Powerball jackpot estimated at $400 million

DES MOINES, Iowa (AP) — If it seems that giant lottery jackpots have people lining up at convenience stores more frequently, just wait.

Most of the attention has been on Powerball since its rules were changed a couple years ago to boost payoffs. On Wednesday, Powerball’s estimated $400 million jackpot will be the nation’s fifth-largest ever.

Organizers of the country’s other big lottery, Mega Millions, are now also planning changes to increase jackpots.

Mega Millions, which is sold in 43 states, plans to boost the initial jackpot to $15 million. It also will lessen the odds of winning jackpots and make other changes that will result in faster growing prizes to grab the public’s attention.

Iowa Lottery chief executive officer Terry Rich says the purpose is to “turn up the excitement level” and increase sales.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Winklevoss twins: Bitcoins improved than gold

winklevoss twins

Cameron and Tyler Winklevoss recently filed paperwork for a Bitcoin ETF.

Tyler Winklevoss, one half of a twin famous in renouned enlightenment as a Winklevii, thinks that a cybercurrency Bitcoin might be a improved long-term gamble than gold.

“It’s bullion 2.0,” he pronounced in a display during a Value Investing Conference in New York Tuesday.

Tyler and his hermit Cameron, who common a stage, summarized a longhorn box for bitcoins. They have been investors and are determined Bitcoin entrepreneurs. The twins recently filed paperwork with a SEC for a Bitcoin exchanged traded fund.

Like gold, a practical banking retains a value regardless of what executive bankers do to a income supply. But distinct gold, bitcoins are easier and cheaper to store.

That motive is a renouned refrain among Bitcoin bulls, who are aroused of banking wars and a involvement of a Federal Reserve and other executive bankers.

The display by a Winklevoss twins was chock full of confidant proclamations on how high a cost could rise, i.e. $10,000 per bitcoin. Bitcoins now trade for $140.

Cameron Winklevoss pronounced that another emperor debt predicament could be a matter for a pointy pierce higher.

“We will see an implosion in a subsequent year or dual of a country’s currency, and it will be bigger than Cyprus.” he said, referring to a little European nation. The near-implosion of Cyprus’ banks and an indirect bailout in March

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U.S. to seize Manhattan skyscraper personally owned by Iran

650 fifth ave

The website for a building during 650 Fifth Avenue advertises for impending tenants.

The U.S. supervision is set to seize a Manhattan skyscraper that prosecutors contend is personally owned and tranquil by a Iranian government.

The 36-story building is located on Fifth Avenue in a heart of New York City, adjacent to Rockefeller Center, and is home to a series of corporate tenants. Preet Bharara, a U.S. profession in Manhattan, pronounced Tuesday that a seizure and sale of a skill would be a government’s largest-ever terrorism-related forfeiture.

A sovereign decider certified a seizure in a statute this week, anticipating that a building’s owners had disregarded sovereign income laundering laws and sanctions opposite Iran.

The building was assembled in a 1970’s by a non-profit classification operated by a Shah of Iran, who was dismissed during a finish of that decade. Today, a skill is 60% owned by that organization, now called a Alavi Foundation, and 40% owned by Assa Corporation.

Related: Vatican moves to purify adult finances

Prosecutors contend Assa Corporation is a front for a bank owned and tranquil by a Iranian government, that also is purported to control a Alavi Foundation. The co-owners have allegedly been transferring let income behind to Tehran.

Bharara pronounced a supervision would use deduction from a tentative seizure to recompense a families of victims of Iranian-sponsored terrorism.

The Alavi Foundation pronounced it designed to appeal

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Hedge account head: Microsoft will kick Apple

microsoft discussion

Hedge account manager Jeff Ubben is suspicion to be a pushing force behind a new shakeups during Microsoft. And he says a association is improved than Apple.

A tip sidestep account manager pronounced Tuesday that Microsoft has a business indication that creates it a improved association than Apple for a long-term.

Jeffrey Ubben of ValueAct done a comments during a Value Investing Conference in New York. Ubben’s organisation announced a $2 billion position in Microsoft (MSFT, Fortune 500) progressing this year and is suspicion to be a pushing force behind CEO Steve Ballmer’s preference to retire as good as Microsoft’s new stock buyback and division increase announced progressing Tuesday.

