Are you a better investor than a 13-year-old?

Sixth-grader Marcelo Bongalon gets schooled by an NYSE floor trader.

NEW YORK (CNNMoney)

The sixth grader from San Francisco isn't exactly a veteran deal maker. Rather, he was one of four winners of the Securities Industry and Financial Markets Association's (SIFMA) Investwrite contest who were invited to visit the New York Stock Exchange last week to present their investment ideas and chum it up with the old timers on the trading floor.

Hailing from middle and high schools throughout the country, the students had a simple, yet arduous assignment: Design a 10-year imaginary investment portfolio using a mix of stocks, bonds and mutual funds.

Related: 4 signs the stock market is overheating

Here's how the future masters of the universe put their money to work.

Marcelo Bongalon, 6th grade, San Francisco, CA: Prior to the Investwrite competition, Marcelo knew little about investing. When his teacher asked him about the market, he could only think of Warren Buffett, and he admits that he used to pronounce the legendary investor's last name like the type of dining setup in which eaters serve themselves.

Since entering the competition, Marcelo's stock picking prowess began to emerge.

After initially analyzing WalMart, (WMT) Marcelo began to look into Costco (COST)when his mom bought him a pizza and root beer from the retail giant. He liked what he saw, and chose to buy the company based on its international expansion, comparatively higher wages, and discounted gasoline sales.

"I decided to buy Costco in honor of that delicious meal," joked Marcelo.

It's too early to tell if his investment in Costco will pay off. The stock is down around 3% this year.

Related: 5 worst stocks of 2014

Mac Bank, 12th grade, Bloomfield Hills, MI: Utilities are usually considered a defensive sector, favored by investors seeking safety and healthy dividend payments. But Mac sees a growth opportunity. The recently-graduated senior is betting big on water, specifically the American Water Works Company (AWK).

"Without water a society will crash and burn, figuratively and literally," he wrote.

He chose American Water Works because of the company's government contracts to build and maintain water facilities, as well as its investment in environmentally-friendly wastewater management technologies.

Wall Street seems to agree with his assessment. The stock is up 16% in 2014.

Mac will begin his studies at the University of the Michigan in the fall, and plans to major in business and economics. As for a future career, he's keeping his options open, but his visit to the NYSE has lead him to at least consider life as a fast-talking trader.

"It was amazing just to be on the floor," he says. "I was immediately enamored by the lights, the architecture, and the people."

Related: The unglamorous life of hedge fund startups

Olivia Dampier, 7th grade, Littleton, CO: With the goal of saving for graduate school, Olivia is bullish on retail, particularly WalMart (WMT) and Home Depot (HD).

As for WalMart, she believes the company will benefit from its sheer popularity and low prices. They "have everything," as she put it.

Olivia's Home Depot investment is based on her faith in the American recovery. She thinks as the economy improves, the home improvement retailer will benefit significantly from an increase in home renovations.

Wal-Mart is down 4% so far this year. Home Depot is about flat for the year.

The SIFMA Investwrite winners, from right: Hannah Brawley, Olivia Dampier, Marcelo Bongalon, and Mac Bank,

Hannah Brawley, 12th grade, Vestavia Hills, Alabama: Hannah is playing an insider's game. The University of Alabama-bound southerner opted to include United Parcel Service (UPS)in her portfolio because her father owned the stock when he worked there as a human resources manager.

"If someone inside the company wants to own it, that's a good sign," she says.

Hannah also chose the Vanguard Social Index (VFTSX), which excludes companies deemed socially and environmentally harmful. But investing with a good conscience doesn't necessarily mean giving up returns. The index Hannah chose is up around 7% this year, a tad higher than the S&P 500.

First Published: July 3, 2014: 6:19 AM ET

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How to buy luxury clothes without losing your shirt

NEW YORK (CNNMoney)

Consignment and resale shopping is a growing business, made even easier by new technology.

"Everyone wants a deal," said Julie Wainwright, founder of The RealReal, an online consignment shop specializing in luxury goods.

