NEW YORK (CNN) -- CNN Money's Maribel Aber has your top business and financial news on this Tuesday, July 2.
GAO: U.S. corporations pay average effective tax rate of 12.6%
U.S. companies face the highest official corporate tax rate in the world. But there's a big difference between the rates set out by law and the cash that's actually collected. Large, profitable U.S. corporations paid an average effective federal tax rate of 12.6% in 2010, the Government Accountability Office said Monday. The federal corporate tax rate stands at 35%, and jumps to 39.2% when state rates are taken into account. But thanks to things like tax credits, exemptions and offshore tax havens, the actual tax burden of American companies is much lower.
End may be near for BlackBerry
The death knells are sounding for BlackBerry. "It is not the end / of the road for BlackBerry / but it may be close," wrote BGC analyst Colin Gilllis in a haiku to investors. BlackBerry continues to struggle to sell phones. The former smartphone giant said Friday it shipped just 2.7 million BlackBerry 10 devices in its fiscal first quarter, and the company reported a surprise loss. Shares promptly lost nearly 30% of their value.
Southwest offers free in-flight TV in partnership with Dish Network
Southwest Airlines Co. is offering free live television to fliers' smartphones, tablets and laptops under a partnership with Dish Network Corp. The move that marks a departure from other airlines' strategies by having a third party rather than customers-pay for in-flight entertainment. Starting Monday, customers can access 14 live TV channels and up to 75 on-demand TV shows free on their Wi-Fi-enabled devices during flights on 427 of Southwest's planes, more than 60% of its fleet. The service previously cost $5.
Gas prices drop below $3.50 a gallon
If cheap gas is considered as patriotic as draping Old Glory in the back window of your pickup truck, the news from the government's oil price watchers couldn't come at a better time. The price of regular-grade gasoline has fallen below $3.50 a gallon on average nationally just in time for the Fourth of July weekend in the weekly survey by the Energy Information Administration reports. And it wasn't just a tiny price drop. A gallon of regular fell eight cents during the week from $3.577 to $3.496. That's unusual, given not only that the four-day holiday weekend is coming up, but also because the nation is entering the heart of the summer vacation driving season.