Toy maker ad to make clear it had no lead-paint recalls

Hasbro Inc., the world's second-largest toy company, plans to take out newspaper ads to distance itself from a string of lead paint recalls that have plagued its competitors, chief executive Alfred J. Verrecchia said. The ad, in the form of a letter to consumers, will appear next week, Verrecchia said. He did not immediately have details on where and when it would appear, but said the message will be that Hasbro has had no recalls for lead or other dangerous chemicals, and people can feel good about buying Hasbro toys and games. (AP)

The national median salary for the chief executive of a small business is $233,500, and $849,375 for the CEO of a company with more than 5,000 employees, according to a survey by Salary.com, a Waltham company that provides compensation and talent-management solutions. The survey includes data from 2,237 organizations, representing an average company size of 92 employees and a broad range of industries, geographies, and ownership structures. Salary.com defines a small business as one with up to 500 employees. The national median salary for the CEO of a midsize company, one with between roughly 500 and 5,000 employees, is $500,000. (Chris Reidy)

Morgan Stanley said copresident Zoe Cruz, one of the most powerful women on Wall Street, will leave as part of the latest investment bank management shake-up since the summer's credit turmoil. Robert Scully, who was named copresident with Cruz last year, will remain at the firm in a new capacity. He will join a newly created office of the chairman, and will focus on sovereign investors. Cruz had been with Morgan Stanley for 25 years. There had been expectations that chief executive John Mack would place someone else in the job. He did that yesterday, naming Walid Chammah and James Gorman copresidents. (AP)

A drug-coated stent made by Abbott Laboratories and used to restore blood flow to arteries should be approved in the United States, government advisers said. A panel of medical device experts voted 9 to 1 recommending the Food and Drug Administration approve the Xience stent. They backed the product on the condition the company conducts a follow-up safety study once it reaches the market. Panelists said the agency and the company should decide the length and size of the study. (AP)

Freelance writers who reached a multimillion dollar settlement of a copyright lawsuit against publishers including The New York Times Co. and Dow Jones & Co. may get nothing after a federal appeals court vacated the accord. The writers sued in 2000, claiming the publishers violated thousands of copyrights by electronically reproducing and posting their work in databases without permission. The accord in the class-action suit was approved in 2005. The court in New York overturned the settlement yesterday, saying the lower court lacked jurisdiction over much of the case because most of the works weren't registered with the US Copyright Office. The law requires such registration before an infringement lawsuit may proceed, the court said. (Bloomberg)

Mortgage rates fell sharply this week with rates on 30-year mortgages dropping to the lowest level in more than two years. Freddie Mac, the mortgage company, said 30-year, fixed-rate mortgages averaged 6.10 percent, down from 6.20 percent last week and the lowest since the week of Oct. 13. 2005, when rates stood at 6.03 percent. Fifteen-year fixed-rate mortgages slid to 5.73 percent, from 5.83 percent last week, the lowest since the week ending Jan. 26, 2006, when they averaged 5.70 percent. Five-year adjustable-rate mortgages edged down slightly to 5.86 percent from 5.88 percent last week. One-year adjustable-rate mortgages edged up to 5.43 percent from 5.42 percent last week. (AP)

Verizon Wireless, the number two US mobile service, plans to build a next-generation high-speed wireless network based on Long Term Evolution (LTE) technology and start trials next year. Verizon said the move could eventually bring new revenue to network equipment makers, which are suffering from slower spending by carriers. But it is seen as a blow to a rival technology developed by Qualcomm Inc. and to WiMax, an emerging wireless standard that Intel Corp. supports. (Reuters)

NEED MORE?
Get local business news updates from The Boston Globe on the Business Update, at boston.com/business/ticker. And for big picture business stories, go to the Business Filter, updated every weekday at boston.com/business/blog/filter.