No, you can't fly drones over the White House

NEW YORK (CNNMoney)

Before dawn Monday morning, the U.S. Secret Service said a drone apparently found its way onto the White House property. Agents merely described it as a "device" and said they'd pick it up at daybreak.

The Federal Aviation Administration has laid out some harsh rules regarding "unmanned aerial vehicles." That includes everything from your model airplane to scary-looking, shoulder-launched, militaristic drones.

If you're flying one for fun, the FAA lets you do it below 400 feet, away from airports, air traffic, military bases and other restricted locations like the White House. You also must always fly drones within sight. That means if you can't see the drone with your own eyes, you're doing it wrong.

The FAA has strictly prohibited using a drone for business (wedding photography, filming a movie, etc.). The agency is still developing rules for commercial drone use, so it's only approving the occasional "cooperative research and development agreement," essentially a carefully-watched experiment. CNN got one.

Going forward, the FAA seems like its leaning toward rules requiring a pilot's license for commercial use -- and only within sight.

As for the White House area, the problem isn't just that there are busy streets and it's an urban area. After the Sept. 11, 2001 attacks, the FAA declared the airspace over Washington, D.C. a flight restricted zone. The agency cited a 1994 incident in which someone deliberately flew their Cessna 150 into the White House while on "a suicidal plot."

These restrictions do have some merit. A relatively small drone can carry a few pounds at a time. And if it's loaded up with just one pound of, say, C-4 explosive, it could cause a significant amount of damage.

It's not just aircraft that are barred from the White House area. No ground vehicles are allowed on Pennsylvania Avenue, the street directly in front of the White House. And trucks are prohibited on the street just west of the mansion's property.

So, no flying drones around the White House, okay?

Related: CNN cleared to test drones for reporting

Related: Drone startups swoop up millions

Related: Drone pilot wanted: Starting salary $100,000

First Published: January 26, 2015: 8:16 AM ET

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Syriza won, so what's next for Greece?

LONDON (CNNMoney)

The result sets the stage for a mighty battle between Greece and its international lenders. Leader Alexis Tsipras will be sworn in as prime minister on Monday, after moving quickly to form a coalition with the Independent Greeks party. The parties want tough bailout terms to be eased, while the country's backers remain reluctant to forgive much of its heavy debt burden or weaken their hardline stance on structural economic reforms.

The result has sent a charge of worry through Europe. Suddenly Greek risk -- including a possible exit from the euro -- has begun to simmer again.

So what's next for Greece, and for Europe?

1) Banking jitters: Already money is flowing out, and there's not as much coming in. Syriza's pledge to relieve the tax burden has deterred some citizens from paying their taxes, and receipts could be much lower if the new leaders honor their election promises. Capital flight has increased. Investors are nervous, with bank stocks down as much as 11% in Monday trading. The Greek banking sector is more robust than it was before the financial crisis, but two major banks have applied for emergency liquidity support from the European Central Bank should conditions deteriorate.

Related: Has 5 years of austerity paid off?

2) Debt extension: The first big challenge for Greece's new government is to secure an extension to its current bailout. The clock is ticking: The deadline is February 28. Capital Economics chief European economist Jonathan Loynes said the government faces heavy debt redemptions this year, and will run out of money quickly without support. The International Monetary Fund puts Greece's net debt at about 170% of GDP.

3) Restructure debt: Here's where the battle really begins. Greece's new guard wants austerity measures such as tax hikes and government spending cuts to be revised. But the country's international lenders -- the IMF, the ECB and the European Commission -- are unlikely to soften their debt terms without major concessions.

Greece accepted its first bailout in 2010. Since then it has received €240 billion ($277.8 billion) in emergency loans. The high-stakes negotiations will hinge on hardline parties from both sides -- in particular Germany -- giving up ground. German taxpayers fear they'll be forced to bear the brunt of the losses if Greek debt is forgiven.

Related: Europe plays it tough with new Greek leaders

Strategists at HSBC said "outright haircuts" are unlikely, but some easing of austerity and primary surplus targets could be agreed. Syriza has also said it wants to reverse many of the structural reforms -- reforms its lenders see as central to lift economic growth. Last year, the country returned to modest growth after five years of recession -- but output remains far below levels seen in 2007.

4) Possible Grexit?: Drawn-out negotiations could prove dangerous for Greece. Low on funds, it needs to act relatively quickly. Experts say Greece's exit from the eurozone isn't an immediate threat, but one that could materialize.

Capital Economics' Loynes said the Grexit risk "could rise if a prolonged stalemate between Syriza and [lenders] prompts renewed market pressures and weakens Greece's already fragile banking system."

Still, the impact on the wider region is likely to be much reduced from that seen during waves of panic in recent years thanks to new funding support mechanisms, and stronger European economies. Also helping matters is support of the currency bloc—just over two-thirds of Greeks want to stay in the euro.

First Published: January 26, 2015: 9:31 AM ET

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U.S.-based Bitcoin exchange set to open

NEW YORK (CNNMoney)

Coinbase has raised $106 million to fund its operation, with investors including the New York Stock Exchange, bank BBVA, venture capital firms Andreesen Howrowitz, DFJ Growth and USV, as well as financial services firm USAA.

Investors in the virtual currency Bitcoin have been forced to trade on overseas exchanges. The financial stability and security of those exchanges has been in question, especially after a series of issues.

One of the largest, Mt. Gox, was forced to file for bankruptcy nearly a year ago after hundreds of millions of dollars of Bitcoins disappeared from the exchange in what Mt. Gox claimed was a hack attack. Earlier this month, Europe's biggest Bitcoin exchange, Bitstamp, suspended services after about 19,000 bitcoins, worth about $5.2 million, disappeared from accounts after a hack attack.

Coinbase says it has several layers of security in place.

"We take careful measures to ensure that your bitcoin is as safe as possible," it tells customers. Measures include two-step verification for logging in, encryption technology, storing bitcoin records offline and conducting background checks on employees. It also says it is insured against hacking, internal theft, and accidental loss.

Related: Will Bitcoin ever rebound?

San Francisco-based Coinbase, which opened in June of 2012, has until now solely been a platform where merchants and their customers can conduct transactions using bitcoins.

It says it already has 1.9 million users and 38,000 merchants using the firm to exchange bitcoins, along with 7,000 developer apps.

The exchange said it opened at 9 a.m. ET Monday.

First Published: January 26, 2015: 7:53 AM ET

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Disney launches 'Frozen' cruise

Disney Cruise Line is going to offer a "Frozen" themed cruise this summer.

NEW YORK (CNNMoney)

The Disney Cruise Line will start running its new "Frozen" themed cruises this summer, the company said.

Naturally, they're not headed to the Caribbean, but to northern destinations including Norway, Iceland, Scotland and Alaska.

The cruise will be designed to mimic the animated children's movie about a girl whose touch turns everything into ice. The ship will turn into a "winter wonderland."

"On one special morning, guests will awake to discover a magical freeze has overtaken the atrium lobby with sparkling icicles adorning the grand staircase, resembling the majestic mountain-top ice palace of Queen Elsa," said Disney Cruise Line, in a press release.

Related: "Frozen" and "Wolf of Wall Street" were most pirated films in 2014

Costumed characters from the movie will make appearances on the ship, according to Disney (DIS), and many of the cruise events revolve about music and dancing. "Frozen" is a musical, after all.

Disney said that evening dances on the pool deck will be "followed by fun just for adults in the nightclub featuring dance performances and frozen specialty drinks."

First Published: January 26, 2015: 7:42 AM ET

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Hashtag #money. The business of the pound sign

NEW YORK (CNNMoney)

And even Twitter, at first, rejected the idea, which came from Chris Messina, an early user of the service.

He proposed the symbol -- and its functionality -- as a way to allow Twitter users to sift through the daunting, constantly updating newsfeed. When affixed to a word or phrase, the symbol would serve as a clickable tag.

Eventually Twitter (TWTR, Tech30) came around. That was in 2007. Today, the hashtag has far more reach than just as a ubiquitous tag among social sites.

It has spawned entirely new businesses

"We bet it all on the hashtag," said Josh Decker, CEO and founder of startup Tagboard.

Launched in 2011, Tagboard lets users follow hashtag conversations by aggregating posts from six of the social media biggies -- Twitter, Instagram, Facebook, Google Plus, Vine and Flickr -- on one page. It's been used by news organizations like the BBC, in stadiums and on the web.

Anyone can use the platform's basic features for free -- but businesses can pay for services like embedding a Tagboard page on their site or using more than one hashtags. The startup counts Samsung (SSNLF), Microsoft (MSFT, Tech30), Audi (AUDVF) and Nike (NKE) among its 1,000 clients.

And it has one important supporter: Messina, who joined the board in June.

Related: I have a finance, a girlfriend and two boyfriends

Decker points to the Super Bowl as an example of the hashtag's proliferation. In 2012, 7% of Super Bowl ads featured hashtags. In 2014, 58% of did, according to Decker.

Though not yet profitable, Tagboard's user base and revenue grew sixfold from 2013 to 2014.

Decker's business (and others like U.K.-based startup Hashtagify, which helps businesses identify and suggest tags) aims to fill an open market.

"It's something that needs a lot of understanding," said Sree Sreenivasan, chief digital officer at the Met Museum who has been training professionals on using digital media for decades.

"I don't think we've reached a point where everyone understands what it is," added Sreenivasan (who said this year, every Met exhibit will have its own hashtag). "I joke, 'my children eat in part because people don't understand what a hashtag is.'"

Related: Sex, Drugs, and Silicon Valley

The symbol's overuse -- and misuse -- has become the subject of mockery in pop culture. That's become a business opportunity on its own.