Ubben pronounced he likes that Microsoft charges a lot of money, creates a lot of money, and has craving contracts that will final for years. He remarkable that Microsoft is “in a plumbing” of large corporations.

Related: Is Stephen Elop a subsequent Microsoft CEO?

By contrast, companies like Apple (AAPL, Fortune 500) and Samsung (SSNLF), that support some-more to normal consumers, have to keep churning out new products each few months even if changes are incremental.

“They have to run faster each year to keep up,” he said.

Ubben conceded that Apple, that trades during 11 times 2014 gain estimates, is sincerely valued. But Microsoft, that trades during scarcely 13 times 2014 profit

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Home prices spike 15% in pivotal Chinese cities

china housing market

Real state prices are rising in China, heading some analysts to advise of a bubble.

Property prices peaked dramatically final month in China, lifting a doubt of either serve supervision involvement is indispensable to equivocate a probable housing bubble.

Housing prices rose in 66 of 70 Chinese cities in Aug when compared to a prior month, according to a National Bureau of Statistics. Compared to final year, prices were aloft in all though dual of a 70 cities tracked by a government.

Prices in Shanghai and Beijing purebred some of a largest increases, rising 15% over a prior year. In a southern production heart of Shenzhen, prices jumped 18%.

On average, new home prices opposite a cities increasing 7.5% over a prior year — a quickest gait given Dec 2010.

With singular investment options in China, genuine estate has traditionally been a renouned choice for consumers looking to enhance their portfolios. That, in turn, has pushed China’s civic housing prices adult for most of a final decade, sparking a cycle of supervision greeting to quell a market.

Related story: China announces devise to quell pollution

Fearing a growth of a genuine estate bubble, China sought to stem rising skill prices progressing this year.

Authorities in Shanghai told banks to stop arising loans to people attempting a squeeze of a third home, and Beijing announced that unwed residents could usually squeeze one home.

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Starbucks to customers: Please don’t move your guns!

starbucks guns

Starbucks is seeking business to not move guns into a stores.

Starbucks CEO Howard Schultz has a summary for gun owners: Please don’t move your weapons into a stores.

Schultz told CNN that a association is not instituting a ban, and is simply creation a ask “through a lens of politeness and respect.”

The association was roped into a gun discuss final month when a organisation of gun owners announced skeleton online for a “Starbucks Appreciation Day” in approval of a chain’s process of permitting gun owners to move in their weapons where available by state law.

In response, a Newtown Coalition For Corporate Responsibility — a organisation including family members of victims from final year’s mass sharpened during Sandy Hook Elementary School — published an open minute job on Schultz to anathema guns in all Starbucks (SBUX, Fortune 500) stores.

Related: Starbucks won’t cut advantages since of Obamacare

“We’ve seen advocates on both sides of this discuss use Starbucks as a entertainment ground,” Schultz said. The company, he added, is “not pro- or anti-gun,” though believes that guns “should not be partial of a Starbucks experience.”

Starbucks is edition an open minute from Schultz on a theme in The New York Times, The Wall Street Journal and a series of other newspapers on Thursday.

Schultz pronounced business who move in guns will still be served and won’t

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SEC fines 23 firms over brief selling

sec charges firms brief selling

SEC domicile in Washington, D.C.

The Securities and Exchange Commission announced charges Tuesday opposite 23 firms indicted of short-selling violations forward of open batch offerings.

Among those charged were a sidestep account D.E. Shaw Co. and a Ontario Teachers’ Pension Plan Board. Except for broker-dealer G-2 Trading LLC, all have staid with a SEC, that netted $14.4 million from a settlements.

Short-selling is a gamble that some investors take when they trust a batch cost will tumble over time. A short-selling financier leases a batch to a attorney and agrees to buy it during a after date. “Shorts” make income when a value of a batch during a squeeze date is reduce than when they leased it out.

The firms concerned by a SEC were indicted of offered shares brief during limited durations — typically within 5 days before they offer new batch to a open — and afterwards shopping shares in those offerings.

When other investors see a lot of short-selling activity on a stock, that can pull down a cost of shares. That means that a firms can afterwards compensate reduction for a batch they acquire in a offering.

