NLRB: Workers must be told of union rightsThe National Labor Relations Board issued new regulations on Thursday that require companies to put posters on their bulletin boards that inform employees about their rights to unionize under federal law. Under the new regulations, businesses must display notices that explain the right to bargain collectively, to give out union literature and to work together to improve wages and conditions free of retaliation.
Noting that many workers are unaware of these rights, the board said the new regulations are aimed at making it easier for workers to exercise their rights under the National Labor Relations Act, which sets rules for unionization efforts. Agricultural, rail and airline employers are not covered by the new rule.
Business groups were quick to criticize the new regulations, which they said are part of the board's pro-union tilt under President Obama.
The board's chairwoman, Wilma Liebman, steps down on Saturday when her term expires. The new regulations are part of a last-minute push by the board's 3-to-1 Democratic majority to finish cases before she leaves.
Bloomberg buys Bureau of National AffairsBloomberg LP, the financial giant, has agreed to buy the Bureau of National Affairs for $990 million, its biggest acquisition. The bureau's lineup of news services, which provides legal, tax, regulatory and environmental information to professionals in those fields, is expected to bolster Bloomberg's financial platform and help its Bloomberg Law division compete with legal information services like Westlaw. Bloomberg LP is controlled by New York Mayor Michael Bloomberg, who started the company 30 years ago.
Radio service Pandora's revenue jumps againIn its first quarterly earnings since going public, Pandora Media, the firm behind the Internet radio service Pandora, reported increased revenues, as well as continuing growth in subscriptions and mobile advertising. For the three months that ended July 31, Pandora reported $67 million in revenue, up 117 percent from the same period a year ago. Pandora posted a net loss of $1.8 million, or 4 cents per share. Advertising was $58.3 million of Pandora's revenue for the quarter. Ads for mobile devices, where the majority of the service's listening takes place, represented about half that amount. It was the first time that mobile ad revenue had reached that level, the company said. Last month, Pandora said that more than 100 million users had signed up for the service, and in a conference call with analysts Thursday, Steven M. Cakebread, the chief financial officer, said that 37 million users tune in at least once a month.
J.P. Morgan to pay $88M over embargo breachJ.P. Morgan Chase has agreed to pay $88.3 million as part of a settlement with the Treasury Department over a series of transactions involving Cuba, Iran and Sudan, the agency said Thursday. The Treasury Department's Office of Foreign Assets Control said J.P. Morgan processed wire transfers totaling $178.5 million for Cuban nationals in 2005 and 2006, violating U.S. embargo laws.
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