Price hike is brewing
Starbucks will increase prices for some beverages at its U.S. company-operated retail stores.
Prices will rise by a national average of 1 percent starting June 25 and will vary slightly in different regions, said Jim Olson, a spokesman for the Seattle-based company. In some areas, this will be the first price increase on Starbucks products in 18 months to two years.
Olson declined to specify which beverages will increase in price and said the move won’t affect grande or venti brewed coffee or the company’s signature frappuccinos or refreshers in the majority of stores.
Best Buy stores are relaunching a trade-in promotion, offering consumers a “free” iPhone 5 when they trade in a working iPhone 4 or 4S.
The promotion will continue all next week. Customers who trade in an older iPhone can earn a credit of up to $150 to cover the purchase of a new 16-gigabyte iPhone 5 at the retailer’s current $149.99 price.
Facebook scam sentencing
A south Florida man charged with running a $13.6 million scam involving nonexistent shares in companies such as Facebook and Groupon was sentenced to 11 years in prison.
John Mattera, who operated Praetorian Global Fund Ltd., pleaded guilty last October to conspiracy, securities fraud, wire fraud and money laundering. He was sentenced in federal court in New York.
Prosecutors said in court filings that Mattera controlled a group of 10 Delaware limited liability companies, special-purpose vehicles that were to hold the investments. Mattera used investors’ money to pay for jewelry, luxury cars and interior decorating, prosecutors said.
| Star news services