Brands like Kate Spade have introduced the symbol on totes ("Is this seat taken? #Handsomestranger") and tech accessories ("He said, she said #talkischeap"). Kate Spade declined to comment.

The most popular hashtag product on CafePress is this basic tee which goes for $25.

CafePress, the custom t-shirt, apparel and gift site, has 189,000 items that include the hashtag (out of over 1 billion user-generated designs). According to Sarah Segal, director of public relations, sales for hashtag-related products have been on the rise since 2009. The most popular? A t-shirt featuring just a simple hashtag. Other popular designs include #YOLO, #Swag, #NoFilter, #Bestie and #Selfie.

"We've been considered a barometer for things that are trending," said Segal, who declined to disclose specific sales figures.

Related: Fashion startups to watch

Bow & Drape, a New York City-based fashion firm that lets women customize basic articles of clothing is also getting in on the trend. According to co-founder Aubrie Pagano, sales of items with a hashtag have grown an average 212% every month since first rolling in September.

It appears the hashtag has finally made it.

"It's left nerd-dom and now it's out there in the world," said Messina.

--Laurie Segall contributed reporting to this article.

First Published: January 26, 2015: 9:33 AM ET

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Europe plays it tough with new Greek leaders

LONDON (CNNMoney)

Alexis Tsipras will be sworn in as prime minister on Monday after securing a landslide victory in Sunday's election. He leads a coalition of parties that wants to roll back austerity measures and negotiate new terms for Greece's massive debts, putting the country on a collision course with its international lenders.

Leading EU politicians and central bankers were quick to restate their opposition to a major renegotiation of Greece's bailouts, saying it had to play by the rules if it wanted to keep the euro as its currency.

The European Union and International Monetary Fund have together lent Greece some 240 billion euros in rescue loans since 2010.

Related: Greece's anti-austerity vote worries markets

In Germany, Europe's biggest economy, the Greek election results are seen as a nightmare. German taxpayers fear they'll be forced to bear the brunt of the losses if Greek debt is forgiven.

Germany wanted to work with the new Greek government, a spokesman for Chancellor Angela Merkel said Monday.

"We believe it is important, that the new government put measures in place that will continue Greece's economic recovery. That also means that Greece must abide the rules it has agreed to, and that the new government must build on the successes achieved so far," the spokesman added.

Benoit Coeure, a member of the European Central Bank's executive board, said the bank could not accept a Greek debt haircut.

"It's absolutely clear that we cannot agree to debt relief that includes Greek bonds that are held at the ECB," Coeure told German business newspaper Handelsblatt.

IMF chief Christine Lagarde also stood firm, saying Greece cannot demand special treatment, according to French newspaper Le Monde.

Officials from across the eurozone will discuss their response to the Greek election Monday at a meeting in Brussels. Jeroen Dijsselbloem, Dutch finance minister and chairman of the eurozone group of finance ministers, said Greece must play by the rules.

Related: Greece 'leaves behind the austerity that ruined it'

First Published: January 26, 2015: 8:24 AM ET

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Barbie-maker Mattel CEO out as sales falter

NEW YORK (CNNMoney)

After reporting declining sales and profits, Barbie-maker Mattel's CEO Bryan Stockton is stepping down.

Stockton will be replaced by Christopher Sinclair, a long-time board member and former Pepsi (PEP) executive, the company said Monday.

Mattel (MAT) also released fourth-quarter results ahead of schedule. Sales fell 6% to $1.99 billion during the quarter, which included the crucial holiday sales period.

First Published: January 26, 2015: 9:50 AM ET

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Best dividend stocks to buy now

NEW YORK

But a quick look beyond the tempting yield reveals that Philip Morris' dividend growth rate slowed significantly last year, growing just 6% compared to a 10% rise the two previous years and 20% growth in 2011.

Investors know that the best dividend stocks offer investors more than sky-high dividend yields. Three Motley Fool contributors explain why Vector Group (VGR), Kinder Morgan (KMI), and Apple (AAPL, Tech30) are better dividend stocks than Philip Morris today.

Related: Big week for the stock market

1. Dan Caplinger picks the Vector Group: As lucrative a dividend stock as Philip Morris has been since its 2008 spinoff, I like the moves that tobacco peer Vector Group has made recently. Vector Group sells cigarettes primarily toward the discount end of the price spectrum, and as cash-strapped customers face ever-increasing cigarette taxes, Vector's products offer a value proposition to customers that they increasingly can't find from premium brands.

Many dividend investors have worried for years that Vector's 7.6% dividend yield was unsustainable, but that hasn't stopped the company from making small, but significant increases to its quarterly payouts over time -- as well as issuing stock dividends that amount to mini-splits and have left longtime investors with a greater number of shares than when they started.

Related: Vanguard's Best ETFs

Vector also offers a unique opportunity because of its stake in New York City real-estate giant Douglas Elliman. With the New York real-estate market performing extremely well, Vector has clearly benefited from having exposure outside the tobacco industry, where increasing competition from major cigarette players even in the discount arena has threatened Vector's market share. If Vector decides to spin off its stake in Douglas Elliman, it could give current shareholders the best of both worlds and let them choose which side of the business has the better potential for future growth.

2. Joe Tenebruso likes Kinder Morgan: The best dividend stocks combine a sizable current yield with the likelihood of strong dividend growth in the years ahead. Few companies possess such a powerful combination of these two wealth-creating features as Kinder Morgan.

With more than 80,000 miles of pipelines, Kinder Morgan owns and operates the largest network of natural gas pipelines in the U.S. and is the third largest energy company (based on enterprise value) in North America.

The energy titan recently became even more powerful when, in November, it completed its purchase of all of its publicly traded subsidiaries. Management expects the combined entity to benefit from a lower cost of capital, and investors will likely appreciate a less-complicated corporate structure. An additional benefit of the merger is that the new combined company will be a traditional C-Corporation, thereby helping investors avoid the tax complications of master limited partnerships, particularly as they relate to retirement accounts.

Related: 5 Top Stocks to Own if Europe's Economy Recovers

Kinder Morgan currently yields 4.3%, and management has announced its intention to raise the dividend to $2 (a 4.8% yield at today's prices) in 2015. Although the recent swoon in oil prices will likely make it more difficult, management has also announced that it expects to raise Kinder Morgan's dividend at a rate of 10% per year from 2015 to 2020. A nearly 5% yield that's likely to grow at 10% per year -- that's hard to come by in todays' market.

All told, Kinder Morgan is an outstanding business that's now well-positioned to profit from the tremendous demand for energy infrastructure in North America, and its new, simpler corporate structure should help investors to better understand and appreciate its income-generating prowess in the years ahead.

3. Tamara Walsh recommends Apple: For investors looking for solid returns and low risk, Apple stands out as a top dividend stock to own. The tech giant began paying dividends in fiscal 2013, which is relatively recent compared to other top dividend stocks. However, unlike many other dividend payers, Apple offers investors both income and growth.

Related: Warren Buffett Tells You How to Turn $40 Into $10 Million

Apple currently has around $164 billion in cash on its books. This means it has more than enough money to reinvest in the business, while also returning loads of cash to shareholders through dividends and share buybacks. The company pays a quarterly dividend of $0.47 per share and has a dividend yield of 1.71%. While this yield doesn't beat Philip Morris' 4% yield, Apple is growing its dividend twice as fast as the tobacco stock today. In fact, Apple grew its dividend at an annualized growth rate of 11.2% during the past two years.

On top of this, Apple is also creating shareholder value by aggressively buying back its own shares. As of Sept. 2014, Apple had repurchased $67.9 billion of the allotted $90 billion repurchase plan. Additionally, management returned $11.1 billion in dividends to shareholders in 2014, and it plans to increase its dividend annually for the foreseeable future.

Given Apple's unrivaled ability to generate loads of cash, the company should have no problem growing its dividend for many years to come. In fact, analysts at Credit Suisse see Apple increasing its cash return program to more than $200 billion for the next three years. For these reasons, I believe Apple is one of the best dividend stocks to own today.

Editor's note: The Motley Fool currently recommends Apple and Kinder Morgan.

First Published: January 26, 2015: 10:14 AM ET

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This money manager hates Carl Icahn

NEW YORK (CNNMoney)

Ebay (EBAY, Tech30) and Gannett (GCI) are the two largest holdings of Seattle-based Smead Capital Management.

"We are not happy. We have a much longer time horizon than Icahn has," said Tony Scherrer, director of research for Smead Capital. "Icahn obviously is an activist. He gets in and bullies the company."

Scherrer said that Icahn is a "distraction" to the boards of both firms -- particularly Gannett.

Icahn got the PayPal spinoff he wanted. Icahn may finally be happy with eBay. He entered into a truce with eBay last week after the online auction company agreed to name one of his firm's managing directors as a board member. Icahn often likes to shake up management.

eBay is also spinning off its PayPal unit, a plan that Icahn proposed when he first bought a stake in the firm last year.

As part of last week's agreement, eBay acquiesced to certain corporate governance rules for PayPal that Icahn wanted to put into place.

Related: Icahn is battling the workers' union of the Taj Mahal casino

But Scherrer said his firm first invested in eBay because it believed it is better off with PayPal. He thinks that Icahn's meddling may not benefit shareholders who want to hold the stock for several years -- not just a couple of months.

"The worst part about having Icahn invest in our companies is that he somehow can inflict his will in a way that benefits the stock in the short-term but takes away potential for returns in the long-term," he said.

Scherrer added that Icahn has been unfair in his criticism of eBay CEO John Donahoe.