The RealReal has a new app that's like a Kelley Blue Book-type service for high-end products. Customers can shop from thousands of items, and can also use it to find the market value for a designer piece lurking in the back of their closet.

Brands like Cartier, Chanel and David Yurman hold their value the longest, according to The RealReal, which sees David Yurman products snapped up for nearly half the retail price, and Hermès accessories for up to 30% off retail.

The RealReal has several warehouses across the country, including this one in San Francisco.

While the retail sector took a beating in the recession and has only just started to recover, the resale industry has grown in recent years.

New stores have opened to keep up with the demand. According to the NARTS, a resale professionals association, enough shops have opened their doors to grow the industry by 7% over the last two years. There are about 18,000 used merchandise stores in the U.S., with a combined annual revenue of about $12 billion, according to First Research, a market analysis company.

Related: Why these sunglasses cost $150

Overall retail sales only increased by 3.7% in 2013, according to the National Retail Federation. That's far below the potential for the resale industry, say reports from NARTS and eMarketer.

Based on that data, online consignment shop thredUP said the resale sector will grow 16.4% through 2016. It's found that luxury brands like Theory and Diane von Furstenburg were the best to buy secondhand, raking in the largest number of dollars saved per item and the highest discount.

Luxury brands proved to be so popular on thredUp that the company launched "X Collection" earlier this year, which offers designer pieces exclusively. Recent highlights included a Diane Von Furstenberg silk dress for about $200 (retail price $550) and a Gucci handbag for a little less than $400, a huge markdown from its retail price of $985.

Related: Why rich families are losing money

For those looking to sell luxury items, both TheRealReal and thredUp offer payouts between 60% and 80% of the sale price.

"This means people can monetize what they have in their home," said Wainwright. Though secondhand selling might sound a little like eBay (EBAY, Tech30), there's a difference.

"[eBay] provides a valuable way to connect buyers and sellers, but they can't authenticate, and they can't ensure consumers are getting a good value," she said.

The women behind the Women's Closet Exchange in St. Louis, Mo., recently parlayed their several decades of experience into a reality show called "Resale Royalty" on the Style Network. The exposure convinced the owners to launch a website last year, which has been "wildly successful," according to Laura Maurice, who owns the business with her mom and sister.

Laura Maurice, Sue McCarthy and Diana Ford make up the team behind designer resale shop Women's Closet Exchange in St. Louis, Mo.

Brands in hot demand are Hermès, Chanel and Louis Vuitton. The company buys from 15,000 different suppliers, and sometimes just from people's closets. They mine everyone from "a soccer mom who's got some fabulous Lululemons," to "a celebrity stylist in Soho." The good deals for her turn into great deals for customers, and keeps luxury brands accessible.

"We still sell $2,000 and $3,000 handbags even though they're gently used," Maurice said. She goes on buying trips to Los Angeles and New York, and "Resale Royalty" is currently being shopped around to other networks.

"We've always thought we were bigger than just a resale shop," she said.

First Published: July 3, 2014: 6:22 AM ET

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BMW i8 - Lots of geeky fun

Santa Monica, Calif. (CNNMoney)

Long and low, the i8 has a recessed air scoop carved out of its hood and, on the sides, twin pairs of fins meet at right angles to create a air channels. This car looks like it's made from pieces that aren't quite touching, held in place by some invisible force.

As you'd expect from its appearance, the i8 is an advanced plug-in car. It's got an electric motor with a two-speed transmission driving its front wheels. It also has a small three-cylinder engine with another electric motor attached to it -- and a six-speed transmission -- powering its back wheels.

That three-cylinder engine is tuned up and turbocharged to put out 228 horsepower all by itself. Add in the electric motors and the i8 can crank out 357 horsepower total.

