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GRE Business Report: January 1st

A look at the top business headlines.
Target has run into another holiday shopping glitch. The retailer confirmed on Tuesday that some customers are having problems using their Target gift cards at the cash register. A spokeswoman tells CNN that "some gift cards were not fully activated and apologize for the inconvenience." Target declined to provide a tally of faulty cards but said they will honor the problematic cards. This comes just after Target revealed it had been the victim of a massive credit card hack that breached 40 million customer accounts and stole encrypted pins. 

America's most popular light bulbs are about to become much harder to find. Incandescent light bulbs start phasing out on New Year's Day. American companies will no longer be able to manufacture or import the glass bulbs, which use heated wires to generate light. The phaseout of the traditional 40 and 60-watt light bulbs is part of a 2007 energy efficiency law signed by former President George W. Bush. Instead of incandescents, consumers will find more efficient LED, halogen or fluorescent bulbs. You can still buy incandescent bulbs that are already on store shelves. But once they are gone, they are gone for good. 

Your milk prices might be going up this year, but it will not happen right away. The end of the farm bill has sparked fears that the price of a gallon of milk will spike to $7. But U.S. Secretary of Agriculture Tim Vilsack says it will not happen right away. It might not happen at all if Congress can work out a new measure to avoid a dairy price hike. But even if that fix falls through, experts predict milk prices will not go up until March or April.
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