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Gas-rich Qatar adds Deutsche to bank portfolio

Written By limadu on Senin, 19 Mei 2014 | 23.10

deutsche bank frankfurt

Qatar already owns stakes in Credit Suisse and Barclays. Deutsche Bank's fund raising drive comes as Europe's banks try to meet new financial rules ahead of a region-wide stress test later this year.

LONDON (CNNMoney)

Qatar makes most of its money from energy -- it's the biggest exporter of liquified natural gas -- but for some years has been looking to develop alternative sources of income by investing in companies around the world.

Deutsche Bank, like some of its European rivals, is still struggling to come to terms with tougher rules introduced after the global crash and to deal with the consequences of scandals that have sapped its financial strength.

The bank said it raised 1.75 billion euros by selling 60 million shares to Paramount Holdings Services, an investment vehicle owned by Sheikh Hamad bin Jassim Al Thani, a member of the Qatari royal family and prime minister until last year.

Qatar already owns significant stakes in Credit Suisse (CS)and Barclays (BCS).

Related: Swiss target 8 banks in forex probe

Deutsche is also planning to issue a further 300 million shares to existing investors with the aim of raising 6.3 billion euros. Its shares fell 2.3%, taking losses for 2014 to 13.5%.

Earlier this month, Moody's said it could downgrade Deutsche's ratings after first quarter net income fell by 34%. The ratings agency said the bank faced considerable challenges in strengthening its profitability, raising concerns about its ability to absorb future losses.

"The firm's need to reduce its leverage could impede its ability to generate earnings growth -- making its efficiency targets, and earning its cost of capital, even harder to achieve," Moody's said in the report.

Deutsche has been forced to set aside billions of dollars in recent years to cover the cost of fighting a series of high-profile law cases and paying settlements including a 725 million euro penalty for rigging Libor interest rates.

Legal risks haven't gone away. Regulators are investigating allegations that several banks, including Deutsche, may have manipulated the global market in foreign exchange.

Related: Goldman Sachs under scrutiny for high speed trading

Deutsche's move to shore up its financial base comes as the European Union prepares to test the resilience of the region's banks before adopting a single regulatory authority later this year.

"The package of measures we are announcing today represents a decisive response to both the challenges and opportunities in a changing macro-economic, competitive and regulatory environment," Deutsche said in a statement.

Barclays is also finding the going tough. It was forced to raise about $12 billion last year to plug a hole in its balance sheet. Earlier this month, it said it would shed about 19,000 jobs over the next three years, and withdraw from large areas of investment banking. To top of page

First Published: May 19, 2014: 9:28 AM ET


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Inside FBI's massive cybercrime bust

hackers

Officials say Blackshades was used to illegally access the computers of 700,000 victims around the world, as shown in this FBI heatmap.

NEW YORK (CNNMoney)

On the popular websites where cyber criminals buy and sell software kits and help each other solve problems, hackers issued warnings about police visits to their homes.

The hackers quickly guessed that a major crackdown was underway on users of the malicious software known as Blackshades.

The malware sells for as little as $40. It can be used to hijack computers remotely and turn on computer webcams, access hard drives and capture keystrokes to steal passwords -- without victims ever knowing it.

Related: Beware, your computer may be watching you

Criminals have used Blackshades to commit everything from extortion to bank fraud, the FBI said.

Last week, watching it all play out were about two dozen FBI cybercrime investigators holed up in the New York FBI's special operations center, high above lower Manhattan.

Rows of computer screens flickered with updates from police in Germany, Denmark, Canada, the Netherlands and elsewhere. Investigators followed along in real time as hundreds of search warrants were executed and suspects were interviewed.

One of the largest global cybercrime crackdowns has yielded the arrests of over 100 people linked to the Blackshades malware.

The sweep, capping a two-year operation, was coordinated so suspects didn't have time to destroy evidence. It included the arrest in Moldova of a Swedish hacker who was a co-creator of Blackshades. Prosecutors in the Manhattan U.S. attorney's office are expected to announce the results of the probe later Monday.

hackers

Hackers use off-the-shelf software, much like legitimate consumer programs, in nefarious ways to threaten victims.

700,000 victims around the world: Inside the FBI special operations center, six large computer monitors displayed key parts of the probe. Agents kept an eye on one screen showing a popular website where Blackshades was sold. The site was taken down by the FBI.

Another monitor showed a heatmap of the world displaying the locations of the 700,000 estimated victims, whose computers have been hijacked by criminals using the Blackshades software. Splotches of green on the map indicated concentrations of infected computers in highly populated parts of the U.S., Europe, Asia and Australia.

The FBI said that in just a few years Blackshades has become one of the world's most popular remote-administration tools, or RATs, used for cybercrime.

Leo Taddeo, chief of the FBI's cybercrime investigations in New York, said the unprecedented coordination with so many police agencies came about because of concern about the fast growth of cybercrime businesses.

"These cyber criminals have paid employees, they have feedback from customers -- other cyber criminals -- to continually update and improve their product," Taddeo said recently. While he spoke, agents took calls from counterparts working the case in more than 40 U.S. cities.

Blackshades had grown rapidly because it was marketed as off-the-shelf, easy to use software, much like legitimate consumer tax-preparation software.

"It's very sophisticated software in that it is not very easy to detect," Taddeo said. "It can be installed by somebody with very little skills."

Hack victim: 'I felt completely violated': For victims whose personal computers were turned into weapons against them, the arrests bring reassurance.

Cassidy Wolf, the reigning Miss Teen USA, received an ominous email message in March 2013.

The email, from an unidentified sender, included nude photos of herself, obviously taken in her bedroom from her laptop. "Either you do one of the things listed below or I upload these pics and a lot more ... on all your accounts for everybody to see and your dream of being a model will be transformed into a porn star," the email said.

And so began what Wolf describes as three months of torture.

The email sender demanded better quality photos and video, and a five-minute sex show via Skype, according to FBI documents filed in court. He told her she must respond to his emails immediately -- software he had installed told him when she opened his messages.

"I felt completely violated," Wolf said in an interview. "I felt scared because I didn't know if this person was a physical threat. My whole sense of security and trust was gone."

A former classmate she knew, Jared Abrahams, had installed Blackshades malware on Wolf's laptop. In March, the 20-year-old computer science student was sentenced to 18 months in prison after pleading guilty to extortion and unauthorized access of a computer.

Abrahams had been watching her from her laptop camera for a year, Wolf later learned. The laptop always sat open in her bedroom, as she played music or communicated with her friends.

Abrahams had used Blackshades to target victims from California to Maryland, and from Russia to Ireland. He used the handle "cutefuzzypuppy" to get tips on how to use malware, according to FBI documents. In all, he told the FBI, he had controlled as many as 150 computers.

Related: Your hackable house

Cybercriminals like Abrahams often rely on weak links in computer security, and mistakes by victims, to infect computers.

Many computer users don't update anti-virus software. Many click on links sent in messages on social media sites such as Facebook, or in email, without knowing what they're clicking on. In seconds, malware is downloaded. Often computer users have no idea infection has taken place.

"A hacker is going to go for the low-hanging fruit," said Tyler Cohen Wood, a cybersecurity expert at the Defense Intelligence Agency and author of the book "Catching the Catfishers."

Victims often don't realize how easy they make themselves to be targeted and can better protect themselves by being careful about what they reveal online, Wood said.

Taddeo, the FBI cyber chief, said the most common way criminals have used Blackshades to target victims is by sending emails that seem legitimate, perhaps with a marketing offer, and with a link to click. "Anyone who signs on to the internet is potentially a victim of this tool," he said.

In Wolf's case, she received a Facebook message related to teen pageants. When her computer was infected it sent messages to other friends, whose computers also became infected.

The episode has made Wolf into a campaigner to urge young people to be better educated about online safety. She said her passwords are now more complicated and unique for each account, and she changes them often. She uses updated security software.

"I really didn't think that everything I worked for could be lost because of this," she said. "This can happen to anybody." To top of page

First Published: May 19, 2014: 11:02 AM ET


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Wall Street CEOs open up about their gay sons

john stephen mack

"I had one question: 'Are you happy?'" John Mack said when his son, Stephen, came out as gay.

NEW YORK (CNNMoney)

That is, when their own adult children came out of the closet.

When he was CEO of Morgan Stanley (MS, Fortune 500) and Credit Suisse First Boston (CS), John Mack was known for his progressive views on lesbian, gay, bisexual and transgender equality.

But that wasn't always the case.

"I had strong views of being anti-gay," Mack said this month at a conference hosted by Out on the Street, an organization that helps firms recruit and retain LGBT talent. Growing up and playing football in a small town in North Carolina, Mack said he "was unfair, and in some cases downright cruel."

Those opinions began to shift after he got married and had children. But it wasn't until his son, Stephen, came out in 1997 that his views were completely transformed.

Throughout high school, Stephen said he didn't know he was gay. When he figured it out, at the age of 22 or 23, he called his mom to tell her -- but asked her not to tell his dad.

A month later, Stephen flew home to tell Mack in person. He was waiting for the right moment. His father was telling him something private, so he jumped on the opportunity:

"I said, 'while we're on the topic of sharing things ... I'm gay,'" said Stephen.

Mack said he had an "inkling" his son was gay. Despite his prior views, it was an easy conversation.

"I had one question: 'Are you happy?' That's all I cared about," said Mack.

Compared to the rest of the corporate world, Wall Street has been at the forefront of providing LGBT-friendly benefits and policies. But it's still not always an easy place for people to be open about their sexuality.

