Nurses OK strike notice
The nurses at Northside Medical Center in Youngstown this week authorized their bargaining team to issue a strike notice. The move is the latest in an ongoing labor dispute between the Youngstown General Duty Nurses Association and the Youngstown hospital, owned by Community Health Systems of Tennessee. The for-profit national hospital operator is in talks to acquire Akron General Health System in partnership with the Cleveland Clinic.
Diebold sets dividend
Diebold Inc. announced a fourth-quarter cash dividend of 28.75 cents a share, payable Dec. 6 to shareholders of record Nov. 15.
Mortgage rates drop
Average interest rates on fixed mortgages fell for the third straight week to their lowest point in three months, as a decline in consumer confidence and the onset of the government shutdown appeared to force rates down. Mortgage buyer Freddie Mac said Thursday that the average rate on the 30-year loan dropped to 4.22 percent from 4.32 percent last week. The average on the 15-year fixed loan declined to 3.29 percent from 3.37 percent.
No Wal-Mart ruling
An investigation into allegations that Wal-Mart Stores Inc. lobbied Indian government officials ended without any conclusions, according to a government document obtained by Bloomberg. The investigation by retired judge Mukul Mudgal was unable to rule on the matter as it didn’t have the power to summon information from the company, according to the document. India’s cabinet may approve the report later Thursday, said two government officials who asked not to be identified because they aren’t authorized to speak to the media.
Wal-Mart has lost senior executives in recent months in India, where it faces a separate government probe and is going through an internal bribery investigation. The Bentonville, Arkansas-based retailer currently operates a chain of 20 wholesale stores in India
Twitter reveals data
Getting ready for a public offering, Twitter’s financials released Thursday showed the company booked $253.6 million in revenue in the first half of 2013, up from $122.4 million in the same period last year.
The company saw torrential growth in 2012, when revenue shot up 198 percent to about $317 million.
But expenses soared along with revenue growth. Twitter lost $69.2 million in the first half of 2013, compared with a loss of $49.1 million a year earlier. It lost about $79 million in 2012.
“Since our inception, we have incurred significant operating losses, and, as of June 30, 2013, we had an accumulated deficit of $418.6 million,” Twitter said in its filing. “Although our revenue has grown rapidly, increasing from $28.3 million in 2010 to $316.9 million in 2012, we expect that our revenue growth rate will slow in the future as a result of a variety of factors, including the gradual slowdown in the growth rate of our user base.”
Research firm EMarketer has pegged Twitter’s 2013 revenue at $582 million, up from $288 million last year.
The company said in its filing that it has 215 million monthly active users and that 100 million of those are daily active users. It also says it has 500 million tweets a day.
Chief Executive Dick Costolo owns 1.6 percent of the company. Co-founders Jack Dorsey and Evan Williams own 4.9 percent and 12 percent, respectively. Investor Peter Fenton owns 6.7 percent.
Costolo’s 2012 pay is valued at $11.5 million.
Twitter filed its IPO papers in July under a provision of the JOBS Act that lets companies with less than $1 billion in revenue do so confidentially. Under the law, Twitter is not required to release detailed financial information until 21 days before it begins marketing the offering to investors.
Rdio free on Web
Digital music service Rdio launched its free Internet radio service in the U.S., Canada and Australia on Thursday. The move capitalizes on Rdio’s tie-up with traditional radio station owner Cumulus Media and helps it compete with digital rivals Pandora and Spotify. For now, the app that works on Apple and Android devices won’t play ads between the songs that are randomly picked based on genres, artists, songs or albums. The company hopes nonpaying listeners will sign up for a $10-a-month subscription that adds features like the ability to pick and choose exact songs and albums. On the Web, Rdio’s radio player will have ads that are sold by Cumulus Media Inc. Cumulus announced it was taking a stake in Rdio parent Pulser Media last month.
Compiled from staff and wire reports