enough cash to close 175 stores through the end of October. It is currently battling with its lenders to get the green light to close more stores.

Once upon a time RadioShack (RSH) bragged about its network of stores, saying that 90% of the U.S. population lives or works within a few minutes of a RadioShack location. But today, when people can easily order the items online, those brick-and-mortar stores are dead weight. The stores are so close to one another they are essentially completing with themselves and are dragging the company down to its third-straight year of losses.

As sales have plunged in recent years, losses mounted. It burned through all but $43 million of its cash as of Nov. 1, down from the nearly $300 million it had a year ago.

Even counting its credit lines it only had $63 million available heading into the Christmas shopping season. It needs $100 million in combined cash and available credit by Jan. 15 or its major creditors can pull the plug on the long-term financing it needs to survive.

The company's own Super Bowl ad early this year poked fun at how its hopelessly out of date its stores are. But like much else at the chain, it hasn't had the funds it needed to update those stores.

Jennifer Warren, the chief marketing officer behind that ad campaign, left the company for another job a week before Christmas. The company also lost its chief financial officer in September and has two different outside consultants holding that key job as it tried to negotiate new deals with lenders.

RadioShack goes back to 1921, when it opened a store and mail-order operation in Boston to serve the needs of radio officers aboard ships. It was bought in 1963 by the Tandy Corporation, a retailer that had started as a supplier of leather shoe parts to shoe repair shops.

Related: Wireless war: Consumers win, investors lose

For a time it prospered from Americans' growing love affair with technology, introducing one of the first mass-market personal computers, the TRS-80, in 1977, and one of the first laptops, the Model 100, in 1983. It also was an early seller of both cell phones and satellite television systems.

"Up until the early 2000's, they were riding tremendous momentum, and they kept opening more and more stores," said Robin Lewis, a retail expert and co-author of The New Rules of Retail . "They didn't understand how a lot of their business could be taken away by Amazon (AMZN, Tech30). And even if they had time and money to close stores, they haven't done enough to differentiate themselves from other places you can buy a smartphone."

First Published: December 29, 2014: 6:21 AM ET

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Coming in 2015: Uber and Airbnb IPOs?

NEW YORK (CNNMoney)

But 2015 may wind up being an even bigger year for high-profile IPOs.

Controversial ride sharing app Uber could be a monstrous hit on Wall Street if the company decides to go public.

Bad publicity about drivers, tone-deaf comments from executives and mounting legal woes have yet to make a dent in Uber.

The company is already worth more than $40 billion based on its last round of financing. Chinese search engine Baidu (BIDU, Tech30) recently invested in Uber. And Uber is already rumored to be generating about $2 billion in net revenue a year.

Related: It's time for disruptive tech firms like Uber to grow up

Uber is just one of 42 private companies highlighted by venture capital database CB Insights as having likely valuations of at least $1 billion that could be considered IPO candidates for 2015.

Real estate rental site Airbnb, whose rumored valuation of $13 billion makes it worth more than well-known hotel chains Wyndham (WYN), Holiday Inn owner InterContinental Hotels (IHG) and Hyatt (H), is another.

So are cloud storage services Box (which has already filed for an IPO) and Dropbox, social media site Pinterest and payment services companies Square and Stripe.

Snapchat, with a reported value of $10 billion is also being viewed as a hot IPO contender. It's ironic that the app known for disappearing images, videos and text messages may have to enter its finances in a public document that can never be erased.

SpaceX, the rocket company founded by Tesla (TSLA) CEO and SolarCity (SCTY) chairman Elon Musk, also made the CB Insights list. (Three Elon-related stocks could make up a new MUSK ETF!)

Related: Boeing and SpaceX both land NASA contracts

So did Vice Media, the edgy content creator that has the backing of Rupert Murdoch's Fox (FOXA) and A&E Networks.

But it's worth noting that tech IPOs aren't the only ones that are likely to attract big interest.

While Alibaba (BABA, Tech30) and wearable camera company GoPro (GPRO) generated the most buzz among average investors, they were not the top IPOs of 2014.

In fact, several small biotechs were the best IPO performers of 2014 according to Renaissance Capital, a firm that researches and invests in IPOs.

There was strong demand for IPOs in many sectors. Renaissance said that 273 companies went public in 2014. That's the most since the 403 IPOs during 2000 -- the last days of the dot-com boom.

Related: Burger mania hits Wall Street

Restaurant stocks also enjoyed a lot of success this year.

Burger joint Habit (HABT), Mediterranean food chain Zoe's Kitchen (ZOES) and grilled chicken restaurant El Pollo Loco (LOCO) all soared in their market debuts.

With that in mind, Renaissance predicts that Shake Shack, Smashburger and Brazilian steakhouse chain Fogo de Chão could all file for IPOs soon.

It seems like investors are all hungry for the next big restaurant phenomenon like Chipotle (CMG).

So don't be surprised if some of the hottest offerings of 2015 wind up coming fresh out of the oven ... and not Silicon Valley.

First Published: December 29, 2014: 6:19 AM ET

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Get ready for a new Greek drama

The anti-austerity party Syriza is expected to win the most voter support during upcoming elections in Greece.

LONDON (CNNMoney)

The need for snap elections was triggered Monday after Greece's parliament was unable to secure enough votes to install a new president.

The main Greek stock market index was down by about 8.5% after the results of the vote came out.

Opinion polls indicate the popular anti-austerity party -- Syriza -- could win the most voter support at the upcoming elections. This is a party that wants to renegotiate the terms of Greece's 240 billion euro ($293 billion) bailout package with the International Monetary Fund, European Commission and European Central Bank.

The party has also vowed to reverse many of the reforms that have helped Greece return to economic growth, and said it plans to introduce billions in spending programs that would hike wages and increase pensions.

While Syriza's plans are popular among Greeks who have been hurting from high unemployment and years of recession, experts say they are unrealistic and irresponsible and could trigger a crisis that would ultimately lead to Greece leaving the eurozone.

However, Syriza has been softening its tone recently and says it wants to stay in the eurozone.

Greece's massive bailouts from 2010 and 2012 kept the country afloat and within the eurozone, but left it saddled with a mountain of debt worth about 170% of GDP.

Despite the risks presented by the current situation in Greece, experts think the eurozone is now better placed to cope with another Greek crisis.

"The eurozone could probably handle an unlikely but not impossible Greek accident with no more than very limited and temporary damage," said Berenberg economist Holger Schmieding in a research note written earlier this month.

First Published: December 29, 2014: 6:35 AM ET

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Time travel with Cuba's Frankenstein cars

NEW YORK (CNNMoney)

But she doesn't work for any government. Instead, she sells her photos of cars and trucks -- usually vehicles that have not yet been revealed to the public -- to car magazines and auto enthusiast web sites hungry for even a camouflaged glimpse of an upcoming model.