"I believe the boys' club has got to change," said Mack. "I deeply believe that we need to have a level playing field and we're not there yet."

Across all industries, more than half of U.S. workers are still closeted on the job, according to a new study from the Human Rights Campaign.

Companies with bosses who take the lead can instill a culture of acceptance that trickles down, says Todd Sears, founder of Out on the Street. And the views of the people at the top are often shaped by simply knowing someone who is gay.

paul andrew singer

"[I reacted] with fear and nervousness, I worried about the health aspects ... grandfatherhood," hedge fund billionaire Paul Singer said about his son Andrew when he first realized he was gay.

Hedge fund billionaire Paul Singer, CEO of Elliott Management Corp., said that before his son Andrew came out of the closet he would have rated himself "a solid 2.1" out of 10 when it came to accepting LGBT issues.

One night in 1998, when he and Andrew were at dinner, Andrew started asking Singer about his "views on homosexuality." The questions were asked in such a way that Singer began to wonder whether his son could be gay.

"[I reacted] with fear and nervousness, I worried about the health aspects ... grandfatherhood," Singer said.

He was determined to handle the issue carefully, but he wasted no time getting to the bottom of it.

The next day, "[Andrew] was walking in the door, and right there, [I said], 'Are you gay?'" Singer recalled. "He basically said 'yes.'"

Over the next couple months, Singer said his conversations with Andrew brought him to a 5.5 or 6 out of 10 on the acceptance scale. He eventually became a steadfast supporter of gay rights.

In 2012, he launched the American Unity PAC, which aims to persuade fellow conservatives to support same-sex marriage. He has actively supported same-sex marriage campaigns and makes large donations to LGBT groups.

dan jared oconnell

"I thought about what we did in our family to make it so he didn't come out sooner," said Dan O'Connell about his son Jared.

Dan O'Connell, CEO of Vestar Capital Partners and his son Jared didn't have quite as seamless a transition.

Jared stayed in the closet for a number of years before revealing his sexual orientation to his parents in 2011.

"My reaction was: 'Why did it take so long for you to come to grips with this and tell us?'" said O'Connell. "I thought about the angst and psychological turmoil. I thought about what we did in our family to make it so he didn't come out sooner."

O'Connell felt especially bad because he hadn't exactly been a champion of LGBT rights in the past.

"At best I was indifferent to ambivalent, at worst probably insensitive," he said. "My son coming out has caused me to be more sensitive [to these issues]. Maybe it should have happened earlier, but better late than never." To top of page

First Published: May 19, 2014: 6:09 AM ET


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Rogue trader's long walk to prison

jerome kerviel

Former Societe Generale trader Jérôme Kerviel gained a following of fans as he trekked from Rome back to France to serve a three-year prison sentence.

LONDON (CNNMoney)

Jérôme Kerviel, whose actions nearly destroyed Societe Generale (SCGLF) in 2008, was arrested after walking from Rome in a bid to publicize his case.

Kerviel was found guilty in 2010 of betting 50 billion euros of the French bank's money without its knowledge, leading to losses of nearly 5 billion euros. That was worth about $7.2 billion at the time.

He was sentenced to prison and ordered to pay 4.9 billion euros in damages. France's highest court struck down the damages award in March, and a new trial will be held to determine how much Kerviel owes.

After appealing unsuccessfully against his conviction and jail term, Kerviel was given until midnight Sunday to give himself up.

Kerviel claims he is the victim of a dysfunctional banking system, where his superiors knew about his trading and covered for him. He also argues that there were "major malfunctions" in the way his case was handled by the judicial system.

After meeting the Pope in Rome in February, he resolved to serve his sentence but not before trekking more than 400 miles on foot back to France. His odyssey drew a big following of supporters on social media, and crowds of reporters gathered as he prepared to cross the border.

At the 11th hour, his resolve appeared to waver and he threatened to stay in Italy. Kerviel called on French President Francois Hollande to protect witnesses who could speak on his behalf. But, without an answer from Hollande, he turned himself in.

Related: Goldman Sachs under scrutiny for high speed trading

Kerviel's trading losses dwarfed those made by many other famous rogue traders, including Nick Leeson. The trader's losses of over a billion dollars in 1995 brought down Barings Bank, one of Britain's oldest private banks which counted the Queen among its clients.

A more recent rogue trading incident at JP Morgan (JPM, Fortune 500) -- dubbed the "London Whale" -- led to a loss of roughly $6 billion at the bank. During 2013, the bank agreed to pay $1 billion in fines to U.S. and U.K. regulators for lack of proper oversight of its traders related to that loss.

-- CNN's Sandrine Amiel and Paris bureau contributed reporting. To top of page

First Published: May 19, 2014: 10:19 AM ET


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Stocks: Reacting to mega merger news

sp 700

Click on chart for in-depth premarket data.

NEW YORK (CNNMoney)

Shares of DirecTV (DTV, Fortune 500) were narrowly higher after AT&T (T, Fortune 500) said Sunday that it had agreed to pay nearly $50 billion to acquire America's biggest satellite television provider.

AstraZeneca's (AZN) shares fell by roughly 14% in London after the board rejected yet another takeover bid from U.S. pharmaceutical giant Pfizer (PFE, Fortune 500). Investors had pushed AstraZeneca stock higher as they hoped Pfizer would be able to woo the British firm, but the rejection of a fourth and "final" offer from Pfizer suggests the deal is dead in the water.

In broader terms, U.S. stock futures were modestly lower Monday ahead of the opening bell.

The latest reading from the CNNMoney Fear & Greed index indicates investors are feeling fearful after stock markets hit fresh all-time highs last week.

Related: Retailers under the microscope

There's not much in terms of economic and earnings announcements on the docket Monday.

Campbell Soup (CPB, Fortune 500) reported slightly better than forecast earnings early Monday but lowered its 2014 sale guidance, sending shares lower. Retailer Urban Outfitters (URBN) will report results after the close.

Related: CNNMoney's Tech30

European markets were mostly declining in morning trading.

Banking stocks, including Deutsche Bank (DB) and Barclays (BCS), were down in Europe after Deutsche Bank announced it was raising roughly €8 billion ($11 billion) from investors to meet regulatory requirements.

Asian markets mostly ended with losses. However, the Mumbai Sensex index continued to rise as investors cheered the election of a new leader, Narendra Modi. To top of page

First Published: May 19, 2014: 5:02 AM ET


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What you really agree to when you click 'accept'

NEW YORK (CNNMoney)

Companies use these policies to alert you to how they track your location, read your emails, spy on your Web browsing -- and sell some of that to advertisers.

It doesn't help that these disclaimers are close to unintelligible.

The policy at Facebook (FB, Fortune 500) is 9,110 words long. LinkedIn (LNKD) comes in at 7,895 words. You'd need to be a sophomore in college to fully understand the disclaimers at Netflix (NFLX) and WhatsApp, according to a Flesch-Kincaid readability test.

With the help of several legal experts, CNN has reviewed policies at many top websites and apps. The conclusion: Most privacy policies are basically useless.

Related story: 8 worst terms of service

privacy policy instory

CNN reviewed privacy policies of top websites and services. The average policy is 3,545 words long and has a "13th grade" (college freshman) reading level.

They're too vague. Unclear language isn't just annoying. It arms companies with more legal muscle. Having ambiguous language in privacy policies lessens a consumer's ability to fight back if their personal information is ever mishandled.

"In many cases, companies don't want to be specifically transparent about what they're doing, so the policies are written in general terms with a lot of 'cover yourself' built in," attorney Joel Reidenberg said.

The music-streaming service Pandora (P), for instance, says it collects "transactional information" on devices. CNN consulted five of the nation's top privacy attorneys, and none knew what that meant. Is Pandora tracking your spending habits on shopping sites? Online banking? Pandora later explained that refers only to activities -- such as listening to music -- within the Pandora app.

That definition wasn't clear to Reidenberg or N. Cameron Russell, law school professors at Fordham University who specialize in this very subject.

"I would interpret that like a nonlawyer would," Russell said. "'Transactional information' is not a term of art that I've heard. That's up for grabs."

Terms are open-ended. When companies collect your information, they provide a list of what they take -- typically without any real limits. For example, King (KING), the maker of the wildly popular smartphone game Candy Crush, says it collects personally identifiable information "such as your name, address, telephone number or email address." But using the words "such as" means the list doesn't necessarily end there.

Aleecia McDonald is the director of privacy at the Stanford Law School's Center for Internet and Society. She notes that "such as" opens the gates for just about anything.

"It's not an exhaustive list," she said. "I read this as, 'We take everything we can get.'"

Policies change all the time. Companies revise the rules so often that advocates have launched a service called TOSBack to track updates.

For example, LinkedIn's (LNKD) privacy policy has been updated six times since March 27. Among the many tweaks: LinkedIn's privacy policy previously applied only to those with LinkedIn accounts. Now it applies to visitors too. And the service now uses cookies to recognize you "across different services."

"Companies reserve the right to change them. The ones they have today won't be the ones they have tomorrow," said Khaliah Barnes, who directs the student privacy project at the Electronic Privacy Information Center.

Sometimes they don't even exist. Mobile app developers are increasingly relying on even more nebulous "permissions" instead of privacy policies. These pop-ups list all the features an app can access on your phone. It's worth paying attention to them, because they're starting to get weird.

The Google (GOOG, Fortune 500) Play Store's top free app, "Don't Tap the White Tile," has no privacy policy either -- even though it has been downloaded to more than 5 million smartphones worldwide. There's no information about Umoni Studio or what it does with your information.

