Snow Bai

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Contract Workers Keep Silicon Valley Startups in (Risky) Business

As the nation shifts to a freelance, contractor economy, the results may haunt Silicon Valley companies ever after.<p>Uber, Homejoy, Spoonrocket, and Taskrabbit are the names of just a few Silicon Valley startups that rely entirely on contract workers to make their businesses fly.<p>A prime reason they …

Silicon Valley

People are pretty sure Alibaba’s blockbuster IPO has changed the world—but they don’t agree on how

It was clear to reporters, traders, and Alibaba fans who gathered at the New York Stock Exchange this morning that the e-commerce giant’s public listing was a unique moment in time, signifying something huge.<p>But what?<p>The event was enough of a milestone that a hundred or so (mostly) Chinese people …

China

Judging by inflation, it's good to be American

Here's one thing Americans can cross off their worry list: inflation.<p>While the prices of some things -- notably beef -- are rising, the situation overall is very tame for Americans. It doesn't cost that much more to buyfruits or vegetablesthan it did a year ago, and filling up at the pump is …

Millennials are staying put at mom and dad's place

Remember all of those Millennials living in their parent's basements because they couldn't find a job or afford a place of their own?<p>Well, they haven't moved out yet.<p>They also don't seem to be in a hurry to get married, have kids -- or buy a home. And that has pushed the homeownership rate among …

Who's getting rich off the stock market?

The United States is enjoying one of the best stock market surges in its history. But the phenomenal gains in recent years are going mostly to white, college-educated individuals who are already pretty well off.<p>Only 49% of Americans have any money in stocks at all, according to the latest data from …

Retirement savings gap widens between rich and poor

When it comes to retirement savings, the gap between the rich and poor is growing dramatically.<p>Last year, the typical 55- to 64-year-old household had just $111,000 saved in their 401(k)s and IRAs, which would translate into just $500 a month in retirement income, according to a report from Boston …

It's official: Alibaba prices at $68

Alibaba, the Chinese e-commerce giant, secured its place in history Thursday as the largest U.S.-listed initial public offering (IPO) of all time.<p>The stock priced at $68 per share. That's at the top of the expected range, signaling strong demand.<p>Only large investors like hedge funds are typically …

Stocks: 5 things to know before the open

It's time to end the week with a bang!<p>Alibaba's market debut is fast approaching and Scotland has just voted to remain in the United Kingdom.<p>Here are the five things you need to know before the opening bell rings in New York:<p><b>1. Alibaba IPO:</b> Investors are eagerly awaiting Alibaba's debut on the New …

China drives global diamond jewelery sales to $79 billion

A diamond is forever ... especially in China.<p>Global diamond jewelry sales hit a record $79 billion last year, led by strong interest from the Chinese for the rare gem, according to a report from De Beers.<p>Polished diamond sales in China rocketed by 14% last year alone, double the pace of growth seen …

Apple's iPhone 6 goes on sale, and the lines are insane

It's New iPhone Day... at least, for those of you that don't mind waiting hours in line.<p>The new iPhone 6 and iPhone 6 Plus hit stores Friday, with Apple (AAPL) fans around the world camping out in line to become some of the first owners of the new devices.<p>In New York City, nearly 1,000 people were …

Wall Street nabs Alibaba, but hot startups are going elsewhere

Bankers advising Alibaba on its IPO aren't charging top dollar, but they are thrilled for whatever fees they can get. That's because high-profile startups are shunning IPOs, turning to private investors for cash.<p>Take just two high-profile startups: Uber and Cloudera. They raised $1.2 billion and …

Will Yahoo use Alibaba cash to buy AOL?

Yahoo is cashing in on part of its Alibaba stake.<p>Will it buy AOL with the money?<p>There have been rumors about a Yahoo (YHOO) and AOL (AOL) merger for years -- pretty much since CNNMoney owner Time Warner (TWC) spun off AOL as a separate company in 2009.<p>But the chatter has increased lately because …

Post-it note eating insider trader pleads guilty

The middleman in a $5.6 million insider trading scheme has admitted to passing stock tips on Post-it notes and then eating the evidence.<p>Frank Tamayo, a 41-year-old Brooklyn man, surrendered Friday morning to the Federal Bureau of Investigation and pleaded guilty in Federal Court in New …