Generally speaking, automakers don't appreciate what she does.

But lately she's found a friendlier place to indulge her passion for automotive photography, a place where the cars are ancient and often decrepit but people are eager to show them off: Cuba.

New cars, in this communist country, which has been under a U.S. trade embargo since the early 1960s, are difficult and expensive to acquire. But passionate -- and largely impoverished -- owners have kept the now ancient American cars that were on the road before the embargo still rolling with a mixture of grit, ingenuity and whatever parts they can gather.

The cars are often hard to recognize after decades of repainting and modification, but there are some classics under all that body work.

"It might have 10 coats of house paint on it to keep the rust from spreading," Priddy said.

A lot of old American cars in Cuba, like this 1957 Ford Fairlane, are now used as taxi cabs.

In most cases these automobiles are, literally, a mere shell of what they used to be. While the body might be that of a 1957 Ford, the engine is more likely from a Mercedes-Benz (DDAIY) or a Peugeot. Even the body itself might even have been significantly changed. Cars are stretched for new roles as taxicabs. Roofs might have been cut off to turn hardtops into a convertibles.

Often, cars like this 1957 Chevrolet Bel Aire, have engines taken from later European cars.

Priddy went to Cuba in 2013 as part of a cultural exchange program and quickly became drawn to the island's time-warp car culture. She then organized a car-focused cultural exchange trip of her own earlier this year taking with her, among others, auto company executives, an automotive museum curator and a retired car magazine art director.

The emphasis is on keeping cars like this 1952 Chevrolet running not on keeping them in original condition.

The group visited Cuba's national car museum in Havana and spent a couple of days with members of the city's biggest car club.

Cars like this 1952 Buick are often passed down through families.

"They're so happy for people to have an interest in their cars," she said.

There are Russian, French and Asian cars on the roads of Havana, she said, and they're usually much newer than and in better shape than these American models, but it's clearly General Motors (GM), Ford (F) and Chrysler (FCAM) products for which people have the most affection.

This is a 1952 Plymouth but little of the original car may remain underneath.

"They love their American cars," she said.

This 1958 Ford Prefect was a model not sold in the United States.

Even though these cars are hardly in original condition, their owners are proud of the machines and the lengths to which they've gone to keep them running.

This 1951 Chevrolet has clearly been through some changes.

For the relative few who have real money to spend, American car parts can be had through couriers who buy the parts in the United States and simply bring them in their luggage on trips to Cuba.

In her normal professional life, Brenda Priddy takes photographs like this one of a Chevrolet Silverado being tested in the desert before it had been unveiled to the public.

So far, Priddy has taken over 50,000 photos of Cuba's cars and is planning another Cuban car tour later this year.

Related: Criminal's muscle car collection auctioned for $2.5 million

Related: 10 most expensive cars sold at Pebble Beach

Related: Most powerful American cars

Experts from Hagerty Insurance assisted with identifying the cars shown in these photographs.

First Published: December 26, 2014: 3:07 PM ET

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New York City may ban Styrofoam cups

At issue in NYC is whether polystyrene, commonly known as Styrofoam, can be effectively recycled in a way that doesn't cost too much.

NEW YORK (CNNMoney)

Currently, most Styrofoam products used in the city end up in landfills.

At issue now is whether polystyrene, commonly known as Styrofoam, can be effectively recycled in a way that doesn't cost too much.

New York passed a law last year restricting the sale and use of cups, food containers and packing materials made out of polystyrene. It will apply to restaurants, coffee shops, food carts and various other establishments.

But the ban was put on hold to first give manufacturers and the city time to see if they can come up with a way to recycle the material.

If the city deems polystyrene recyclable, it will begin processing it at a recycling facility in Brooklyn.

If it decides it cannot be recycled, the ban is expected to go into effect in July.

A decision is expected soon.

A ban would put New York City in the same league as San Francisco, Seattle, San Jose and Portland, all of which have restrictions on Styrofoam containers.

Related: California bans plastic grocery bags

Dart Container, one of the leading makers of foam cups, counters that polystyrene can be recycled in an economically feasible and environmentally effective way.

Dart has proposed a plan that would guarantee that all of New York's foam products will be recycled for the next five years -- at no cost to city, according to a statement from Michael Westerfield, the company's director of recycling.

Westerfield added that businesses stand to gain "millions in revenue" by recycling polystyrene, though he did not elaborate on how the proposal would be funded.

Related: How green is your state?

However, critics disagree that recycling is a good option.

A study by the Natural Resources Defense Council found that there is no safe and cost-effective way to recycle polystyrene and that a ban is the only option.

In 2013, San Jose, California, found that polystyrene cannot be recycled because of its low market value and the risk of food contamination.

In pointing out the possibility of the upcoming ban, a recent Goldman Sachs (GS) report said it would be good news for Berry Plastics Group (BERY), which makes cups out of a material similar to polystyrene that is recyclable.

Dunkin' Donuts, the coffee and donut chain with many locations in the city, will likely be a big buyer of Berry's Versalite hot and cold cups, the report says.

Goldman estimates that Versalite could generate an additional $10 million in revenue next year for Berry Plastics.

The investment bank said its sources suggest that New York is likely to ban the use of foam containers sometime over the next 12 months.

First Published: December 27, 2014: 10:00 AM ET

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Jim Beam born to Jack Daniels

Jim Beam Leathers was born on November 14, to Jack Daniels Leathers and Lydia Leathers.

NEW YORK (CNNMoney)

But for one Louisiana family, baby Jim Beam will fit in quite well. His father, Jack Daniels Leathers, 31, is also named after a stiff drink.

It's somewhat of a tradition for the family, he told the Houma Courier in Houma, Louisiana, earlier this week.

The day Leathers was born, his father happened to be drinking a glass of the well-known whiskey and suggested the name, Leathers told CNNMoney. His mother agreed, after calling a local store to double check the correct spelling. (His birth certificate actually reads: Jack Daniel's Leathers.)

And when Jack's own son was born on November 14, he wanted to keep booze in the family name.

"It builds character to be a little different," he said.

Fortunately his wife, Lydia Leathers, 23, thought it was a good idea. In fact, the couple discussed naming a son Jim Beam on their very first date.

And if more children come along, they already have some names on tap. Evan Williams, after the bourbon, for a boy, and Sherry if it's a girl.

Related: Why this whiskey costs $38,000 a bottle

Related: There's a black market for beer. And it's bad for drinkers

First Published: December 26, 2014: 4:41 PM ET

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JetBlue offers to fly police to NYPD funeral

NEW YORK (CNNMoney)

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

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

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

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

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

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

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

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

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10 least affordable rental markets

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

NEW YORK (CNNMoney)

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

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

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

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

New York's multimillion dollar home sales keep soaring

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

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

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

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

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

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

Source: RealtyTrac

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

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Watching 'The Interview' online: absurdly amusing

NEW YORK (CNNMoney)

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

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

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

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

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

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

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

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

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

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

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

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

Maybe not.