Meanwhile, the app can tap into other programs and access whatever computer you plug into your phone.

Umoni Studio told CNN it's a team of two dedicated developers in Guangzhou, China who mean well. They admit the app collects all this data, but they promise they'll only give advertisers "aggregated or anonymous information."

"We focused on improving our games so... we got little time to add the privacy policy," the company wrote. To top of page

First Published: May 19, 2014: 9:15 AM ET


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What AT&T-DirecTV deal means for consumers

NEW YORK (CNNMoney)

Sunday's deal announcement stirred enthusiasm, opposition and above all else curiosity about what the combination of AT&T (T, Fortune 500) and DirecTV (DTV, Fortune 500) could look like. The House Judiciary Committee immediately said that it would hold a hearing to scrutinize the deal.

In the short term, the deal is unlikely to affect either company's customers. But the long term is another story.

AT&T -- like its rivals Verizon (VZ, Fortune 500) and Comcast (CMCSA, Fortune 500) -- clearly wants to sell bundles of broadband and television that deliver on the promise of anything/anytime/anywhere programming.

Wall Street analysts pointed to a number of other motivations for the deal.

"While this transaction has some strategic merits, it appears more to be structured to enhance AT&T's financial position," Vijay Jayant of ISI Group said in a note to investors.

Craig Moffett of MoffettNathanson agreed -- he commented last week that AT&T is "in dire need of a cash producer to sustain their dividend."

In a telephone interview on Sunday night, Moffett said he was struggling to find "greater meaning" in the deal.

"It's a huge transaction, but I think it's very unlikely to change the landscape of pay TV very much," he said.

DirecTV's largest shareholder, Warren Buffett's Berkshire Hathaway (BRKB), seemed pleased by the deal.

"This is a terrific transaction for all involved: Enhanced choice for consumers coupled with increased value for both AT&T and DirecTV shareholders -- a natural," said Berkshire investment managers Todd Combs and Ted Weschler in a joint statement. Berkshire also disclosed last week that it just acquired a stake in Verizon as well.

Related: 4 ways a fast lane could change your Internet service

AT&T's bid for DirecTV -- the No. 1 satellite TV provider in the United States -- comes right on the heels of Comcast's bid for Time Warner Cable (TWC, Fortune 500), which would join the No. 1 and No. 2 cable TV providers.

Peter Lauria, a longtime media industry reporter who now writes for BuzzFeed, said Comcast might want to write AT&T a thank you note: "AT&T is indirectly making Comcast's case to regulators that it should be allowed to acquire Time Warner Cable because competition is increasing."

Comcast declined to comment on AT&T's announcement.

Senator Al Franken, a vocal opponent of the Comcast bid, said Monday on CNN's "New Day" that he is "very skeptical" about the DirecTV sale, as well.

Consolidation "usually leads to higher fees for consumers" and fewer choices, he said.

"The fewer players there are in the space, I believe the worse it is for consumers. And my constituents in Minnesota will be paying more for cable. This is a bad trend," Franken said.

Public interest groups that share Franken's concerns also spoke up. "The industry needs more competition, not more mergers," the nonprofit Public Knowledge said in a statement. "The burden is on AT&T and DirecTV to show otherwise. We'll have to analyze this carefully for potential harms both to the video programming and the wireless markets."

Related: Weather Channel coming back to DirecTV

That's what the House Judiciary Committee said it would do -- to "ensure that consumers' interests are protected in an increasingly consolidated telecommunications marketplace."

The Senate Judiciary Committee will likely hold a similar hearing.

AT&T and DirecTV executives have expressed confidence that the deal will gain the necessary support in Washington.

The wireless company is eager to experiment with new forms of video distribution, and by gaining DirecTV, it will gain millions of new customers. (DirecTV serves about 20 million households.)

Whether people want to sit back and watch live TV on a big screen, Netflix-style on a smart phone, or some other way that's still being dreamed up, AT&T wants to have a stake in it. Of course, other companies do too.

There's been an expectation that both of the country's satellite providers, DirecTV and Dish Network (DISH, Fortune 500), would either merge or be acquired by a third party. So AT&T's bid for DirecTV instantly raised questions about what Dish might do next.

"It's kind of an arms race," Guggenheim Partners analyst Paul Gallant said Sunday. "If regulators decide they're OK with Comcast-TWC, then AT&T-DirecTV starts to look like a nice counterweight to the bulked-up Comcast." To top of page

First Published: May 19, 2014: 9:59 AM ET


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Abramson breaks silence about NYT firing

jill abramson new york times

Jill Abramson gave the commencement address at Wake Forest Monday, her first remarks since being fired by The New York Times.

NEW YORK (CNNMoney)

Abramson spoke for the first time about her abrupt dismissal during a commencement address at Wake Forest University Monday morning.

She joked about the timing of the address. "I think the only real news here today is your graduation from this great university!" she told the graduates. She then spoke at length about the topic of resilience, citing her own experiences at The New York Times.

Abramson did not speak an ill word about The New York Times or its publisher, Arthur Sulzberger, Jr., who forced her out after fewer than three years as executive editor. She praised the newspaper and said "it was the honor of my life to lead the newsroom."

There has been widespread speculation in media circles about where Abramson will work next.

"What's next for me? I don't know," she told the assembled college students. "So I'm in exactly the same boat as many of you!"

Related: Sulzberger gives more details about Abramson's firing

In recent days there have also been some suggestions that she might decide to sue The New York Times (NYT), given news accounts that she was paid less than her male predecessor, Bill Keller.

Sulzberger and The Times have denied that was the case. In a statement on Saturday, Sulzberger said Abramson's total compensation was "was comparable with Bill Keller's; in fact, by her last full year as executive editor, it was more than 10% higher than his."

He went on to say that Abramson was dismissed because "she had lost the support" of her colleagues and could not get it back.

Related: Why did the New York Times really sack its editor?

Abramson sidestepped questions about her management style, but acknowledged that losing her job "hurts." She made light of the fact that she has a tattoo in the shape of the newspaper's famous T logo. When a Wake Forest student asked her if she might have it removed, she said "not a chance!"

Praising several former colleagues by name, Abramson spoke about the importance of the hard-hitting journalism produced by The New York Times and other institutions, and said "this is the work I will remain very much a part of."

Playfully, she addressed students in the crowd who'd been dumped or "not gotten the job you really wanted."

"You know the sting of losing. Or not getting something you badly want. When that happens, show what you are made of," she said.

--CNNMoney's Gregory Wallace contributed to this report. To top of page

First Published: May 19, 2014: 10:30 AM ET


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Stocks flat despite DirecTV takeover

dow 1015a

Click the chart for more markets data.

NEW YORK (CNNMoney)

Here are the five things to watch today:

1. Investors are still timid

The Dow was flat and the S&P 500 was up modestly in early trading. The tech-heavy Nasdaq was picking up a bit of steam -- up about half a percent by mid-morning.

The latest reading from the CNNMoney Fear & Greed index indicates investors are feeling fearful after stock markets hit fresh all-time highs last week but then slumped by the end of the week.

2. Big Merger # 1- AT&T and DirecTV

Shares of DirecTV (DTV, Fortune 500) fell after AT&T (T, Fortune 500) said Sunday that it had agreed to pay nearly $50 billion to acquire America's biggest satellite television provider. Shares of AT&T also dipped. If approved by regulators, the deal will continue a wave of consolidation in the television and telecommunications industries. Comcast, (CMCSA, Fortune 500) the nation's biggest cable provider, is currently awaiting regulatory approval for its plan to merge with Time Warner Cable. (TWC, Fortune 500)

3. Merger # 2 - No love from the Brits on pharma deal

AstraZeneca's (AZN) shares plunged 11% in London after the board rejected yet another takeover bid from U.S. pharmaceutical giant Pfizer (PFE, Fortune 500). Investors had pushed AstraZeneca stock higher as they hoped Pfizer would be able to woo the British firm, but the rejection of a fourth and "final" offer from Pfizer suggests the deal is dead in the water.

Pfizer shares were up more than 1% in early trading Monday.

Related: Retailers under the microscope

4. Monday's major stock movers

There's not much in terms of economic and earnings announcements on the docket Monday, but a few stocks are on the go.

Campbell Soup (CPB, Fortune 500) reported slightly better than forecast earnings early Monday but lowered its 2014 sale outlook, sending shares lower. It's one of the worst performers in the S&P 500 today. The company said it was unable to heat up its soup sales in the United States despite an increase in promotional activity.

Shares of Intermune (ITMN) spiked after the biotechnology firm released positive results over the weekend for a drug that treats pulmonary fibrosis, a terminal illness characterized by scarring of the lungs.

Related: CNNMoney's Tech30

5. World Markets mixed

European markets were mixed in afternoon trading.

Banking stocks, including Deutsche Bank (DB) and Barclays (BCS), were down in Europe after Deutsche Bank announced it was raising roughly €8 billion ($11 billion) from investors to meet regulatory requirements.

Asian markets mostly ended with losses. However, the Mumbai Sensex index continued to rise as investors cheered the election of a new leader, Narendra Modi. To top of page

First Published: May 19, 2014: 9:48 AM ET


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This startup dreamed up the 'Executive Hoodie'

NEW YORK (CNNMoney)

"I had no fashion background at all," he said. "I made them an Internet product, and they became an Internet sensation."

Lindland marketed the pants with pseudo-scientific facts claiming sideways corduroy produces less friction than traditional corduroy, hence leading to cooler crotches.

