OPEC pumps up output in fight for market share

The cartel has just chalked up its biggest monthly increase in production in almost four years as Saudi Arabia, Iraq and Libya all boosted output, the International Energy Agency said Wednesday.

OPEC supply jumped to 31 million barrels per day in March. That was 890,000 barrels per day more than in February -- the biggest rise since June 2011.

Faced with a boom in U.S. shale production, OPEC decided last November not to cut output quotas despite falling prices and calls from some members to act.

Oil prices dropped by about 50% in the last six months of 2014 but have stabilized since then.

The Paris-based IEA, which monitors energy market trends for the world's richest nations, said global oil demand in 2015 will be higher than previously expected. It increased its forecast by 90,000 barrels a day to 93.6 million.

The increase is mainly due to colder temperatures in the first few months of this year, as well as the improving global economy.

Related: Why OPEC can't kill the U.S. oil boom

But the report offered little clarity on how the price collapse would affect supply and demand in longer terms.

"In some ways, the outlook is only getting murkier," the agency said.

It blamed the uncertainty on constant changes in geopolitics -- such as the prospect of Iran sanctions being lifted.

"One of the many questions hanging over the market today is, how quickly could Iran be expected to ramp up output and exports if the agreement were to be made permanent," it said.

U.S. crude futures were trading about 1.2% higher at $54 per barrel on Wednesday.

Related: U.S. on track for record oil production in 2015

CNNMoney (London) April 15, 2015: 7:16 AM ET

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Mark Zuckerberg only works 50 to 60 hours a week

In a surprise Q&A session Tuesday evening, Facebook's (FB, Tech30) CEO said he only spends 50 to 60 hours each week doing "real work" in the office or in meetings. But he conceded that if the definition of "work" were expanded, he'd be working his "whole life."

"That depends on what you count as work," Zuckerberg said in response to a question about how many hours he works each day. "I spend most of my time thinking about how to connect the world and serve our community better, but a lot of that time isn't in our office or meeting with people or doing what you'd call real work."

"I take a lot of time just to read and think about things by myself," he added. "If you count the time I'm in the office, it's probably no more than 50-60 hours a week. But if you count all the time I'm focused on our mission, that's basically my whole life."

Zuckerberg at work. Don't expect to find him here all day.

CEOs famously work long hours and have little time for their families. Though Zuckerberg works a much longer week than the average American, he seems to have struck a better work-life balance than most other heads of corporations.

Zuckerberg sets personal challenges for himself, including hunting all the meat that he eats, learning Mandarin and reading a new book every other week.

In the Q&A, Zuckerberg noted that he reads both fiction and nonfiction but "probably" more fact-based books. He said he is currently reading Peter Huber's "Orwell's Revenge," in addition to the books he is reading for his "A Year of Books" challenge.

As for learning Mandarin, he said the key to learning a language is to "put in the time and let it seep into your mind."

"Learning a language is extremely humbling because there's no way to 'figure it out' by just being clever," he noted.

In addition to discussing his work-life balance, Zuckerberg touched on a number of other subjects, including a couple controversial ones.

His Internet.org initiative to connect underprivileged people to the Internet has caught some flak for picking and choosing which apps those people will have access to. Rather than providing full Internet service, Internet.org will only give its customers "a few basic Internet services." He was asked how that jibes with his support for net neutrality.

"I think net neutrality is important...For people who are not on the internet though, having some connectivity and some ability to share is always much better than having no ability to connect and share at all," Zuckerberg said.

He also addressed his widely panned $100 million donation to the public school system of Newark, New Jersey, which critics say failed to live up to its promise of making the schools "a symbol of educational excellence for the whole nation." The donation was also criticized for giving too much of the money to consulting firms.

"A lot of good work has come from that grant," Zuckerberg said. "The highlight is that the graduation rate has improved by more than 10% since we're started our program there. The leaders we've worked with in NJ have started many new high performing schools, paid teachers more and have improved the schools in lots of other ways."

And, in a rare move, Zuckerberg even flashed some dry humor.

Q: Any chance you can add a sarcasm button for us Brits?

A: Sure, we'll get right on that :-)

Related: Zuckerberg has his Tim Cook moment

Related: Mark Zuckerberg has one rule for hiring

CNNMoney (New York) April 15, 2015: 7:35 AM ET

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One in six retired NFL players goes bankrupt

A new study found that nearly 16 percent of former players end up filing for bankruptcy within a dozen years of retiring.

It also revealed that career earnings and the length of a player's career had little impact on whether they will end up broke. Star players are just as likely to file for bankruptcy as those who spent most of their time on the bench.

"Having played for a long time and been well paid does not provide much protection against the risk of going bankrupt," wrote the study's authors, who teach at Cal Tech, George Washington University and the University of Washington.