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

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

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

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T-Mobile is the tech company of the year

NEW YORK (CNNMoney)

Sure, Apple (AAPL, Tech30) unveiled the iWatch and Apple Pay. Microsoft (MSFT, Tech30) has been on an absolute tear since new CEO Satya Nadella took over in February. Netflix (NFLX, Tech30) solved its speed issues. And Facebook (FB, Tech30) dominated the social landscape with its WhatsApp purchase. It has been a great year for tech.

But no other tech company shook up its entire industry the way that T-Mobile (TMUS) did this year.

Because of T-Mobile's actions in 2014, wireless carriers have fallen over one another trying to cut prices. Sprint (S) offered to halve your bill, Verizon (VZ, Tech30) and AT&T (T, Tech30) lowered rates while offering more data for your dollar, and you can now get a smartphone for $0 down at any carrier. There is real competition in the industry for the first time in forever.

Related: Cheap phones! Consumers win, investors lose

T-Mobile started its "Un-carrier" marketing push in March 2013, doing away with contracts, letting people switch phones every few months, and providing customers with free international roaming.

This year, T-Mobile one-upped itsetlf. It offered to pay off rivals' early termination fees, announced that streaming music wouldn't count against customers' data plans, started giving out smartphones for free seven-day loans, provided free in-flight connectivity for customers and let people roll over their unused gigabytes.

The "Un-carrier" moves have proven extremely popular with customers. T-Mobile CEO John Legere's famed antics have scored big points with amused customers (he recently told Yahoo's David Pogue that "If I was [Verizon and AT&T] I'd be sh--ing myself"). JD Power & Associates ranked T-Mobile No. 1 in customer service this year.

As a result, the company is growing at an alarming rate. T-Mobile already added more than 3.5 million customers this year, more than any other carrier. The pink carrier commands about 18% of the wireless market, up from 11% at the beginning of the year. Nearly a third of new wireless customers or people switching their cell phone service are choosing T-Mobile.

Related: T-Mobile will roll over your data

Yet T-Mobile's moves have been unpopular with shareholders -- the stock is down 21% this year, way more than Verizon and AT&T's far more modest swoons. Much of that has to do with the fact that T-Mobile failed to strike a merger with potential suitors Sprint or Dish (DISH). But shares also suffered as investors worried about how the marketing campaign affected T-Mobile's profit.

"The managerial histrionics that have played so well with consumers have worn thin with investors, who fear that T-Mobile is putting growth above profitability," noted Craig Moffett, senior analyst at MoffettNathanson Research.

Many investors also have concerns about T-Mobile's network capacity issues. But there's reason to believe that T-Mobile's sell-off might be overdone.

The company claims it has the capacity for all those new customers, and some new spectrum deployments will help it address its patchy coverage in the suburbs, which is currently dominated by Verizon and AT&T family plans. T-Mobile's 4G-LTE network now covers 260 million Americans -- up from zero two years ago. It plans on covering the same 300 million Americans that its bigger rivals cover by the end of next year.

"There's always some Shmoe who thinks we don't have the iPhone and our network blows," said Legere during his latest "Un-carrier" stunt this month. "Those days are gone."

Related: Switch to Sprint, cut your bill in half

Many Wall Street analysts believe that T-Mobile can't possibly keep this up -- it will eventually run out of money or get scooped up by a bigger player.

But T-Mobile insists that it is financially viable and can continue its "Un-carrier" strategy indefinitely. If T-Mobile keeps impressing and adding customers next year the way it did in 2014, there might just be a case for its long-term success.

"All this noise has masked a much more sober, and ultimately, a much more compelling narrative," said Moffett. "T-Mobile is an undervalued and underappreciated growth story."

First Published: December 24, 2014: 5:51 AM ET

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Stocks: 5 things to know before the open

Click chart for in-depth premarket data.

LONDON (CNNMoney)

Stocks just might close out Christmas Eve at fresh record highs.

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

1. Trading on Christmas Eve: U.S. stock futures are relatively flat ahead of the open, though there is a positive bias in the markets.

This comes after the Dow Jones industrial average and S&P 500 hit record highs Tuesday, notching their fifth straight day of gains. The Dow surpassed 18,000 points for the first time ever.

This year, the Dow and S&P 500 have surged by nearly 9% and 13%, respectively.

Although the Nasdaq closed with a small loss Tuesday, it's jumped by just over 14% since the start of the year.

It's widely expected that trading volumes will be low Wednesday as many market participants have already left for the holiday season.

The markets close early at 1 p.m. today. Markets are also closed for the Christmas holiday on Thursday.

The CNNMoney Fear & Greed index is currently in neutral.

Related: 2014 was a helluva good year for stocks

2. Corporate mover -- Sony: Shares in Sony (SNE) jumped by 4% in Japan and could be on the move Wednesday in New York.

On Tuesday, the company said it will release the controversial film 'The Interview' at a limited number of theaters starting on Christmas Day, despite threats and attacks from hackers.

Sony also announced it will start offering its Playstation streaming service on a number of Samsung Smart TVs starting next year.

3. Russian markets steady: Russian traders took difficult news in their stride after Standard & Poor's warned there's a 50% chance the nation's debt will be downgraded to junk.

Stock markets are relatively steady. The ruble is edging up after taking a 40% dive over the course of the year.

4. International markets overview: A few European markets are open Wednesday but trading is mixed early in the day.

Asian markets closed with mixed results. The Nikkei in Japan jumped by 1.2% while the Shanghai Composite index dropped by 2%.

5. Economics: The U.S. Department of Labor will announce weekly jobless claims data at 8:30 a.m.

First Published: December 24, 2014: 5:29 AM ET

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Sell your holiday gift cards for cash

If you don't want a Christmas gift card, you can sell it online through various websites and apps.

LONDON (CNNMoney)

If you receive a gift card over the holiday season that you don't really want, it may be time to consider selling it through a website or app that will let you exchange the card for cold, hard cash.

Websites like Raise and Cardpool already offer these services in the U.S., where the gift card market is estimated to be worth over $120 million annually. There are also a few sites in Canada and Australia.

The services are now becoming more widely available on mobile devices and new entrants are coming onto the scene.

In the U.S., Raise just launched an app in November and says it's been experiencing steady user growth.

A new Israeli company Zeek offers an app for buying and selling gift cards in both Israel and the U.K., with plans to eventually expand into the rest of Europe.

People use the apps to sell their cards for less than their face value. The companies take a cut or charge fees when the transactions are complete.

Zeek co-founder and CEO Daniel Zelkind said his app has been downloaded 200,000 times and has helped people buy and sell over $200,000 in gift cards since launching earlier this year.