Related: Porsche 918 - The future of fast

With a battery pack riding up the center of the car, the small engine in back and an electric motor in front, the i8 is roughly perfectly balanced. It also has BMW's traditionally light but sensitive steering and nicely responsive brakes. With its engine sound "enhanced" through the stereo (pre-recorded engine noises play in sync with what the actual engine is doing) the driving experience has the expected BMW thrill.

Several different driving modes are available which allow the driver to shift the emphasis between one extreme and the other. Official fuel economy numbers aren't available yet but BMW promises efficiency similar to a compact car. Driven gently, the i8 can go up to 22 miles on electricity alone after a full charge, which takes 90 minutes.

Before I'd driven the i8, its $136,000 base price sounded exorbitant. It's not. Both the exterior and interior are not just striking but beautiful. Driving the i8 through tightly twisting mountain roads along the southern California coast provided about as much fun as I could have expected from any car. The i8 felt fast, light enough, considering it's loaded with batteries, and easy to drive quickly.

Related: Best cars for the super rich

I scooted from turn to turn with that nice engine sound purring in my ears, scooting smoothly through curve after curve, the steering wheel providing gentle, reassuring feedback.

I thought about the Cadillac ELR, another plug-in hybrid I'd driven in the same place a few months before. It wasn't a horrible car but, at half the price, the ELR didn't seem worth the money. I wondered why. The answer is that vague luxury stuff called "refinement."

The ELR was like a high quality tuxedo T-shirt, its refinement ironed on over the fabric of what was a very good mass-market plug-in car, the Chevrolet Volt. The ELR felt and sounded harsh compared to the i8's smooth and gratifying performance. The i8 never felt strained or struggling. Like a proper leading man, it was always at ease while the ELR, doing the same job not quite as well, felt like it was getting sweat stains around its armpits.

Offering more than just a glimpse of the future, the i8 provides genuine automotive fulfillment in the very real and demanding present. It just looks like science fiction.

First Published: July 3, 2014: 7:19 AM ET

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Employers value skills over college degrees, workers say

That degree may be less important to employers than your skill set.

NEW YORK (CNNMoney)

While the vast majority of employees believe their college education has helped them in their career, 72% said getting trained in a specific skill is more highly valued by their employer, according to a survey of more than 2,000 adults by job listing site Glassdoor.

"Employees with college degrees believe that their education helped get them through the door, but about half say it has no relevance to the work they're actually doing," said Rusty Rueff, Glassdoor's career and workplace expert.

Related: Stressful jobs that pay badly

The survey also revealed just how little attention employers pay to an applicant's college performance, with 80% of respondents saying they had never been asked about their grade point average during a job interview.

And over half said shelling out the extra cash for a graduate degree is no longer the key to landing a high-paying job.

That highlights how much more important learning new skills, both within the company or through continuing education, like certificate programs, online training or webinars, is today than it was 10 or 20 years ago, said Rueff.

Related: 15 top MBA employers

Employees recognize how critical such training and development is, with 63% saying that it's vital to their hopes of career advancement.

Even STEM (science, technology, engineering and mathematics) majors often need to acquire communications, management and other skill sets that they may not learn in college.

"They're feeling it's what employers are truly seeking to really help move business forward," said Rueff.

His advice for people seeking career advancement is to research how their industry is changing and try to identify the skills that will be needed in the future.

Related: Is a college degree still worth the cost?

Overall, employee confidence fell slightly during the quarter, with employee expectations for their company's business outlook down four percentage points compared with the first quarter. Only 37% reported that they expect to receive a raise in the next 12 months, down a steep 7 percentage points.

Meanwhile, 16% of employees said they were concerned about getting laid off -- just slightly higher than the first quarter.

Among those who are looking for work, 32% said they were confident they could find a job in the next six months, up slightly from 31% in the first quarter.

First Published: July 2, 2014: 7:13 AM ET

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Facebook experiment upsets regulators

Officials want more information on how a study that manipulated Facebook users' moods was conducted.

LONDON (CNNMoney)

Officials in the U.K. and Ireland, where Facebook (FB, Tech30) has its European headquarters, are asking questions of the company after details of the experiment were published last month, angering many users.