He launched Cordarounds.com in 2005 with $8,000 of his own money. He sold the pants in three different colors and they quickly became a viral sensation.

So he decided to think more broadly. In 2010, with $200,000 from investors, Lindland founded the San Francisco start-up Betabrand, a web-based clothing company that mixes quirky humor and clever marketing to create online buzz.

Related: 7 hot businesses to start now

"Why make pants when you can make Sons of Britches pants?" he asked. "We try to create products that have a novelty to them."

Like the Executive Hoodie made out of suit cloth, which sells for $168. Inspired by Mark Zuckerberg, it was launched in 2012 to coincide with Facebook's (FB, Fortune 500) IPO. It took the company six months to catch up with demand after nearly 1,000 orders rolled in, Lindland said.

Another fan favorite is the DiscoLab Collection, which has pants, hoodies, dresses -- you name it -- that reflect light like a disco ball.

But the company's fastest-selling product was released earlier this year: Dress Pant Yoga Pants.

"Women went insane over it," Lindland said. "And what was perfect is it wasn't just them loving it. It was them hating it too. And Twitter explodes ... when something is loved and hated. The traffic you get is unbelievable."

Since January, Betabrand has received more than four thousand orders for the pants, which retail for around $80.

Related: This vending machine will get you high

Unlike traditional clothing stores, Betabrand doesn't launch fashion lines each season. Instead, it releases a new item every day (up from a new product every two weeks when it launched).

"Fans send us ideas all the time for clothing products. We put them up on our website as prototype sketches," he said. "And then people vote."

Once a design has enough votes, a prototype is made in house, and it's posted on the site for 30 days. Fans show their support for a product by pre-ordering.

"The most popular we make and the least popular we avoid," Lindland said. "If we sell 80 to 100 within 30 days, we know this is a product we should make a bigger investment in."

Once a product reaches its goal, the company typically makes three times the number of pre-orders (about 60% of the clothes are manufactured in the United States).

Related: This startup thrives on a four-day workweek

The most popular products remain on the site indefinitely. Like Cordarounds, for example, which Lindland brought with him to Betabrand.

"We know that there's a fan base out there that will buy those things up," Lindland said. "We're running regular production runs of our most popular products all the time."

Not only do customers act as designers, they can become models too. Fans who submit photos of themselves wearing their favorite clothes could end up on the website.

People love to see pictures of their friends and family online, Lindland said. It gets them talking about the brand, and so far more than 20,000 customer photos have been submitted.

Since 2010, the company has grown from three employees to 50. They're not only profitable, but sales reached $4 million last year, and Lindland expects sales to exceed $8 million this year.

"We're doubling based primarily on our crowdfunding strategy," he said. "And we're starting to have a community that's really building our company right now." To top of page

First Published: May 19, 2014: 6:21 AM ET


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Stocks start week with a bang

Written By limadu on Senin, 12 Mei 2014 | 23.11

dow 1015a

Click the chart for more markets data.

NEW YORK (CNNMoney)

The Dow jumped 100 points to a record high Monday in intraday trading. The S&P 500 and Nasdaq also got a nice bounce.

While investors have continued pouring into the perceived safety of blue chip companies, tech stocks have been hammered as investors fret about sky-high valuations and in some cases not-yet-proven business models.

To that end, CNNMoney's Fear and Greed Index has been languishing in fear mode for the last month.

There was also a bit of that merger Monday feeling in the air, after Hillshire Brands (HSH, Fortune 500) announced plans to acquire packaged foods company Pinnacle Foods (PF) for $6.6 billion. Shares of Pinnacle surged 15% on the news, while shares of Hillshire dropped 6%.

Related: Hillshire Brands to buy Pinnacle Foods for $6.6 billion

Investors are also on the lookout for another mega health care deal, of which there have been aplenty so far this year.

Pfizer (PFE, Fortune 500)shares rose after the company published a letter to a parliamentary committee in the United Kingdom arguing its case for its proposed $106 billion acquisition of AstraZeneca (AZN).

The chief executives of both companies will be grilled by British lawmakers Tuesday and Wednesday, reflecting high levels of public anxiety over the impact of a takeover on jobs and scientific research in the U.K. So far the two health care giants have been unable to reach an agreement, but if completed, the deal would likely be the second biggest pharmaceutical deal after Pfizer's $112 billion purchase of Warner Lambert in 2000.

GoGo (GOGO) soared after the company beat earnings estimates. The inflight internet provider reported a narrower loss compared to a year earlier and said that its revenue climbed 35%.

Ralph Lauren (RL, Fortune 500) suffered after the iconic clothing company's stock was hit with an analyst downgrade. The stock has been sliding and is down more than 16.5% this year as it struggles to keep up with the competition.

Twitter (TWTR) was slowly crawling back Monday. The stock is down 15% in the past five trading sessions, a victim of the broader sell-off in various tech names, but it is trading solidly above $30 again.

Related: Fear & Greed Index still gripped by fear

Investors are also keeping a close eye on geopolitical developments, but seem to be shrugging off Sunday's vote in a region of eastern Ukraine that showed an overwhelming majority in favor of independence. Ukraine and several Western countries have condemned the referendum, organized by pro-Russian separatists.

European Union foreign ministers will discuss the situation in Ukraine on Monday, but are unlikely to announce any new sanctions against Russia or separatist leaders before Ukraine's presidential election slated on May 25.

Related: What to expect in the markets this week

European markets are all trading higher today.

Most major Asian markets ended firmer. The Shanghai Composite index surged by just over 2% and the Hang Seng in Hong Kong rose by 1.8%.

To top of page

First Published: May 12, 2014: 9:49 AM ET


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Plaintiff blasts deal in Silicon Valley poaching case

apple headquarters cupertino

Apple is one of four Silicon Valley companies that are defendants in a federal anti-poaching class action case.

NEW YORK (CNNMoney)

"The tentative settlement, if it stands, amounts to big profits for plaintiffs' counsel, insulation from real liability for the defendants and locks in significant losses for the [affected tech workers]," Michael Devine wrote Sunday in a letter to the judge overseeing the case.

At issue is a proposed $324 million settlement in the lawsuit against Silicon Valley tech giants. A class of 64,000 tech workers say the companies conspired to not make job offers to one another's employees.

The improper anti-poaching agreement significantly reduced wages in Silicon Valley, the suit alleged.

Last month, Apple (AAPL, Fortune 500), Google (GOOGL), Adobe (ADBE) and Intel (INTC, Fortune 500) reached a tentative settlement.

Devine, one of the named plaintiffs, argues that total lost wages could come to $3 billion. That comes to an average of just under $500,000 for each of the 64,000 plaintiffs.

Devine did not immediately respond to a request for comment, but he posted a copy of his letter to the judge on his website. The New York Times reported on the letter earlier Monday.

The plaintiffs' attorneys have yet to file for their fees as part of the settlement, but they argued in filings that the court typically awards law firms 25% of the settlement amount. That could leave each of the 64,000 plaintiffs in the case an average of less than $4,000 each in damages.

Related: Silicon Valley giants settle poaching case

Devine compares the settlement to a deal that would let a shoplifter who stole a $400 iPad pay only $40 and keep the iPad, without admitting wrongdoing or getting a mark on his criminal record.

He asks that the case go to trial later this month as it was scheduled to before the tentative deal was announced on April 24.

"Please, Your Honor, allow us our day in court," he wrote in his letter.

Spokespeople for Lieff Cabraser Heimann & Bernstein and the Joseph Saveri Law Firm, which represented the plaintiffs, did not immediately reply to request for comment. Neither did the tech companies named as defendants. To top of page

First Published: May 12, 2014: 9:40 AM ET


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GE wades into cyber security

ge cyber security

GE is buying Wurldtech, which specializes in cyber security for critical infrastructure like power grids and oil refineries.

NEW YORK (CNNMoney)

GE (GE, Fortune 500) is buying Vancouver-based Wurldtech, which specializes in security software that protects big industrial sites used by the energy, chemical, nuclear and manufacturing industries.

Wurldtech is a private company and GE did not disclose terms. Customers of the firm include large oil companies such as BP (BP) and Shell (RDSA), among others.

"We have been working with GE for four years, and in the second half of last year this idea accelerated," Neil McDonnell, Wurldtech's CEO told CNNMoney.

Related: Pentagon says China using cyberattacks

The announcement comes amid growing concern that the facilities used to generate power and distribute America's drinking water are increasingly vulnerable to hack attacks.

"We make big machines that are becoming much more connected. We are becoming an industrial internet,'' said GE software vice president Bill Ruh.

Related: Big banks stage mega-cyberattack drill

G.E.'s timing is good.

The Department of Homeland Security said it responded to 256 incidents last year of cyber invasions or breaches that targeted U.S. infrastructure. Of those, 151 incidents occurred in the energy sector alone.

The government also warned that recent incidents show that hackers are preparing for more attacks in the future. To top of page

First Published: May 12, 2014: 9:49 AM ET


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NFL players warn rookies: Stop spending!

jadeveon clowney

The Houston Texans took Jadeveon Clowney first in the NFL Draft. Ex-players hope he and other rookies manage their money wisely.

NEW YORK (CNNMoney)

The NFL's top draft pick just landed around a $22 million contract with the Houston Texans and bragging rights for life. His face is everywhere, and his name is a trending Twitter hastag.

But while Clowney -- and hundreds of other NFL rookies -- know a lot about football, they know little about managing money. Many are likely to end up bankrupt.