The British gift card market is worth over £5 billion ($8 billion) annually, but Zelkind estimates that roughly $1 billion of U.K. gift cards go unused each year.

This is unlike the U.S., where the vast majority of gift cards are eventually used, with less than 1% of the value of those cards being squandered or forgotten, according to research by CEB TowerGroup.

Related: Re-gifting is fine... if you follow these rules

The Zeek platform in the U.K. currently facilitates about 50 transactions per day, but Zelkind expects transactions will spike after the Christmas period when people want to offload their unwanted cards.

The Zeek app helps people sell unwanted gift cards.

Zeek does not currently charge any fees for its U.K. platform, but will soon start charging sellers £2 ($3.10) for each transaction.

Zelkind says it's getting even easier to buy and sell gift cards these days as retailers increasingly offer more online options that don't require a physical voucher or card.

First Published: December 24, 2014: 6:01 AM ET

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The new 'Obamaphone' is broadband

Like this 'Obamaphone?' Then you'll love Obama broadband.

NEW YORK (CNNMoney)

As you'd expect, the plan is controversial.

The federal phone service subsidy for low-income Americans, officially called Lifeline, has actually enjoyed bipartisan support. It was a Reagan-era initiative that was expanded to include cell phones under President George W. Bush.

But critics emerged in September 2012 when a YouTube clip went viral, showing an Obama supporter claiming, "Everyone in Cleveland, low minority, got Obamaphone." It became grist for conservative radio talk shows.

Soon after, instances of Lifeline fraud emerged, as cell phone providers were found to be enrolling ineligible people into the program. Senator Rand Paul even included a reference to the phones in his tea party response to last year's State of the Union address: "For those who are struggling, we want to you to have something infinitely more valuable than a free phone."

Related: Who gets rich off 'free' government phones?

Now, the agency overseeing Lifeline wants to expand the program to include broadband service. At an open FCC meeting held earlier this month, all three of the commission's Democratic members expressed their support for adding subsidies for Internet access.

The FCC piloted a broadband subsidy program earlier this year, and the commission continues to review the results.

Though the right's opposition to Lifeline has been toned down in the past couple years, the FCC's proposal faces a potential problem: It would likely cost more, which runs the risk of running afoul of conservatives. The program already costs more than $2 billion each year, providing more than 18 million people phone service subsidies of about $9 per month.

The expansion of Lifeline wouldn't need congressional approval, since the FCC collects funds for the program through additional charges on Americans' monthly cell phone bills -- not through taxes. Still, the PR for an expanded subsidy paid by cell phone bills wouldn't exactly be a winner.

"The challenge is, how do you expand a subsidy without raising the cost of the program?" said former Democratic Congressman Rick Boucher, now honorary chairman of the Washington lobby shop Internet Innovation Alliance. "Everyone has acknowledged a need to reform the program, but what's been missing is a comprehensive way to do it."

Related: America's 10 most unequal cities

Boucher's organization thinks it has a solution. The Alliance suggested to the FCC that Lifeline become a user-directed subsidy, similar to food stamps -- let the consumer decide what kind of Internet to spend the subsidy on.

Under the proposal, eligible people (those living at or below 135% of the poverty line) would receive a benefit card, which would be topped up with the $9/month that they already receive for discount phone service. Subscribers could choose how they spend that money, either continuing to receive discounted phone service or instead spending it on broadband.

It's a potentially elegant solution. But the FCC isn't likely to expand Lifeline program imminently. Boucher is hopeful that the FCC will act sometime in 2015.

First Published: December 23, 2014: 5:21 AM ET

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89 straight days of lower gas prices

NEW YORK (CNNMoney)

The streak, the longest on record according to AAA, has shaved nearly a $1 off the national average price of regular gas, taking it to $2.38 a gallon for the first time in five years. September 25 was the last day prices were higher for drivers. That day they increased by only a tenth of a cent. Prices have tumbled 36% since the high of the year, which was back in late April.

Not only have they been falling, but the plunge in gas prices has been picking up speed, tumbling nearly 2 cents between Monday and Tuesday.

Prices were 15 cents higher only a week ago and 44 cents higher a month ago. In numerous cities -- including Dallas-Fort Worth, Kansas City, Missouri, Tulsa, Oklahoma, and Topeka, Kansas -- the average price now stands less than $2 a gallon, according to AAA. Springfield, Missouri became the first state to break the $2 average price last week. Missouri drivers are enjoying the lowest statewide average price at $2.05 a gallon.

Related: What's gas cost in your state?

The plunging price of oil -- a 50% drop off the cost of barrel of crude since April, is the main driver in the gas price slide. But there are many other factors also affecting prices. Weakening economies in Europe and Asia, as well as more fuel efficient vehicles worldwide, have all cut demand for gasoline.

An increase in U.S. oil production, which made the nation the world's largest source of crude earlier this summer, has also pushed prices down, as has OPEC's refusal to cut production. Finally a strong dollar is also pushing prices lower.

Related: What to do with your gas savings

Oil prices were slightly higher in early trading Tuesday but wholesale gasoline prices continued to drop, pointing to even lower prices ahead.

"I think the streak is going to continue," said Tom Kloza, chief oil analyst for the Oil Price Information Service, which provides price data to AAA. "The market is incredibly weak today. I think we'll bottom out sometime between now and mid January."

Related: The great American oil blob

First Published: December 23, 2014: 6:42 AM ET

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Norwegians love Tesla more than Americans

The small country of Norway has the highest proportion of Tesla drivers in the world.

LONDON (CNNMoney)

Since Tesla (TSLA) launched its Model S in oil rich Norway in 2013, Elon Musk's company has sold nearly 6,000 cars, accounting for 3% of all autos sales.

That dwarfs Tesla's U.S. market share of just 0.2% over the same period.

Tesla has flourished in Norway, along with other electric vehicles like the Nissan Leaf, thanks to government incentives that make the zero-emissions high-end car seem like a bargain.

"It's definitely an incentive driven market," said Tesla spokesperson Esben Pedersen. Teslas and other electric vehicles are spared the steep sales taxes that can easily double the cost of a car.

Norwegian drivers with electric vehicles also benefit from other perks: They can use bus lanes, park for free and don't have to pay road tolls.

In the country's capital city of Oslo, Tesla owner Frederic Hauge told CNNMoney his enthusiasm for the Model S has rubbed off on his neighbors.

"There are five Teslas just on my road alone," he said, spotting three passing his window during the interview with CNNMoney.

"It's amazing how many [electric] cars we have. In the last two years it's exploded," he said

Hauge believes some drivers buy Teslas because they feel a sense of guilt about Norway's exploitation of its oil resources.

As things stand, electric vehicles now account for more than 10% of all new car sales in Norway.