"We think the world of John Donahoe. He has been a fantastic manager of the business," Scherrer said.

Gannett under attack. As for Gannett, Icahn is pushing to get two board seats. Gannett, which owns USA Today, is also in the process of splitting up. There will be one company for its newspapers and another for its broadcast television stations.

Icahn wants Gannett to set up rules that would make it easier for an acquirer to buy the two standalone companies once the spinoff is completed.

Related: Big layoffs planned at eBay

Scherrer is particularly annoyed by Icahn's claim that investors are not happy with Gannett's corporate governance. Scherrer pointed out that Gannett announced plans to split days before Icahn announced a stake in the company.

"Icahn is late to the party. Gannett has been one step ahead of him. It's nearly laughable that he's complaining about corporate governance," Scherrer said.

Icahn did not respond to a request for comment. But he is correct in pointing out that Gannett investors may not be completely pleased with the spinoff announcement. The stock is down 6% since Gannett unveiled its breakup plans last August.

Gannett's stock rose more than 2% on Thursday -- after Icahn asked to have two members named to the board.

Icahn's hot streak has cooled off. But Scherrer still thinks Icahn is doing a disservice to long-term investors. And he worries that Icahn and other corporate raiders -- who have amassed big war chests to invest with -- are going to circle even more companies.

"Generally, we are not a fan of activists," he said. "But there is a lot of activist money out there right now so there are a lot more potential candidates."

Related: Billionaire winners and losers of 2014

And Icahn could use a couple of new big wins for his portfolio.

His Icahn Enterprises firm had a banner 2013. The stock surged nearly 160% thanks to big wins in his stakes in Netflix (NFLX, Tech30) and several energy firms, such as Chesapeake (CHK) and Transocean (RIG).

But Icahn Enterprises shares fell more than 10% last year, despite a surge in Apple (AAPL, Tech30) -- which Icahn owns and is pushing to buy back more stock.

Icahn Enterprises was dragged down by the energy stocks last year as well as the plunging stock price of Herbalife (HLF), the controversial nutritional supplements maker that he has feuded about with short seller Bill Ackman.

First Published: January 26, 2015: 10:40 AM ET

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Blizzard of 2015: Winners and losers

NEW YORK (CNNMoney)

A major snowstorm can be a big disruption to the economy, leaving some buried in losses while creating opportunities for others.

"From a retailer perspective, it's devastating," said Britt Beemer, CEO at America's Research Group. Retailers lose 85% of their business, he estimates. If this week's big storm shuts down travel in the Northeast, it could have a $1 billion impact.

Here are some of the winners and losers when the flakes start swirling:

Winners:

--Snow removal: Salt and sand trucks often start rolling before a storm begins, and the cleanup effort lasts long after it's over. That means overtime pay for snowplow operators and others involved in clearing the roads.

--Diners and dives: Many restaurants and shops may be pulling down their shutters as the snow piles up. But snowplow operators need a place to stop for coffee and a warm meal, so those local 24-hour diners can live up to their name.

--Hardware stores and gas stations: Nothing sells shovels like a snowstorm. There's also a spike in interest for ice scrapers, sand, salt, snow blowers and gas to run them. This intensified demand sometimes leads to price gouging.

--Grocery stores: What is it about snowstorms that inspires people to stock up on bread and milk? Grocery stores do brisk business, which means long lines at the register and empty shelves for the procrastinators. Don't be surprised if the line at the nearby liquor store is also longer than usual, too. But the pre-storm spike is usually offset by a lull once the storm hits, and the overall picture is mostly a wash for grocery stores, Beemer said.

There are losers, too:

--Cities, towns and states: Hours of overtime is good news for snow plow operators, but someone has to foot the bill. Even a small storm can set back a town by hundreds of thousands of dollars, and a big one like this can tally in the millions. (New York, for example, puts 1,800 plows onto the city's streets.) Local governments also have to fuel and repair the trucks, fill them with salt and sand, and -- when it gets really bad -- deploy National Guard troops to rescue stranded people.

--Hourly workers: For every boss who urges employees to travel only if it's safe, there's another who pushes employees to come in. After all, someone needs to stock the shelves and run the register, especially if there's a spike in business due to the storm. But workers can't help it if they're snowed in or need to stay at home with the kids if school is canceled. Hourly workers don't get paid when they miss a shift, so that means they're out a day's pay.

--Victims of accidents: Slippery roads mean accidents -- ranging from multi-vehicle pileups to minor slips and falls on an icy sidewalk. Costs can pile up for car repairs and injuries.

--Theaters & restaurants: Many people just want to avoid the spills and accidents and stay home to watch a movie from the couch. But that also means they might have canceled a trip to the movie theater or to that fancy restaurant for the dinner they had planned.

--CNNMoney's Christine Romans and Logan Whiteside contributed to this report

Related: Blizzard: What you need to know if you're traveling

First Published: January 26, 2015: 11:05 AM ET

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This is America's SUV-buying tipping point

NEW YORK (CNNMoney)

According to research from TrueCar.com, the magic number when SUV sales begin to rise is $3.00 gas. And the magic number when hybrid sales begin to fall is $2.77.

With fuel prices steadily dropping, SUV and crossover sales climbed 11.8% higher last year. Now, with gas is below $2 a gallon at most U.S. gas stations, that trend is expected to continue.

Since gas dipped below $2 about a month ago at a station in Oklahoma City, about 70,000 stations have followed suit, according to the Oil Price Information Service, which tracks prices for AAA.

Related: What gas costs in your state

Hooray for cheap gas! Now I can haul my giant pumpkin around town in my SUV.

Steve Barna, president of Hawthorne Chevrolet in New Jersey, said mid-size SUVs are flying off his lot. What's not selling? Little fuel sippers.

"The heat is off the hybrids. The heat is off the smaller cars," said Barna.

So will cheap gas doom fuel efficient car sales? Only time will tell.

To be sure, gas prices are not the only determining factor for shoppers. It also helps that there's a broader array of SUV options available.

"I think when you purchase a vehicle you do it responsibly," said Tom Kloza, the global head of energy analysis at OPIS. "And it is irresponsible just to sort of drive in this big huge thing."

Kloza, says he expects prices to stay low this year, but a longer forecast is difficult to predict.

-Laurie Frankel and Richa Naik contributed reporting.

Related: SUVs are kings of the road once again

First Published: January 19, 2015: 7:07 AM ET

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Facebook has more than 1,100 jobs to fill

NEW YORK (CNNMoney)

The company's staffing level jumped by 44% in the 12 months ending Sept. 30, according to a company filing, growing Facebook's headcount to 8,348 jobs as of that date. Facebook's year-end employment level is not yet available.

Many of the job openings on the company's site are for advertising sales. There are 126 ad sales job postings listed.

But Facebook's move into new areas is also fueling its growth. Its Oculus virtual reality unit has 52 job openings listed, and its effort to have drones provide Internet access to different parts of the globe has the company looking to hire aerospace mechanical technicians, avionics engineers and a flight test manager.

Related: Facebook, Apple pay to freeze employees' eggs

The company is also looking for 43 recruiters and 28 human resources job openings to help it handle the flood of hiring it expects to do.

Facebook (FB, Tech30) was not immediately available for comment on the hiring plans, which were first detailed in a story by wire service Reuters.

"We are an ambitious company run by an ambitious CEO," Facebook Chief Operating Officer Sheryl Sandberg told Reuters in an interview. "Our users are growing and our business is growing and we want to support that."

Related: Mark Zuckerberg wants to make us all smarter

Facebook still has a relatively lean workforce compared to other tech companies. LinkedIn (LNKD, Tech30), another social networking company, had just over 5,000 employees despite having only one-fifth of the revenue of Facebook.

First Published: January 19, 2015: 9:45 AM ET

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Mark Zuckerberg wants to make us all smarter

NEW YORK (CNNMoney)

The new selection for his online book club is an 800-page thesis from a Harvard psychologist about violence in society. His first choice was no common beach read either: a modestly-selling 300-page argument about how the "antiestablishment drive of micropowers can topple tyrants, dislodge monopolies, and open remarkable new opportunities, but it can also lead to chaos and paralysis."

His book selections so far, combined with Facebook's (FB, Tech30) algorithms that value the substantive over so-called clickbait, say something about the community Zuckerberg is looking to build.

"My goal was never really to make Facebook cool," Zuckerberg said in a chat with users last year. "I am not a cool person, and I've never really tried to be cool."

Related: Don't believe this Facebook hoax

His book club is dedicated to "learning about new cultures, beliefs, histories and technologies." It has collected more than 270,000 fans since launching on Jan. 2, and sales of the first book, "The End of Power" by Moises Naim, spiked after Zuckerberg revealed it as his first read.

The new selection is Steven Pinker's "The Better Angels of Our Nature: Why Violence Has Declined." It argues that violence among humans has declined over time. "If we understand how we are achieving this, we can continue our path towards peace," Zuckerberg wrote.

Zuckerberg hasn't always been focus on learning. He's among Harvard University's most famous dropouts, leaving the school in 2004 to expand what was then TheFacebook.com.

Related: Facebook kicks drone business into high gear

First Published: January 19, 2015: 9:31 AM ET

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China stocks plummet after margin trade crackdown

HONG KONG (CNNMoney)

The Shanghai Composite dropped nearly 8% as investors reacted to the ruling, which will prevent the brokers from opening new margin trading accounts for three months.

Shares of two affected brokerages -- Citic Securities and Haitong Securities -- quickly lost 10%, the daily limit for stocks trading in Shanghai. Guotai Junan Securities, the third broker, was trading down more than 10% in Hong Kong.