Among the high profile players who have filed for bankruptcy are Hall of Fame defensive tackle Warren Sapp, Pro Bowl wide receiver Andre Rison and Pro Bowl quarterback Mark Brunell. Sapp made more than $50 million during his career, according to salary tracker Spotrac, but filed for bankruptcy in 2012, within five years of his final game.

The study says that players should be able to save enough money they make during what they know will be a relatively short career so that they'll be financially secure when the paychecks stop. But many engage in risky investments and begin "rapidly drawing down limited savings" soon after they finish playing.

The study does knock down a widely repeated claim by Sports Illustrated that "by the time they have been retired for two years, 78% of former NFL players have gone bankrupt or are under financial stress because of joblessness or divorce."

Instead, the study found about 2% file for bankruptcy within two years of their career ending, and that rate climbs steadily to nearly 16% within 12 years before leveling off. The study's authors tracked players drafted by NFL teams from 1996 to 2003.

Related: This NFL player used connections as bait for Ponzi scheme

The current NFL minimum salary is $435,000 a year for a rookie and $970,000 for a player with nine or more years in the league. But NFL contracts are not guaranteed the way they are in Major League Baseball or the National Basketball Association, meaning if a player is cut he can lose most of the money promised to him.

NFL careers are also shorter on average than the other sports, with an average length of only a little more than three years. And football is a more punishing physical sport that is more likely to leave players with health problems that can limit their post-playing career opportunities.

Related: NFL gets billions in subsidies from U.S. taxpayers

The National Bureau of Economic Research is one of the nation's leading economics organization. It members determine when recessions begin and end and it publishes studies from many of the nation's top economists.

CNNMoney (New York) April 15, 2015: 8:20 AM ET

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KFC 'dreadful,' says man who brought franchise to Britain

The man who brought Kentucky Fried Chicken to Britain decades ago now says the food there is "dreadful" and pledged never to eat at the fast-food joint again.

Raymond Allen opened the first KFC franchises in the United Kingdom after a chance encounter with Harlan "the Colonel" Saunders 50 years ago in Chicago, according to The Telegraph.

"We have got one where I now live, but I would not go in there," Allen told the paper in an interview published Tuesday. "I don't use it and I think it is dreadful. The company has ruined the product."

Allen said that he still has a hand-written copy of the secret recipe for KFC locked away in a bank.

But the 87-year-old Allen claims the chicken chain has lost its way. He said KFC now has too many menu items and he doesn't think very highly of any of them.

"Instead of staying with one good thing that was sellable, they have tried to compete with the other fast food units," said Allen. "They should have just stuck with the chicken."

Allen's wife Shirley, 84, isn't impressed with the food either.

"We tried KFC only once about a year ago," she said in the same interview. "We had the traditional original chicken but there were so many different products it was difficult to know what to order. I don't think we will go back."

Related: KFC just can't give up on China

Allen helped spread the KFC franchise across the U.K. before he sold the business in 1973.

KFC, a division of global fast-food giant Yum! Brands (YUM), currently has nearly 200 locations in England, Ireland and Scotland.

However, Allen said it took some time for Kentucky-style fried chicken to catch on in the land of boiled meats.

"In the UK in those days chicken was something you ate for Sunday dinner," said Allen. "It was way before its time. We had to give it away to passers-by initially."

But once Britons developed a taste for KFC, it seemed to take off. At one point, Allen was opening a new location every week, the paper said.

"We were in a race against time with McDonalds as we both wanted to get the best sites," said Allen.

Yet it was a struggle to find financing in the early days. Allen said he "walked the streets of London" looking for a loan because all the banks he went to said there was "no future in the business."

Eventually, he was able to raise the £100,000 he needed from an American company, on the condition that he would sell the business once he opened 100 locations, which he did.

Related: KFC parent cuts profit expectations in half

Allen, who like Saunders was made an official "Kentucky Colonel," couldn't remember the exact recipe for KFC's signature fried chicken, which is widely believed to be made up of 11 herbs and spices.

"It is a lengthy recipe," he said. "I think there are 11 herbs and spices but I can't remember it off the top of my head so I couldn't tell you even if I wanted to."

Allen said he doesn't get asked about the closely-guarded recipe very often since not many people are aware of his involvement with the company.

"I have no idea how much it is worth but I would never sell it," he said.

CNNMoney (New York) April 14, 2015: 7:53 AM ET

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The rocket built to take down Elon Musk

This week, Elon Musk's SpaceX once again tried to recycle its rocket boosters used to launch satellites, cargo and astronauts by landing the boosters on a barge after they detach from the rocket.

Meanwhile, Boeing (BA) and Lockheed Martin (LMT) on Monday unveiled what they think will be a better -- and cheaper -- booster recycling solution.

