Morning Money Memo …
Millions of users of one of the world’s most popular apps for young people have to be wondering: Are their snaps safe? Privacy is at the heart of Snapchat’s appeal. But the company is scrambling after a major security breach. The disappearing-message service says in a blog that an updated version of its app would allow users to opt out of its “Find Friends” feature, which was apparently at the heart of the breach. The online break-in happened after security experts warned the company at least twice about a vulnerability in its system. “Here we have a business that prides itself on providing a service that is supposed to be oriented around the private interchange of information,” Mark Bower, a vice president at Cupertino-based Voltage Security told the San Jose Mercury News. “So it’s a concern to anybody using the service.”
Walmart has issued two recalls: one for folding tables and chairs sold in the U.S. last year, and the other for donkey meat sold in China. More than 73,000 Mainstays, five-piece card table and chair set, were recalled because the chairs can unexpectedly collapse, posing a fall hazard or potential finger injury. The Consumer Product Safety Commission says the retailer received 10 reports of injuries, including one finger amputation, three fingertip amputations, sprained or fractured fingers and one report of a sore back. In China, Walmart recalled donkey meat following tests showing the product had been tainted with fox meat.
Boeing machinists in the Seattle area vote today on a controversial offer. Union members will decide whether to accept a contract that would concede some pension and health care benefits in order to secure assembly of the company’s new 777X airplane in Washington state. The offer has split the union with the local recommending a no vote after being ordered to hold a ballot by national leaders.
General Mills says some Cheerios are going GMO-free. Critics of genetically modified organisms claim they are not safe and are harmful to the environmen. General Mills announced that it has been manufacturing its original-flavor Cheerios without GMOs for the past several weeks. Boxes will be labeled as “Not Made With Genetically Modified Ingredients.” The change does not apply to any other Cheerios flavors, such as Apple Cinnamon Cheerios
Not a great start to 2014 for stock averages. After hitting record highs at the end of last year the Dow Jones index lost 135 points. The S&P 500 was down nearly 1 percent. Futures rose this morning
Richard Davies Business Correspondent ABC News Radio.