Electric cars are "significantly more popular [in Norway] than in major markets such as the U.S., China and Germany, where they continue to struggle to gain even 1% market share," said Neil King, an auto analyst at Euromonitor International.

First Published: December 23, 2014: 6:49 AM ET

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Stocks: 4 things to know before the open

Click chart for in-depth premarket data.

LONDON (CNNMoney)

After a late start, the Santa Claus rally seems to be in full swing and could push stocks higher Monday. Here are four things you need to know before the opening bell rings in New York:

1. Festive run continues: U.S. stock futures are all pointing higher following three consecutive days of big gains.

Markets are still drawing support from comments last week from Federal Reserve chair Janet Yellen, who said the central bank would be very "patient" before raising interest rates.

Signs of stability in the oil market are also helping. U.S. crude futures -- which had plunged 50% in six months -- were up 1% at about $58 a barrel.

U.S. stocks rose Friday and capped off an incredible three-day rebound. The Dow gained 27 points, the S&P 500 was up 0.5%, and the Nasdaq rose by 0.4%.

2. Sony in focus: Sony (SNE) shares will be closely watched Monday after the attorney representing Sony Pictures said over the weekend that the studio is "still exploring options" for distributing the controversial film "The Interview." The shares were up 1% in Japan.

In a CNN interview on Friday, Sony Entertainment CEO Michael Lynton said the studio had not "given in" to pressure from hackers and was still considering ways to distribute the movie.

3. Global stock market overview: Most major European markets gained about 1% in early trading.

In London, large oil companies are performing well, helped by higher oil prices. Royal Dutch Shell (RDSB) is leading the gainers with a 2.5% surge.

Over in Asia, all the major stock markets closed with solid gains. Australia's key index led the way with a 1.9% jump.

Firmer oil is also helping Russian markets. The ruble is rising against the dollar, trimming its losses for the year to 42%.

Related: Fear & Greed Index

4. Economic data: At 10 a.m. ET, the latest monthly figures on U.S. existing home sales will be released.

First Published: December 22, 2014: 5:30 AM ET

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The top 10 money stories of 2014

NEW YORK (CNNMoney)

Here are the top 10 business stories of 2014, as selected by the staff of CNNMoney.

1. Oil prices plunge. The huge decline in oil prices is great for U.S. consumers. The price of gas tumbled along with oil.

But lower energy prices aren't universally good news. They are a potentially a sign of weak global demand. The crude awakening also wreaked havoc on Russia's economy and briefly rattled investors in the stock market.

2. The bull keeps raging. This year was more volatile on Wall Street than 2013. But investors rolled with the punches and stocks appear headed for another year of solid gains.

The Dow and S&P 500 routinely hit new record highs. And the Nasdaq is closing in on the 5,000 mark, a level it last hit in March 2000.

3. Total recall. It was a nightmare of a year for the automotive industry.

GM (GM) was in non-stop crisis mode due to faulty ignition switches that were found to be responsible for the deaths of 42 people ... a number that is still climbing. And defective airbags from supplier Takata led to a recall of millions more vehicles by Ford (F), Honda (HMC), Mazda (MZDAF) and several other carmakers.

4. We all got hacked. News flash. The Internet is not a secure place. Home Depot (HD) was hit by a massive data breach. Target (TGT) fired its CEO following its 2013 security snafu. Jennifer Lawrence and other celebrities wound up having nude photos posted online after their iCloud accounts were compromised.

And hackers angry about a movie depicting the death of North Korean leader Kim Jong-un ambushed the movie division of Sony (SNE), leading to the leak of embarrassing emails about stars, Social Security numbers and other sensitive information. Sony pulled the plug on "The Interview" after hackers threatened a terrorist event at theaters.

5. The job market springs back to life. The U.S. economy finally gained back all the jobs that were lost during the Great Recession.

There were 2.3 million jobs added through the first 11 months of the year, making 2014 the best year for job gains since 1999. And the unemployment rate stood at 5.8% -- a six-year low. But there are still concerns about the number of people who have been out of work for an extended period of time.

6. Apple gets its mojo back. Tim Cook has escaped from the shadow of the late Steve Jobs.

Cook proved that Apple can still innovate, as consumers flocked to the new iPhone 6 and 6 Plus. The company also launched a new Apple Pay service that lets you easily buy things with the swipe of your phone. It was backed by many prominent retailers and banks. The stock is higher now than it ever was under Jobs. And Cook also made headlines by becoming the first prominent CEO to announce he is gay.

7. The Fed gets ready to raise rates. New Federal Reserve chief Janet Yellen took the baton from her predecessor Ben Bernanke and it was a seamless transition.

The Fed gradually unwound, or tapered, its massive bond purchase program known as quantitative easing or QE. That policy had been in place since the financial crisis of 2008. Now the Fed is getting ready to hike interest rates sometime in 2015. But Yellen softened the blow by telling Wall Street that the Fed would be "patient" regarding any rate moves.

8. IP-Oh! And the return of merger mania. Chinese e-commerce giant Alibaba (BABA, Tech30) went public in the United States. It was the largest initial public offering ever and it made founder Jack Ma into a financial rock star. The stock has soared and the company is now worth $271 billion, nearly double the market value of Amazon (AMZN, Tech30).

On the merger front, two big deals may wind up changing how we watch television. Cable giant Comcast (CMCSA) announced plans to buy Time Warner Cable (TWC). And that was followed by AT&T (T, Tech30) agreeing to purchase satellite giant DirecTV (DTV).

9. Inversion indigestion. Several U.S. companies, seeking to lower their corporate tax bills, bought companies in countries with more favorable tax rates. That angered politicians and led to new regulations from the White House to try and curb the use of these so called "inversions."

Drug store giant Walgreen (WAG) wound up ditching plans to reincorporate abroad after buying a European pharmacy chain. Pharmaceutical maker AbbVie (ABBV) abandoned its efforts to buy an Irish competitor. But Burger King stuck with its decision to acquire Canadian coffee and doughnut chain Tim Hortons, a move that could reduce how much the company owes Uncle Sam.

10. Income inequality leads to global protests. Even though stocks are surging and the job market is healthier, many people on Main Street aren't benefiting from the economic improvement.

Fast food workers in the United States staged several protests in an attempt to convince companies to pay them a living wage. Several cities wound up approving higher minimum wages, but nothing has changed at the federal level.

The income inequality debate was also a global phenomenon. Students in Hong Kong took to the streets to bring attention to the wide gap between the rich and the poor in a movement dubbed the Umbrella Revolution.

First Published: December 22, 2014: 6:09 AM ET

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Union retirees: Don't cut my pension

Dave Scheidt and his wife Becki worry that their pension benefits will be cut.

NEW YORK (CNNMoney)

Aimed at saving some of the country's largest pension funds from the brink, the law will allow multiemployer pension plans that are projected to become insolvent in the next 10 to 20 years to cut the benefits of both current and future retirees.