The companies' joint venture, United Launch Alliance, announced a new "Vulcan" rocket whose booster engines can be recaptured and preserved in mid-air after being intercepted by helicopters.

The Boeing-Lockheed venture is responsible for 70% of U.S. space launches.

The Vulcan's space capsule will also be equipped with a super-efficient engine that can be used in space for weeks instead of hours -- enabling visits to multiple space stations or moon missions. The engine will be powered by liquid natural gas, which is cheaper than standard fuel used to power missions.

The new engine is under development by Blue Origin, an aerospace company owned by Amazon (AMZN, Tech30) CEO Jeff Bezos. It will be "the highest-performing, most cost-efficient rocket on the market," according to Tory Bruno, CEO of United Launch Alliance.

Boeing and Lockheed Martin's announcement is aimed at preserving the joint venture's lucrative Pentagon and NASA contracts. Congress has criticized the venture's use of Russian-made RD-180 engines, and SpaceX's potentially cheaper space missions could steal business away from ULA.

"Whether it is scientific missions, medical advancements, national security or new economic opportunities for businesses, ULA's new Vulcan rocket is a game-changer in terms of creating endless possibilities in space," said Bruno. "It will open up new opportunities for the nation's use of space."

SpaceX aborted its attempt to land its rocket booster on a barge on Monday due to weather. The company has failed several times to recapture its boosters, but Musk believes the company has an 80% chance of succeeding by the end of the year.

Related: Brian Grazer and Ron Howard working on space series

Related: Why is Fidelity investing in SpaceX?

CNNMoney (New York) April 14, 2015: 7:48 AM ET

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Alan Turing manuscript fetches $1 million at auction

Turing apparently wrote the 56-page manuscript in 1942 when he was trying to create one of the world's first computers in order to break the German military's code, known as Enigma. Those efforts, which were successful and were credited with being a key to the Allied victory in World War II, are the focus of much of the movie. It received eight Academy Award nominations, including for Best Picture and Best Actor for Benedict Cumberbatch, who plays Turing, and won the award for best adapted screenplay.

The winning bid on Monday was near the low end of the expected sales price announced by Bonhams, which handled the New York auction.

"This is a wonderful result and a fitting testament to Alan Turing's impact and legacy," said Cassandra Hatton, an executive at Bonhams.

The book was originally left to a close friend of Turing, fellow mathematician Robin Gandy. Gandy also wrote his own notes in the blank spaces of the manuscript. Gandy died in 1995, and the owner of the manuscript who put it up for auction was not disclosed by the auction house, nor was the buyer. An undisclosed amount of the proceeds of Monday's auction are being donated to charity.

Related: First U.S. penny sold for $1.2 million

There was a time that computers were known as Turing machines. But Turing's life story became tragic when he faced criminal charges in England for being a homosexual, which was illegal at the time. He was given the choice between chemical castration to "cure" his homosexuality or imprisonment. He chose the former so that he could continue his work creating early computers.

He committed suicide in 1954, although there are conspiracy theories that he was murdered. He received a posthumous apology from British Prime Minister Gordon Brown for his "appalling" treatment in 2009 and a royal pardon five years later.

Related: Steve McQueen's old motorcycle goes for $775,000

CNNMoney (New York) April 14, 2015: 8:18 AM ET

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Revenge porn could get you two years in jail in England

The law forbids people from disclosing "a private sexual photograph or film if the disclosure is made without the consent of an individual who appears in the photograph or film, and with the intention of causing that individual distress."

Revenge porn has come under increased global scrutiny after several high-profile legal cases resulted in little or no jail time.

In November, 21-year old Luke King was the first person to be prosecuted in England for posting revenge porn. King had shared nude images of his ex-girlfriend on WhatsApp. But a national outcry erupted after he received just a 12-week jail sentence -- the maximum penalty under previous laws.

Following a U.S. Federal Trade Commission investigation, Craig Brittan agreed in January to destroy the 1,000 revenge porn images and videos he had posted to his now-defunct website, isanybodydown.com. Known as the "Revenge Porn King," Brittan also collected and posted women's personal information in addition to their intimate photos.

But Brittan didn't serve any jail time, because revenge porn isn't a federal crime in the United States. The FTC charged him with violating the Federal Trade Commission Act, opting to settle after he destroyed the pornographic images and information.

So far, 16 U.S. states have made revenge porn illegal. But those laws are largely ineffective against websites, which are protected by section 230 of the federal Communications Decency Act. The act gives platforms like Twitter (TWTR, Tech30), Facebook (FB, Tech30) and Reddit immunity when third parties post anything that doesn't violate federal law.

As a result, social networks are taking matters into their own hands. Twitter, Facebook and Reddit have all recently banned revenge porn.

The Scottish government is considering introducing similar legislation to England and Wales. Revenge porn is also illegal in Germany and Israel.