The fallout was limited to stocks trading in China. Japan's Nikkei gained nearly 1%, and most regional indices finished higher.

Deng Ge, a spokesman for the China Securities Regulatory Commission, said the brokers were caught rolling over margin trading accounts for a large number of clients "and had been warned," according to Reuters.

Related: Plunging oil prices won't solve China's economic problems

Margin accounts allow consumers to buy stocks with money borrowed from their brokerage, and can yield huge returns. They are also very risky, especially for inexperienced retail investors.

Citic said in a statement that it would take steps to rectify the problems identified by regulators, and no longer allow customers to extend margin loans beyond the six month limit mandated by law.

The crackdown is thought to be a reaction to an increase in margin trading that helped fuel the Shanghai Composite's meteoric rise in recent months.

It is not yet clear whether the ruling will blunt broader market enthusiasm. The Shanghai Composite had surged a jaw-dropping 63% over the past six months, and many analysts predict the index has even more room to run.

The exuberance is not supported by economic data -- factory activity is dour, the real estate sector is shaky and GDP growth is expected to slow further this year to 7%, according to a CNNMoney survey of economists.

First Published: January 19, 2015: 12:34 AM ET

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Oil producers caught in a perfect storm

DAVOS, Switzerland (CNNMoney)

Only this time, instead of debating how to find enough energy to power the global economy, executives and policymakers will grapple with a supply glut that is hurting producers and could fuel global deflation.

It's been a remarkable reversal of fortunes. Back in January 2009, as Davos deliberated, President Obama was taking the oath of office, promising to reduce America's dependency on foreign crude oil.

Fast forward to 2015 and U.S. shale producers are pumping nearly 4 million barrels a day, more oil than Iraq.

The U.S. energy boom is not the only factor behind the dramatic swing. Other producers, including OPEC, have been pumping away furiously, taking advantage of prices around $100 a barrel. Now the price has collapsed to below $50 as slowing global economic growth, energy efficiency and alternative sources sap demand.

Related: Falling oil's next victim: banks

Relief won't come from OPEC any time soon, either, if Saudi Arabia and its Gulf neighbors have their way -- and they usually do.

Saudi Arabia, which has long played the balancing role in world oil markets -- pumping more when demand is strong, trimming supply when it slows -- has had enough. It's time for other producers, such as the U.S. and Russia, to do their bit, it says.

"We are not going to cut, certainly Saudi Arabia is not going to cut," Saudi energy minister Ali Al-Naimi told CNN in a recent interview. The veteran minister went further, saying this was "the position we will hold forever, not [just] 2015."

As a result, the great and good that attend the annual Swiss meeting are being forced to confront what will be a painful year for oil and gas companies, and for emerging markets that depend heavily on energy exports.

The price collapse is already starting to bite, according energy services giant Baker Hughes. This month saw the steepest weekly drop in the number of U.S. oil rigs in service in nearly 25 years. Energy firms are shedding jobs.

Ahead of the Davos gathering, 300 energy executives polled at an event in Abu Dhabi said they expected prices to remain between $50-$60 this year.

Oil may eventually stabilize at a higher level of $70-$90 a barrel, but those prices could be three to five years away, according to Christophe Ruhl, head of research at Abu Dhabi Investment Authority, the giant sovereign wealth fund.

That will only happen "when global demand is strong enough to match ... increased production growth in North America, which we have not seen, and ... OPEC production stabilizes at whatever level they decide."

Related: Russia facing deep spending cuts

A great deal could happen between now and 2020 in unstable countries such as Libya or Yemen. Indeed, some experts say the hard line being followed by major Gulf producers could spark unrest in countries whose budgets depend on $100 a barrel -- including Algeria and Iran.

"If they inflict too much suffering on some of their neighbors, those fires that they light with exceptionally low prices can ultimately lead to radicalization and regional destabilization, fundamentally threatening the global energy supply," said Ali Khedury, a former U.S. military advisor in Iraq and now CEO of Dragoman Partners.

When oil averaged a record $100 or more for a record five years, the industry calculated that prices were inflated by about 15% because of the risk that the Arab Spring would disrupt exports.

Those fears have evaporated as excess supplies flooded the market, putting pressure on industry executives and world leaders who are trying to adjust to OPEC's stand to protect its market share.

First Published: January 19, 2015: 4:13 AM ET

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Winners and losers in oil's plunge

NEW YORK (CNNMoney)

Oxford Economics looked at the impact of cheap oil on the world's 45 largest economies, and found that the U.S. economy would grow a full percentage point faster if oil drops to $40 a barrel. Oil is currently trading at about $48. Even a price of $60 would be enough to boost the rate of economic growth by a half of a percentage point.

"There are far more people who will benefit than will be hurt in the U.S.," said Oxford's Gabriel Sterne, one of the study's authors and an economist with the global economic research firm.

The plunge in oil prices has rattled U.S. stock markets. And many major U.S. oil companies are slashing spending and jobs. Schlumberger (SLB) cut 9,000 jobs due to lower production, and ConocoPhillips (COP) plans to slash capital spending by 20% this year.

But the benefits of cheap oil on Main Street far outweigh the trouble it's caused on Wall Street, Sterne said.

The nation's 200 million drivers will save an average of $750 this year thanks to lower gas prices. Combined with lower heating bills, that will put an extra $120 billion in consumer's pockets.

All that extra money should translate into more spending that fuels US economic growth.

Related: Cheap oil is killing my job

Oxford also expects some other major oil producers, such as the United Kingdom and Canada, to come out ahead on lower oil prices.

Hong Kong, which imports almost 100% of its energy, has gotten the biggest boost among developed countries.

Not surprisingly, developing economies that are dependent on oil, such as Saudi Arabia, Russia and the United Arab Emirates, are getting hit hard by the slide.

Related: Oil producers caught in a perfect storm

Russia has fallen into a recession due to plunging oil and it'll get worse as oil continues to fall, according to Oxford Economics.

Related: Plunging oil prices won't solve all of China's problems

But developing countries that don't produce oil are big winners. The Philippines should get the biggest lift, while China and India should enjoy improved growth similar to that in the United States.

Related: Cheap oil can be good for stock market

First Published: January 19, 2015: 6:27 AM ET

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How the 1% fly to Davos

LONDON (CNNMoney)

Billionaires and world leaders from across the globe are flying en masse to the annual World Economic Forum in Davos, Switzerland -- and they insist on traveling in style.

Roughly 1,700 private flights are expected over the course of the week, which is twice as many as normal, according to WINGX Advance, a tracking firm. Traffic is expected to rise 5% compared to last year's event.

Private jet companies have warned clients to plan ahead, as securing spots for landing, take-off and parking can become a logistical nightmare.

"Because last year was so busy, private jet customers know ... that they have to book in advance," said Adam Twidell, CEO of the online jet booking company, PrivateFly. His firm helped clients secure about 20 flights for the event, which starts Wednesday.

These Swiss airports see the most private jet traffic during the World Economic Forum, according to WINGX Advance.

The main Zurich airport handles two-thirds of private jet travel for Davos-bound attendees, and a spokesperson said airport traffic surges by roughly 10% during this period.

Zurich airport authorities have reserved roughly 60 parking spots exclusively for Davos-related jet traffic, but it hasn't been enough. All the spots were booked well in advance.

For the first time, the Swiss Armed Forces opened up its Dübendorf military airport to private jet passengers, and many top world leaders are expected to go through this base.

Other popular airports include St. Gallen-Altenrhein and Engadin, though industry insiders said they are sometimes avoided due to regular weather-related disruptions.

Related: The 2015 billionaire social calendar

Demand for helicopters also skyrockets during Davos.

On average, the Zurich airport handles five helicopter flights per day. But when the Davos event was on last year, helicopter traffic surged to 54 flights on a single busy day.

Nearly 200 helicopter flights went through the Zurich airport during the last Davos event. Those helicopters carried 500 passengers, which is mind-boggling considering the event only hosts 2,500 attendees.

Private jet company NetJets forecasts that it will operate about 80 flights in and out of the region over the week, up 4% compared to last year.

Meanwhile, another private jet company, VistaJet, expects bookings for Davos travel will roughly double compared to last year, up to about 20 flights.

VistaJet charges between $10,000 and $15,000 per hour to use its planes. Founder Thomas Flohr said customers that book a long-haul journey to Davos can get a helicopter ride for free.

Related: Cheap oil means cheaper private jets

First Published: January 19, 2015: 12:58 AM ET

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Amazon is going to make movies

NEW YORK (CNNMoney)

The company announced Monday that its Amazon (AMZN, Tech30) Studios division -- the same one that is behind TV shows like "Transparent" -- will "begin to produce and acquire original movies." The first movies will enter production later this year.

Amazon didn't announce any specific projects. But it said the movies will be released first in theaters and only a little while later on the company's streaming video service.

"Whereas it typically takes 39 to 52 weeks for theatrical movies to premiere on subscription video services, Amazon Original Movies will premiere on Prime Instant Video in the U.S. just 4 to 8 weeks after their theatrical debut," the company said in a press release.

The announcement opens a new front in Amazon's competition against Netflix (NFLX, Tech30), which is also financing movies and trying to shorten the window of time between theatrical release and online release.

In August, Netflix is scheduled to premiere a sequel to the 2000 hit "Crouching Tiger, Hidden Dragon" at the same time IMAX moviegoers can see it in theaters.

Amazon's strategy is a bit different, by committing to releasing films in theaters first, while still shortening the window of time it takes to get them online.

Roy Price, the vice president of Amazon Studios, said the company's goal is ambitious: to "create close to twelve movies a year."