By allowing the plans to cut benefits now, lawmakers say it will help keep around 150 pension funds from running out of money.

But retirees aren't exactly seeing it that way. Many gave up years of pay increases and contributed thousands of dollars from their salaries each year toward their promised pensions. As a result, many have little savings outside of their pension benefits and Social Security checks and are not sure how they'll make ends meet if the cuts go through.

"It's devastating," said 63-year-old Dave Scheidt, who retired five years ago after more than 30 years loading and unloading trucks. "We never dreamed that our pension wouldn't be there."

Related: Congress approves plan to allow pension cuts

In the worst case scenario, Scheidt could see his current annual benefits of around $37,000 a year reduced to as little as $15,000. He receives his checks from the Central States Southeast and Southwest Areas Pension Fund, a plan that is now qualified to cut benefits under the law.

Central States lobbied heavily for the new pension-cutting measure, which has led many of its retirees to speculate that it will be one of the first plans to reduce benefits.

However, any cuts would ultimately require government approval. Benefits also cannot be cut for those with disability pensions or those who are 80 years and older, while cuts must be less severe for those between 75 and 80.

Central States did not respond to a request for comment. But on its website, it says that "given the complexity of the process, it is likely that it would take up to a year before modifications, if any, take effect" and that retirees would receive "advance written notice of any proposal to modify benefits."

The fund, which paid out $2.1 billion more than it received in contributions in 2012 alone, is projected to be insolvent in the next 10 to 15 years. So officials have argued that retirees will ultimately see major cuts either way.

That's because if a multiemployer plan goes insolvent, a retiree is guaranteed less than $13,000 a year from the Pension Benefit Guaranty Corp. In contrast, a retiree in a single employer plan that goes bust is insured for up to $60,000.

In the meantime, the fund's retirees and others are in another waiting game, wondering when -- and by how much -- their checks could be cut.

Scheidt, who has mobilized with other retired Teamsters to oppose the cuts, said he's heard from retirees across the country about the new law. Some, he says, have broken down in tears.

"Many will lose homes and cars and trucks because of this," he said. "These guys are scared to death."

Related: Union workers facing 'unprecedented' pension cuts

Retired trucking industry worker Kirby Cabrera, 62, is trying to stay positive. "I don't want to preach doom and gloom," he said. But with 20 years of mortgage payments, he too is worried that he could face foreclosure if his current roughly $36,000 annual pension is cut too deep.

He already faces thousands of dollars in medical bills each year as he battles injuries from his years of working on the truck loading docks. Two years ago, he had one knee replaced. In a few weeks, he's going in to have the other one replaced.

Plus, he's worried that current Central State rules limiting employment options for pensioners could hurt his ability to go back to work and make up for any lost income.

For now though, Cabrera said he is trying to stay hopeful that any cuts won't be as deep as he is fearing,

"If they're 30% or 40%, it's going to destroy me..." he said. "I wish I had a crystal ball, and I knew what I was going to do."

First Published: December 22, 2014: 6:32 AM ET

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A defiant Sony scrambles to find a way out for 'The Interview'

NEW YORK (CNNMoney)

This weekend the embattled movie studio is in active discussions with potential distribution partners, figuring out if there's a way forward for the film that provoked a crippling cyberattack, an FBI investigation and a presidential critique of the company.

Netflix (NFLX, Tech30), YouTube and major movie theater owners are not commenting.

But CNN's Fareed Zakaria, who interviewed Sony Pictures CEO Michael Lynton on Friday, said later on CNN that he came away with the sense that "Sony intends to release this movie in some form, relatively soon. I don't think we're talking about six months from now. This movie will be seen."

What was just a lousy comedy a few short days ago is now a symbol of two essential American values -- freedom of expression and freedom from fear.

On Tuesday, the hackers that previously stole terabytes of data from Sony's servers explicitly targeted the Christmas release of "The Interview" by issuing a message that invoked 9/11. They warned Americans not to venture to movie theaters playing the film.

Sony then signaled that movie theater owners could back out of plans to screen the film if necessary -- and they did just that, like a series of falling dominoes.

The owners were concerned that families would forgo holiday season trips to the movies due to safety concerns and hurt every big Christmas film release, not just "The Interview."

So on Wednesday, with virtually nowhere to show the film, Sony canceled the Christmas release. (Lynton told Zakaria that the studio tried and failed to find a digital distributor, so it ruled out an immediate online release, too.)

Backlash to the decision was ferocious.

On Friday, President Obama echoed the feelings of many in Hollywood when he said Sony had made a mistake: "We cannot have a society in which some dictator someplace can start imposing censorship here in the United States."

Obama also openly worried about the possibility of producers and distributors "engaging in self-censorship because they don't want to offend the sensibilities of somebody whose sensibilities probably need to be offended."

Related: Sony exec fires back at President Obama

Speaking to Zakaria shortly after the president weighed in, Lynton said he essentially agreed with the president -- but that Sony (SNE) couldn't go it alone.

"We don't have that direct interface with the American public," Lynton said. "So we need to go through an intermediary to do that."

Theoretical distributors include theater chains like AMC and Regal, if they're willing to reverse their prior decision; cable video-on-demand operators like Comcast (CCV) and Time Warner Cable (TWC); subscription streaming sites like Netflix and Amazon (AMZN, Tech30); and movie rental services like iTunes by Apple (AAPL, Tech30).

Sony Pictures has a video streaming site of its own, Crackle, but it's free for users and doesn't have the capability to charge customers to watch a movie. Charging for "The Interview" would help Sony recoup some of the movie's $44 million budget.

One of the studio's sibling divisions, Sony Computer Entertainment, has another route to consumers: the PlayStation Store, which lets owners of the video game console rent or buy movies via the Internet. The company has declined to comment on whether it might choose to release "The Interview" there.

Of course, Sony -- and any company that helps it release the film in the future -- has to consider the risk of further intrusions by the hackers and further leaks of the stolen data they already have.

In a threatening message to executives on Thursday night, an anonymous hacker said Sony was "very wise" to cancel the film and claimed they would "ensure the security of your data unless you make additional trouble."

Releasing the film in some form would presumably be considered "additional trouble."

Related: Hackers send a new message

But among all the emotions that are spilling forth from Sony's leaders -- anger, fear, frustration -- a new one has emerged: defiance.

Lynton told Zakaria that "we're trying to weigh the options as to how we can get this" released.

Disappointment inside the studio about the lack of support from other major Hollywood players is beginning to subside.

After weeks of almost nothing but silence, The Motion Picture Association of America spoke out forcefully on Friday, following the FBI's statement that North Korea was behind the late November cyberattack.

Lynton, who was in New York on Friday night, awoke on Saturday morning to a front-page New York Times column that expressed "disgust" at the "readiness of theater owners and Sony to cave in to far-fetched threats."

