EURO HITS ANOTHER RECORD: The euro rose to a record high of $1.2450 against the dollar Wednesday as weak U.S. durable goods orders data and several countries' suspension of U.S. beef imports prompted widespread selling. The euro has marked a fresh high against the dollar in 16 of the last 19 trading sessions, fueled in part by the largest U.S. budget deficit - $374.2-billion in the fiscal year that ended Sept. 30 - since 1993.
AT&T DELAYS EXECS' RAISES: AT&T Corp. will delay pay increases for managers until at least April 2005 as the company tries to pare costs and reverse sales declines, chief executive officer David Dorman said in a memo to employees. "The past year hasn't been easy," Dorman said in the memo, distributed to workers Dec. 19. "As I've said before, "business as usual' is no longer an option for companies in an environment where complacency is severely punished." Sales at AT&T have fallen year over year for 15 straight quarters.
FRANKLIN EXECS GET BONUSES: Mutual fund company Franklin Resources Inc. chairman and chief executive Charles B. Johnson received a $2-million bonus in the fiscal year ended 2003, according to a filing Wednesday with the Securities and Exchange Commission. The company, which operates as Franklin Templeton Investments, also paid co-presidents Martin L. Flanagan and Gregory E. Johnson about $2.18-million in bonuses and other awards in the year ended Sept. 30, the filing said. As reported, Flanagan and Johnson will become co-CEOs effective Jan. 1. Johnson will remain chairman of the board.
JACKSONVILLE ACCOUNTANT CHARGED: A former family trust accountant and controller has been charged with embezzling $1-million from the late founder of the Jax Liquors chain and a trust-owned business. John Marvin Crowe III, 47, was released Tuesday, a day after his arrest, from the Duval County Jail on a $10,000 cash bond. His lawyer, Hank Coxe, declined comment. Crowe, who had worked for the Donald Tredinick Trust and its St. Johns Trading Co., is charged with grand theft of more than $100,000. Penalties for the first-degree felony can range from probation to 30 years in prison.
REDSTONE BUYS MORE MIDWAY: Viacom Inc. chief executive officer Sumner Redstone's plan to purchase more shares in Midway Games Inc., the maker of Mortal Kombat and other video games, was cleared by the U.S. Federal Trade Commission. The FTC decision to end a review of the transaction may give Redstone, Midway's biggest shareholder, enough stock to take the company private. Redstone, who owns a 30 percent stake in Midway, sought permission to buy enough additional shares to bring his holdings to between $50-million and $100-million, according to a filing by Redstone Dec. 3 with the U.S. Securities and Exchange Commission.
BARBIE FALLS BEHIND: For the first time in Ken Grow's 27 years as a toy retailer in Encino, Calif., Barbie lost ground to a rival fashion doll during the holiday season. "The best doll this year ... has been the Bratz doll," said Grow. "Barbie has lost a lot of steam." Mattel Inc., the world's largest toy maker, is not accustomed to seeing its flagship doll face stiff competition. Its line of electronic learning toys also is faltering in what has become a tight market for toy makers. Through August, Bratz dolls topped the fashion doll market, according to the NPD Group. The line produced by MGA Entertainment sports a sexy, urban look that embodies contemporary teen fashion.
