businessnews

Entertainment

2014-03-28T05:28:00.000-07:00

ENTERTAINMENT

I Am Not Fighting With Kennis Music, I Just Decided To Leave Them - Jaywon

10 April, 2014

Arts and Entertainment

Popular Nigerian Musician Jaywon has decided to leave Kennis Music to pursue his own way in making music.
Rumours have been going around for sometime now that Jaywon and his bosses Keke and D1 are not in good terms but in a recent interview with Nigezie he explained all.
He debuked the allegations that he was not in good terms with his former management and that it was just the right time to create his own brand.
He said:‘I feel this is the best time for me to actually be on my own. I appreciate Kennis Music and will always do. Kennis did it for me and I’m grateful for that but the thing is my contract expired and I need to move on’.
Jaywon real name is Oluwajuwonlo and is also known as Shigga and Holy talk, He hails from the yoruba speaking part of Kogi state and finished his secondary school in illorin and polytechnic at Bida Niger state.
Jaywon met Kenny Ogungbe in Kuramo during a show after he made a song with hit maker Konga.
He said that After God and his Mom the next person he respects is Kenny for believing in him.

PHOTO: Afrocandy In Tears Begging For Funds To Send Her Daughter To School

10 April, 2014

Controversial Nigerian actress and pornstar, Judith Opara Mazagwu, a.k.a. Afrocandy is back in the news but this time not for anything X-rated.
Afrocandy is asking for help from her supporters to foot the bills for her daughters education.
According to Afrocandy, her daughter was accepted into a university and she is low on cash as she invested all she had in the making o her soft porn movie 'Destructive Instinct', with the hope that she would get a huge turnover before her daughter's time for college.
She took to her Facebook page to share a photo of her in tears and also a link to the fund raising page.

Afrocandy in tears
Here is what she wrote on her Fundraising page.

I am a single mother of 2 well behaved, intelligent, smart girls. Moved from Africa in 2005 to join their father who abandoned us after one year of living together. Since then I've been struggling on my own without support from any particular person except some friends that help out sometimes. I am not on welfare, don't get child support and not on unemployment. I am highly talented, I write songs and scripts, edit, produce and even direct. All I need is an opportunity to be discovered I've done so many different jobs to sustain us but no matter what I do, it seems like I haven't even started. So I went back into showbiz which is what I was doing b4 I migrated, acted and produced my own movie, after investing all my money with the hope I could get a turn over before my first daughter's time for college, I was messed up by the partners I trusted, Movie was released since January, up until now, not even a dime from the Distributors I handed over in Africa. Now my Daughter has been Accepted into college, I am going crazy trying to fit the bills, rent, tuition and all other expenses. Please help me now that I am still alive before I lose it. Thank you and God bless you.

PHOTOS: Singer Akon Renovated House Into Mansion As Gift For His 40th Birthday

10 April, 2014

Today, April 9, Senegalese-American singer Akon celebrates his 40th birthday and as a present for himself he reportedly brought down an old house and rebuilt it as a mansion. What a birthday gift!
The singer and producer reportedly took a perfectly fine suburban home in the San Fernando Valley and demolished it before turning it into a dope new party palace.

Real estate sources say Akon burned just under $2 million for his new elegant 5-Bedroom contemporary home with glass walls and concrete floors.

The Lonely singer unveiled his masterpiece this week as part of throwing himself a huge 40th birthday bash and let's not forget, he also owns tigers.
Do you like Akon's house before or after renovation?
Before renovation:

After renovation:

Nollwood Actress, Damilola Adegbite Is Pregnant For Ghanaian Actor, Chris Attoh

10 April, 2014

There are reports that Nollwoody actress, Damilola Adegbite is pregnant for her boo, Ghanian actor, Chris Attoh.

The Mnet TV Series 'Tinsel' stars, who actually played the role of a couple in the series are getting married in reality.
The beautiful couple who are so drunk in love are set to get married on Saturday, April 12.
Meanwhile there are unconfirmed reports that Damilola's family are not exactly happy about the pregnancy. Hence sources say that's the reason for tying the knot quickly because she’s expecting a child.
We wish the couple all the best.

Nollywood Actress, Mercy Johnson And Husband Expecting Second Baby

10 April, 2014

There are reports that Nollywood actress, Mercy Johnson Okojie is pregnant.

The beautiful mother of one is expecting her second child with her husband, Prince Okojie.
Mercy who got married to her Edo State-born husband in 2011 welcomed her first child, Purity, on December 30th 2012.
The Kogi state born award-winning actress who got into the Nigerian film industry because she failed her University entrance examinations made her acting debut in the movie ‘The Maid‘ which brought her into limelight.
Mercy Johnson who has featured in over 60 movies has remained one of the highest paid and most sought after actresses in the industry.
With all her talents and assets, it is no wonder producers are said to literally line up for her to feature in their movies and was even rated the most exceptional actress for the year 2013.
READ MORE: http://news.naij.com/60095.html

READ MORE: http://news.naij.com/60881.html

PHOTOS: Tiwa Savage And Tee Billz Shared Sweet Hug

9 April, 2014

After Tiwa Savage’s performance at the Makurdi leg of Star Music Trek 2014, she went right into the arms of her 'Eminado', Tee Billz.
We can’t deny, this couple know how to look cute! The lovebirds are expected to hold their white wedding in this year.
See more photos below:

April 9, 2014

Uche Odoputa, Nollywood Actor Who Turned Driver

April 9th, 2014 – Uche Odoputa, Nollywood Actor-Turned Driver To A Politician – Uche Odopota, a vibrant Nollywood actor, who was sentenced to jail for illegal drugs trafficking in 2007, is now rumoured to be a driver to one of the politicians in Rivers State.Uche Odopota was once a popular face in most Nigeria movies back then in the days, before his drug ordeal, where he served eight months sentence in 2008. Upon his freedom, Uche Odoputa returned to the movie industry, and has made some appearances. I personally saw him in the movie ‘Last Flight To Abuja’, and am kind of glad that he didn’t allow that silly mistake of his ruin his life.
Uche Odoputa according to several reports has been spotted driving a chieftain of the All Progressives Congress (APC) in Rivers State. He is however, yet to confirm this story, but i don’t feel particularly glad that that’s the kind of job he does now if the story is true, but it’s not so bad at the same time, since i hear he has a boutique running for him in Port Harcourt.
I can’t figure out why he has decided to do that anyway, but Uche Odoputa, i wish you all the best, still a fan by the way.

P-Square's Paul Okoye, His Wife Anita Share Family Photos

2 April, 2014

The newlyweds, Paul & Anita Okoye, seem to enjoy family life and are currently in their honeymoon.
The star singer took his account on Instagram to share some of the finest photos of himself, his wife and their son. The family was spotted chilling in a swimming pool.
See the photographs below:

This is lovely!
It would be recalled that P-Square’s Paul Okoye and his longtime sweetheart and mother of his son, Anita Isama, had their traditional wedding at the Aztech Arcum event centre, Port Harcourt, on March 22, 2014, Saturday.

Contestant 'Proposes' To Nigerian Idol Judge, Nneka During The Show (VIDEO)

2 April, 2014

Judge of Nigerian Idol show, Nneka seemed lost in the moment after one of the contestants kneeled down and presented her a red rose. It looked like he made a marriage proposal to Nneka.
The contestant Xolani, from Calabar performed Chris de Burgh’s 'Lady in red' song during the show.
Nneka was very moved by his gesture and even blushed. She said some worm words to Xolani: "Awesome charisma, you were very in tune with the lyrics and you have a charming look and personality, but I just need to you to be careful, so you don’t lose yourself in the show."
Watch Xolani's performance below:

Gospel singer Kefee shares wedding photos

2 April, 2014

Gospel Singer Kefee Obareki and Star FM's Teddy 'Don Momoh' Esosa got married a bit more than 2 years ago, in March 2012.
The family life of Branama singer and MTN family game show and radio personality seems absolutely fine.
Kefee, whose marriage to producer, Alec Godwin, collapsed several years ago, has shared wonderful, unseen wedding photos.
See the images below:

What a lovely couple!

Tchidi Chikere Ridicules Ex-wife, Exposes Secrets

3 April, 2014

The Tchidi Chikere marriage breakup saga just got messier.