But there was also this call by the New York Daily News editorial board: "Patriotism demands: Show the movie and show it now."

Meantime, the studio released another movie on Friday -- the highly-anticipated "Annie." It had leaked onto illegal film-sharing web sites after the cyberattack, but it is still expected to earn tens of millions of dollars.

"It's a rare bit of good news for Sony," The Hollywood Reporter said, for a studio that needs some.

Related: N. Korea blasts 'childish attempt to frame us'

First Published: December 20, 2014: 9:16 AM ET

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Last-minute Christmas shopping guide

NEW YORK (CNNMoney)

You've already missed the deadline for free shipping from Amazon (AMZN, Tech30), for example. (It was Friday.)

But the online store says gifts ordered as late as Tuesday can still be under the tree on Thursday if you pay for one-day delivery. Some customers in major cities can even place orders by 10 a.m. on Christmas Eve and receive same-day delivery.

Hitting the stores: If you want to do your last-minute shopping the old fashioned way, expect stores to be crowded and lines to be long this weekend.

Many stores like Target (TGT) and J.C. Penney (JCP) will be open for extended hours.

Toys 'R' Us and Kohl's (KSS) will be remain open all hours until Christmas eve.

Shopping online: And you can also shop online at these same stores.

Walmart's (WMT) free shipping deadline passed (last Wednesday), but "rush shipping" is available through Monday for a fee. And if the item is in stock at a nearby store, orders for in-store pickup can be placed even on Christmas Eve.

There's still time for free shipping through Best Buy (BBY). It says orders over $35 placed by 11:30 a.m. ET on Monday qualify for free delivery by Christmas. It also offers free in-store pickup.

The deadline at Kohl's and Target is Saturday. Sears' and Macy's is Monday.

Last call at the Post Office: If you already have a gift you have to mail, that clock is ticking, too. The U.S. Postal Service will accept packages through Tuesday for Priority Mail Express. You can save a few bucks -- and time in line -- by dropping off the package by Saturday and using First Class Mail (for Christmas cards) or Priority Mail (for packages).

The deadline for Thursday delivery from UPS (UPS) and FedEx (FDX) is Tuesday.

Related: Toys 'R' Us extends hours for last-minute shoppers

Related: Mall Santa 101

First Published: December 20, 2014: 7:21 AM ET

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Republicans to theaters: Don't be 'bullied,' show Sony's 'The Interview'

NEW YORK (CNNMoney)

In a letter obtained first by CNN, RNC chairman Reince Priebus encouraged the CEOs of 10 major theater chains to show the controversial comedy starring Seth Rogen and James Franco.

"I want to speak clearly on behalf of the Republican Party: I urge you to show the movie," he wrote to the CEOs.

"As a sign of my commitment, if you agree to show this movie, I will send a note to the Republican Party's millions of donors and supporters urging them to buy a ticket -- not to support one movie or Hollywood, but to show North Korea we cannot be bullied into giving up our freedom," he added.

The letter continued, "Like many Americans, I'm deeply concerned that we would allow a foreign regime to dictate the movies we can and cannot watch."

The RNC petition underscored the increasingly political nature of the fracas surrounding the film and the devastating cyberattack that was directed at Sony Pictures one month before its scheduled release.

This weekend the embattled movie studio is in active discussions with potential distribution partners, figuring out if there's a way forward for the film that provoked the attack, an FBI investigation and a presidential critique of the company.

Sony representatives declined to comment on the RNC letter.

A spokesman for the association that represents theater owners did not immediately respond to a request for comment.

When debating whether to screen "The Interview" -- if Sony were to reverse its decision -- the owners have to consider a complicated set of factors, including customers' concerns about security, commitments to screen other films, and overall revenue potential.

President Obama calls out Sony: The letter comes one day after President Obama publicly chastised Sony for canceling the movie. Sony "made a mistake," the president said at an afternoon news conference.

Obama's comment led Sony Pictures CEO Michael Lynton to tell CNN's Fareed Zakaria that the president -- and others -- were "mistaken" about what had happened.

"We do not own movie theaters," Lynton said. "We cannot determine whether or not a movie will be played in movie theaters."

Lynton indicated that it was the theater owners that backed away from the film following a Tuesday threat from hackers that invoked 9/11.

Sony then canceled the film's Christmas release. But it is now seeking help to distribute the film in theaters or online.

Issue 'goes far beyond politics': The letter marks a strange bedfellows moment in the controversy over the movie, as the RNC itself acknowledged.

"As you know, the Republican Party and Hollywood have at times been at odds," the letter states. "But we can all agree that the current situation regarding the release of 'The Interview' goes far beyond politics. It is about freedom and free enterprise."

It also suggested to the theater owners and Sony (SNE) that "a share of the profits be donated to the USO or the Yellow Ribbon Fund."

The letter contributed to a feeling of national unity with regard to freedom of expression. Similar sentiments have been heard on television, in newspaper op-eds and on social media.

But at the same time, the letter did include a political shot across the aisle, accusing Obama of sending "mixed messages on this issue."

An RNC spokesman said "mixed messages" referred to the contrast between the president's comments in an ABC interview on Wednesday -- when he passed on an opportunity to criticize Sony -- and Friday, when he did.

However, the ABC interview was taped before Sony pulled the film from Christmas release.

Online reactions to the letter varied on Saturday night: While some people decried it as a publicity stunt, others said it was a necessary statement that might increase public pressure on Sony and the theater owners."

First Published: December 20, 2014: 6:00 PM ET

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Avon fined for bribing Chinese officials with Gucci bags

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

HONG KONG (CNNMoney)

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

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

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

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

Related: World's most corrupt industries

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

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

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

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

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

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

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Stocks: 4 things to know before the open

Click chart for in-depth premarket data.

LONDON (CNNMoney)

Despite going on a tear over the last two days, the Dow, S&P 500 and Nasdaq are still in negative territory for December after the oil price crash and Russia's ruble crisis shocked markets.

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

1. Back in the black?: U.S. stock futures are edging higher, with traders feeling an afterglow from Wednesday when the Federal Reserve indicated it would take its time before hiking interest rates.

The Dow, S&P 500 and Nasdaq have each posted gains of roughly 4% over the past two trading days. On Thursday alone, the Dow gained 421 points -- its best performance since 2011.

2. Oil and ruble steady: The falling price of oil and the economic crisis in Russia were two factors that spooked markets this month.

U.S. crude oil futures were edging higher to trade around $55 per barrel. Russian markets were calmer. The ruble was slightly firmer against the dollar, after plunging 45% so far this year.

3. International markets overview: Most European markets are rising in early trading, while all the Asian markets closed with healthy gains.

The Nikkei in Japan and the key index in Australia rallied by 2.4%, taking their cue from the U.S.

