Company News: UPS, Starbucks, Adobe Systems, Apple, SunTrust Banks
• UPS said it will start charging by package size in North America, not just weight, following a similar announcement from FedEx. The so-called dimensional pricing will lower UPS’s fuel bill but may raise costs for companies shipping bulky, lightweight items like paper towels. Amazon.com is continuing to test its own delivery network.
• Starbucks, which has long given its baristas stock and a free pound of coffee every week, said it will now help pay for their education. Employees who work at least 20 hours a week and enroll in Arizona State University’s online degree programs can receive half the cost of tuition for the first two years of classes and full tuition for another two years of study.
• Adobe unveiled a new digital pen and ruler. The pair of products will cost $200 and are intended, in part, to drive use of its Creative Cloud package of design software. In the recent quarter, the number of paying subscribers for those programs climbed 25 percent, to 2.3 million.
• Apple reached an agreement with customers and several states, settling claims that the company colluded with publishers to inflate the price of e-books. The plaintiffs were seeking up to $840 million in damages; a jury trial was scheduled to start in July. The terms of the deal have not been disclosed. Apple has denied any wrongdoing.
• SunTrust Banks agreed to pay the federal government $968 million to settle claims that it failed to properly train its mortgage staff. Unlike most banks, its shoddy practices continued after the crisis, according to the government. Sun Trust admitted flawed and inadequate lending practices.