Tchidi & Nuella

The Nollywood Producer, who recently married his heartthrob, Nollywood actress, Nuella Njubigbo on Friday, 28th of March, 2014 in Anambra took to twitter to reveal why his marriage with estranged wife Sophia crumbled.

Sophia had accused Nuella of being the reason for the crash of her marriage with Tchidi.

Tchidi, apparently not happy with this decided to speak out. According to him, he has tried in a matured way to be silent about the whole issue but no more. He even shared photos of his ex-wife and her lover who he says must have dumped her by now.

Actor Chris Nkulor Suffers Kidney Failure, Lost Weight Dramatically

3 April, 2014

Prolific Nollywood actor Chris Nkulor is undergoing serious health problems and has drastically lost weight.

According to the information made available by Nigeriafilms, the Abia State born actor is suffering from kidney failure and urgently needs to undergo a kidney transplant surgery abroad.
While battling for survival Nkulor has dramatically lost weight (see the photo below).

It has been learnt that the amount of about N6million is required for the treatment, and the friends of the Nollywood star are currently doing their best to help him raise the required sum.
Nigerians remember Chris Nkulor by his roles such movies as "Battle of Indemnity" (2007) and "Hidden Treasure" (2008), where he demonstrated scintillating acting.

Nigerian musician Joshua Iniyezo popularly known as Solid Star in a recent interview revealed that he still has a crush on Tonto Dikeh.

Solid star & Tonto
When asked his relationship with Tonto, he said, "Tonto is my crush, I like her very much, she is a jovial and playful person. She comes to my place and I also do same. She is my friend and acts like a sister to me."
On his relationship with other ladies, Solid star said he just wants to be single at the moment.
"Whenever I come across them, I play with them, I pop with them. I am a very free and lively person."
There were rumours last year that Solid star and Tonto were dating after pictures of them together in the studio surfaced online.

READ MORE: http://news.naij.com/63356.html

Sad news has emerged for rapper Snoop Dogg's family, as his Uncle June Bugg has passed away after battling colon cancer.

TMZ reports that June Bugg died at age 70 on the morning of March 30, and Snoop was actually the last person to see him.
He passed away just after Snoop had stopped by the hospital to visit him, and June Bugg was able to happily acknowledge Snoop before passing. June Bugg was certainly a fighter, holding on for almost a week longer than doctors had predicted.
Another one of his nephews is rapper Daz Dillinger. "rip uncle junebug," Snoop tweeted. "greatest to ever do it !!! heaven wouldn’t be the same without u!"
Diddy also expressed his condolences on Twitter. "Damn man RIP #uncleJuneBug @snoopdogg out prayers are wit u," Diddy tweeted.
June Bugg — who used to be a backup dancer — appeared on Snoop's E! reality show, Snoop Dogg's Father Hood. He also starred in Snoop's video for "Snoop’s Upside Your Head" and frequently joined Snoop on tour. Our thoughts go out to the family during this very difficult time.

READ MORE: http://news.naij.com/63319.html

PHOTOS: Lady Gaga Flashes Her Bare Bum During Show 18+

Lady Gaga fully confirms her stage name as she flashed her bum to the crowd of delighted fans who attended her performance at the Roseland Ballroom in New York City on Sunday night.
Warning - NUDITY!

The singer will be the last person to perform live at the iconic New York venue before it closes down.
During the spectacular show Gaga was wearing a giant green wig and impressed her fans by flashing her bum during one song.
It wasn't just Gaga's bum that caused a rush though, as she appeared on stage in a nude bodysuit with just roses to protect her modesty.

Gaga performed a mix of her older hits, including 'Bad Romance' and 'Poker Face', 'G.U.Y.' and others.
Despite the bum-flashing, the show was actually more modest than the shows we've seen from her lately.
Speaking about the show Lady Gaga said that although she was raised in New York, this is basically the only room in the city she hasn’t played.

The 5th edition of Mr Ideal Nigeria pageant held yesterday Sunday March 30th at Bespoke Center in Lekki.

The pageant was won by Stanley Igwilo.

Mr Ideal contestants
This year's winner will start his own business, represent Nigeria at the Mister Africa International 2014 which will hold in the Netherlands and will also land a year modelling contract amongst other prizes.
The runner up will represent Nigeria at the Mister Earth 2014 to be held in Guatemala.
Check out more photos of the contestants in their beach wear.

More contestants in beach wear

The vision of the Mr Ideal Nigeria is to inspire and empower the Nigerian youth to develop and utilize their strengths, creativity and inner qualities to positively impact Nigeria and contribute to the economic growth of the Nation.

What do you think, hot or...?
READ MORE: http://news.naij.com/63291.html

Music star, Wizkid's baby mama, Oluwanishola Ogudugu has shared new photos of her looking hot in her white body-fitting dress.

Sola as she's called, a graduate of the Houdegbe North American University Cotonou, Benin Republic welcomed her son, Boluwatife for Wizkid in 2011.
It would recalled that when the report of him fathering a child, wet viral he initially denied. Well all that seem to be a thing of the past as Wizkid proudly flaunts his son at every opportunity and publicly declares his love for his son saying 'His son is his everything'.

Although they are not dating there has been report that Wizkid is trying to win his baby mama back , now that Wizkid has broken up with his girlfriend and Sola also single.

Wizkid mama baby, Sola and son, boluwatife
Meanwhile Wizkid and his girlfriend, Tania Omotayo are said to have broken up since last year December but Wizkid just some days ago confirmed his split with his girlfriend.

Wizkid and ex-girlfriend, Tania Omotayo

Christine McVie back with Fleetwood Mac, going on tour

Published March 27, 2014

Associated Press

NEW YORK – The McVies are going back on the road with Fleetwood Mac.
The band announced a 33-city North American tour Thursday. It's the first set of shows since they canceled performances last year as bassist John McVie was being treated for cancer.
The tour also marks Christine McVie officially rejoining the band since 1998's "The Dance" tour.
The "On With the Show" tour will kick off Sept. 30 in Minneapolis and wrap up Dec. 20 in Tampa, Fla. Tickets go on sale April 7.
The band also includes Mick Fleetwood, Stevie Nicks and Lindsay Buckingham.
Fleetwood Mac canceled 14 shows in Australia and New Zealand during John McVie's treatment. The band spokeswoman didn't specify the type of cancer.
Christine McVie joined Fleetwood Mac for a show in London last year.
___

Couples

Tara Reid: I've kissed Tom Brady

Published March 27, 2014

FoxNews.com

Tara Reid, left, and Tom Brady supposedly kissed. He's now married to Gisele Bündchen.Reuters

She didn’t say where and she didn’t say when, but Tara Reid admitted that she has kissed Tom Brady.
While speaking to the KIIS 1065’s Kyle and Jackie O, radio hosts in Australia, Reid revealed that she once locked lips with Gisele Bündchen’s football star hubby.
She also dished that she has kissed Australian surfer Koby Abberton and would like to kiss Eminem.
Brady has been married to the Victoria’s Secret beauty since 2009 and the pair have two children together.
Reid rose to fame in the ‘90s and had a prominent role in the “American Pie” movies. She was once engaged to Carson Daly.

CELEBRITY NEWS

'How I Met Your Mother's' 12 best musical moments

Published March 27, 2014

TV Guide

Alyson Hannigan as Lily, Jason Segel as Marshall, Neil Patrick Harris as Barney, Cobie Smulders as Robin, Josh Radnor as Ted, on "How I Met Your Mother."© 2013 Fox Television. All rights reserved

If there's one thing "How I Met Your Mother" loves more than dragging out Ted and The Mother's meeting, it's musical numbers. From Barney's suitable 100th episode extravaganza to Robin Sparkles' throwback tunes, "HIMYM's" song-and-dance moments are, well, legendary. Here are our 12 favorites from the past nine seasons.

"How I Met Your Mother:" A chronological timeline of craziness

12. "Stand By Me"
Music talent runs in the Stinson family, but that's not surprising when your brother is Wayne Brady and his dad is Ben Vereen. After the long estranged father and son finally meet, Sam (Vereen) and James (Brady) discovered that they both love singing. And so does Barney (Neil Patrick Harris). (Kudos to Cobie Smulders for trying oh-so-hard not to break.)