Amazon said its development efforts -- reading scripts, acquiring movies, etcetera -- will be led by Ted Hope, the co-founder of the production company Good Machine.

Hope, whose title will be head of production for Amazon Original Movies, said: "Audiences already recognize that Amazon has raised the bar with productions in the episodic realm, tackling bold material in unique ways and collaborating with top talent, both established and emerging. To help carry the torch into the feature film world for such an innovative company is a tremendous opportunity and responsibility."

Related: Woody Allen to create his first television series for Amazon

First Published: January 19, 2015: 9:19 AM ET

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Liam Neeson's gun control rant sparks calls for movie boycott

Firearms maker PARA USA has called for an industry boycott of films starring Liam Neeson.

LONDON (CNNMoney)

Gunmaker PARA USA has called for an industry boycott of movies starring the actor after he criticized U.S. gun policy during a press tour for his latest film.

In a statement posted on its Facebook page Saturday, PARA said it "regrets" providing firearms for the action blockbuster "Taken 3" and won't provide guns for any more of Neeson's films. He plays retired CIA agent Bryan Mills in the "Taken" franchise, which has so far has grossed more than $750 million worldwide.

Neeson criticized gun culture -- and the high levels of ownership in the U.S. -- in the wake of the Charlie Hebdo killings in France, while on a press tour in Dubai last week.

"There's too many f---ing guns out there," he told Dubai-based Gulf News.

"I think the [U.S.] population is like, 320 million? There's over 300 million guns. Privately owned, in America. I think it's a [expletive] disgrace. Every week now we're picking up a newspaper and seeing, 'Yet another few kids have been killed in schools,'" Neeson said.

Related: Woody Allen to create his first TV series for Amazon

PARA said the comments made by the Irish-born actor "reflect a cultural and factual ignorance that undermines support of the Second Amendment and American liberties."

The company has called on others to support its ban on Neeson.

"[We] ask that our friends and partners in Hollywood refrain from associating our brand and products with his projects," the firm said. "We encourage our partners and friends in the firearms industry to do the same."

The fast-paced action "Taken" films contain plenty of gunfire. But Neeson dismissed any link between violent movies and real-life crime.

"I grew up watching cowboy movies, loved doing that [gun gesture] with my fingers, 'Bang, bang, you're dead!' I didn't end up a killer," he said.

"A character like Bryan Mills going out with guns and taking revenge: it's fantasy. It's in the movies, you know?"

Related: The Interview rakes in $31 million

First Published: January 19, 2015: 7:39 AM ET

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5 things Steve Jobs said Apple would never do - and Apple is doing

NEW YORK (CNNMoney)

Sticking to his guns typically paid off dividends for Jobs and Apple, even when vocal critics mocked the company's decisions.

But since Jobs' death in 2011, Apple (AAPL, Tech30) has been slowly pushing back against some of its founder's most strongly held beliefs and doing things Jobs said he would never consider.

Stylus: This week, an Apple analyst suggested that the company's forthcoming iPad will ship with a stylus.

One of Steve Jobs' most famous rants was about how much he hates styluses. In 2007, while introducing the iPhone at the Macworld convention in San Francisco, he mocked other smartphones of that era that featured styluses.

"Who wants a stylus?" Jobs said while introducing the iPhone. "You have to get 'em, put 'em away, you lose 'em. Yuch! Nobody wants a stylus. So let's not use a stylus."

One of the first things Jobs did when coming back to Apple in 1997 was to kill the Newton, a tablet-like device that used a stylus.

"God gave us 10 styluses. Let's not invent another," Jobs said about the project, according to Walter Isaacson's biography.

Yet Ming-Chi Kuo of KGI Securities said the widely expected 12.9-inch "iPad Pro" will come with a stylus when Apple announces it in the spring, according to a report obtained by AppleInsider.

Related: Apple's 7 most stubborn decisions

Small tablets: Another epic Jobs rant came in October 2010, when he discussed his disdain for a new wave of smaller tablets coming to market.

On the company's earnings call with analysts, Jobs said the iPad's 10-inch screen was "the minimum size required to create great tablet apps."

He said even making images appear sharper on the screen wouldn't help smaller tablets become usable "unless your tablet also includes sandpaper, so that the user can sand down their fingers to around one quarter of the present size."

"There are clear limits of how close you can physically place elements on a touch screen before users cannot reliably tap, flick or pinch them," he said.

A year after Jobs died, Apple introduced the iPad mini -- by far the best-selling iPad in the company's lineup.

Big phones: During Apple's iPhone 4 "Antennagate" kerfuffle in 2010, Steve Jobs derided big phones.

When a reporter asked him whether Apple would consider making a bigger iPhone to improve antenna reliability, Jobs scoffed. He called Samsung's Galaxy S phones "Hummers."

"You can't get your hand around it," Jobs said. "No one's going to buy that."

Apple finally debuted a taller iPhone 5 a year after Jobs died, and a much larger iPhone 6 and iPhone 6 Plus last year.

Related: 10 best Steve Jobs emails

Life-like software design: Steve Jobs wanted the iPhone's software to mimic real life. For instance, he told Apple's designers to model iCal's leather after the seats on his Gulfstream jet.

Apple's Mail app had a linen background, the iBookstore featured wooden shelves, and the Notes app was made to look like a legal pad.

A year after Jobs died, Apple fired Scott Forstall, a software executive who was a champion of Jobs' design preferences. A year later, Apple introduced iOS 7, which did away with any ties to real-life objects.

Philanthropy: Among the first things Jobs did in his 1997 return to Apple (after he banished all styluses) was to end Apple's philanthropic giving programs. He said he wanted to bring Apple back to profitability, but he never reinstated the programs even after Apple posted some of the biggest profits ever recorded by a public company.

Apple was prominently involved with Bono's (RED) charity for AIDS research, but Jobs himself was not a large donor.

When Tim Cook took over as CEO in 2011, one of his first actions was to bring back Apple's donation-matching program.

First Published: January 19, 2015: 10:25 AM ET

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'Totally Muslim' U.K. city gaffe sparks #foxnewsfacts storm

Fox News expert called Birmingham, pictured here during Christmas, a "totally Muslim" city.

LONDON (CNNMoney)

Steven Emerson, who describes himself as a leading authority on Islamic extremist networks, was speaking on Fox News' "Justice" show about issues raised by last week's terrorist attacks in Paris.

Emerson said Birmingham, a city of one million about 100 miles northwest of London, was a "totally Muslim city where non-Muslims don't go in."

He also told Fox that in "parts of London there are actually Muslim religious police who beat and actually wound seriously anyone who doesn't dress according to Muslim religious attire."

Former U.S. district attorney Jeanine Pirro, who hosts the show, looked stunned and suggested this meant "basically [a] caliphate within a country."

Related: Fox says Dish is 'censoring' the news

Birmingham residents and others reacted quickly, poking fun at Fox and Emerson.

The hashtag #foxnewsfacts was soon trending on Twitter, with users posting pictures of the Queen wearing a head scarf suggesting she was subject to strict Muslim dress code. Others tweeted that "ham" had been removed from the city's name to comply with Islam's dietary restrictions.

Emerson later apologized for his statement.

"My comments on Fox News about Birmingham were totally inaccurate. Birmingham, please accept my apology; I was wrong," he said.

About 5% of the population of England are Muslim. In Birmingham, the proportion of Muslims is about 20%, according to 2011 census data. About 50% of the city's inhabitants identify themselves as Christian.

Emerson is a frequent guest on Fox News. He worked for CNN between 1990 and 1993, and has been called to testify at a congressional hearing.

The Birmingham claims were Fox News' second gaffe in its coverage of the Paris attacks, after anchor Shannon Bream suggested skin color can help identify "typical bad guys."

Related: Anonymous blocks jihadist website

First Published: January 12, 2015: 7:31 AM ET

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Rupert Murdoch and Fox News draw massive online backlash for Muslim comments

NEW YORK (CNNMoney)

The billionaire media mogul ran into an online buzz saw after he offered his thoughts on radical Islam.

"Maybe most Moslems peaceful, but until they recognize and destroy their growing jihadist cancer they must be held responsible," Murdoch said Friday in a tweet to his nearly 550,000 followers.

The observation drew a swift round of condemnations, including from "Harry Potter" author J.K. Rowling.

But the most scathing rebuttal was courtesy of comedian Aziz Ansari.

Ansari, whose heritage is Tamil Muslim, fired off several tweets mocking Murdoch on Sunday, ultimately introducing a hashtag -- #RupertsFault.

With the hashtag, Ansari and his followers jokingly blamed the News Corps chairman for a variety of unfortunate scenarios.

Ansari tweeted: "@rupertmurdoch is responsible for all pedophilia committed by anyone Catholic. @rupertmurdoch why are you pro pedophile :("

In another tweet aimed at Murdoch, Ansari asked for a "step by step guide" on how his parents can "destroy" terrorist groups.

"Plz advise," Ansari said.

Murdoch can take solace in knowing that he wasn't the only one to take so much flack this weekend.

Steve Emerson, a Fox News pundit who claims to be an authority on Islamic extremist networks, also inspired a hashtag with a widely panned remark of his own.

Appearing on "Justice with Judge Jeanine," Emerson said the British city of Birmingham is a "totally Muslim city where non-Muslims don't go in."

It was the type of observation that might have previously only drawn a rebuttal from liberal watchdog Media Matters or other blogs dedicated to fact-checking Fox News.

But with Twitter, anyone can be a media critic.

Enter: #FoxNewsFacts.