"We are awaiting a comprehensive response on issues raised," said a spokesperson for the Irish data protection commissioner.

Facebook changed the content mix in the News Feeds of almost 690,000 users to gauge their emotional response to positive or negative posts.

Related: Facebook is 'evil'. Wall Street approves

Experiments are commonplace on the Web. Internet companies routinely conduct tests to improve their business and users' experience.

Facebook's terms of service state that it can use personal data for "analysis, testing, research and service improvement."

But the fact that some users were deliberately made to feel less happy, without their explicit consent, raises questions about the ethics of this particular experiment.

Consent is one area the Irish authorities are investigating. And in the U.K., the Information Commissioner's Office is asking questions about how the research was conducted, a spokesperson said.

The Facebook researcher who designed the experiment has apologized for the anxiety it caused, and questioned whether the findings were worth the hassle.

Related: Facebook's other user experiment: conflict resolution

The company also appears to be having second thoughts too, acknowledging that people were upset by the study.

"We want to do better in the future and are improving our process based on this feedback," said Richard Allan, head of policy for Europe, Middle East and Africa.

"The study was done with appropriate protections for people's information and we are happy to answer any questions regulators may have."

First Published: July 2, 2014: 7:09 AM ET

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Russia attacks U.S. oil and gas companies in massive hack

Russian hacker spies are attacking energy companies. It's the latest sign the Cold War has gone cyber.

NEW YORK (CNNMoney)

That much is clear after a security firm reported this week that Russian hackers have launched unprecedented, highly-sophisticated attacks on Western oil and gas companies.

The cyber operation nicknamed Energetic Bear is the latest example of an ongoing battle between all-seeing American and British cyber spies on one side -- and intellectual-property-stealing hackers in China and Russia on the other.

The report by Symantec (SYMC, Tech30) described how hackers have sneaked malware into computers at power plants, energy grid operators, gas pipeline companies and industrial equipment makers. Most of the targets were in the United States and Spain. The rest were across Europe.

The malware was used to steal documents, usernames and passwords. In the best-case scenario, the hackers only took valuable and sensitive information. At worst, they gained the ability to hijack controls -- and even sabotage the nation's energy supply.

Related story: What China's hacker spies are after

Another security company, Crowdstrike, first spotted the Energetic Bear operation in 2012. Crowdstrike thinks the hackers at Energetic Bear work for -- or alongside -- Russian government intelligence services at the behest of state-owned gas enterprises, including Gazpro (GZPFY)and Rosneft.

Neither the Russian embassy, nor those energy companies, responded to requests for comment.

Why should you care? If a nation breaks into Exxon-Mobil (XOM) or BP (BP) and figures out where they've discovered vast oil or natural gas reserves, it could beat them to the punch and start drilling first. If it steals blueprints to the power grid or key pipelines, it could disable them to cause economic chaos -- or shut it down during a war.

"The Russians are engaged in aggressive economic and political espionage," Crowdstrike co-founder Dmitri Alperovitch said.

Related story: How the NSA can 'turn on' your phone remotely

Security researchers said Energetic Bear is notable for its military precision and planning.

And Energetic Bear hackers aren't limited to attacking the energy sector. Their malware has also been spotted inside the networks of European and U.S. defense contractors and health care providers, as well as manufacturers, construction companies and universities doing research in the field of nuclear energy.

"We haven't seen anything at this scale with industrial control systems," said Kevin Haley, Symantec's director of security.

First Published: July 2, 2014: 8:18 AM ET

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Chinese students found cheating to get into U.S. colleges

Chinese students often aren't familiar with the complicated college application procedures in the U.S., since admission to school in their home country is based entirely on a single test.

NEW YORK (CNNMoney)

"'I did this," admissions officer Kim Lovaas remembers the essay saying, and, "'I did that.'" Then she came to a phrase that stopped her short: "Insert girl's name here."