Who Wants Hometwerk? Skidmore College to Offer Course on Miley Cyrus

Miley Cyrus (Getty Images)

Calling all Smilers (who want to enroll in summer school). Skidmore College is offering a course called "The Sociology of Miley Cyrus: Race, Class, Gender, and Media." That's right, you can study Miley Cyrus and get school credit for it at the same time.
Visiting Assistant Professor of Sociology Carolyn Chernoff will teach the class at the private liberal arts school located in Saratoga Springs, New York.
"From Disney tween to twerking machine, Miley Cyrus has grown up in the public eye, trying on and discarding very different identities onscreen and off," reads the course description. "She provides rich examples for analyzing aspects of intersectional identities and media representation."
Some of those examples include: "Uses of culture across race, class, and gender," "Bisexuality, queerness, and the female body," "The Rise of the Disney Princess," and "Gender stratification and the hyper-commodification of childhood."

"I created it as a creative and rigorous way of looking at what’s relevant about sociology and sociology theory," Chernoff told the Daily Gazette on Wednesday. "Miley Cyrus is a surprisingly complicated cultural moment."

Chernoff watched the fallout from Miley's infamous performance with Robin Thicke at the MTV VMAs and decided there was much to be learned from her behavior.

But if you're hoping for a lesson in twerking, take dance 101.
Chernoff said students enrolling in her class should have at least an introductory background in sociology and be prepared to write, since there are no multiple choice exams in the class.
"They're either going to have to drop the course or get up to speed quickly," she explained.
Miley isn't the first celebrity to get schooled.
Beyoncé is the subject of a course at Rutgers University called "Politicizing Beyoncé," which uses the pop star's music and career to "explore American race, gender and sexual politics."
Professor Chernoff told ABC News her course will be much different.

"Unfortunately, the way we talk about female pop stars and female bodies, class matters, gender matters, sexuality and sexual performance matters, but race matters a lot [too] and the way we talk about white pop stars is quite different than how we talk about the bodies of women of color," she noted. "[Cyrus] complicates representations of the female body in pop culture in some ways that are good, bad, and ugly."

So far, no word from Miley on the subject matter.

An American actor, comedian, rapper, entrepreneur, record producer, radio, and television personality Nick Canon was a guest on Big Boy's Power 106 show.
When the radio host asked him to list five celebrities he has slept with, Nick did not hesitate to reveal the names.
He started off with his wife, super star singer Mariah Carey, mentioned singers Christina Milian and Nicole Scherzinger, ex-fiancée supermodel Selita Ebanks and, finally, TV star Kim Kardashian.
When Big Boy acted surprised and said he didn't know Nick had slept with Kim, Nick replied:

"Of course you knew... Or you forgot because there have been many people since me."

He also added that only the names of famous women were mentioned, meaning that this was not a complete list and there were many more.
Nick also said the first time he made love to Mariah was on their wedding night.
See the video versions of the interview below:

st Updated: Tuesday, March 04, 2014

Nollywood screen diva, Mercy Johnson, and her husband, Prince Odianosen Okojie, recently completed a multi-millionaire home in Uromi, Edo State.

It was gathered that she furnished the house with imported materials. Hmmmm, it seems mercy is finally living the life she wished for.

Mercy Johnson got married to Prince Odi on August 27, 2011 in Lagos.

Click the link below to go to...

[VIDEO] Goldie In Love With Prezzo In BBA Stargame House?

VIDEO: S*x in the Big Brother Stargame house

Breaking News: Nigeria Representatives, Ola and Chris Leaves Big Brother Africa Stargame/a>

Rihanna posts Provocative Photo shots from her new video'Where Have You Been'

“I am Innocent” - Nigerian Pastor Joshua Esosa Sentenced 15 Months In Austria For Drug Cries For Justice

st Updated: Tuesday, March 04, 2014

Nollywood screen diva, Mercy Johnson, and her husband, Prince Odianosen Okojie, recently completed a multi-millionaire home in Uromi, Edo State.

It was gathered that she furnished the house with imported materials. Hmmmm, it seems mercy is finally living the life she wished for.

Mercy Johnson got married to Prince Odi on August 27, 2011 in Lagos.

the link below to go to...

[VIDEO] Goldie In Love With Prezzo In BBA Stargame House?

VIDEO: S*x in the Big Brother Stargame house

Breaking News: Nigeria Representatives, Ola and Chris Leaves Big Brother Africa Stargame/a>

Rihanna posts Provocative Photo shots from her new video'Where Have You Been'

“I am Innocent” - Nigerian Pastor Joshua Esosa Sentenced 15 Months In Austria For Drug Cries For Justice

About a week ago Nigerian media space exploded with reports saying actor Jim Iyke had proposed to his girlfriend, Ghanaian actress Nadia Buari, but no one can be 100% it was for real.

Interestingly, Nollywood bad boy, who made the famous proposal via his reality "Jim Iyke Unscripted", still keeps silent on the issue.
While there is not any official reaction from the alleged future husband, fresh reports appear that the proposal was made just for the sake of the show.
Taking into consideration the fact that both celebrities had been denying having an affair for months, people keep wondering whether it is a real story or a publicity stunt.
And what is your opinion: true or fake?

READ MORE: http://news.naij.com/63075.html

Take a loot at the picture below, do you like it?

Customized Mic of 2face Idibia.

Just a day before he shared a unique live performane video at a Radio station BBC at 1Xtra show “Destination Africa". Enjoy the music!

READ MORE: http://news.naij.com/63044.html

News business

2014-03-18T06:45:00.001-07:00

SAN FRANCISCO (AP) — An alarming lapse in Internet security has exposed millions of passwords, credit card numbers and other sensitive bits of information to potential theft by computer hackers who may have been secretly exploiting the problem before its discovery.

The breakdown revealed this week affects the encryption technology that is supposed to protect online accounts for emails, instant messaging and a wide range of electronic commerce.
Security researchers who uncovered the threat, known as "Heartbleed," are particularly worried about the breach because it went undetected for more than two years.
Although there is now a way to close the security hole, there are still plenty of reasons to be concerned, said David Chartier, CEO of Codenomicon. A small team from the Finnish security firm diagnosed Heartbleed while working independently from another Google Inc. researcher who also discovered the threat.
"I don't think anyone that had been using this technology is in a position to definitively say they weren't compromised," Chartier said.
Chartier and other computer security experts are advising people to consider changing all their online passwords.
"I would change every password everywhere because it's possible something was sniffed out," said Wolfgang Kandek, chief technology officer for Qualys, a maker of security-analysis software. "You don't know because an attack wouldn't have left a distinct footprint."
But changing the passwords won't do any good, these experts said, until the affected services install the software released Monday to fix the problem. That puts the onus on the Internet services affected by Heartbleed to alert their users to the potential risks and let them know when the Heartbleed fix has been installed so they can change their passwords.
"This is going to be difficult for the average guy in the streets to understand, because it's hard to know who has done what and what is safe," Chartier said.
Yahoo Inc., which boasts more than 800 million users worldwide, is among the Internet services that could be potentially hurt by Heartbleed. The Sunnyvale, California, company said most of its most popular services — including sports, finance and Tumblr — had been fixed, but work was still being done on other products that it didn't identify in a statement Tuesday.
"We're focused on providing the most secure experience possible for our users worldwide and are continuously working to protect our users' data," Yahoo said.
Heartbleed creates an opening in SSL/TLS, an encryption technology marked by the small, closed padlock and "https:" on Web browsers to signify that traffic is secure. The flaw makes it possible to snoop on Internet traffic even if the padlock had been closed. Interlopers could also grab the keys for deciphering encrypted data without the website owners knowing the theft had occurred, according to security researchers.
The problem affects only the variant of SSL/TLS known as OpenSSL, but that happens to be one of the most common on the Internet.
About two-thirds of Web servers rely on OpenSSL, Chartier said. That means the information passing through hundreds of thousands of websites could be vulnerable, despite the protection offered by encryptions. Beside emails and chats, OpenSSL is also used to secure virtual private networks, which are used by employees to connect with corporate networks seeking to shield confidential information from prying eyes.
Heartbleed exposed a weakness in encryption at the same time that major Internet services such as Yahoo, Google, Microsoft and Facebook are expanding their usage of technology to reassure the users about the sanctity of their personal data. The additional security measures are being adopted in response to mounting concerns about the U.S. government's surveillance of online activities and other communications. The snooping has been revealed during the past 10 months through a series of leaked documents from former NSA contractor Edward Snowden.
Despite the worries raised by Heartbleed, Codenomicon said many large consumer sites aren't likely to be affected because of their "conservative choice" of equipment and software. "Ironically, smaller and more progressive services or those who have upgraded to (the) latest and best encryption will be affected most," the security firm said in a blog post.
Although it may take months for smaller websites to install the Heartbleed fix, Chartier predicted all the major Internet services will act quickly to protect their reputations.
In a Tuesday post announcing it had installed the Heartbleed fix, Tumblr offered its users some blunt advice.