The hashtag was trending on Sunday, the result of several Twitter users ridiculing Emerson's assertion. One widely shared tweet included a photo of the Queen donning a head scarf with a caption suggesting that she followed an Islamic dress code when she visits Birmingham.

Emerson eventually apologized and acknowledged that his comments "were totally inaccurate."

First Published: January 12, 2015: 10:38 AM ET

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Volvo to be first to export Chinese cars to U.S.

Volvo expects to start shipping cars from this plant plant in Chengdu, China to the United States.

NEW YORK (CNNMoney)

Volvo, which was bought by the Chinese automaker Geely Holding Group in 2010 from Ford Motor (F), said it expects to sell about 1,500 of its S60 Inscription sedans in the United States.

Volvo currently sells about 25,000 of them in China, said Volvo spokesman David Ibison. A time frame for the sales was not announced.

China has passed the United States as the largest market for car sales globally, and most major automakers build cars in China. But until now those cars have been sold almost exclusively in China.

The cars are be made at a Volvo plant in Chengdu.

China is the largest maker of U.S. imports, and is a major source of low-cost clothing, electronics and consumer products. Through November of last year, U.S. consumers spent $426 billion on Chinese exports, up 6% from a year earlier. And Asian automakers from Japan and South Korea, such as Toyota Motor (TM) and Hyudai, today account for 45% of U.S. auto sales according to sales tracker Autodata. That puts them just slightly ahead of the combined sales of U.S. automakers General Motors (GM), Ford Motor (F), Chrysler Group and Tesla (TSLA).

Related: F-150 wins truck of the year

But just over 70% of the cars sold in the U.S. by Asian automakers are actually built at plants in North America, not in Asia. That's because shipping vehicles is expensive, and automakers need shorter supply chains, said Ian Fletcher, analyst with IHS Automotive.

Because of that Fletcher does not expect a flood of Chinese-made cars to hit the U.S., but he does expect that cheap Chinese cars will eventually find a place in the market, he said.

"They will have a brand presence," he said. "But they'll be competing against Japanese automakers who will have a 50-year lead, and the South Koreans with a 20-30 year lead."

First Published: January 12, 2015: 7:57 AM ET

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Mood Map: How the results are calculated

NEW YORK (CNNMoney)

You can compare your results with those from other countries, and see how the economic climate in your country compares to the

rest of the world.Related: Want to live in the world's happiest place?

The four questions you answer have multiple choice answers, representing sentiments from positive to negative. Once submitted, we consolidate the answers and color the world map, based on an average of the responses for each country.

So if 50% of respondents were very positive and 50% very negative, the country in question would be colored from the center of the scale. We also show how many people have responded in each country.

This is not a scientific poll. The results only indicate the sentiments felt by CNNMoney and CNN.com users and may not reflect public opinion.

Related: 'I've achieved the American Dream'

First Published: January 12, 2015: 9:12 AM ET

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Obama proposal: Hacked companies have 30 days to fess up

In the days ahead, President Obama plans plans to focus on privacy in the digital age.

NEW YORK (CNNMoney)

One proposed law would give a company 30 days to let you know if your personal information -- such as your address or Social Security number -- has been exposed by hackers or careless employees.

The Personal Data Notification & Protection Act is an attempt at a nationwide, uniform rule. Right now, there are 47 different state laws that govern data breaches. Depending on the situation, people in some states get notified, while others are left in the dark. It's a mess.

Data breaches are increasingly common. Last year, hackers broke into Home Depot, Albertson's and so many others that CNNMoney developed its own tool: What hackers know about you.

The president's other proposed law, the Student Digital Privacy Act, is meant to stop the sale of sensitive student data for non-education purposes. Now that students routinely use laptops, tablets and computer programs at school, lots of that data is being collected -- and sometimes sold to advertisers and financial companies.

The fear? That information might be used by money lenders to prey on students -- or by colleges or future employers to judge students unfairly.

The president will also endorse the "student privacy pledge" already signed by 75 firms including Apple (AAPL, Tech30) and Microsoft (MSFT, Tech30). It's a promise by companies to only use student data collected at school for education purposes, not observe behavior to target advertisements and not keep data for long.

Obama will speak about the proposed legislation at a midday speech Monday before the Federal Trade Commission, according to a White House spokeswoman. The president also plans to mention them during his State of the Union speech on Jan. 20.

The administration cited a recent poll that showed 91% of Americans feel they've lost control of their personal information. Last year was so riddled with cyber break-ins that, early on, half of American adults had their personal information exposed.

"That can lead to less interaction with technology, less innovation, and a less productive economy," the White House said in a statement.

Other privacy and security bills

The national consciousness for cybersecurity peaked with the Sony hack over the holidays.

As a result, expect to hear a lot more about privacy and cybersecurity from politicians in 2015. Some in Congress are trying to revive a controversial cybersecurity bill that increases information sharing between companies and government to stop hackers.

The nameless bill, H.R. 234, was introduced to the House of Representatives on Friday by C. A. Dutch Ruppersberger, a Democrat from Maryland.

It's essentially another go at the Cyber Intelligence Sharing and Protection Act (CISPA), which passed the House in 2012, but got knocked down in the Senate.

The idea is to provide basic rules to develop closer bonds between law enforcement and all types of companies: banks, energy providers, retailers, etc.

When hackers attack an industry, companies already share some information. But they often hold back data, afraid to give competitors an edge or admit they were hacked. Also, the tips they get from the FBI and Department of Homeland Security are late and vague, because few companies have permission to know "classified" government secrets.

This proposed law would protect firms from lawsuits related to this kind of data sharing and make them government insiders. But these ideas scare privacy advocates, because they could be used as a blanket excuse for snooping on your personal life. That's why President Obama threatened to veto it the first time around.

Related: Welcome to the Age of Hacks

Related: "Super cookies" track you, even in privacy mode

Related: How safe are you? CNN's cybersecurity magazine

First Published: January 12, 2015: 11:02 AM ET

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Ford F-150 wins truck of the year

NEW YORK (CNNMoney)

The Volkswagen Golf won car of the year, after having earlier won that distinction from Motor Trend.

The win by Ford is some measure of revenge - the F-150 had lost the Motor Trend Truck of the Year to the Colorado. Another Ford SUV, the Lincoln MKC, was the third finalist.

Ford's newly redesigned F-150 has all-aluminum construction, a more expensive and difficult-to-work-with metal.

The lighter weight aluminum greatly increases fuel economy, important for Ford (F) as it and other automakers need to comply with much higher fuel economy rules. But it's risky since truck buyers are used to steel trucks. The F-150 is the best selling car or truck in the United States and key for Ford's profitability.

Better fuel economy is not much of a selling point these days, with the cheapest gas prices since 2009. So Ford is advertising its increased towing capacity.

"The Ford F-150 is an American icon that Ford not only freshened but gave a big injection of innovation," said Michelle Krebs, an analyst with AutoTrader. "We may well look back at the aluminum-bodied Ford F-150 as a turning point in how trucks are constructed."

Related: Meet the cars of the future

The Golf compact car has been lauded for its wide array of available engines, including both diesel and electric power. With prices starting at just $18,000, critics have credited the Golf with near-luxury quality in terms of its interior and overall construction. It's also an important win for VW, which posted some of the worst U.S. sales of any major automaker in 2014.

The Ford Mustang and the Hyundai Genesis were the two other finalists for car of the year honors.

Related: Best cars to buy

For car sales, the importance of awards like these has grown. These two awards in particular, chosen by a panel of leading auto critics from multiple media outlets, are among the most influential.

First Published: January 12, 2015: 7:14 AM ET

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Russia faces wave of bankruptcies if interest rates don't fall

Russian President Vladimir Putin is facing a deepening financial crisis.

LONDON (CNNMoney)

Anatoly Aksakov, president of Russia's regional banking association and deputy chairman of parliament's financial markets committee, said firms were running out of cash.

"Bankers believe that keeping the situation as it stands will cause a wave of bankruptcies, not only credit institutions but also a number of businesses and companies," Aksakov wrote in a letter to the central bank, according to Russian state media.

Related: Russian banks starved for cash as funding crisis worsens

Aksakov said the central bank must cut rates this month to 15% from 17%, then gradually to 10.5%, the level they were at before the current financial crisis. A central bank rate of 17% meant some companies were having to pay as much as 30% to borrow.

Lower rates would allow banks to lend more to companies and individuals, he said.

The comments signal deepening stress in Russia's financial sector. Ratings agency Fitch downgraded the country's sovereign debt rating last week, blaming a sharp deterioration in its economic outlook.

The impact of Western sanctions imposed over Russia's actions in Ukraine has sparked a cash crunch by shutting many companies out of international funding markets.

Regional airline Ak Bars Aero said Monday it would suspend operations until March, joining several other Russian carriers that have halted flights as the ruble slides and their financial troubles deepen.

A collapse in the ruble, driven in part by plunging oil prices, is causing economic pain by driving up inflation. Annual inflation hit 11.4% in 2014, state media reported Monday. That price pressure has prompted the central bank to jack up interest rates.

The ruble was under pressure again Monday, falling 1.3% against the U.S. dollar as oil prices continued to slide. Russia is heavily dependent on oil revenues. The currency shed about 40% of its value in 2014.

The government has attempted to shore up the banking sector with a series of handouts, spending billions to prop up lenders including VTB, Gazprombank and the failed Trust Bank.

At the same time, the central bank has been running down its stash of foreign cash to try to stabilize its currency and contain the economic crisis.

It burned through more than $120 billion in foreign currency supplies last year. It now has $388.5 billion left in total international reserves, including gold and other liquid foreign assets.