Just two years after their athletic careers end, 78% of former NFL players are bankrupt or nearly there, according to an analysis by Sports Illustrated.

"I've made millions and Iost millions," admits Eddie George, who was a first round draft pick in 1996 and went on to play nine seasons in the NFL as a running back.

"I bought a ton of jewelry coming out, cars, a stereo system that was worth more than the car," George says. "I found out real quick that money and ignorance is not a good combination."

Related: Why NFL players really go bankrupt

He was once in a shop in Atlanta and was so excited they had gator shoes that fit his size 14 feet that he bought 20 pairs. He's pretty sure he never wore any of them.

George, who has gone on to a successful acting and entrepreneurial career, advises young NFL players to live modestly and figure out what they need versus what they want.

Big salaries, big problems

Maurice "Mo" Kelly has been a friend and mentor to many athletes over the years. He's senior director of player development for the Seattle Seahawks, a post that entails helping players with everything from getting a place to live to figuring out where and what to eat.

He'll be one of the first people greeting the latest draftees when they land in Seattle.

"A lot of these guys don't have any concept of money. I always ask the question: How many of you guys ever made over $10,000 a year in your life?" says Kelly. Usually no one raises their hand.

He starts orientation by showing draftees a copy of their credit scores.

Related: Why football is still a money machine

"Honestly, I didn't know about credit until I got to the NFL. I had a scholarship in college and didn't have to worry about that stuff," concedes Myron Rolle, a Rhodes Scholar who was drafted in 2010 by the Tennessee Titans.

Rolle credits the NFL's Rookie Symposium, a two-and-a-half day event at the end of June, and the Titans' player development director for helping him think wisely about money.

"The best advice I got was to remain humble," says Rolle, who left the NFL and is now in medical school. "There are veterans on the team who have six or seven cars they drive to practice and Louis Vuitton and Prada suits. If you give into that lifestyle, you go broke quickly."

Start with the basics

Kelly tries to start all the Seahawks players off right and get them to make a budget. Most don't even realize that NFL players get paid throughout the season -- a bit after each game -- in the same way most people are paid weekly or bi-weekly.

If you get hurt or cut, it could impact pay.

Related: NFL cheerleaders aren't even making the minimum wage

"A lot of times, offensive and defensive linemen, those guys are more reserved [with money]," says Kelly. "The defensive backs and receivers ... how they are on the field is how they are off the field, and they spend accordingly."

In addition to spending, there are also those oft-forgotten taxes and agent fees.

"The biggest piece of advice I got -- the best -- was to understand taxes," George says. "I think I'm getting paid a $2 million signing bonus, but I'm not actually going to have $2 million after taxes, agent and marketing fees and so forth."

Clowney and other top draft picks stand to make millions. But most rookies make the league minimum, which is $420,000 this year. It goes up every year that players stay in the NFL. So some veterans will make as much as $800,000.

"It's a lot of money, but when I talk to guys, I often say, you're only as wealthy as your lifestyle," says Patrick Kerney, a former player who is now the NFL's Vice President of Player Benefits and Legends Operations.

Kerney was notorious for driving an old Ford Bronco as a player. He says he got a reality check on money by watching how his good friends from his University of Virginia days who were not football players lived after graduation.

Friends come to you with 'ideas'

One of the biggest challenges young players face is dealing with friends and family who want a piece of the action.

"Friends think you must have millions of dollars, but you really don't have that unless you're a first round pick. And there's no guarantee you'll be in the league more than a year or two," says Chris Kluwe, who played eight seasons as a punter for the Minnesota Vikings from 2005 to 2012.

Players are frequently approached to invest in ventures ranging from barber shops to coffee plantations in Brazil.

"Family members have these great ideas and business deals. It just comes out of the woodwork," George says. "I don't like to shoot down dreams, but you have to be stern and wise and be able to say no."

Even financial advisers can be suspect.

Related: How to find a financial planner

Sports agent Leigh Steinberg says financial advisers often go to college campuses trying to sign student-athletes before they have agents. Some even try to convince players to sign power of attorney rights over to the adviser so they can sign checks and execute deals in a player's name -- without consulting the player.

"Never give away power of attorney over to anyone. Run away once they talk about that," George warns.

Careers are short

Even if players are making millions, few wind up playing for more than about a decade in the NFL.

And that's to say nothing of the concussion crisis going on in football, notes Steinberg.

The key is to make as many business contacts while they are still playing.

"Once you're an ex-NFL player a lot of those doors are no longer open. It's about who did you meet when you were a football player," says Kluwe.

The NFL even runs short courses at the business schools like Harvard and Stanford. This year, players can attend one at Notre Dame where they can network with professors and corporate leaders.

Kerney challenged Darryl Tapp, a defensive end for the Detroit Lions, to attend one of the business school seminars last year.

"I told him if you go and leave and you don't think it's worth your time, I'll buy your plane ticket," Kerney says. Tapp did attend -- and he didn't charge Kerney for the flight.

Related: 2014 NFL draft picks

Even though a majority of former NFL players have struggled financially once their gridiron careers are over, several players have left the NFL and become successful businessmen.

DeRon Cherry, a former Kansas City chiefs safety, is a managing partner of a local Anheuser-Busch distributor. Brent Jones, a former San Francisco 49ers standout, founded a hedge fund of funds. And Hall of Fame defensive end Bruce Smith has become a real estate developer in Washington D.C. and Virginia.

Former players who have managed their money well hope there will be more post-football victories like this. To top of page

First Published: May 10, 2014: 9:09 AM ET


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Stocks this week: Wal-Mart, J.C. Penney

dow month to date

May has already seen a lot of ups and downs for stocks as investors search for direction in the market.

NEW YORK (CNNMoney)

As investors try to figure out how healthy the economy is, they will get another glimpse at how much consumers are spending this week and what kind of toll the nasty winter weather had on shoppers when some of America's retail giants report first quarter earnings.

Macy's (M, Fortune 500), which releases results Wednesday, has already lowered expectations. In its fourth quarter results, the company said it was "disappointed" with sales performance in January. Like many companies, Macy's blamed the "unusually harsh winter weather" that gripped much of the country earlier this year.

Related: Blaming poor performance on weather? Nice try

On Thursday, Wal-Mart (WMT, Fortune 500) is on deck. In addition to griping about the weather, the company warned in January that a federal cut in food stamp benefits that went into effect last year would hurt its bottom line.

Also on Thursday, J.C. Penney (JCP, Fortune 500) will be in focus. The struggling retailer is in the midst of trying to execute a drastic turnaround strategy. It may be working, as the stock has jumped 60% in the past three months. Still, it's still down substantially from a year ago.

Related: J.C. Penney cutting 2,000 jobs, closing 33 stores

Kohl's (KSS, Fortune 500), Nordstrom (JWN, Fortune 500), and Dillard's (DDS, Fortune 500) will also report earnings this week.

Other than the retail sector, investors will get results from SodaStream (SODA), Cisco (CSCO, Fortune 500), and Sony (SNE).

While there's no big economic data that could move stocks drastically, investors will be looking for cues from the broader market this week.

While blue chip stocks in the Dow have held their own recently, tech stocks in the Nasdaq have taken a beating. And with the Fed continuing to wind down it's massive stimulus program, investors are trying to find their footing in these new market conditions.

Investors are on the lookout for more mega mergers and deals. On Friday, several news reports said Apple (AAPL, Fortune 500) is in talks to buy Beats Electronics, the maker of the popular Beats by Dre headpones, for $3.2 billion.

Related: Buying Beats would be a mistake for Apple

And Pfizer (PFE, Fortune 500) has been on the hunt for AstraZeneca (AZN), but so far the two healthcare giants have been unable to reach an agreement. Still, Pfizer is armed with cash, and a deal on that scale would likely be the second biggest pharmaceutical deal after Pfizer's $112 billion purchase of Warner Lambert in 2000.

The merger would be the latest in a string of healthcare deals this year.

Another event on the calendar with the potential to affect the share price of individual companies is the Skybridge Alternatives Conference in Las Vegas, which features some of the top hedge fund managers. Since these hedge fund titans tend to make large investments betting for or against certain stocks or sectors, when they talk, the market listens.

Last week, at the Sohn Investment Conference in New York, Greenlight Capital's David Einhorn sent athenaheath (ATHN) tumbling 14% after he said the company's sky-high valuation could cause its stock to plummet 80%.

The ongoing strife in Ukraine is also spilling over into other countries, especially in Europe.

To top of page

First Published: May 11, 2014: 9:17 AM ET


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Other women snubbed me until I hit it big

admittedly

Jessica Brondo (center) with an admittedly cofounder and an employee.

NEW YORK (CNNMoney)

However, what should be even cooler is that after I got back, my inbox was inundated with e-mails from investors, seasoned entrepreneurs and press -- many of whom were women -- looking to become advisors and help in any way they could.

But while I should be overjoyed, they kind of made me sick. A year ago, when I was desperate for input and advice, those same women were nowhere to be found.

Flashback to the same conference last year. I was 30 and had been running the first company I founded, The Edge in College Prep, since 2005. I was already a test prep and admissions counseling expert, but I had a big idea: leverage the power of algorithms to help students who couldn't afford a private counselor.

Related: 7 hot business to start now

So I went to SXSWedu in Austin to soak in advice. I remember going to the EdTechWomen dinner, and thinking that THIS was the community of supportive women I had been looking for. I thought I had finally found a group of women who truly cared about my success, and I was so excited to meet female investors and entrepreneurs who seemed, at the time, genuinely interested in what I was building. I collected more than 50 business cards and eagerly e-mailed everyone.

