LOCAL BUSINESS
Sterling settles Zale lawsuit
Without disclosing details, Akron jewelry retailer Sterling Jewelers Inc. said it and competitor Zale Corp. agreed to a negotiated resolution of a lawsuit in which Zale was the defendant.
The companies said the resolution would take effect March 1, 2014, and that details were confidential.
Sterling last year sued Zale in U.S. District Court in Cleveland. The lawsuit accused Zale of using false and misleading advertising in claiming that its Celebration Fire diamond “is the most brilliant diamond in the world.”
Youngstown nurses to picket
Informational picketing will take place today outside a Youngstown hospital.
The Youngstown General Duty Nurses Association labor union said the protest would occur between 11 a.m. and 1:30 p.m. in front of Northside Medical Center.
The president of the association, Eric Williams, said in a statement that no medical services would be interrupted. The statement said the association was concerned about terms proposed by Northside and its corporate owner Community Health Systems changing “the contractual right to bring up any patient safety or care concerns.”
CHS, a for-profit hospital owner and operator based in Nashville, recently announced it is partnering with the Cleveland Clinic to buy the assets of Akron General Health System.
Progressive to add 900 jobs
Progressive Insurance plans to fill 900 job openings from the Cleveland area to California.
The Mayfield Village insurer says it has openings in information technology, legal, call center, claims, corporate and other areas. Information is online at http://jobs.progressive.com.
TELEVISION
Disney battles Dish Network
Now that CBS Corp. has prevailed in its monthlong dispute with Time Warner Cable, it’s Disney Co.’s turn to see what it can squeeze from a pay-TV carrier.
Disney, owner of the most expensive pay-TV channel in ESPN, faces a Sept. 30 deadline to reach a new agreement with Dish Network Corp., the second-largest U.S. satellite-TV provider. The negotiations cover how much Dish pays for content and whether it can put programs on mobile phones — the same sticking points that led to the one-month blackout of CBS on Time Warner Cable systems that was resolved this week.
The outcome of those talks bodes well for Disney and other content owners. CBS CEO Leslie Moonves won significant price increases while holding on to digital rights.
UTILITIES
AEP wins magazine honor
For the second year in a row, American Electric Power of Columbus is one of the top 10 utilities in the country for encouraging economic development, according to Site Selection magazine.
The Columbus utility played a role in projects that will lead to a projected 16,339 jobs and $2.2 billion in investment across its 11-state territory, the magazine said.
That includes a steel plant in Louisiana, a furniture factory in Virginia and a Discover Card data center in New Albany, Ohio, among others. The Discover project was announced in 2012 with plans for 162 jobs.
EARNINGS
Smithfield revenue declines
Smithfield Foods Inc., the U.S. pork producer that China’s Shuanghui International Holdings Ltd. is trying to buy for $4.7 billion, posted earnings that missed analysts’ estimates after seeing an increase in feed costs and lower demand in some foreign markets.
Earnings dropped to 27 cents a share in the quarter ended July 28 from 40 cents a year earlier, the Smithfield, Va., company said. That trailed the 47-cent average of five estimates compiled by Bloomberg. Fiscal first-quarter sales rose 9.8 percent to $3.39 billion, beating the $3.19 billion average of five estimates.
Hong Kong-based Shuanghui International announced its $34-a-share cash offer on May 29. Smithfield shareholders will vote on the takeover at a Sept. 24 meeting. The deal is subject to a review from the Committee on Foreign Investment in the U.S.
AUTO INDUSTRY
Honda model gets 50 mpg
The new Honda Accord Hybrid will have a best-in-class fuel economy rating of 50 mpg when it goes on sale later this year, the automaker has announced.
Honda released the fuel-economy figure for a vehicle that is being assembled in Marysville.
Compiled from staff and wire reports