- CNN's Emma Burrows in Moscow contributed to this report

Related: Russia empties the vault to prop up ruble

First Published: January 12, 2015: 6:25 AM ET

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Jaguar announces a new SUV

Jaguar Land Rover will hire 1,300 workers to build its new SUV.

LONDON (CNNMoney)

Luxury automaker Jaguar Land Rover is adding 1,300 jobs there to build the new Jaguar F-PACE.

The auto manufacturer, which is owned by India's Tata Motors (TTM), revealed its hiring plans Monday in Detroit.

The Jaguar F-PACE, which is expected to go on sale in 2016, is based off a concept car that debuted last year.

"We received such an overwhelmingly positive response to the C-X17 concept car last year that we just had to make it a reality," said Ian Callum, Jaguar's director of design, in a press release.

Jaguar Land Rover said the new jobs will be based at its Solihull plant, which is a short distance from Birmingham, U.K.

The Solihull factory currently employs 9,450 workers who manufacture other vehicles including the Jaguar XE, the Range Rover and the Land Rover Discovery.

The company recently invested £1.5 billion ($2.3 billion) to expand the Solihull plant and improve production of its aluminum and lightweight car materials.

Jaguar Land Rover sold over 460,000 vehicles last year, a 9% increase over 2013.

It employs 32,000 workers, with the vast majority based in the U.K.

Related: GM's new Volt will go 50 miles on a full charge

Related: Meet the cars of the future

First Published: January 12, 2015: 7:36 AM ET

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Big banks aren't looking so pretty

NEW YORK (CNNMoney)

Shares of Wells Fargo (WFC), the largest holding of Buffett's Berkshire Hathaway (BRKB), surged more than 20% in 2014. It is on tap to report its fourth quarter earnings later this week.

What Wells has going for it is that it has the least Wall Street exposure of the mega banks. It is more about traditional banking -- lending and taking in deposits. And it's a powerhouse in the mortgage business.

That means that Wells Fargo isn't as tied to the market and trading revenues as other big banks.

The fourth quarter appeared to be a tough one for the major financial firms.

Related: Get ready for a tale of two earnings seasons

In early December, the CEOs of both Bank of America (BAC) and Citigroup (C) said that trading revenues were weak in the quarter. Both companies will report their results this week. Goldman Sachs (GS) and JPMorgan Chase (JPM) are on tap to do so as well.

And just last week, Citi said that it was cutting the bonuses of some of its traders. So it will be very interesting to see if BofA, Goldman and JPMorgan also pull back on bonuses.

Stronger economy and market turmoil is a plus. Now there is good news for the banks.

The improvement in the U.S. economy -- combined with a continuation of low interest rates -- should lead to increased demand for mortgages, credit cards and other kinds of bank loans.

So it will be encouraging if JPMorgan Chase CEO Jamie Dimon and other big bank executives tout the continued rebound in the job market and broader economy during their earnings calls.

The wackiness in the broader markets could also help the trading businesses of the big Wall Street banks. The first week of trading has been anything but stable, with plunging oil prices leading to a big pullback in stocks before reassuring comments from the Federal Reserve sent stocks back up again. Calm markets are the enemy of brokerage desks.

Related: Are bankers really less honest than others?

Analysts from research firm Keefe, Bruyette & Woods said in their 2015 preview report last month that they are predicting more volatility this year. And that's a big reason why they are bullish on most of the big bank stocks.

Still too risky? But the threat of more regulation could be a problem for many of the bank stocks.

It's true that the banks have been winning some battles in Washington lately.

Congress passed a bill last month that will let banks continue to engage in the trading of risky assets known as derivatives in-house. That move undoes one of the big parts of the Dodd-Frank Wall Street reform law that was set into place in the wake of the 2008 financial crisis.

And the Fed also agreed last month to delay another part of the law, a component of the so-called Volcker Rule that requires banks to sell their hedge funds and private equity stakes. They now have until 2017 to do so.

However, the banks are still targets for many regulators and politicians who want to break up the so-called Too Big To Fail banks. Senator Elizabeth Warren certainly isn't backing down.

Related: Elizabeth Warren is worth millions

If tougher rules are enacted against banks in the coming years, their profits will likely be a mere fraction of what they used to be. And that's why some investors are still reluctant to buy the banks ... no matter what's happening in the broader economy.

First Published: January 12, 2015: 10:47 AM ET

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Ford unveils 600-horsepower GT supercar

Ford's new GT is its "most extreme offering."

NEW YORK (CNNMoney)

The "ultra-high-performance supercar" will go into production later this year and will be available in certain markets in 2016, the automaker announced Monday at the Detroit Auto Show.

The GT has a 600 horsepower, twin-turbo Ford EcoBoost V6 engine, which the company says is its most powerful production engine ever.

Ford says the latest GT sets new standards for innovation in its aerodynamic design and light-weight, carbon fiber construction.

"We are passionate about innovation through performance and creating vehicles that make people's hearts pound," said Mark Fields, Ford president and chief executive officer.

First Published: January 12, 2015: 11:03 AM ET

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Marriott: We won't block Wi-Fi in your hotel room

Marriott says that it asked the FCC to let it block Wi-Fi in conference spaces -- not in hotel rooms.

NEW YORK (CNNMoney)

In fact, Marriott says it never planned to block guests' access. The hotel chain says its plans had been misunderstood.

Marriott (MAR) and the hotel lobby American Hospitality & Lodging Association asked the FCC this summer to allow hotels to deploy equipment that prevents people from turning their phones into Wi-Fi hotspots. Google and Microsoft are among the businesses that oppose Marriott's petition.

But Marriott said last week that it is only interested in blocking access to Mi-Fi devices in its conference spaces -- not its hotel rooms or lobbies.

"To set the record straight it has never been nor will it ever be Marriott's policy to limit our guests' ability to access the Internet by all available means, including through the use of personal Mi-Fi and/or Wi-Fi devices," the company said in a statement. "As a matter of fact, we invite and encourage our guests to use these Internet connectivity devices in our hotels."

In order to avoid pricey hotel Wi-Fi charges, many guests opt to use their data allotment from their cell phone provider, connecting their laptops to the Internet via their smartphones. At Marriott connection rates start at $14.95 per day. For $19.95, guests get "enhanced high speed Internet" which includes video chatting, downloading large files and streaming video.

Related: Google fights Marriott's plan to block Wi-Fi hotspots

Though Marriott says it is willing to concede those fees to Mi-Fi devices, its conference spaces present a different story.

The hotel chain said that conference attendees can launch cyberattacks on the company's network or disrupt Wi-Fi service for the conference or guests using Wi-Fi hotspots. That's why Marriott wants the FCC to give it permission to "detect and contain rogue and imposter Wi-Fi hotspots used in our meeting and conference spaces that pose a security threat."

Yet skeptics note that Marriott charges between $250 and $1,000 for conference exhibitors and attendees to use its Wi-Fi service, according to the FCC. Wi-Fi hotspots could eat into its profits.

Of the two dozen responses to Marriott's FCC petition, most argued that the hotel industry simply wants to keep charging people exorbitant rates for Wi-Fi.

A spokesman for Marriott did not respond to a request for comment about those accusations.

Google (GOOGL, Tech30), Microsoft (MSFT, Tech30), the wireless industry lobby and other wireless providers were among those that have asked the FCC not to accept Marriott's request.

Related: 5 ways to make your Wi-Fi faster

First Published: January 5, 2015: 8:29 AM ET

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'Miserable' tax season could be worst in years

NEW YORK (CNNMoney)

The reason: The IRS budget keeps getting smaller, and the tax code keeps getting more complicated.

Nina Olson, the national taxpayer advocate, said at a conference recently that she worries it could rank as the worst since 1985, which was regarded as a disaster due to a computer failure, lost returns and delayed refunds.

The budget: Congress has shrunk the IRS budget over the past five years, while at the same time requiring the agency to administer even more complex laws.

The IRS topline budget for 2015 is about 10% less than it was in 2010. But the real drop is actually steeper since the 10% doesn't account for cost increases that have occurred in the past five years.

During roughly the same period, the number of IRS personnel has fallen by at least 8%. And the amount of money the agency has for staff training has dropped by more than 85%.

Meanwhile, the number of taxpayers has grown by about 7 million people, IRS Commissioner John Koskinen noted at the same conference where Olson spoke.

End result: Come January 20, when the IRS will start accepting returns, there will be less taxpayer service and, Koskinen warned, possibly delayed refunds.

Olson, a watchdog for taxpayers, estimates that 47% of the calls coming into the IRS probably won't be answered during the filing season. The other 53% of people lucky enough to get through will have to wait an average of 34 minutes to talk to a human being.

Related: How IRS drives taxpayers crazy

Tax preparers calling on behalf of their clients may use a "priority service" line. But it will take them about 52 minutes to talk to someone, Olson said. "So my advice is to bring your knitting while you sit on the phone trying to get through."

Koskinen said the IRS will do all it can to keep everything running smoothly. But the agency will be hamstrung.

"All we can try to do is maximize the resources available in that January to May time frame to make sure that ... we do as well as we can. And 'as well as we can' is still going to be miserable," he said.

But if that misery includes seriously delayed refunds -- still a very big if -- that's when average Americans may take note of just how under the gun the IRS is. And they won't like it.

"If the refund doesn't come, that's going to make them angry. This is dysfunction right in your face," said Christopher Bergin, president and publisher of Tax Analysts.

More work and complexity despite less money: The upcoming tax season will be the first when the IRS will have to administer the premium tax credits and individual mandates under the Affordable Care Act.