Not one person responded. Not. A. One.

Since then I founded admittedly, completed the Entrepreneurs Roundtable Accelerator program, raised a round of seed funding, built a six-person team and launched the site. Today, there are tens of thousands of high school students utilizing it daily.

Now, after this year's success and grinding it out on my own, I'm beating offers of "coming on board as an advisor just for a small percentage of equity" away with a stick.

Frankly, I'd like to say, where were you when I actually needed advice? When I had no idea what a convertible note was? When I was wrestling with the decision of starting a new company or keeping admittedly a part of my previous venture? When I had no idea what the difference between a CTO and a Lead Developer was?

Last year, you read my emails and ignored me. This year, you want advisory equity and are all too happy to return an e-mail. I wholeheartedly thank you for your offers and I'm flattered that now that I've begun to prove myself and we're crushing it, you want a piece of the pie.

Related: Cycling is the new golf

I'm reminded of a recent report from Harvard Business School, Wharton and MIT Sloan, which found that when investors listened to the same pitch from a man and from a women, more than twice as many would invest in the man's idea. But the key for me was that female investors marked down the female entrepreneurs as much as the men did.

It may be that women investors -- the mavens, sharks and insiders who hand out business cards at places like the EdTechWomen dinner -- are shy about investing in women-led ventures because they don't want to appear influenced by gender.

But that's no excuse.

I was a women's studies minor and the president of the Organization of Women Leaders at Princeton. I couldn't be more obsessed with women succeeding, but I absolutely despise women who want to get on board after the battle is won but wouldn't give us entrepreneurs the time of day while we're in the trenches.

Even though this experience has changed my views of risk and business leadership, I know what I'm not going to do -- I'm not going to lie about the "amazing support I've received from women in the startup community" or the value of "female mentors."

But I will be different. Instead of telling people how to change, I'm going to change. I'm going to help others more often and earlier. In real ways. I'm going to take more risks to help the next young person with a good idea -- regardless of their gender.

I can only hope that next year at SXSW and other tech and business conferences, we can take a page from Cate Blanchett's Oscar acceptance speech and be clear that female-led companies (just like female-led movies) are not niche. I hope I see more female-led companies presenting at these conferences, and that people -- especially women - who have already succeeded start to understand the power of the "give-back" when others really need the help, not just when they can stand to earn valuable "advisory equity." To top of page

First Published: May 12, 2014: 6:57 AM ET


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Is craft beer really a good business bet?

NEW YORK (CNNMoney)

Rob Sands, chief executive of beer and wine distributor Constellation Brands (STZ), is not interested in buying up any of the nearly 2,500 craft breweries that have sprung up across the nation in recent years.

"People expect one of the big guys to get in and roll up the craft business," Sands said in a recent interview. "But it's not clear that's a good strategy."

For fans of locally made beer, that may come as a bit of a relief. But it's also a bit surprising considering the explosive growth craft beers have experienced in recent years.

Related: Small craft breweries hit it big

Craft beers made up nearly 8% of the overall beer market by volume in 2013, up from 3.7% in 2007, according to the Brewers Association. The group estimates that craft brews had a retail value of $14.3 billion last year.

Some of Constellation's competitors have been jumping on the bandwagon.

Anheuser-Busch InBev (BUD), the nation's largest brewer, recently struck a deal to buy Blue Point Brewing Company, a microbrewery in New York. Molson Coors Brewing Company (TAP) has introduced a number of its own craft beers, including Blue Moon Belgian White.

Related: Crafty new beer app warns of big-brewer ownership

But the Boston Beer Company (SAM), which makes Samuel Adams, is perhaps the most recognized name in craft beer. The company said late last month that sales surged 35% in the first quarter, compared with last year.

While he acknowledged that such growth is impressive, Sands said craft beers are still just a small sliver of the $100 billion beer market.

Constellation recently bought the rights to sell Corona, one of the nation's best-selling imports, in the United Sates. The deal, which was tied to ABInBev's acquisition of the Mexican brewer Modelo, transformed Constellation from a wine and spirits distributor into a major player in the beer business.

Corona sales are about 100 million cases a year, compared with roughly 30 million cases for Sam Adams, according to Sands.

In addition to being small, Sands says few craft beers have been successful outside of the local market.

"Although the craft beer industry is growing very rapidly, it's a very local business," he said. "It's not clear that these brands can be expanded beyond their locale."

Related: Big Beer dresses up in craft brewers' clothing

He said there are dozens of small breweries in Rochester, N.Y., where Constellation is based. But consumers outside of upstate New York have never heard of any of those brands, according to Sands.

Regulations are another reason Constellation is staying out of craft beer.

Sands, who is also an attorney, said beer franchise laws across the nation create a "significant dis-synergy" for any company looking to buy up small breweries.

Related: A Busch brews again

Beer distribution contracts cannot be broken unless the distributor agrees to be bought out. That means Constellation would have to pay a high price to terminate the contracts or end up with a distribution network that would be difficult to fold into its existing business.

"You end up with a couple hundred more distributors for a small amount of business that could be very disruptive to your sales organization," he said. To top of page

First Published: May 12, 2014: 6:59 AM ET


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Stocks: Dow ready for another record?

sp 500 futures 720

Click on chart to track premarkets

NEW YORK (CNNMoney)

Major world markets and U.S. stock futures were all moving up ahead of the opening bell, shrugging off Sunday's vote in a region of eastern Ukraine showing an overwhelming majority in favor of independence. Ukraine and several Western countries have condemned the referendum, organized by pro-Russian separatists.

The major U.S. stock indexes all pushed up Friday. The Dow's close of 16,583.34 narrowly topped the previous record set on April 30. The S&P 500 and Nasdaq also closed firmly in positive territory.

There are no major quarterly results coming out Monday. But a number of retailers including Macy's (M, Fortune 500), Wal-Mart (WMT, Fortune 500) and J.C. Penney (JCP, Fortune 500) will report later in the week.

In economic news, the April Treasury budget will come out at 2 p.m. ET.

Related: Fear & Greed Index still gripped by fear

European Union foreign ministers will discuss the situation in Ukraine on Monday, but are unlikely to announce any new sanctions against Russia or separatist leaders before Ukraine's presidential election slated on May 25.

"The EU does not yet seem prepared to escalate the sanction regime to 'stage two,' which would allow it to include companies and organizations," wrote Marc Chandler, strategist for Brown Brothers Harriman, in a market report. "Disruption of the May 25 Ukraine election, however, would likely push the EU over that Rubicon."

Related: What to expect in the markets this week

European markets were all trading higher.

Most major Asian markets ended firmer. The Shanghai Composite index surged by just over 2% and the Hang Seng in Hong Kong rose by 1.8%.

The Mumbai Sensex index also shot into record territory as India's marathon parliamentary elections come to an end. Exit polls are due to be published after the market close Monday. To top of page

First Published: May 12, 2014: 5:20 AM ET


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Pfizer seeks to save AstraZeneca bid

LONDON (CNNMoney)

The chief executives of both companies will be grilled by British lawmakers Tuesday and Wednesday, reflecting high levels of public anxiety over the impact of a takeover on jobs and scientific research in the U.K.

In a bid to ease those concerns, Pfizer (PFE, Fortune 500) published Monday its written submission to two parliamentary committees, setting out what it described as "legally binding" commitments to foster research and development if it completes the deal.

"To ensure our commitments are binding, we included them with our proposed offer announcement understanding fully that they would be binding as a matter of English law," Pfizer said.

Pfizer said it would complete AstraZeneca (AZN)'s research and development hub in Cambridge, locate 20% of the company's total R&D workforce in the U.K., and retain substantial manufacturing facilities in the country.

Related: Merck sells consumer unit to Bayer for $14 billion

AstraZeneca has rejected Pfizer's advances, describing its offer of £50 a share as inadequate. The company also believes it doesn't need outside help to continue to invest in developing valuable new treatments for cancer, diabetes and Alzheimer's disease.

It has outlined a strategy to grow revenues by more than 75% over the next 10 years.

Pfizer is hoping to win over public opinion, and is reported to be ready to sweeten its offer further in a bid to get AstraZeneca's management to talk.

Related: Wall Street's new addiction: healthcare mergers

The deal as proposed would represent the biggest foreign takeover of a British company, and would also likely be the second biggest pharmaceutical deal after Pfizer's $112 billion purchase of Warner Lambert in 2000.

In addition to an expanded drug portfolio -- particularly in cancer treatments -- it would also provide a use for some of the billions in profits Pfizer holds overseas. Pfizer says the combined company would have its corporate and tax base in the U.K.

Pressure is mounting on the British government to intervene in a deal that could transform one of the most important sectors of the U.K. economy. Pharmaceuticals, medical biotechnology and medical technology employ about 175,000 people, and spend nearly £5 billion a year on R&D.

Drug companies alone account for 28% of all manufacturing R&D, more than any other sector, and the industry punches above its weight in world markets.

Concerns have been fueled by Pfizer's decision in 2011 to cut back research at a U.K. site, and complaints that it failed to honor commitments after buying Sweden's Pharmacia in 2002.

The takeover battle has also revived memories of Kraft (KRFT, Fortune 500)'s purchase of Cadbury in 2010. Within days of completing the deal, Kraft reneged on a pledge to keep a chocolate factory open, leading to the loss of hundreds of jobs. To top of page

First Published: May 12, 2014: 9:12 AM ET


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Boko Haram threatens Nigeria's economic future

NEW YORK (CNNMoney)

Nigeria has been one of the hottest destinations for foreign investment in the developing world in recent years. Big companies and investors have been attracted to the country's booming economy, abundant natural resources and rapidly-expanding middle class.

