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Question of the Day
Dollar rises vs. euro on European debt fears
NEW YORK | The dollar rose against the euro Monday on speculation that Greece will have to restructure its debt.
The U.S. currency also advanced against the British pound, Swiss franc and Canadian dollar even as the ratings agency Standard & Poor’s lowered its outlook for U.S. sovereign debt. It lost ground against the Japanese yen, however.
Greece’s central bank governor said a debt restructuring would have “disastrous consequences” for the nation’s access to credit and that the move would be “unnecessary and undesirable.”
The euro fell to $1.4236 in afternoon trading Monday from $1.4436 late Friday.
Burger King settles franchisee lawsuit
MIAMI | Burger King’s new owners have a long to-do list as they try to remake the struggling hamburger chain. On Monday, they crossed off one chore: Making nice with disenfranchised franchisees.
The company and its franchisees announced they would settle a legal battle they’ve been fighting since 2009, when the corporation told restaurant operators to sell the double cheeseburger for $1. The franchisees sued, saying they couldn’t make money at that price.
The settlement comes six months after Brazilian investment firm 3G Capital bought Burger King for $4 billion. Since then, 3G has shaken up management, laid off workers and trimmed other costs, and set plans in motion to expand in Asia and Latin America.
The franchisees are not getting any money in the settlement. The double cheeseburger remains on the Value Menu, but at $1.29, where it’s been for a year. At the time of the lawsuit’s filing, the burger cost franchisees about $1.10.
But the franchisees will get more power in future decisions about what goes on the Value Menu, according to the company and the National Franchisee Association, which represents the independent restaurant owners and filed the lawsuit.
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