FINANCE

Report: Target data breach costs banks more than $200 million

BY Marianne Wilson

New York — The costs related to Target’s data breach have now exceeded $200 million for financial institutions, according to the Consumer Bankers Association and the Credit Union National Association, the Associated Press reported. The $200 million figure does not include the cost of any a fraudulent activity, which would push the cost of the breach to the industry higher as consumers are not held liable.

The two trade associations said that 21.8 million of the 40 million compromised credit and debit cards have been replaced.

The Consumer Bankers Association estimated that the cost of card replacement for its members have reached $172 million, up from an initial finding of $153 million, the report said. The Credit Union National Association says the cost to credit unions has increased to $30.6 million from an original estimate of $25 million.

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SUPPLY CHAIN

Obama visits Safeway center; calls for new truck fuel efficiency rules

BY Marianne Wilson

New York — President Barack Obama visited Safeway Inc.’s distribution center in Upper Marlboro, Md., where he spotlighted the chain’s efforts to improve truck efficiency and called for new fuel efficiency and greenhouse gas standards for medium-duty and heavy-duty trucks by March 2016. The new standards will mean “thousands of dollars in savings every year” for truck operators, Obama said.

Safeway has long been committed to operating its business in the most fuel-efficient and environmentally responsible way. The chain’s longtime participation in the EPA SmartWay Transport Program as both a carrier and shipping partner helps it move goods through its supply chain in the cleanest and most efficient way possible. In 2013, 99.9% of the truckloads that moved through Safeway’s distribution centers were shipped by SmartWay Transport carriers who have implemented technologies to improve fuel economy and reduce greenhouse gas emissions.

In addition, Safeway has increased its ton miles per gallon (the amount of fuel needed to transport one ton of material one mile) by nearly 28% since 2006. Safeway is a long-time partner in the EPA’s Green Power Partnership, which encourages and recognizes the commitment of businesses that utilize renewable energy to power their operations. The company also uses solar and wind as alternative sources of energy to power its various facilities, including stores, fuel centers, distribution centers, manufacturing facilities and corporate offices.

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OPERATIONS

Report: Starbucks to include tipping on Square app

BY Dan Berthiaume

Seattle – Starbucks reportedly plans to soon include an automatic tipping feature on its Square mobile payment app.

According to the Wall Street Journal, Starbucks, which currently only uses the payment features of the Square app, will deploy a feature that both automatically prompts a customer to leave a tip in appropriate situations and computes tip amounts for them.

The Square tipping feature prompts users to leave a tip roughly 45% to 50% of the time. It will automatically compute and offer three tipping options – basic (15%), better (18%) and best (20%). A Square spokesperson told the Wall Street Journal that most customers will select the “better” option when given those choices.

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