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GRE Business Report: December 30th

A look at the top business headlines.
Starting January 1st, minimum wage workers in 13 states and four cities will receive higher paychecks. The largest increase is in Washington state, where the minimum wage will go up to $9.32 per hour. Other states that will see a boost include New York, New Jersey, Connecticut, Ohio, Florida, Missouri, Colorado and Oregon. The changes have been partly fueled by nationwide walkouts this year by fast food workers. Nineteen states currently have minimum wages higher than the federal level of $7.25 an hour. After the January 1st changes, that number rises to 21. 

GM is recalling more than a million vehicles in China. The models affected are the Buick Excelle made between 2006 and 2011 and Chevrolet Sail made between 2009 and 2011. The automaker says there are safety concerns with the design of the fuel pump brackets that could cause fuel to leak from the vehicles. Buick and Chevrolet service centers will contact customers for an inspection and GM will replace the recalled fuel pump brackets for free. The recall is expected to begin Monday. 

Target has confirmed that debit card pin data was stolen when the retailer was hacked. But the company says it believes the pins are "safe and secure." A spokeswoman says the pins are "strongly encrypted" and can only be decrypted with a key held by an independent payment processor. Target says the key was not stolen in the breach. This is the latest update following the breach that left 40 million customers' payment info in the wrong hands. 
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