But the fact that militants from Boko Haram were able to carry out their brazen attack on a boarding school could scare away Western investors. Clearly, security is still a real threat.

"The government has proven unable to prevent large-scale bombings and incapable of curtailing activities of Boko Haram in northern cities," said Geoff Porter, head of security consultancy North Africa Risk. "I don't think Nigerian security forces have a grasp on what's taking place."

So far, Nigeria's economy appears to be withstanding the security conundrum. Stocks have barely dropped since the abductions last month, and Western companies have not announced plans for a mass exodus.

But Nigeria must watch investors' willingness to make commitments going forward.

More than $21 billion of foreign direct investment poured into Nigeria in 2013, up 28% from the year before. The country has attracted the most foreign direct investment in sub-Saharan Africa since 2007, according to Ernst & Young.

It's not just energy firms. Western companies sinking cash into Nigeria include General Electric (GE, Fortune 500), Procter & Gamble (PG, Fortune 500), Yum! Brands (YUM, Fortune 500), Hugo Boss (BOSSY), Nestle (NSRGF), Siemens (SI) and SAB Miller (SBMRF).

Nigeria has been diversifying its economy away from energy and subsistence agriculture. The nation's GDP is now $490 billion, just shy of the economies of countries like Norway and Sweden.

But this bullish backdrop is being threatened by Boko Haram, the Islamist group behind the massive kidnappings. Their four-year insurgency has cost more than 4,000 lives, destroyed countless schools and government buildings and displaced almost 500,000 people, according to the International Crisis Group.

Related: Drug cartels are ruining Cinco de Mayo

'Bipolar view of Africa'

Unless the government implements "comprehensive plans to tackle not only insecurity but also the injustices that drive much of the troubles, Boko Haram, or groups like it, will continue to destabilize large parts of the country," the organization said in an alert issued last month before the kidnappings occurred.

Boko Haram, which the U.S. government has deemed a terrorist organization, controls parts of northern Nigeria, terrorizing citizens by burning down villages and executing abductions like the ones that have captured international attention.

Investors were already grappling with a myriad of challenges in Nigeria, which receives low scores from independent organizations on ease of doing business, corruption and access to electricity.

"Nigeria produces a pitiful amount of power," says Roddy Barclay, senior analyst at global risk consultancy Control Risks. He believes the lack of electricity is "a major impediment to get foreign investment."

Related: U.S. seizes $458 million stolen by Nigerian dictator

On the other hand, the country's relatively robust legal system and well developed banking system are appealing.

"Nigeria epitomizes this almost bipolar view of Africa," Henry Egbiki, West Africa regional leader at Ernst & Young, wrote in a report last week. "For many of us already doing business on the continent it is an exciting, dynamic, high octane growth market; for some others, often on the outside looking in, it seems chaotic, unstable, and uncertain."

"The reality is obviously less cut and dried than either of these extremes," he wrote.

The questions about security overshadowed the positive growth story that Nigeria wanted to promote when it hosted the World Economic Forum last week.

The situation has been exacerbated by Nigeria's limited security infrastructure and military corruption. An American official told CNN that six U.S. military advisers arrived in Nigeria on Friday to help in the kidnapping rescue efforts, adding to the American counterterrorism presence already in the country.

Will investors flee?

In the short term, the impact on foreign investment in Nigeria is likely to be dictated by geography.

Porter said the security situation may cause investors to yank money from manufacturing and infrastructure investments in northern Nigeria, which has been ravaged by violence.

For the most part, Nigeria's resource rich southern region has been spared from violence, insulating investments in the oil and gas industry from the likes of GE.

Perhaps that explains why Nigeria's stock market has largely withstood the recent turmoil. The Nigerian benchmark equity index has only declined about 1% since the kidnappings in mid-April.

"It remains one of the most challenging investing environments around, but the opportunity and rewards are such that investors are generally looking at Nigeria as a viable investing environment," said Barclay.

But that doesn't mean a security solution is necessarily in sight. Observers believe the violence may escalate ahead of key elections next year.

The flow of investment into Nigeria could be disrupted if militants begin targeting Westerners, provoking a more forceful military response from the U.S. and Europe. Porter warned that could result in a "backlash against Western" brands who have just begun gaining a foothold in Nigeria.

"It's a huge challenge, and it isn't going to be resolved overnight," he said. To top of page

First Published: May 12, 2014: 9:54 AM ET


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Red Bull picks up deal with Clippers

Written By limadu on Senin, 05 Mei 2014 | 23.10

donald sterling

L.A. Clippers owner Donald Sterling.

NEW YORK (CNNMoney)

The two will resume marketing immediately and continue a partnership with Clippers star Blake Griffin, the company said.

Red Bull and a dozen other companies suspended sponsorships with the Los Angeles-based NBA team after racist comments made by team owner Donald Sterling were revealed.

Neither said how much the team or Griffin deals are worth. But Griffin holds a lucrative, five-year contract with the team, according to California and sports media reports.

Red Bull said the Clippers would donate 50% of Red Bull's payments to "charitable initiatives" and funnel all profits "exclusively into basketball operations," rather than to Sterling.

The company's decision, announced early Saturday, follows similar moves from two other high-profile sponsors.

On Tuesday, Adidas and Samsung said they were resuming ties with the team, citing NBA sanctions against Sterling announced earlier in the day. NBA Commissioner Adam Silver said he would ban Sterling from league facilities and games, level a $2.5 million fine -- the maximum under league rules, he said -- and push for a sale of the Clippers.

Related: Clippers sale will bring many bidders, huge payday

"We fully support the league's decision. As a long-term partner of the NBA, we are proud that the Commissioner is taking serious action to ensure prejudice is not tolerated in the game," Adidas said in a statement. Samsung called the Silver announcement "momentous."

But most companies that dropped ties to the Clippers haven't announced they're reestablishing marketing deals.

Those companies include Corona, Kia, Sprint and State Farm. Amtrak said it would make a decision ahead of the next NBA season.

A change in team leadership could make it easier for the sponsors to return. The NBA said it has begun searching for a new CEO to lead the team, and owners of the NBA's other teams are set to consider forcing Sterling to sell the Clippers. That would require support from 22 of the other 29 owners.

And another reason: The Clippers could become increasingly prominent on the NBA scene. On Saturday night, the team moved forward to the semi-final round of the NBA playoffs.

-- CNNMoney's Chris Isidore and Katie Lobosco contributed to this report To top of page

First Published: May 4, 2014: 3:36 PM ET


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The best states to retire in are a little surprising

south dakota retirement

Badlands National Park (pictured) is among the nature sites that South Dakota has to offer.

NEW YORK (CNNMoney)

South Dakota topped Bankrate's list. Its low taxes, lack of crime and easy access to quality healthcare make it the country's best state for retirees, according to Bankrate's rankings, which equally weighted weather, cost of living, crime, quality of health care, state and local taxes and general well-being.

Overall, Midwestern and Mountain states dominated the list, with Colorado, Utah, North Dakota and Wyoming rounding out the top five.

All of these states tend to have excellent healthcare and some of the lowest state and local tax rates in the country, which can make a big difference for retirees living on fixed incomes, said Chris Kahn, research and statistics editor at Bankrate.

"Yes you are still going to need a snow shovel... but you're getting a lot in return for that cold weather," Kahn said.

And while sunny Florida is popular among many retirees, it ranked near the bottom of the list -- in 39th place -- in part because of higher crime and living costs and lower quality healthcare. Meanwhile, California ranked 28th, weighed down by high state taxes and living costs.

Related: Best places to retire

Here are the 10 states offering the best mix of affordability and lifestyle, according to Bankrate.

1. South Dakota: Yes, the temperatures dip below freezing (a lot), but South Dakota boasts low crime, quality healthcare and no state income tax.

And beyond the Badlands and Black Hills, there is plenty to do. In the small town of Aberdeen, S.D., for example, retirees can enjoy its historical downtown, home to farmers markets and holiday events, and easy access to both local arts and outdoor activities, like cross-country skiing.

2. Colorado: Not only does Colorado offer much milder winters, but its residents also benefit from high quality healthcare and a lower-than-average tax burden. Plus, its residents are among the most content in the country, according to an annual survey by Gallup of general well-being.

One downside: The cost of living is higher than in 28 other states.

Less congested and cheaper than nearby Denver, Colorado Springs, Colo. has access to one of the country's leading cardiovascular hospitals as well as parks, trails and the Rocky Mountains.

Related: Are you on track for retirement?

3. Utah: Utah offers up plenty of options for both nature lovers and city dwellers. And, for retirees, its low cost of living and high quality healthcare make it even more attractive, Bankrate said.

Salt Lake City offers a bustling downtown, with arts and cultural events and a light rail that makes getting around town easy. It's also just a half hour drive away from hiking, skiing and other outdoor activities.

4. North Dakota: Residents here have to deal with some of the coldest weather in the country.

But North Dakota has its advantages: extremely low crime and even better healthcare. Plus, its residents report the highest level of general well-being in the country.

5. Wyoming: For a tax-conscious retiree, there is no state better than Wyoming, Bankrate found. The "Cowboy State" also has low crime and moderate living costs, although the quality of its healthcare is far below that of the top ten states, according to government statistics.

