1. KODAK SELLING CAMERA-FILM BUSINESS TO U.K. RETIREES
Kodak, which filed for bankruptcy in 2012, has found a way out of its chapter 11 proceedings: Selling its camera-film business to U.K. retirees, to wipe out about $2.8 billion in pension obligations. "We are very pleased with the transaction, the value it creates for our stakeholders, and the dedication and creativity of [Kodak Pension Plan] that made it possible to achieve this extraordinary result," Kodak CEO Antonio Perez said in a statement. [Fox Business]
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2. NISSAN AND HONDA RECALL TENS OF THOUSANDS OF VEHICLES
The spare tire in the trunk of the new Nissan Altima has been found to have a faulty inflation gauge on the air pump. On hot days the tires have been overinflating and sometimes bursting, causing Nissan to recall 123,000 vehicles. Meanwhile, Honda recalled 44,000 of its Fit Sport compacts for a problem with the stability-assist software. The Honda car's yaw rate — a force that can change the direction of the vehicle — seems to exceed federal safety standards. [Los Angeles Times]
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3. PENDING HOME SALES HIT THREE-YEAR HIGH
The National Association of Realtors says signed contracts for home-buys are up 7 percent from this time last year, the highest since 2010 when Obama's home-buyer's tax credit boosted sales. This time, employment gains and low interest rates are spurring buyers to take the plunge, and the mix of rising demand and falling supply has helped fuel construction on new homes. [USA Today]
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4. ANALYSIS: MONEY CAN BUY A WHOLE LOT OF SATISFACTION
University of Pennsylvania economists Justin Wolfers and Betsey Stevenson found that the theory that "money can't buy happiness" is actually false. Apparently, the relationship is logarithmic, meaning "the happiness value of the next dollar you earn is always worth less than the one you earned before it," explains Dylan Matthews of The Washington Post. Money can also buy happiness' relative, "satisfaction." And while money-bought happiness levels max out at around $75,000, levels of satisfaction keep rising with increased income. [Washington Post]
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5. VIRGIN GALACTIC TESTS NEW ROCKET
Virgin Galactic's passenger space ship made its first manned test flight Monday, over the Mojave Desert. The plane did not travel to space, but it did manage to land safely at the Mojave Air and Space Port. Virgin says it's preparing to fly beyond the atmosphere later this year, and after that will make its first passenger flight. [Mercury News]