"This still means that the little lock icon (HTTPS) we all trusted to keep our passwords, personal emails, and credit cards safe, was actually making all that private information accessible to anyone who knew about the exploit," Tumblr said. "This might be a good day to call in sick and take some time to change your passwords everywhere — especially your high-security services like email, file storage, and banking, which may have been compromised by this bug."

NEW YORK (AP) — The rising cost of child care is among likely reasons for a rise in the number of women staying home full-time with their children, according to a new Pew Research Center report released Tuesday.

Other factors cited by Pew to explain the increase include more immigrant mothers, who tend to stay home with children in greater numbers than U.S.-born moms; more women unable to find work; and ambivalence about the impact of working mothers on young children.
The share of mothers who do not work outside the home rose to 29 percent in 2012, the study found. That's up from 23 percent at the turn of the century, according to the report. At the height of the recession in 2008, Pew estimated 26 percent of mothers were home with children.
The at-home moms include women who are married, single, disabled, enrolled in school or unable to find work.
Pew cited a 2010 U.S. census report that singled out the expense of child care as a factor. In inflation-adjusted dollars, the average weekly child care expense for families with working mothers who paid for child care rose more than 70 percent, from $87 in 1985 to $148 in 2011, according to government estimates. That represented 7.2 percent of the income for such families.
Tricia Williamson, 30, in Liberty, N.C., quit her job as an editor and producer at a TV station after crunching the numbers and realizing her salary after the birth of her son a year ago would go primarily to commuting and child care expenses. Her husband earns about $44,000 a year as an electronics technician.
"We're not rich by any means. We live paycheck to paycheck, but it's completely worth it," she said. "My son wouldn't be getting the attention he needs one-on-one. He's got mom 24-7."
The largest share of at-home mothers — roughly two-thirds of 10.4 million — had working husbands. A growing share — 6 percent in 2012, up from 1 percent in 2000 — said they could not find a job, according to Pew, which relied on U.S. Census and other government data.
No matter what their marital status, mothers at home are younger and less educated than working counterparts, the report said. Most married moms said they were home specifically to care for the kids, while single mothers were more likely to say they couldn't find a job, were ill or disabled, or were in school.
Among all at-home mothers in 2012, 51 percent had at least one child 5 or younger, compared with 41 percent of working mothers.
The researchers said one of the most striking demographic differences between at-home mothers and working mothers is their economic well-being, with about 34 percent of at-home mothers living in poverty, compared with 12 percent of working mothers.
Relatively few married at-home mothers with working husbands qualify as "affluent," at nearly 370,000 with at least a master's degree and a median family income of over $75,000 a year in 2012. That number amounts to 5 percent of married at-home mothers with working husbands.

The "elite" marrieds stand out from other at-home mothers as disproportionately white or Asian. About 69 percent are white and 19 percent are Asian. Only 7 percent are Hispanic and 3 percent are black.

Mothers more likely to stay home are among demographic groups on the rise in the U.S. For example, 40 percent of immigrant mothers were at home with their children, compared with about a quarter of U.S.-born mothers.
Among at-home mothers living in poverty in 2012, 36 percent were immigrants, the report said.
The report points to stagnant incomes for all but the college-educated as a possible factor for less-educated workers in particular who might be weighing the cost of child care against wages and deciding it makes more economic sense to stay home.
While attitudes over the decades toward working mothers have improved, "most Americans continue to believe that it's best for children to have a parent at home," said D'Vera Cohn, a senior writer at Pew who worked on the report.
Since 2008, about 70 percent said when questioned in an ongoing social survey that a working mother is just as capable as an at-home mother of establishing the same "warm and secure" relationship with her children. But 60 percent of Americans in a recent Pew survey said children are better off when a parent stays home to "focus on the family," compared with 35 percent who said children are "just as well off with working parents."
___

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Why this Dow component is poised for more gains

It's make or break time for the financials this week.

JPMorgan Chase and Wells Fargo will kick off earnings season when they release their recent quarter results.
The financials have been slightly underperforming the overall market over the past week, with the market benchmark S&P 500 down 1.5 percent while the index's financial sector is lower by 2.2 percent. With the financials comprising the largest sector, their health could play a key role in preserving the rally.
CNBC contributor Gina Sanchez, founder of Chantico Global, is hesitant when it comes to investing in the financials based on their fundamentals.
"A lot of how banks have made their money has been on fee income," said Sanchez. "What banks still don't have is a whole lot of net interest margin. So, banks are still waiting around for higher rates."
Where rates go is anyone's guess, but Sanchez thinks that outlook for banks "is very much a question mark."
"It's really hard to look forward and be really excited about banks, particularly after the huge runup that we've seen," said Sanchez. "There are a couple of bank names that are interesting like Wells Fargo. But, generally speaking, I would say that you really need to watch this sector."
With financials up nearly 41 percent in the last two years, Sanchez doesn't believe there is much more room on the upside. "Most of the folks who made money on [financials] have made their money at this point," she said.
Talking Numbers contributor Richard Ross, global technical strategist at Auerbach Grayson, is also skeptical of the financial sector. Looking at the ETF tracking the S&P's financial sector, the XLF, Ross sees the makeup of the ETF as a weakness and a reason to sell.
"I'm very concerned here," said Ross. "It’s not just by the chart of the XLF itself but really by the constitution of this rally."
Ross notes that a large portion of the XLF is comprised of banks and brokers. However, slightly more than 31 percent of the ETF consists of four stocks: Berkshire Hathaway, JPMorgan Chase, Wells Fargo, and Bank of America.
"Investors once again are flocking to those big banks for that perceived security," said Ross. "You've got Warren Buffett in two of those names, Jamie Dimon in another. This advance is getting very narrow."
(Read: The Oracle of Omaha, lately looking a bit ordinary)
On the other hand, the XLF also has market-sensitive stocks like Goldman Sachs, Morgan Stanley and Citigroup, all of which Ross points out are down on a year-to-date basis.
"That's telling me the market environment for risk could be in trouble," said Ross.
Ross sees the chart of the XLF as reflecting his concerns, with a bearish triple top forming over the past several weeks with a neckline roughly at around $21.65. He believes the XLF will break below that and test its 200-day moving average, currently near $20.70.
"That's going to be the real test," said Ross. "I think we could see the first break below that 200-day going back almost two years at this point."

"Financials are another sector that I think is giving you a market tell and I think you want to be a seller," Ross said. "In fact, I know you want to be a seller."

To see the full discussion on what's next for the financial sector, with Sanchez on the fundamentals and Ross on the technicals, see the video above.

First we had the Hang Seng China Enterprises Index, then 2013’s big star the Nikkei (^N225) got hit. Bear markets are creeping up in global markets, and even among some indivisual high flyers in U.S. like Netflix (NFLX), Facebook (FB) and Priceline (PCLN). While indices that track larger companies like the S&P 500 (^GSPC) is doing much better than high-flying momentum stocks after hitting all-time highs last Friday, our friends from Bespoke are finding that the average stock in the S&P 1500 (which includes small-caps and mi-caps into the mix) is down an average of 12.8%.

