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POSTED February 13, 2013 9:40 p.m.

Monster changes label to qualify as 'drink' by FDA

 

NEW YORK (AP) — Monster Beverage Corp. is changing the labeling on its cans so that its energy drinks will no longer be considered dietary supplements, a move that changes the federal guidelines the drinks must follow.

Monster's CEO told the industry tracker Beverage Digest that the cans will now list "Nutrition Facts" rather than "Supplement Facts," as well as disclosing caffeine content.

The change reflects the intensifying scrutiny energy drinks have come under over the past year, with lawmakers calling on the Food and Drug Administration to look into the safety of the caffeine levels and other ingredients used in the drinks. It also highlights the confusion consumers may encounter when it comes to the labeling of energy drinks, with companies having the discretion to categorize them as either dietary supplements or traditional drinks.

While Monster is currently categorized as a dietary supplement, for example, the No. 2 energy drink Red Bull is categorized as a traditional beverage.

Facebook CEO's sis Randi Zuckerberg has book deal

NEW YORK (AP) — The sister of Facebook CEO Mark Zuckerberg has a two-book deal.

HarperCollins announced Wednesday that Randi Zuckerberg plans a memoir and a children's book. The social media executive and entrepreneur left Facebook in 2011.

Her memoir, "Dot Complicated," is scheduled for release Nov. 5. It will combine personal and professional insights for the digital age, from her years as Facebook's marketing director to becoming a mother in 2011. "Dot Complicated" is also the name of her online newsletter.

Randi Zuckerberg has since founded her own Zuckerberg Media. She is known in part for opposing anonymity online, saying it enables cyber-bullying.

Her brother co-founded Facebook in his Harvard dorm room in 2004. His net worth is estimated at $9.4 billion.

Judge throws out some Facebook IPO lawsuits

NEW YORK (AP) — A New York judge is dismissing a key group of the many lawsuits against Facebook over its initial public offering in May, saying the plaintiffs did not show that they lost money because of corporate wrongdoing.

In the Wednesday ruling, Judge Robert Sweet of the U.S. District Court for the Southern District of New York also agreed with Facebook's claims that the plaintiffs could not prove that they owned Facebook stock at the time of the alleged wrongdoing.

The lawsuits and other still remaining alleged that analysts at large underwriting investment banks cut their financial forecasts for Facebook just before the IPO and told only a handful of clients. Facebook and the banks say nothing about its process was illegal.

Facebook says it is pleased with the ruling.

Southern California home sales rise

SAN DIEGO (AP) — Southern California posted its strongest home sales for a January in six years amid heavy buying by investors, a research firm said Wednesday, raising concerns that recent strength in the market rests to some extent on speculators.

There were 16,058 homes and condominiums sold in the six-county region, up 10.6 percent from 14,523 sales a year earlier, DataQuick said. It was the largest January tally since 18,128 homes sold during that month of 2007.

The median sales price was $321,000, down slightly from $323,000 in December but up 23.5 percent from $260,000 a year earlier. It was the 10th straight month of year-over-year increases.

 

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