Disney and former executive Jeffrey Katzenberg are at least $440 million apart in what they believe Katzenberg deserves under his breach-of-contract claim, as the dispute enters a new phase. Under his employment contract, Katzenberg was to get a final, lump-sum bonus after he left Disney, based on 2 percent of projected profit from the films and television shows launched during his tenure. His lawyers estimate the bonus amounts to as much as $580 million; Disney is arguing $140 million. The value on the bonus will be taken up in court proceedings today.
Inflation -- not deflation -- is the more likely, but not inevitable, menace to the U.S. economy, due to the "very heavily utilized" work force, said New York Federal Reserve Bank President William J. McDonough. He told Georgetown University business graduates in a speech that the Federal Reserve had to be vigilant against inflation as well as deflation.
Carlyle Group, a District-based investment group, said it has earmarked up to $1 billion for investment in seven Asian countries, with Taiwan and Thailand high on its list. Having met with top Thai businessmen and bankers, Carlyle executives believe Thai banks, telecom and large agro-industrial companies offer attractive opportunities.
Microsoft's chief technology officer, Nathan Myhrvold, said he will begin a one-year leave of absence from the company on July 1. Myhrvold also took issue with a Time magazine report, in its issue dated June 7, that he was forced out by Microsoft President Steve Ballmer. "I have not seen the Time story myself, but from what I have heard, it is completely, utterly without any basis in truth," Myhrvold told Reuters.
The euro rose against the dollar in London to as high as $1.0484, from $1.0403 late Friday, amid speculation that the European Central Bank may use some of its $248 billion of foreign currency reserves to buy euros in an effort to halt the currency's decline.