Source: Bespoke Investment Group

As a general proposition, varying slides from all-time highs will have investors asking themselves what stage of market downturn stocks are experiencing. In this installment of Investing 101, Erica Coogan of Moss Adams helps us break down and define the differences between a bear market and smaller downward movements like pullbacks and corrections.
Pullback: typically defined as a 5% dip from a recent high, and often times seen as a buying opportunity during an ongoing bull market. For Coogan, a pullback is a “temporary blip of the peak of the market, almost a ‘sigh’ in upward momentum; it’s very short term, and you’re still continuing up in a bull market.”
Correction: usually a 10% move lower from new highs. It’s more severe in nature, but could possibly just be a healthy dip as some investors take profits and others adjust their risk/reward ratios. The question here is whether companies in general still in good shape, or is the stock market a leading indicator of weakness in the overall economy, and will corporate America be the next area to feel weakness in growth.

Despite a correction being jarring for investors, Coogan says for her and other market watchers “it’s still defined as a shorter-term pullback in a bull market, it’s just a little more significant than the pullback that’s less than 10%”

Bear market: a 20% or great tumble in the market. This 20% downturn is “usually something that’s sustained for a couple months,” Coogan says, where from an investor psychology perspective “pessimism breeds pessimism, and you get that continued downward trend, and that can be hard because you don’t know actually when it could stop.” Thus trying to predict the absolute bottom can be very difficult for an investor trying to time the market, but the risk/reward payoff for those that do can be astounding (just look at the run up from 2009 March lows).

Good news: There's a way to work fewer hours and be more productive. Take Denmark for instance. Its 5.6 million people work no more than 37 hours a week, have six weeks of paid vacation (plus an additional 12 paid national holidays) and new parents are given a year's paid leave to care for their newborn. The Nordic country also prides itself on equity in the workplace and even has a government bigwig called the Minister for Gender Equality.
A slacker nation? Hardly. Even though Danes work fewer hours than Americans and take more vacations, Denmark is one of the world's most productive nations. Its economy is one of the most competitive in the world, with little income inequality and a very low unemployment rate. Not surprisingly, Denmark ranks as the happiest nation in the world according to the United Nation's World Happiness Report.
Can Americans be more like Danes? Brigid Schulte, a staff writer at The Washington Post, traveled there to find out and research her new book Overwhelmed: Work, Love and Play When No One Has The Time. LIke many Americans, Schulte struggles to balance work, family, housecleaning, errands, exercise and sleep on a daily basis. Here's what Schulte learned:

1. Being busy doesn't make you more efficient
Schulte cites scientific research showing stress actually shrinks the brain and causes sensations of jet-lag and distraction. "Multitasking makes you as stupid as being stoned," she says. And a pile of work on one's desk is "not a badge of honor."
The U.S. even trails laid-back France in terms of production per hour. "Overwork is not a virtue," Schulte argues. "In many countries long work hours are seen as a sign of inefficiency."
To overcome that, she advises taking frequent breaks, working in short pulses -- no more than 90 minutes at a time -- and unplugging from technology after leaving the office. Such steps often lead to higher, not lower, productivity.
Related: How to get more out of your life by doing less
2. Overwork has personal and health consequences
Americans may think they're impressing the boss by working long hours and evenings -- sometimes even pulling all-nighters -- but they're doing more harm than good. Long hours often cause employees to become sick, depressed and disengaged -- a lose-lose situation for workers and companies alike. Healthier employees translate to lower health care and turnover costs for their employers, along with more innovation and higher profits.

3. Leisure and personal time make us happy

"Studies are finding that happiness actually is a precursor to achievement, not necessarily the other way around," notes Schulte. Leisure time, whether it's cooking dinner with the family, exercising in the park, or reading a new book on the couch, are important ways to relieve stress and clear the mind.

"We feel guilty if we aren’t productive at every moment," says Schulte, who characterizes that as flawed reasoning that undermines our free time and "human experience."

Learning how to work less, be smarter and free ourselves of daily distractions isn't easy, especially in America's workaholic culture. But stepping off the "gerbil wheel" and evaluating the mission of your job can lead to more time spent with people you like, and less time in a cubicle.

Top 10 Best Airports in the World

For travelers weary of long lines at security checkpoints and overpriced fast food, the idea that any airport could be viewed as “best” may seem laughable. However, for travelers lucky enough to have flights that originate or end at any of the airports listed below, the word “best” is totally appropriate. These outstanding airports received the most votes from more than twelve million travelers who participated in a survey administered by Skytrax. Awards for the 2013 World’s Best Airport and nine runners-up were announced at passenger terminal EXPO in Geneva, Switzerland. The winning airports were located largely in Europe and Asia, with only one representative from North America and none from Australia, South America or Africa. The United States was also notably absent from the list of winners.

1. Singapore Changi Airport, Singapore

Singapore Changi Airport claimed top prize for the fourth time since the Skytrax awards were initiated, having last won the title in 2010. In addition to winning the top overall award, Singapore Changi Airport, which served more than fifty million passengers in 2012, was named Best Airport in Asia and Best Airport for Leisure Amenities.

FILE - In this May, 2002 file photo Panera Bread Co. CEO Ron Shaich stands behind a counter at a location in St. Louis. The chain is planning to overhaul its "mosh pit" ordering system at its roughly 1,500 locations nationwide in a project called Panera 2.0. It’s a push that entails letting customers order online or with their mobile devices to have their food ready to go at a certain time. In restaurants, they’ll be able to place their orders at kiosks. (AP Photo/Tom Gannam, File)

NEW YORK (AP) — Panera CEO Ron Shaich realizes that ordering at his chain can be chaotic.

First, the bakery cafe's customers are given a buzzer that lets them know when their food is ready. Then they get into a "mosh pit" to fight for their food. Next they play a game he calls "Find Your Food" — collecting a sandwich in one place, drinks in another and condiments in yet another.
The confusion is a problem for Panera Bread Co., which has seen its sales growth slow as customers go elsewhere. Last year, sales at established locations rose 2.3 percent, compared with a 5.7 percent increase the previous year.
Now, the St. Louis-based company is planning to overhaul the way people order in a project called "Panera 2.0" The plan includes letting customers order online or with their mobile devices to have their food ready to go at a set time. Also in the works are in-store touchscreens where customers can more easily customize their sandwiches. Workers will take the food to tables as well.
It's a major undertaking that has been in testing at more than a dozen locations since 2010. The first stage of the national rollout will be the "rapid pick-up" option that lets customers place mobile orders as much as five days in advance. The full rollout to the company's more than 1,700 locations will take several years.
Shaich says the idea is to eliminate the obstacles customers have to overcome to fulfill their "lust" for the company's soups, sandwiches and salads. Eventually, he said the goal is to offer "personalized menus" on mobile devices based on a customer's order history.
____
Q: How did the idea for this come about?
A: As a CEO, I'm paid to figure out where the world is going, not where it is. Today's consumer wants it their way. They want it customized. We have to have the system for that.
We're entering a world where so many consumers are growing up in an omni-channel world. They want it where they want it and when they want it. And the reality is we're either going to have the capability of delivering into that or we're not.
We're three to five years away. You're going to pick up your iPhone and you're going to go, "Yo. Siri. I want a Bacon Turkey Bravo at Panera."
Q: Tell us about how Panera 2.0 is going to work.
A: Like most restaurants, Panera operates with a one-size-fits-all system. But the reality is that's not necessarily how I need it and want it.
I drive my kids to school three times a week. We stop at the Panera by my office. I used to pick up the phone about seven or eight minutes out from the store and I'd call the store and I'd say, 'hey, can you take my order?' I'd always be worried that they didn't get the order right, so I made sure they read the order back.
I'd hand my son my credit card, and he'd run in and we'd be out in a minute. I'd say to myself, 'this is wonderful, but it's only working for the CEO. What about the other 8 million people?'
We began to think about how we change that guest experience. Why couldn't you order food on the Web, order your food in multiple ways and have the food made as you were driving to the store? Why couldn't you walk into the store, walk past the line that's always there? Walk over to a special area where your food is waiting for you?
Q: How does the eat-in experience change?
A: It changes the whole thing. Imagine a world where I could place my order (on a mobile device) as I sat down. And imagine a world where it actually knew what my order was. I order the same latte, two pumps, not three, of caramel. Extra foamy with skim milk. I do it 20 times a week. Why couldn't it remember that?
We began to imagine a world where you could place an eat-in order from the table and have the food brought right to you. Or you could go to a kiosk and place the order. Or yet again, you could go to a register.
Everybody is talking about technology in the restaurant industry. It's the new thing. But technology doesn't matter if it doesn't change the guest experience.
Q: When will customers actually see all these changes?
A: This will roll out to the system in the next 36 months. The first things that will come is the ability to do rapid pickup. You place the order and designate the time you want it to be picked up, walk into that cafe and have it sitting there waiting for you on a specific bookshelf.
You don't have to wait for the food. That will be out within 2014.
Q: Have you seen labor costs go down in the restaurants where you roll out Panera 2.0?
A: This isn't about cutting labor. We're not cutting labor. There will be labor reductions at order input when (orders) go to 30 percent or more digital, which we're already running. But we're taking that labor and we're putting it into production.
We're taking labor and we're using it to do things like deliver to the table. So what we're saying is, let's put labor where it puts warmth and value into your experience.
Q: You talk about the "desire-friction ratio" — tell us what that's about.
A: Everything comes down to desire and friction. How much do I want it, and how painful is it for me to get? Desire is: Do I want to walk across the street? Is it relevant to me? Do I crave it?
The other side of it is friction. One form of friction is dollars. But another form of friction is psychic energy. It's time. It's pain. And so a lot what we're trying to do is reduce the friction while continuing to drive the desire.

