An historic fine is levied against Fiat Chrysler, it's Game Over for "Pixels" and gas prices are almost 80 cents less than this time last year. Read about these and more of the day's top business news stories.
“Ant-Man” Fights off “Pixels” to Remain No. 1
Despite receiving Donkey-Kong-style pounding from critics, “Pixels” put up a strong bid to be No. 1 at the box office in its opening weekend. But it was Game Over as “Ant-Man’ retained its No. 1 status in its sophomore weekend with $24.8 million. “Pixels,” starring Adam Sandler as a video gamer who must save the world from incarnations of iconic ‘80s video game characters, earned $24 million. Coming in third at the box office was “Minions” with $22.1 million, followed by the Amy Schumer romantic comedy, “Trainwreck” with $17.3 million. Rounding out the top five was the boxing drama, “Southpaw” with punched out $16.5 million.
Durable Goods Orders Up 3.4 Percent
Orders for durable U.S. goods took off in June, rising 3.4 percent mostly because of strong bookings for passenger airplanes, MarketWatch reports. But the government also reported that overall business investment remained soft and shipments of goods barely rose. Orders for core capital goods, a refelction of business investment, rose a mild 0.9 percent last month following two consecutive declines. But they are running 3.4 percent be
Fiat Hit with Historic $105 Million Fine
Fiat Chrysler will pay an unprecedented $105 million in fines and penalties this week for violating laws in a series of vehicle safety recalls. Fiat Chrysler will also be required to buy back nearly a half-a-million recalled vehicles to get them off the roads and will agree to an independent monitor to review recalls. The fine beats the previous record of $70 million assessed against Honda Motor Co.
Gas Prices Down 76 Cents Below Last Year
American motorists are getting more mileage out of what they’re spending at the pump. The average price of gasoline has dropped a penny over the past two weeks to $2.82 a gallon, industry analyst Trilby Lundberg said Sunday. The current average sits 76 cents below the price last year in the same period. Birmingham, Alabama boasts the cheapest recorded gasoline price, $2.33 a gallon. Los Angeles recorded the highest price at $4.13 a
Pearson in Talks to Sell Stake in the Economist
Just days after Pearson PLC agreed to a multibillion dollar deal to sell its Financial Times newspaper, the U.K. firm announced over the weekend it is in talks over the potential sale of its 50 percent stake in the Economist Group. Italy’s Exor SpA, which currently holds less than 5 percent of the Economist Group, confirmed it is in talks regarding the possibility of increasing its investment. Pearson said Thursday it would sell FT Group, which includes the venerable Financial Times, to Nikkei Inc. of Japan for the equivalent of $1.32 billion.
Verizon Workers Dial Up Strike Talk
Verizon workers in nine states have voted to go on strike if necessary over a dispute about a new contract, the Associated Press reports. At a rally Saturday in New York, the Communications Workers of American union announced that 86 percent of Verizon workers who voted in a recent poll backed strike action if required. A contract that covers 39,000 workers represented by the CWA and the International brotherhood of Electrical Workers expires at midnight on Aug. 1. The contract affects wireline workers in Massachusettes, Virginia, Connecticut, Delaware, Maryland, New Jersey, New York, Pennsylvania, Rhode Island and Washington, D.
Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.
A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.