Firsts are never perfect, of course. But given how controversial health reform has been, any hiccups in the administration of Obamacare will be broadcast loudly by politicians, the press and frustrated tax professionals.

One concern Olson has: The IRS won't receive accurate information from the insurance exchanges. "The IRS will probably get blamed for a lot of things that it is not responsible for, and that will not do well on the Hill as we try to make our case for additional funding," she said.

It will also be the first tax filing season when the IRS will be administering the Foreign Account Tax Compliance Act. FATCA is intended to recapture money the United States loses because of unpaid taxes on Americans' overseas accounts.

Olson worries the process won't be seamless for U.S. ex-pats trying to reconcile their tax bills given the new reporting requirements. "Who are they going to call? There is no toll-free number to call overseas and you're certainly not going to sit there for 34 minutes overseas letting the clock tick on a toll call."

The ramifications of budget cuts amidst a heavier workload goes beyond 2015, Koskinen said. "Any marked deterioration in taxpayer service and enforcement creates a long-term risk for the U.S. tax system, which is based on voluntary compliance."

In other words, Americans, who have one of the best compliance rates in the world, may not be so willing to oblige if they can't get the help they need, or if they know they won't get caught if they cheat.

"If the compliance rate goes down by 1 percent, it costs the government $30 billion a year. That's almost three times the entire budget of the IRS," Koskinen noted.

First Published: January 5, 2015: 5:26 AM ET

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Good economic sign: Obama's rising poll numbers

NEW YORK (CNNMoney)

After being stuck in the basement for much of the past two years, a recent CNN/ORC poll reveals Obama's approval rating climbed to the highest level since May 2013.

Yes, it's still at a paltry 48%. That's hardly anything to crow about. Yet considering how divided the electorate remains, there appears to be a shift in sentiment. The main driver looks like the economy, which finally kicked into high gear in recent months.

Not only are employers ramping up hiring, but GDP accelerated to 5% in the third quarter. That's a level unseen since 2003. And consumer sentiment is also on the rise, aided by plummeting gas prices.

"This economy has quite a head of steam. It's like a perfect storm to the upside," said Greg Valliere, chief political strategist at the Potomac Research Group, which provides policy analysis to investors.

"Obama will get credit for it. Was it all because of him? No. But it's like how if a team is doing better, the quarterback gets a disproportionate amount of the credit. Well, the team is doing better right now," he said.

Related: America is the best place to put your money

Consumers are feeling happier: Regardless of their political affiliation, investors should cheer the improving poll numbers because they are a sign that consumer sentiment is on the rise. That's hugely important for the U.S. economy, which is about 70% driven by consumer spending.

Obama is also benefiting from a burst of hiring by previously-reluctant U.S. employers. Nonfarm payrolls surged by 321,000 jobs in November, crowning 2014 as the best year for job growth since 1999.

That could be one reason why Obama's approval rating among millennials, a group badly hurt by the post-recession job market, soared by 10 percentage points in the CNN poll.

"Presidents benefit from the good times and they suffer from the bad times," said Larry Sabato, a professor at the University of Virginia.

While he cautioned that more polling is needed, he said recent polls showing an improvement in Obama's approval are clearly being driven by the "improving economy, lower gas prices and more jobs."

Crude oil has plummeted below $55 a barrel, levels unseen since the Great Recession. Some analysts believe it could drop as low as $30.

The government estimates the average driver will save $550 on gas this year. That's money Americans can save or spend elsewhere.

Related: What economic equality looks like in America

Easy money still here: Of course, there's no guarantee the economy will continue humming along. The U.S. will need to overcome sluggish growth in Europe and Asia. The dive in oil prices will hurt energy-producing states like Texas and North Dakota.

Don't tell that to the stock market, which is also adding to the good feelings among consumers. Late last month the Dow climbed above the 18,000 mark for the first time ever. The S&P 500 rose a healthy 11% in 2014, capping off three years of double-digit gains. That's the best winning streak since the late 1990s.

"The greatest risk to the economy is that it could overheat. Yet interest rates are going to stay remarkably low for many months to come. You almost couldn't put together a more positive scenario for investors," said Valliere.

First Published: January 5, 2015: 5:55 AM ET

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Meet the world's cheapest smartphone

Behold the $29 Nokia 215, the cheapest smartphone in the world.

NEW YORK (CNNMoney)

Microsoft (MSFT, Tech30) is launching the Nokia 215 for just $29. The technology company calls the 215 the "most affordable Internet-ready phone."

This follows on the heels of Nokia's $20 cell phone, released last year. But unlike the Nokia 105 cell phone, the Nokia 215 smartphone has Internet connectivity and a camera.

Despite its price, the Nokia 215 gets users online via the Opera Mini browser, Bing search, MSN Weather, Twitter (TWTR, Tech30) and Facebook (FB, Tech30). The phone also comes with Facebook's Messenger service for instant notifications.

But it won't be available in America. The Nokia 215 is getting released into "select markets" in the Middle East, Africa, Asia and Europe during this first three months of this year.

Related: Zuckerberg's big idea: The 'next 5 billion' people

"With our ultra-affordable mobile phones and digital services, we see an inspiring opportunity to connect the next billion people to the Internet for the first time," said Jo Harlow, vice president of Microsoft Devices Group, in a press release.

The smartphone will be available in bright green, black and white. The battery lasts 29 days on standby -- an absolute must for some customers around the world who have infrequent access to electricity.

Microsoft, Samsung and other smartphone makers have been racing to make smartphones more affordable for people in developing nations. As smartphone sales begin to cool off in western countries, cell phone companies have looked to fast-growing emerging regions for growth.

Last year, Mozilla announced plans to sell a $25 smartphone running Firefox OS, but it hasn't yet been released.

First Published: January 5, 2015: 8:00 AM ET

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3 reasons the euro is plunging

LONDON (CNNMoney)

The currency briefly hit its lowest level against the U.S. dollar in nine years Monday, before steadying to trade around $1.19.

That leaves the euro down 20 cents, or about 14%, since May 2014. So why has it fallen out of favor so spectacularly?

1. The mighty dollar

Much of the recent decline in the euro has been about the strength of the greenback. During the second half of 2014, the U.S. dollar made significant gains against all other major global currencies, such as the British pound, Swiss franc and Japanese yen.

The U.S. economy is motoring, growing by 5% in the third quarter, and creating jobs at a rapid pace. That has allowed the Federal Reserve to end its emergency stimulus -- or quantitative easing -- and begin talking about when to raise interest rates from their record lows.

Compare that with the eurozone, where unemployment is stuck near record highs, the economy is stagnating and the risk of deflation looms large. Or Japan, where officials are going all in with stimulus.

2. European QE coming

Just as the Fed begins to tighten monetary policy, the European Central Bank looks poised to launch its own version of quantitative easing -- possibly as early as its next meeting on January 22 -- to head off the risk of deflation.

ECB President Mario Draghi passed up the chance of using the last big bazooka in the central bank's arsenal in December, saying he needed more time to assess the impact of the oil price slump on inflation, growth and wages.

The picture has darkened further since then, and ECB officials have been busy working on ways to launch a program of government bond purchases -- in effect printing euros in huge quantities.

The first estimate of December inflation in the eurozone, due Wednesday, could show a negative number -- recording regional deflation for the first time since the depths of the financial crisis.

Expectations of ECB action were heightened further Monday after Germany said inflation slumped to just 0.1% last month, a weaker number than analysts were expecting.

3. Greek fears grow

Adding to pressure on the euro is the risk that Greek elections on January 25 could revive the eurozone debt crisis.

Leading in the opinion polls is Syriza, an opposition party that wants to renegotiate the terms of Greece's 240 billion euro bailout by the EU and IMF -- including canceling part of its huge debt -- and reversing some painful austerity measures.

Germany, and others, will resist those demands. Giving ground to Athens could encourage other deeply indebted eurozone countries to insist on similar treatment.

Media reports suggest the German government could live with a Greek exit from the eurozone if it has to.

And there's been little sign of contagion so far. Yields on Italian, Spanish, Portuguese and Irish government bonds have held steady, while Greece's borrowing costs have spiked.

The most likely outcome is a messy compromise that is unlikely to enthuse investors.

First Published: January 5, 2015: 6:49 AM ET

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Car sales best since at least 2006

NEW YORK (CNNMoney)

Sales are being lifted by a variety of factors, including cheap gas prices, steady gains in the jobs market and the stock market near record highs, all of which can encourage buyers who had been putting off purchases to return to showrooms.

Increased availability of auto loans, especially to buyers with weaker credit histories, also helped to feed sales.

A record number of car recalls did little to scare away buyers. The 60 million recalled cars may actually have helped sales in the end, as owners of some of the older models that were cited for safety problems returned to dealerships to have their cars repaired and found deals on new cars.

Related: Best cars to buy

Full-year sales were certain to top 16.4 million for the first time since 2006. That was two years before the recession and the problems in the financial markets caused auto sales to plunge and sent General Motors (GM) and Chrysler Group (FCAM) hurtling into bankruptcy and government bailouts.

Sales in 2014 are expected to be up nearly 60% from the 10.4 million mark where the industry bottomed out 2009, a much faster recovery than expected at that time.

Related: A year of super-cool cars

The low gas prices also encouraged American car buyers to renew their love affair with trucks rather than smaller, fuel efficient cars, as sales of pickups, SUVs and crossover vehicles outpaced car models for the first time in three years.

Forecasts are that auto sales are expected to continue to post further gains once again in 2015, driven by most of the same factors that lifted sales in 2014. TrueCar is forecasting that sales should reach 17 million the first time since 2001.

First Published: January 5, 2015: 9:18 AM ET

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