Q: The company is doing so much to change the way orders are placed. How is the menu going to change?

A: The underlying deeper trend is a huge movement toward customization and personalization. And ultimately where this whole world of Panera 2.0 leads is to a world where we're able to deliver the experience you want. Today we operated under a one size fits all mentality — the menu board.

Hey, I've got 50 items. But I've got 150 ingredients in my cafe. I can make thousands of different things. But I wait for you to customize it.

I think we're going to continually enter a world of allowing us to address smaller and smaller niches (through mobile ordering), ultimately to niches of one.

Getty Images

After two tough sessions for the market, the S&P 500 (^GSPC) hit a one-month low on Tuesday morning before turning positive for the day. But technical analyst Louise Yamada says the stock slide isn't over just yet.

"I don't think the pullback is already over," Yamada, of Louise Yamada Technical Research Advisors, said on Tuesday's episode of " Futures Now ." "I think that it's an interim pullback, and we've certainly seen what we've expected, in the Internet and biotechs coming off. And I think that although they may bounce, there's probably still a little bit more to go on the downside."
Read More 2 charts tell the whole story of value vs. growth
Worse yet, the selling could spread to other sectors, such as aerospace and consumer discretionary stocks.
"What we're concerned about it whether or not some of the other stocks that have gone straight up are starting to move sideways, either in a consolidation or in preparation for some distribution," Yamada said, referring to a bearish pattern that indicates a market top. "It's a little iffy here."
What would cause real concern is if the S&P trades below 1,750.
"If we break that level, that will be the first lower low that we would have seen all the way back to 2011, really," Yamada said.
Below 1,750, support lies at 1,650, which is "where the 2009 uptrend would be by midyear," she wrote to CNBC.com. That is about 11 percent below current levels.
Yamada says the weakness in stocks lines up well with broader bearish indicators, such as the fact that 2014 started with a weak January, and is a midterm election year.
Read More Why you should totally ignore the 'January barometer'
But it's not all bad.

"The one positive, of course, is that 2015, as a year ending in 5, has a very good record of being an up year," the technician said. "That's the silver lining."

Seven big mistakes couples make in retirement

7:53 p.m. April 8, 2014

Getting ready for retirement? Just salivating at the thought of you and your spouse getting in that RV and roaming around the country? Or is your dream sitting on that deck in the morning with your spouse, a cup of coffee and a good book?
If you and your spouse haven't yet sat down and talked about what you will do in retirement, you'd better do it now. Retirement experts say there are a lot of mistakes couples make in retirement, and many of them involve communication and planning, or the lack of it.
"It's easy to make mistakes because retirement can be complicated, so it's not a rare thing," says Matthew Shafer, economist and author of The Future of Your Wealth. "Most mistakes have to do with not doing planning."
RETIREMENT: Planning for your future
ASK MATT: To live well in old age, invest $82.28 a day
So, here are seven of the biggest mistakes couples make in planning for and living in retirement.
1. They never talked about what each of them expected retirement to be.
"When one stops working or both stop, they spend a lot more time together," says Joe Duran, CEO of United Capital in Newport Beach, Calif., and author of The Money Code. "For most of their lives they are raising kids, and that is their distraction." When kids leave, it is an awkward period — and a time when divorces happen. They stare at each other and ask if they like the person they're with, Duran says.
"If they get close to retirement, if they haven't talked about what they want life (in retirement) to look like, they may find the answer is widely different," Duran says. The spouse who has not been working is comfortable with life. When the other spouse retires, it suddenly cramps the lifestyle of the person who was already home. "They don't know how they should be interacting," Duran says. "Peoples' space and boundaries get trodden on."
Author Lynnette Khalfani-Cox, founder of AskTheMoneyCoach.com, says many people consider retirement to be their "second act," or a time of reinvention. "During this time, retirees or pre-retirees may explore personal interests or even professional goals, such as starting a business, that can lead them to drift apart from their mates and squeeze their finances too," she says.
"It goes without saying that economic well-being is important in retirement. But so is emotional happiness and personal satisfaction. Unfortunately, a lot of older couples are getting more dissatisfied with one another — as evidenced by the fact that divorce after age 50 is getting more common. Divorce can sap a couple's retirement assets due to big legal bills, and the process of splitting resources to accommodate two households instead of one."
2. Couples in second and third marriages didn't think to plan for their potentially unique problems.
"A record number of Baby Boomers are in second marriages," says Manhattan estate attorney Ann-Margaret Carrozza. "That brings up very specific retirement planning challenges — specifically, how do we deal with adult children who need money?"
A big source of conflict is when you have a blended family, and, for example, one partner's child keeps calling for funds, needing more and more money. You must ensure that the children's needs are not going to jeopardize your own retirement security, she says. "I would caution folks planning for retirement against co-signing loans for children and co-signing grandchildren's student loans," she says.
"The second marriage situation also causes a couple to deal with who gets what at death," Carrozza says. There is often a conflict between providing for surviving spouses and providing for children from the first marriage.
Bradley Zucker, president of Safe Money Advisors in Las Vegas, says full disclosure is also important. "First and foremost, you must fully disclose all debt and financial obligations — car loans, credit card debt, loans to family and friend. And it's important they they get copies of credit reports."
3. They didn't do proper financial planning.
Many retirees aren't realistic about spending related to the amount of money they have, says Shafer. "Either they are not accumulating enough assets for their lifestyle, or the lifestyle they plan to live costs more than what their assets will cover," he says.
"My clients fail to properly calculate the amount of money they will need in retirement," says Carrozza. "There is an idea somehow that expenses will be much less in retirement. In reality we should expect expenses to increase because of greater medical needs. Medical costs go up, especially long-term care. We can also expect to see inflation come back. We would all do well to live below our means as we are embarking on retirement planning."
Only a small portion of retirees have a financial plan, says Duran. Too often, they realize that their money isn't growing, which is fine if they live to 78 or 80, but not if they live to 90. "Unfortunately if you are not working, you have finite level of resources," he says.
4. They haven't planned for emergencies.
"Just because a financial situation looks healthy today, you can't assume you will be ready for an emergency tomorrow," says Zucker. "Illnesses, accidents, home repair — you need to turn to your emergency reserve account. If you don't have one, it could lead to tax implications.You need a liquid account, three to six months of expenses. That takes the stress and burden off the financial nest egg."
5. The couple didn't consider the costs of health care or long-term care.
"If they want to go to any doctor they want, health care may be out of their insurance or Medicaid service system," Shafer says. "They may have to set aside their own assets."
Carrozza says failing to plan for long-term care expenses is a huge mistake couples make. Couples need to consider long-term care insurance, especially the newer hybrid policies that are now being offered as riders to traditional life insurance policies. "Eight out of every 10 couples will have an individual who requires long-term care," she says.
6. Only one partner is handling financial matters.
"A very big mistake to have one partner who is completely in charge of financial and estate planning," says Carrozza. "I see that with clients often — one person is in charge of everything and the other doesn't quite know what is going on. It's important that both parties be fully conversant with estate planning and financial planning, and in habit of sitting down with their planner to make sure life changes and law changes are properly accounted for in the plan," she says.
Zucker said couples need to talk often about finances and financial decisions. "You have to regularly make time to talk about finances," he says. "It's important that both partners actively participate in these discussions. Keep it a conversation. Do not to make it a business meeting. If one spouse dominates finances and becomes ill, it leaves the uninformed spouse without direction."
He says if a couple can't have conversations about money, they need to get the help of a financial counselor."It's about being open about money and having a plan."
7. Do not assume that just because you're married you can automatically act for each other in business and health care decision-making.
"Every couple needs health care proxy and power of attorney over each other," says Carrozza. "Power of attorney will allow them to move assets as needed should one of them become incapacitated."
She says she recently had a case of a couple in which one had a stroke. The other partner discovered too late that she was not able to legally sign for her spouse. She had to go before a judge to become her husband's court-appointed guardian, which took several months and cost several thousand dollars. "That would not have been necessary if they had power of attorney," she says.