"I thought, 'Did I just read that?'" said Lovaas. "To me, that was a really big red flag."

Admission officers say as many as one in 10 applications to U.S. colleges by Chinese students may include fraudulent material, including phony essays and high-school transcripts.

Related: 'This is my Chinese Dream'

"Nobody has reliable data on how much it happens," said Allan Goodman, president of the Institute of International Education. However, he added, there has been "a lot of discussion" at national meetings of registrars during the past couple of years about preventing transcript fraud.

All of this is occurring as the number of Chinese applicants rises -- and as U.S. colleges and universities recruit more of them, since most pay full tuition.

The number of Chinese students in the U.S. reached 235,597 in the 2012-2013 academic year, the last period for which the figure is available, up 21.4% from the year before, according to the Institute of International Education. That made China responsible for more than one in four foreign students on U.S. campuses, more than any other country.

"There are a lot of Chinese students and parents trying to get into the best quality schools they can," said Eddie West, director of international initiatives for the National Association for College Admission Counseling. "Obviously there's competition and incentives to cut corners."

Related: In-state students getting squeezed out of public universities

Chinese applicants often aren't familiar with the complicated admissions procedures for schools in the U.S., said West. In China, admission is based entirely on a single test.

"There's not a culture or practice of putting together admissions packages," West said. "So third-party recruiters, unscrupulous recruiters among them, have moved into that space."

Though there are nearly 500 recruiting agencies certified by the Chinese Education Ministry, thousands more operate outside of official scrutiny, West said.

Chinese families pay them fees ranging from $6,000 to $10,000, with "bonuses" for admission to top schools (usually based on U.S. News & World Report rankings), according to Zinch China, a consulting firm that helps U.S. schools recruit Chinese students.

Not even certification helps to lessen fraud, since many of the certified recruiters subcontract to uncertified ones, making it hard to know who's doing what, said West.

Higher-education institutions and professional organizations have begun developing their own standards for certifying international recruiters.

Related: Colleges tying president's pay to graduation, hiring rates

But the American International Recruitment Council, founded for this purpose in 2008, has certified only 65 recruiting organizations worldwide -- a "drop in the bucket," said John Deupree, executive director of the American International Recruitment Council.

The marked increase in Chinese applications to U.S. colleges and universities also makes it hard for American admissions officers to keep up.

Jonathan Weller, director of international admissions at the University of Cincinnati, said the office in which he works didn't even exist until seven years ago. Now it has five people working abroad, three of them in China.

Efforts are being made to crack down on the fraud.

After a stint at educational consulting in China (where he said clients asked him to falsify essays, recommendation letters, and transcripts), Chris Boehner founded Vericant, a firm that interviews Chinese applicants face-to-face and provides videos of the conversations, along with supervised writing and speaking exercises.

Related: I'm drowning in student loan debt

At the University of Cincinnati, staff are quick to spot "students whose conversations with us show a lower level of English" than their English-language scores suggest, Weller said.

At the University of Washington at Seattle, employees have developed relationships with certain high schools in China, and can quickly verify if transcripts are valid.

Lovaas and others noted that, as widespread as cheating may be, most Chinese students who are accepted to U.S. institutions apply honestly, and tend to do well. Which Deupree said points to another reason for increasing vigilance against fraud: "Not just because it's a bad thing, but because institutions don't want students to fail."

First Published: July 1, 2014: 7:01 AM ET

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2,000 miles with a giant rhino

NEW YORK (CNNMoney)

This is normal life for zoo animal movers who transport thousands of pounds of exotic and endangered animals and pride themselves on staying nearly invisible.

"I don't go down the road with a big banner saying: 'Guess what I have?'" he said, though people often wonder what's inside his trailer when he stops for gas.

But keep your eyes open, because it's a busy time of year for animal moves -- before mid-summer's heat can make it less comfortable for animals to travel.

Danhauer, the founder and sole employee of Texas-based Planned Migration, moves more than 200 animals per year, mostly during the spring and fall.