Related: JPMorgan set to compensate “London Whale” fine

“The benchmark of an effective coercion module is 0 toleration for any bonds law violations, including violations that do not need manipulative intent,” Andrew Ceresney, a SEC’s co-director of enforcement, pronounced in

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Deficits: Better now, worse later

us capitol building 091613

There are umpteen numbers, scenarios and assumptions in a new long-term bill research expelled by a Congressional Budget Office on Tuesday.

But a essential takeaway is this: While lawmakers have finished swell knocking behind near-term deficits, they have finished really small to rein in a country’s long-term debt.

The categorical reason: Very few of a actions taken in a past few years to urge a mercantile design have addressed a drivers of a debt. And a mercantile liberation hasn’t been clever adequate to compensate.

Instead, short-sighted, feeble targeted policies were cobbled together as a approach to tamp down episodes of domestic brinksmanship — either it was a 2011 debt roof predicament or final year’s mercantile cliff.

Timeline: 3 years of bill follies

“The sovereign bill is on a march that can’t be postulated indefinitely,” pronounced CBO Director Doug Elmendorf, creation a indicate he has finished many times in a past.

Here’s what he means:

Higher seductiveness rates total with an aging population, slower-growing though still rising health caring costs and stretched federal subsidies for health word will pull spending most aloft over a subsequent 25 years.

If Congress chooses to continue with stream bill policies, spending on a vital desert programs and seductiveness on a debt will double or some-more than double as a share of a economy, while spending on all else would tumble to the

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GM wants to build a Tesla-beater

Chevrolet electric car

The Chevy Spark EV, GM’s initial electric-only automobile given 1999.

GM says it wants to rise a automobile that can compare Tesla’s 200-mile operation for reduction than half a price.

The idea was laid-out Monday by GM clamp boss of tellurian products programs Doug Parks, as a association announced a $20 million investment in a battery lab in Warren, Mich. But Parks did not give a specific time support for achieving it.

GM (GM, Fortune 500)‘s automobile would go 200 miles between charges and cost $30,000.

Tesla’s oppulance Model S can transport 208 miles between charges, though it starts during $69,900. The start-up automaker pronounced it hopes to have a mid-market automobile accessible in a $35,000 cost range, though it says it will take 3 to 4 years to grasp that goal. Tesla mouthpiece Shanna Hendriks pronounced a association had no criticism on GM’s goal.

So far, Tesla’s Model S operation has been out of strech from any of a vital automakers. Greater operation requires a larger, some-more costly battery pack.

Related – Tesla alternatives: Four inexpensive electric cars

The cheaper electric-only cars now accessible from GM, Nissan and others go reduction 100 miles between charges. Those automakers indicate out that many people expostulate reduction than 40 miles a day.

The Chevrolet Spark EV, that sells for $19,995 after a $7,500 taxation credit, can go 82 miles on a

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More than $2 billion for Madoff victims is still in limbo

richard breeden

Former SEC authority tough Breeden is in assign of distributing $2 billion value of Madoff assets.

Some of a victims of Bernard Madoff’s Ponzi intrigue will have to gripping watchful to get their income back, according to a former Securities and Exchange Commission authority who is now in assign of distributing billions of dollars in stolen assets.

SEC maestro and sidestep account owner Richard Breeden, who was allocated by a U.S. Department of Justice in Dec of 2012 as “special master” of $2.35 billion in dispossessed assets, announced a check in a placement of those supports to victims of Madoff’s scheme.

Breeden is carrying difficulty specifying Madoff “victims” from “customers,” that is stymieing a routine of returning stolen assets, according to a created matter on his website www.madoffvictimfund.com.

“Decisions on eligibility will impact literally thousands of intensity victims,” some of whom have not nonetheless perceived any recovered funds. “Therefore, a Department of Justice has to cruise all aspects of these difficult issues … so that it can furnish a many estimable altogether result.”

Related: Prison exclusive: Bernie Madoff can’t sleep

Breeden controls about one-fourth of a $9.4 billion in supports recovered from Madoff’s $17.5 billion scheme, essentially resources collected by forfeitures to a U.S. government.

The rest is rubbed by court-appointed keeper Irving Picard, who is in assign of recuperating and redistributing a apart pool of Madoff assets, mostly collected through polite settlements.

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