Toyota recalls 6.4m vehicles

TOKYO (Reuters) - Toyota Motor Corp, in its second-largest recall announcement, said on Wednesday that it would call back 6.39 million vehicles globally after uncovering five different faults involving parts ranging from steering to seats.
The world's biggest automaker said it was not aware of any crashes or injuries caused by the glitches, which were found in 27 Toyota models including the RAV4 and Yaris subcompact.
Toyota said faults were also found in the Pontiac Vibe and the Subaru Trezia, two models the automaker built for General Motors and Fuji Heavy Industries.
The automaker did not say now much the recalls would cost, and it was not clear if the faults stemmed from Toyota's suppliers or its manufacturing process.
The move by Toyota to announce five different recalls on a single day from Tokyo comes as major automakers face increasing scrutiny in the United States on how quickly they take preventive safety action and how quickly they share information with regulators and the public.
Toyota agreed last month to pay $1.2 billion to the U.S. government for withholding information related to unintended acceleration in its vehicles. That safety crisis had caused Toyota to recall more than 9 million vehicles.
In a high-profile case that has the potential to change U.S. safety regulation, Toyota rival General Motors is under investigation for failing to act on a known ignition switch defect linked to a dozen deaths. The company has recalled 1.6 million vehicles over the issue.
In the largest of the recalls announced on Wednesday, Toyota said some 3.5 million vehicles were being recalled to replace a spiral cable that could be damaged when the steering wheel is turned. That could cause the air bag to fail in the event of a crash, the automaker said.
In total, about 2.34 million of the vehicles to be recalled were sold in North America. Another 810,000 were sold in Europe.
In the second-largest of the Toyota recalls, some 2.32 million three-door models made between January 2005 and August 2010 are being recalled to check for a fault in the seat rails that could cause the seat to slide forward in a crash, risking injury for the driver or passengers.
The other recalls are for faulty steering column brackets, windshield wiper motors and engine starters.
The recall announcement, which came during late afternoon Tokyo trade, knocked an additional 2 percent off Toyota's already sagging shares.
They quickly pared the extra losses, however, and ended down 3 percent at 5,450 yen, reflecting an overall weak tone in the market where the benchmark Nikkei average fell 2.1 percent.
Toyota's 6.39 million vehicle recall is the largest announced on a single day for the company since October 2012, when it called back 7.43 million Yaris, Corolla and other models to fix faulty power window switches.

In the first two months of 2014, major automakers had announced 18 separate recalls in the United States, now the second-largest auto market behind China, according to the latest data compiled by the National Highway Traffic Safety Administration.

The recent wave of large-scale recalls represents a source of revenue for auto dealers who are paid by manufacturers to service defective cars.

(Reporting by Andreas Cremer in BERLIN, Laurence Frost in PARIS and Chang-Ran Kim in TOKYO; Editing by Miral Fahmy and Ryan Woo)

If you are like many Americans, you have a variety of investment and retirement accounts. When it comes time to live on that money, how do you decide which ones to tap first?

The goal is to maximize your ability to generate income throughout retirement while keeping your tax burden low. That may not be easy, however, given that many savers have money stashed in a variety of accounts, all with different tax implications, including tax-deferred 401(k)s and individual retirement accounts, after-tax Roth IRAs and taxable investment accounts.

Adding to the complexity, retirees must decide when to claim Social Security. That, in turn affects how much they need to pull from savings.

In the end, the financially smartest choice may not be immediately obvious — or easy to accept.

With that in mind, here is a guide on how to proceed:

First things first

Tax storm has advisers selling some assets

Combine stock gains, exercised options, bonuses and mutual-fund distributions with higher tax rates and disappearing deductions and some investors face whopping 2013 tax bills. Advisers did what they could to prepare, but some are now selling bonds o meet the payments.

If you’re already age 70½ or older, the first income source is a no-brainer: Take your required minimum distributions from IRAs and company retirement plans, or risk onerous penalties. (Some company plans let you wait until you retire if you are still on the job.)

Generally, the next step — which is the first step for those not subject to minimum distributions — is to begin withdrawing income produced in taxable accounts. You are likely to pay capital-gains or qualified-dividend tax rates on this income, which is lower than the ordinary tax rate you would pay on money withdrawn from traditional IRAs and 401(k)s. Plus it can be smart to let IRA and 401(k) assets continue to grow tax-deferred. (These are generalizations; all retirees should assess their own tax situation.)

When dipping into taxable accounts, taxes and asset allocation are two important considerations.

One strategy is to withdraw cash flows such as interest, dividends or capital gains that you had been reinvesting in additional shares. These payouts are taxable whether or not you reinvest, so consider having them deposited to a cash account at your brokerage.

Another idea: Pull income first from any asset class where your allocation has grown bigger than you’d like. Investors who are overweight in stocks might tap stock dividends “to keep their asset allocation closer to their target and reduce the need for future rebalancing,” says Colleen Jaconetti, senior investment analyst in Vanguard Group’s Investment Strategy Group.

Next is where it gets uncomfortable for some: dipping into the principal of taxable accounts.

Selling assets can be a psychological challenge for retirees who prefer the old-school method of living off investment income. But in today’s low-interest-rate environment, that can be tough. Some retirees have reacted by shifting into higher-yielding — and riskier — assets.

“We hear all the time, ‘I don’t want to touch my principal,’” Jaconetti says. But ultimately, investors seeking to create sufficient income without touching their savings may “put their portfolio at much higher risk” than if they simply sold some holdings, she says.

Delay Social Security

After depleting taxable accounts, your next income source is likely tax-deferred accounts such as IRAs and 401(k)s.

It used to be that people not yet at minimum-distribution age would be advised to delay tapping these accounts to keep them growing as long as possible. But some experts now say that retirees who have a reasonable expectation of living beyond average life expectancy should accelerate withdrawals from these accounts if doing so will enable them to delay claiming Social Security.

Delaying Social Security benefits as long as possible (until age 70) can pay a hefty return in the form of higher benefits and, potentially, a lower tax bill on average over your retirement.

Every year you delay claiming benefits after reaching your full Social Security retirement age (age 66 to 67 for those born after 1942), your benefits increase by about 8% of your full-retirement-age benefit. You can claim as early as age 62, but your monthly benefit will be cut by about 20% to 30%.

Think of Social Security as insurance against living a long life, says Wade Pfau, professor of retirement income at the American College. If you delay but then die at a young age, “you would regret having delayed, but at that point it doesn’t matter,” he says. “If, instead, you take Social Security early but live to 100, you may have lost $100,000 over your lifetime. The longer you live, the more costly it is to start Social Security early.”

Millions of credit card holders who bought add-on services from Bank of America may be in line for substantial payments from the company thanks to the Consumer Financial Protection Bureau.

The CFPB determined that the bank used deceptive marketing tactics to sell services such as “credit protection deluxe” and then unfairly billed consumers for services they weren’t actually receiving.

According to documents released by the CFPB on Wednesday, up to 2.9 million consumers will split some $727 million in refunds as a result of the consent order the bank negotiated with CFPB.
Related: Colleges Trick Parents on Financial Aid Rewards

“We have consistently warned companies about illegal practices related to credit card add-on products,” said CFPB Director Richard Cordray. “Bank of America both deceived consumers and unfairly billed consumers for services not performed. We will not tolerate such practices and will continue to be vigilant in our pursuit of companies who wrong consumers in this market.”