Related: Hot businesses to start now

If he's doing his job correctly, the public doesn't know what Danhauer is moving -- though that's hard when people see a giraffe's head in the back of his trailer.

"All of a sudden you get a thumbs up like you're doing something fantastic," said Danhauer, who has been in business for 15 years. "I'm just trying to stay in my lane."

The animals don't always make things easier. A gorilla's scream or a tiger's roar is hard to overlook.

Danhauer previously worked as a zookeeper but switched careers when he noticed many animal transporters were nearing retirement.

"If I wouldn't have had the skills and qualification, there would have been no way [zoos] would have touched me," he said.

Related: Refugees cook for the masses

Zoos typically move animals for breeding, conservation or education. The size, species and temperament affects how they're transported. The move can range from small birds and reptiles taking a commercial flight to someone like Danhauer trucking a rhino across the country in a climate controlled trailer. Some small fish even travel overnight via priority mail.

The Denver Zoo, which works with Danhauer, does rely on air transportation for some moves, like bringing Billy, an Asian elephant, from Europe on a Lufthansa cargo plane in 2013. But Dale Leeds, the curator of Toyota Elephant Passage, likes the fact that traveling by road means constant supervision of the animal.

In 2013, the Denver Zoo moved 317 animals in and 368 out. And planning is key -- whether it's coordinating with other institutions, quarantines or training the animals to prepare for the trip.

"It takes ten times longer to do the planning than it takes to do the move," Leeds said. "We're trying to make it risk-free."

Danhauer's trips typically take less than 24 hours, but he takes another driver when he has to travel overnight. He's very involved with loading and unloading and caring for the animal during the move. The zoos typically own the crates and Danhauer provides one of his two trailers.

He generally charges by distance and animal type. It could cost as little as $500 to move an antelope somewhere nearby or $12,000 to move an elephant hundreds of miles. Extremely large animals (think elephants and rhinos) require him to rent a semi-truck to pull the load.

Billy the elephant was transported from Europe to the Denver Zoo via a Lufthansa cargo plane.

The first five years of business were somewhat lean. As Danhauer's reputation grew, so did his profits. But this isn't the kind of business that can grow exponentially, he noted, because the number of zoos in the country is somewhat finite. And zoos located in cities often don't have room to grow.

All of this animal movement reflects the changing mission of zoos, said Christina Castellano, general curator at Utah's Hogle Zoo.

"Back in the old days, zoos were very much about showcasing animals that would be important for guests to see," she said. Now that has evolved.

"Every space we have in a zoo is critical to our participation as a conservation organization," Castellano said. "A lot of these shippers are transferring animals between institutions because of breeding programs -- for us, having sustainable populations in zoos is very important."

First Published: July 1, 2014: 7:05 AM ET

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Stocks: 4 things to know before the open

Click on chart to track premarkets

LONDON (CNNMoney)

U.S. stock futures were pointing up and most major global indexes were rising.

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

1. Stock market movers -- Netflix, Xerox, BNP Paribas: It's worth keeping an eye on Netflix (NFLX, Tech30). Premarket data shows the stock up by nearly 3%. The online streaming video service is shaking up its list of offerings this month, according to reports.

Xerox (XRX) was the main decliner premarket, with shares down by about 1.5%. Reports say the company is looking to auction off over 200 patents. Xerox was unable to provide immediate comment on the reports.

Shares in French bank BNP Paribas (BNPQY) were enjoying a relief rally, rising by about 3.5% in Paris. It pleaded guilty to U.S. charges of sanctions busting Monday and agreed to pay a record fine of nearly $9 billion. Some investors were bracing for even harsher punishment. The shares have lost 10% so far this year.

Related: 4 signs the stock market is overheating

2. Economic indicators to watch: The U.S. government will report on the health of the construction industry in May at 10 a.m. ET. At the same time, the Institute for Supply Management's manufacturing index for June will be posted. In the afternoon, the Commerce Department will report data on vehicle sales from June.