Related: Here's exactly what Facebook means by 'nudity'

Related: Revenge porn king wants a clean slate

CNNMoney (New York) April 13, 2015: 7:36 AM ET

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Nine things to know about legal pot

People who've never been high are suddenly wondering how much an eighth really is. And those that could spot an eighth of weed from across a room can now, in some places, walk into a store and buy it. (Try Mary Mart, Bud Commander or the Happy Crop Shoppe -- all stores in Washington.)

But rules are still hazy about where you can buy pot and who can smoke. It gets more complicated for those who want to sell it.

Here's what you need to know.

1. Anyone over 21 can buy marijuana in Colorado and Washington.

There are 833 recreational pot shops in Colorado and 123 in Washington.

2. You can smoke it legally in Alaska, D.C. and -- by the end of the year -- in Oregon, as long as you're older than 21.

But it won't be legal to buy it in those states for at least another year while lawmakers hammer out the details. It could take longer in D.C.

3. No one can smoke weed in public, anywhere.

4. Medical marijuana is legal in 23 states, and D.C.

5.You can still be fired for smoking marijuana.

Even if you show up for work stone cold sober, you can be fired for flunking a drug test in most states. But that's being challenged in court.

6. There is actually one government-run pot store.

The profits from a shop in Washington State called Cannabis Corner will go to special city projects, like upgrading the local playground.

7. There's still a black market for pot, even where it's legal.

That's because it's cheaper. Pot sold legally in stores is taxed heavily. In Colorado the rate is 28%.

8. Everyone in Colorado could get a pot tax refund.

Thanks to Colorado's new pot tax and a quirky state law, residents may get a special one-time tax refund next year. It's expected to be about $58 million distributed among 5.4 million residents.

9. Banking is still a huge problem for pot shops.

Pot is illegal on the federal level, which means many shops can't get bank accounts, since banks are regulated by the feds. Retailers have to pay employees and taxes in cash, which makes the business dangerous. But there is legislation has been proposed to make banking easier for selling medical marijuana sellers.

CNNMoney (New York) April 13, 2015: 7:14 AM ET

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Nearly 90 percent of Americans have health coverage

A poll by Gallup found that the uninsured rate among U.S adults declined to 11.9% in the first quarter, down one percentage point from the end of last year and an improvement from the 18% without insurance in the fall of 2013, when the Americans were first were able to sign up for coverage at state and federal exchanges.

This is the lowest percentage of Americans without coverage since Gallup started tracking the figure in 2008. Those without coverage was just under 15% at that time, then remained in the range of 15% to 18% before it started declining sharply two years ago. The law requiring most Americans to have coverage or pay a penalty took effect at the start of 2014.

"An improving economy and a falling unemployment rate may also have accelerated the steep drop in the percentage of uninsured over the past year," said the Gallup report. "However, the uninsured rate is significantly lower than it was in early 2008, before the depths of the economic recession, suggesting that the recent decline is due to more than just an improving economy."

Related: Five ways Obamacare has helped Americans

Those making less than $36,000 a year have seen the most significant rate of improvement. Though 22% still do not have coverage, that's down from 30.7% at the end of 2013.

Those 26 to 34 years old have also seen the most improvement of any age group, but again, more than 20% still lack coverage. About 98% of those age 65 and older have coverage, basically unchanged from two years ago, as almost all of them qualify for Medicare.

Related: Obamacare's second round attracts more Americans

And far more minority adults still are without coverage, as about 13% of of blacks and 30% of Hispanics don't have coverage. But once again, they've seen greater improvement in their rates of coverage than have whites.

CNNMoney (New York) April 13, 2015: 8:27 AM ET

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The Obamas paid $93,362 in federal income taxes

President Obama and First Lady Michelle Obama reported about the same amount of income in 2014 as they did in 2013.

President Obama and First Lady Michelle Obama reported $495,964 in gross income last year, according to their 2014 tax returns released by the White House on Friday afternoon.

The president's salary accounted for nearly $395,000 of that, while their net business income came to $88,181 from Random House and literary management company Dystel & Goderich. They also earned about $16,000 in taxable interest.

After accounting for $17,400 in tax-deferred retirement savings and a $1,181 deduction for the self-employment payroll taxes they paid, their adjusted gross income came to $477,383, just a little less than they earned the year before.

Related: Top 400 taxpayers' average income jumps to $336 million

So how much of all that went to Uncle Sam? The Obamas' federal income tax bite came to $93,362, or 19.6% of their AGI.

A piece of that tax burden -- $2,035 -- was attributable to the Medicare surtax on high earners that was created to help fund Obamacare.

The Obamas donated $70,712, or about 15% of their AGI, to more than 30 charities.

They also paid $22,640 in income taxes to their home state of Illinois.

CNNMoney (New York) April 10, 2015: 6:33 PM ET

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