The Bank of Japan announced it was keeping monetary policy steady following October's surprise decision to ramp up its stimulus program.

4. Potential market movers: BlackBerry (BBRY, Tech30) and Carnival (CCL) shares could be on the move Friday as both are set to report earnings before the opening bell.

Shares in Xerox (XRX) were rising by about 3% premarket after the firm said it was selling its IT outsourcing business for just over $1 billion.

Shares in Nike (NKE) were dipping lower premarket after the company forecast weaker-than-expected demand over the next few months.

Alibaba (BABA, Tech30) shares may be on the move as some inside investors are now allowed to start paring back on their holdings. After the massive Alibaba market debut in September, many early investors were barred from selling their shares. But that restriction lifts today.

First Published: December 19, 2014: 5:13 AM ET

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Russian crisis kills big German gas deal

Going nowhere: BASF and Gazprom have canceled a multi-billion dollar gas deal.

LONDON (CNNMoney)

BASF (BASFY) said it had dropped plans to hand full control of its gas storage and trading business to Russia's Gazprom (GZPFY) in exchange for stakes in two Siberian gas fields.

State-controlled Gazprom is the leading supplier of natural gas to western Europe and has been looking to develop its marketing and distribution activities in the region.

The chill in relations between Germany and Russia killed the asset swap deal, which covered BASF businesses with 12 billion euros ($14.6 billion) in sales.

Sanctions imposed on Russia over its behavior in Ukraine place restrictions on new energy projects and equipment, and also prevent Russian companies borrowing in Western financial markets.

Related: Putin blames the West for Russia's misery

The cancellation has forced the German chemicals company to restate its accounts for last year, and to mark down profits in 2014, at a combined cost of 324 million euros ($395 million).

BASF and Gazprom have worked together for more than 20 years, and will continue to operate the gas trading business as a joint venture.

Other big energy deals have already fallen victim to the deterioration in relations with the West.

President Vladimir Putin announced earlier this month that Gazprom had scrapped plans to build a new $40 billion gas pipeline to southern Europe, bypassing Ukraine.

With Russia unable to raise new finance from European and U.S. investors, Gazprom may have struggled to fund construction of the pipeline. Some EU states were also nervous that the project would make them even more dependent on Russian gas at a time when they're looking to diversify their energy supplies.

Read next: Russia crisis hurts these Western brands the most

First Published: December 19, 2014: 5:40 AM ET

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Putin blames the West for Russia's misery

President Vladimir Putin said it could take Russia two years to recover.

LONDON (CNNMoney)

Speaking to journalists at his annual news conference, Putin said it could take Russia two years to overcome the tough economic situation facing the country.

Putin said sanctions -- imposed by the West over Moscow's annexation of Crimea and its support for separatist rebels in eastern Ukraine -- were responsible for 25% of Russia's economic woes.

Related: Don't panic like it's 1998

His optimism about the economy's ability to pull through is based on an assumption that demand for Russian oil will grow again.

"That is a fact of life," he said.

Half of Russian government revenue comes from oil and gas exports. If oil prices stay at $60 a barrel, the Russian economy is expected to shrink by almost 5% in 2015.

Asked about the collapse in the ruble -- the currency has lost 45% against the dollar this year -- Putin said the central bank could have acted "sooner and in a harsher way."

The bank's drastic interest rate hike last week was adequate, he said, adding that he expects rates to head lower "sooner rather than later."

Related: 10 things you need to know about Russia

First Published: December 18, 2014: 6:40 AM ET

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The best thing to do now for your portfolio

NEW YORK (CNNMoney)

The Dow and S&P 500 have both shed about 3% in December. Take your pick of what to be most concerned about: cheap oil, a flat-lining Europe, a slowing China, Russia on life support, the Federal Reserve taking away the stimulus punch bowl or terrorism.

So what should you do with your money?

Long-term investors -- those of us with money in the market for retirement or other far away needs -- are told to sit tight. Trying to time the market typically leads to a far worse outcome than keeping your money invested.

Related: Who loses if Russia implodes?

It's great advice, except for one big caveat: Investors need to do an annual check up.

"For long-term investors, you stick with your game plan and don't get rattled. But not getting rattled doesn't mean you should never change your allocation," says Russ Koesterich, chief investment strategist for BlackRock.

Only 10% of people who have a 401k plan at Fidelity made any changes to their portfolio in the 12-month period ending in September.

To put that another way, 9 out of 10 people are doing an exceptional job of "sitting tight" on their investments.

But here's the problem: We have had several years of incredible stock market gains. It's been a lot of fun getting those retirement statements in the mail and seeing the amount increase year after year since the market bottomed out in March of 2009.

Related: No one is smart enough to time the market

But it's likely caused your asset allocation to get out of whack. Take a typical "60/40" portfolio with 60% of investments in stocks and 40% in bonds. That's a pretty common asset mix for someone nearing retirement.

If you started with that 60/40 mix five years ago and you haven't touched it, you now have about a 70% stocks/30% bonds portfolio, according to a CNNMoney analysis using S&P 500 returns and a U.S. government bond fund.

That's a very different asset mix. It's weighted much heavier into stocks than before and is therefore a lot riskier.

As the market gets choppier, you probably want to make sure you've get back to the right portfolio allocation to meet your long-term goals. That likely means you need more bonds and less equity.

"As we've seen in the last month as portfolios have gotten hit by oil prices, people are reminded, 'Oh yes, that's why I have the stability of bonds in my portfolio,'" says John Sweeney, executive vice president for Retirement and Investing Strategies at Fidelity.

What's ahead for 2015: CNNMoney's survey of investment experts forecasts that stocks are likely to increase in 2015, but only modestly. And many of these market pros noted that the risks are rising.

Related: Why $55 oil is scaring the stock market

Recent market conditions don't mean you freak out and go all into cash, but they are a good reminder that now might be a wise time to look at whether you should increase or decrease parts of your portfolio.

In the investing world, this annual check up is often referred to as "rebalancing."

"Periodically -- once a year -- you want to go back and make sure your allocations are in line with your long-term goals," says Koesterich. "Otherwise you are taking on bets you didn't intend to take."

The other option that a growing number of Americans are opting for is putting their money into a "Target Date" fund. This is where you select a fund based on your age and likely retirement year and then your 401K manager takes care of the rebalancing between stocks and bonds for you.

Calculator: Will you have enough to retire?

In your 20s, your portfolio manager likely has your Target Date fund positioned very aggressively -- up to 90% -- in stocks. But as you age, the fund manager decreases your allocation to equities. By the time you retire, a Target Date fund likely has 25% or less in equities, according to Sweeney.

More than a quarter of Fidelity's 401K assets are now in Target Date funds, Sweeney notes.

"The worker is assured the asset allocation is correctly allocated over their career," he says.

First Published: December 18, 2014: 6:43 AM ET

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