6. Nebraska: It's not just about wide open spaces. Nebraska is one of the most affordable states in the country, has relatively low crime and residents enjoy a high level of general well-being.

Related: Meet the country's roving retirees

7. Montana: Retirees have plenty of room to roam in Montana. Even though it's one of the largest states in the nation, the state has one of the smallest populations.

The cost of living isn't as low here as it is in some of the other Mountain states, but Montana's lack of a sales tax helps to offset some of the extra cost.

The resort area of Kalispell, Mont., has the largest freshwater lake west of the Mississippi, as well as a regional medical center that ranks as one of the country's top hospitals.

8. Idaho: Idaho not only has the lowest crime rate in the country, but it's also one of the most affordable states. Residents do pay higher taxes here than in other Mountain states, though the tax burden remains below the national average.

In Boise, Idaho, retirees can find access to arts and outdoor activities, and a massive new cultural center is set to open there next year.

9. Iowa: Another cold state to make Bankrate's list, Iowa boasts low crime and living costs and high-quality healthcare.

In the college town of Iowa City, Iowa, retirees can take up a class at the University of Iowa or enjoy free concerts and outdoor movie nights in the summer.

10. Virginia: One of the warmest spots on the list, Virginia has one of the lowest crime rates in the country.

For seniors looking for a coastal lifestyle, Norfolk, Va. is home to miles of beaches and sailing and kayaking in the Chesapeake Bay. The city is also home to an art museum, theater company and opera house. To top of page

First Published: May 5, 2014: 2:00 AM ET


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Stocks: Earnings on tap to start the week

S&P futures 2014 05 05

Click chart for in-depth premarket data.

NEW YORK (CNNMoney)

U.S. stock futures were lower ahead of the opening bell.

Worries over growing tensions and lawlessness in Ukraine may be causing investors some unease.

Meanwhile, a new HSBC manufacturing report out of China on Monday showed business conditions continued to deteriorate in April, dampening investor sentiment in Asia.

The latest reading from the CNNMoney Fear & Greed Index suggests investors are increasingly fearful.

Related: All eyes on Janet Yellen this week

Earnings season is winding down, but a few more quarterly releases remain on the docket. Pfizer (PFE, Fortune 500) and Tyson Foods (TSN, Fortune 500) will report before the opening bell. Pfizer may reveal further information about its plans to acquire the British pharmaceutical company AstraZeneca (AZN).

After the closing bell, gun manufacturer Sturm Ruger (RGR) will report its latest quarterly figures.

Berkshire Hathaway (BRKA, Fortune 500) hosted its annual shareholder meeting over the weekend. The company reported earnings Friday that missed expectations.

It's been a quiet start to May for stocks. The Dow Jones industrial average, S&P 500 and Nasdaq all fell modestly on Friday, ending the week in the red. Still, the Dow hit an all-time high last week, and the S&P 500 is close to new heights.

Related: CNNMoney's Tech30

European markets were lower in morning trading. Germany's Dax index was down by just over 1%.

Asian markets ended the day with mixed results. Some international markets were closed Monday, including exchanges in London, Seoul and Tokyo. To top of page

First Published: May 5, 2014: 5:11 AM ET


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Beware the Russia risk, warns Europe

putin european recovery

Tensions with Russian President Vladamir Putin threaten to hit Europe's economic recovery.

LONDON (CNNMoney)

Growing tensions with Russia could hit growth in Europe this year and next, warned the European Commission in its latest outlook.

"Should further rising tensions with Russia lead to major disruptions in oil and gas supplies with a sharp rise in prices, the negative impact on a number of Member states could be sizeable," the Commission said.

Russia is facing off with the U.S. and Europe over the worsening situation in Ukraine. Western leaders accuse Russia of helping encourage protests and lawlessness in Eastern Ukraine -- a claim which Russian officials have staunchly denied.

The U.S. and Europe have each slapped sanctions on many Russian companies and individuals. Meanwhile, Russia has warned that its natural gas exports to Europe could suffer as it considers cutting off gas to Ukraine -- a key transit route for gas to Europe.

Related: Russia sets Ukraine gas bill deadline

Things look brighter for the broader European economy.

Taking Russia out of the equation, growth across the European Union is expected to hit 1.6% this year and 2% next year, compared with 0.1% in 2013. And the Commission expects the 18-nation eurozone to see growth of 1.2% this year and 1.7% in 2015.

While Russia is the newest risk to Europe's economy, it's hardly the only one.

Low inflation has consistently been a key threat.

The European Commission expects inflation in the euro area to decline to 0.8% in 2014 before rising to 1.2% next year. The Commission had previously expected a much healthier 1.5% inflation rate for 2014.

The latest expectations are also well below the target set by the European Central Bank, which is aiming for inflation just below 2% in the medium term.

Declining commodity prices, a strengthening euro, and weak labor market conditions in some countries have been the major culprits.

In March, eurozone inflation fell to 0.5%, its lowest level since November 2009. To top of page

First Published: May 5, 2014: 9:55 AM ET


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Drug cartels are ruining Cinco de Mayo

NEW YORK (CNNMoney)

While the great lime shortage of 2014 was initially sparked by severe winter weather and drought conditions in Mexico, criminal organizations have used violence and extortion to exacerbate the situation. The price of a case of limes, a mainstay of margaritas, guacamole and summer beers, has more than quadrupled in recent months.

The lime shortage illustrates the close ties between the U.S. and Mexican economies and how violence south of the Rio Grande can have ripple effects on American consumers -- and not just the ones hitting the beaches in Cabo San Lucas and Cancún.

"Most people in the U.S. don't realize how highly dependent we are on Mexico for certain products. They don't understand how much our economies are intertwined. The bad things happening in Mexico do have an impact on U.S. consumers and U.S. exporters," said David Shirk, a security specialist at the Mexico Institute of the Woodrow Wilson International Center for Scholars.

Mexico is the world's largest exporter of limes, sourcing almost all of the limes the U.S. consumes.

War on drugs fallout

The ability of organized crime to impact lime prices highlights unintended consequences tied to the U.S.-led war on drugs.

The Knights Templar, which is based in the lime producing epicenter of Michoacán, is a splinter group of La Familia Michoacana, the drug cartel dismantled by law enforcement around 2011.

"Breaking up major organized crime groups into smaller pieces does not necessarily make them more manageable," said Shirk.

Related: Airlines nix limes as prices skyrocket

In recent years the group has pushed into kidnapping, human trafficking and extortion of various business owners, including those involved in lime exports.

"As it becomes more and more difficult to move drugs into the United States, all of these cartels have diversified their businesses," said Shannon O'Neil, a senior fellow for Latin American studies at the Council on Foreign Relations.

Cartel members have demanded a certain percentage of orchard owners' lime shipments, threatening to burn down their farms, rape their daughters or kill their children.

Business owners inside and outside the lime industry have recently pushed back by forming vigilante "self-defense" groups, which have battled the drug cartels in violent shootouts.

"They decided, 'We are losing our livelihood and need to defend our land.' It's very Wild West," said O'Neil.

The Mexican government has responded forcefully with a military presence and told the vigilante groups to stand down by May 10. It remains to be seen if they will do so.

"The influence of organized crime groups is extremely pervasive and affects daily life in ways that are shocking," said Shirk. "It's part of daily life in Michoacán and one of the unintended consequences of the drug war."

Lime prices skyrocket

The violence in the region and threats from criminal organizations has made it all but impossible for the U.S. Food and Drug Administration to certify the limes that are emerging from Mexico are being grown in a sanitary way.

Related: A Busch brews again

The fallout has jacked up prices for U.S. and Mexican consumers and businesses accustomed to celebrating Cinco de Mayo with limes in their beers, margaritas and mojitos.

A case of limes now goes for close to $100, up substantially from reports of $15 to $20 last year. The average price of a lime at the grocery store is up about a quarter from last year, according to the Department of Agriculture.

That has forced grocery stores, bars and restaurants to pass along some of the costs to consumers or eat into their profits. Even if places do get limes, they are often smaller and less juicy.

Analysts said Americans can expect price disruptions in the future due to the difficult security situation in Mexico.

For example, drug cartels have recently pushed into the country's avocado industry, although that crop hasn't been suffering from the same levels of weather induced shortages.

"I don't think organized crime groups care about limes at all. They care about making a profit," said Shirk. "Mexico's economic and security problems are our own."

Readers: How much does a lime cost in your hometown? Leave your response in the comments below or tweet us @CNNMoneyInvest

CNNMoney managing editor Lex Haris spotted a lime on sale for $1.29 in Manhattan over the weekend.

CNNMoney markets editor Heather Long saw them for $0.99 in her part of New York City.

Lime lovers should consider moving to Rockford, Illinois. Reader Michael Donohue says they only cost a mere $0.10 in Rockford.

It's not so bad in Austin, Texas, either where William Merryman tells us limes retail at $0.44 each.

Vicki Iris reports $0.70 for a lime in the state of Victoria, Australia.

The pity prize goes to Calgary, Canada. Reader "bd" says the 2013 price in his hometown was $0.35. It's now $1.54 a lime. Sour indeed.

The deal of the week just might be in Dallas. L. Jahlil tells us limes have been $0.99 a piece lately, but there was a Cinco de Mayo sale of $0.99 a pound!

Meanwhile Marisol Marquez of Florida and Jorge Rocket aren't too concerned about the lime price spike. They grow their own. As Jorge aptly tweeted us, "Wanna buy some?"

To top of page

First Published: May 5, 2014: 7:06 AM ET


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