3. International markets looking perky: European markets were all rising in early trading. The benchmark FTSE 100 in London was leading the pack with a gain of 0.4%. Most major Asian markets ended in positive territory, after China's official survey of manufacturing activity hit its highest level since December. The Nikkei in Japan was a standout performer, closing with a 1.1% gain.

Hong Kong markets were closed Tuesday for a public holiday, the 17th anniversary of the territory's handover from British to Chinese rule. Thousands of protesters were marching to the city's main business district to protest against Beijing's moves to assert greater political control.

Prices for oil and gold were rising, though the gains were small.

Related: Fear & Greed Index still extremely greedy

4. Monday market recap: U.S. stocks ended the day mixed Monday. The Dow Jones Industrial Average and S&P 500 lost some ground, but the Nasdaq landed safely in the green.

Despite Monday's mixed performance, U.S. stocks have enjoyed a solid first half of 2014. The S&P 500 has logged 22 record highs this year alone, ending the first half up 6%.

First Published: July 1, 2014: 5:17 AM ET

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Hong Kong's 'Occupy' takes on Beijing

Black-clad lawyers gather at Hong Kong's Court of Final Appeal to protest Beijing's influence.

HONG KONG (CNNMoney)

The pro-democracy protests, which recall the Occupy Wall Street movement in New York, have divided the powerful business community. Some worry that they could deter investors.

Tuesday's march to the city's business district takes place on the 17th anniversary of Hong Kong's handover from British to Chinese rule, and could attract hundreds of thousands of protesters.

Political and economic tensions in the territory have been rising recently, fanned by Beijing's release of a controversial white paper asserting its control.

City activists accuse China of reneging on its "one country, two systems" pledge that was a condition of Hong Kong's return in 1997.

Hong Kong enjoys a high level of economic autonomy, but Beijing's critics say it is encroaching on judicial and political freedoms. On Friday, 1,800 of the city's lawyers, dressed in black, marched in protest.

Bigger flash points are likely over the next few months before a decision over how Hong Kong will elect its next chief executive, the city's highest office.

Pro-democracy activists want Hong Kong residents to elect the chief executive directly. Beijing is said to favor a process that would allow it to screen candidates.

The most visible pro-democracy group -- Occupy Central With Love and Peace -- conducted an unofficial election of its own this month, drawing nearly 790,000 voters, or almost a quarter of the electorate.

The group is also planning a demonstration and other acts of civil disobedience designed to snarl traffic and disrupt operations in the central business district.

Related: Why Occupy Wall Street fizzled

Although they share a moniker, Hong Kong's "Occupy" supporters are not affiliated with the protest movement that got its start in Manhattan's Zuccotti Park. The groups share concerns over rising income inequality, but the Hong Kong group's immediate goal is to secure full voting rights.

"Hong Kong people really want to show to China, to the whole world, that we are determined to have full democracy," organizer Benny Tai told CNN on Monday.

The group's plan to "occupy Central" has set many in the city's establishment on edge.

Hong Kong affiliates of the big four accounting firms -- Deloitte, Ernst & Young, PricewaterhouseCoopers and KPMG -- placed an advertisement in local newspapers last week, trumpeting their opposition to the movement.

"We are concerned that Occupy Central will have a negative effect on the rule of law, social order and the economy of Hong Kong," they said in the ad. "We worry that this would cause international and local investors to relocate their Hong Kong's headquarters or even relocate their businesses."

The highly unusual public intervention by multinational companies in local politics drew widespread criticism. The Financial Times reported that the firms' head offices were not made aware of the plan prior to publication.

Paul Gillis, a professor at Peking University's Guanghua School of Management, wrote on his blog that the "arrogance of the firms is stunning" and the decision would diminish their brand value.

Some employees of the accounting firms shot back Monday -- taking out an ad of their own in support of Occupy Central.

First Published: June 30, 2014: 7:02 AM ET

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