A stellar opening weekend for "Big Hero 6," a $40 billion pledge from China and Uber is on a fundraising drive. Read about these and more of the morning's top business news stories.
“Big Hero 6” Has a Stellar Opening Weekend
Moviegoers left their hearts in San Fransokyo, making Disney’s animated film, “Big Hero 6,” the weekend’s No. 1 film. The highly anticipated Christopher Nolan outer space adventure “Interstellar” came in second with $50 million. Rounding out the top five were “Gone Girl,” now in its sixth week, with $6.1 million, “Ouija” scaring up $5 million in its third weekend, and for the first time in the top five, the critically acclaimed “St. Vincent” starring Bill Murray and Melissa McCarthy, with $5.7 million.
China Pledges $40 Billion in Regional Leadership Bid
Chinese President Xi Jinping pledged $40 billion toward a “Silk Road Fund” to help Asian nations improve trade links in a new effort to assert Beijing's ambitions as a regional leader. The pledge was made in a meeting Pakistan, Bangladesh and five other leaders from Asian nations ahead of this week's Asia-Pacific economic summit, state media reported Sunday. The “Silk Road Fund” is the latest in a series of initiatives this year aimed at increasing its influence in what it sees as U.S.-dominated regional and global trade, finance and security structures, the Associated Press reports. The "Silk Road Fund" will finance infrastructure and cooperation in industry and finance to link Asian economies.
Nissan Recalling 52,000 Vehicles
Nissan is recalling more than 52,000 vehicles for passenger air bags that can explode with too much force and send shards of metal into the passenger compartment. The air bag systems were made by Takata Corp. the Japanese supplier that controls almost one-fourth of the global air bag market and is at the center of nearly 8 million other recalls by 10 automakers. The recall affects the Infiniti FX35 and FX45 from 2003 to 2005, Infiniti I35 from 2003 and 2004 and Infiniti M35 and M45 from 2006. Also affected are Nissan Pathfinders from 2003 and 2004 and Nissan Sentras from 2004 to 2006. In total, 52,738 vehicles are involved. The newly recalled vehicles were sold or registered in a dozen states and territories with high-humidity, which can cause the air bag propellant to burn too fast and potentially blow apart the metal canisters. The problem has been linked to four deaths.
American Airlines Flight Attendants Reject Contract Offer
Flight attendants at American Airlines rejected a five-year contract Sunday, forcing the world's largest carrier and its union for cabin-crew workers into binding arbitration that will begin in December. The Association of Professional Flight Attendants said in a statement that a mere 16 votes blocked the contract that affects roughly 24,000 workers and throws a wrench into the integration of American Airlines and US Airways, which merged last year to become the world’s biggest airline operator.
Budapest Protestors March Against Tax Authority Corruption
More than 10,000 people took part in an evening march in downtown Budapest against the head of Hungary's tax collection agency and some of her colleagues after the United States issued entry bans against them because of suspected links to corruption, the Associated Press reports. Gabor Vago, a former lawmaker from the Politics Can Be Different party, demanded the resignation of Ildiko Vida and her deputies and called on the European Union to investigate the tax authority, "since the domestic institutions have failed." Vida recently acknowledged in an interview published last week that she and some of her colleagues had been notified by the U.S. Embassy in Budapest about the ban.
Uber on a $1 Billion Drive
San Francisco-based Uber Technologies Inc. is seeking to bring in about $1 billion to finance its international expansion. Travis Kalanick, the car-booking company’s co-founder and chief executive officer, is seeking a higher valuation than the $17 billion Uber got in its $1.2 billion fundraising from investors led by Fidelity Investments in June. The Financial Times has reported that Uber is in discussions to raise a new round of $1 billion or more. Uber operates in about 220 cities worldwide. Customers use their smartphones to book car services including sports utility vehicles, black cars or other autos.