The agency says the problems began with the telemarketers who were charged with selling the credit protection programs. Customers were told that if they purchased the product, Bank of America would cancel a portion of their debt in the event of certain adverse events, such as involuntary unemployment or disability.

The problem is that the telemarketers misstated the details of the program in the scripts read to consumers and that in some cases, the telemarketers didn’t bother with the script at all. That failure resulted in misleading sales pitches and leaving out important information.

The agency contends that the bank’s representatives misled customers about a number of things, including whether or not the first month of coverage was free, and exactly what protection was being provided. Other customers were signed up for the product despite being given the impression that they had only agreed to receive more information about it.
Related: Rough Week for an Agency Targeted by the GOP

With regard to other “credit protection” products, the CFPB found that Bank of America had billed customers for services that they did not receive, sometimes causing them to exceed their credit limits and incur fees and increased interest charges.

On top of reimbursing customers $727 million, the agreement requires the bank to pay a $20 million civil penalty to the CFPB. The bank will also face a $25 million civil penalty payable to its primary regulator, the Office of the Comptroller of the Currency.
The bank acknowledged the agreement in a press release Wednesday, noting, “Bank of America stopped marketing identity theft protection products in December 2011 and credit card debt cancellation products in August of 2012.” The bank’s release reported a slightly higher amount of money that will be repaid to customers, putting the figure at $738 million.
Top Reads from The Fiscal Times

April 10, 2014, 7:31 a.m.

Parents: You’re saving for college all wrong

College savings is up 30% from last year — and it’s still not enough

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While American families have more money saved for college than they did last year, it’s still not nearly enough — and they’re saving incorrectly, advisors say.

Only half of all families with children under 18 save any money for college (down from 62% in 2009), but among that group, total college savings are up a whopping 30% from last year to $15,346, according to Sallie Mae’s “How America Saves for College 2014” study released Thursday. The college savings levels of both high- and middle-income families have increased dramatically: High-income families, unsurprisingly, have the highest level of college savings at an average of $27,446, which is up 39% from last year; and middle income families have saved an average of $12,241, up 29% from last year. But low-income families, who have saved an average of just $3,792, down 26% from last year, are struggling with college savings.

Asked why they aren’t saving for college, 58% of non-saving families (more so for middle- and low-income families) say it’s because they don’t have enough money, 22% say they expect their kids to qualify for enough financial aid or scholarships to cover the cost and 21% say they haven’t gotten around to it. Interestingly, significantly more high-income families (21%) than middle- (13%) or low-income (5%) families say that they aren’t saving for college because they think it is their child’s responsibility to pay for college.

When it comes to where families put the money, there is significant variation. More parents use a general savings account (45% in 2014, compared with 42% in 2013) than any other method of saving. A distant second is the 529 plan (29% of parents use this, compared with 27% in 2013) and the checking account gets third place (24% this year vs. 27% next year). A little more than half of parents use multiple savings vehicles to put away money for college.

When advisors and experts review numbers like these, many have the same reaction: Parents aren’t saving enough for college and they’re not doing it right.

Mark Kantrowitz, the senior vice president and publisher of Edvisors.com , says that parents often underestimate the future cost of college. As a rough rule of thumb, he says that parents of newborns should assume that the average cost of college over any 17-year period will go up by a factor of three from its current cost. So using current pricing data from The College Board , that means it may cost a child attending a four-year in-state college in 2031 (17 years from now) more than $220,000 for all four years and a child attending a four-year private school more than $491,000.

While those numbers seem sky-high, Kantrowitz says that it’s OK to only save about a third of the projected college cost (though if you can afford it, more will make it easier on your children down the road), as you can assume that you can pull the other two-thirds from your current income and financial aid and loans when the time comes.

Still, in looking at the data, few parents have saved even close to that amount, as average savings across all college savings vehicles is only $15,346, the Sallie Mae study shows. As a rough rule of thumb, Kantrowitz says that parents of a newborn should be saving about $250 a month for in-state public tuition, $400 a month for out-of-state-public college tuition and $500 a month for private nonprofit college tuition. “A lot of parents don’t save enough or they wait too long to start,” says Kimberly Foss, the founder and president of Roseville, Calif.-based financial-planning firm Empyrion Wealth Management

What’s more, not only are parents not saving enough for college, they’re saving the wrong way, experts say. By far the most popular college savings vehicle is the general savings account (nearly half of families with children under 18 use this to save for college). But Foss says that the best college savings vehicle is the 529 plan (less than one-third of parents are using this to save). “There aren’t many reasons not to use it,” she says. One of the major reasons these plans are better than general savings accounts is that your investments in 529 plans grow tax-deferred and distributions come out tax-free on the federal level; plus 34 states and Washington, D.C. offer state income-tax deductions, so there’s a “double tax advantage” in these cases.

Furthermore, you can transfer the funds in these accounts to another child if one of your kids opts out of school and 529 plans are treated favorably with colleges’ financial aid offices. General savings accounts can’t compete with the benefits of the 529 when it comes to saving for college, Foss says. However, if you do not use the 529 plan for college expenses, you will likely have to pay a 10% penalty and income tax on the earnings when you withdraw the money.

Deana Arnett, a senior planning consultant at Rosenthal Wealth Management Group in Northern Virginia, says that parents should also look into their state’s prepaid college tuition plan, if they think their child will go to an in-state school. (Only about 14% of parents use these plans, the Sallie Mae study found.) Advisors also say that it’s worth using Upromise , which gives you cash-back that goes towards college savings when you buy certain items, as a supplementary savings vehicle.

Advisors say that while parents rightfully prioritize saving for retirement (53% of total family savings) over saving for their kids’ college (10% of family savings), there are still a significant number of parents who plan to pillage their retirement funds to pay for their kids’ college. Indeed, fully 18% of parents plan to use their retirement account to pay for college, a number that is virtually unchanged from last year. But Foss says this tends to be a big no-no. “Your kids can always find some way to get loans for school, but no one but you is going to finance your retirement,” she says. However, Arnett notes that in some cases, you can take money out of your IRA penalty-free, but parents should make sure they have adequately saved for retirement before doing this.

AP Photo

Last August SumZero, a social research site for investment professionals, launched a new feature dedicated to compensation trends within our buyside-only investment community. We (SumZero) have since collected thousands of salary reports sourced directly from analysts, associates, and portfolio managers working at hedge funds, mutual funds, and private equity funds around the world. A handful of high-level findings from our database are available below.

“Pay” is just one of several information types that we aggregate on an industry-wide level through SumZero, but it also happens to be a controversial, publicly-relevant topic since (1) participants are generally being paid a lot, (2) performance can be quantified relatively easily, and (3) members of the public are, in some cases, the actual customer footing the fees that pay the salaries.

Compensation data is hard to get. Annual surveys are conducted by a variety of outlets, and the results are sold for thousands of dollars per report. But we have elected to make this information much more accessible...and free.
Contributors span the junior-level to executive-level. They are old and young, generalists and specialists. They work at different types of funds in cities all across the world--although, notably, we do not offer access to quant funds and thus receive no data from them. Some take home millions a year in pay. Many others take home $0 over the course of a full year, which is a reality that the media never fails to ignore.

Using the database, permissioned users can construct elaborate searches like “show me how much a Senior Analyst covering Industrials with 5-7 years of experience at a $500mm Private Equity fund in Singapore made on average in 2013.” From there, one could examine each of the individual reports matching that criteria to examine some of the key differences between them. For the purposes of this article, however, we are looking at much broader trends.

A few, important disclaimers before diving into the data:
1. This is not a rigid statistical analysis. I have not controlled for outliers. I am not drawing from a well-balanced population from within the buyside, i.e. we are heavily NYC-biased, slant a bit younger, and are dominated by hedge funds. Take it all with a significant grain of salt.

2. This is user-generated information. There’s no reason why someone would or should provide misleading information (since the information is collected anonymously), but people do mysterious things.

3. Some results are not statistically significant.

4. Some data points we collect include estimates which are inherently subject to significant margins of error.

5. Our database has not been around long enough to be sensitive to the natural realities of full market cycles.

Over time, we expect the dataset to become much richer, increase in significance, thus become far more actionable. This is merely the beginning.