FDA objects to Diet Coke Plus nutritional claims

FDA objects to Diet Coke health claims

Federal health regulators have scolded Coca-Cola Co. for placing inappropriate nutritional claims on its Diet Coke Plus soft drink.

The Food and Drug Administration issued a warning to the company objecting to the product's labeling, which describes the drink as "Diet Coke with Vitamins and Minerals."

According to the agency, foods labeled "plus" must have at least 10% more nutrients than comparable products.

Calls to the Atlanta company were not immediately returned.

THE ECONOMY

Food inflation expected to drop

Food inflation in 2009 may fall to 4.5% amid lower dairy costs, the U.S. Department of Agriculture said.

The forecast for inflation, estimated at as high as 6% this year, is falling as commodity prices drop, the USDA said in a monthly report. Crude oil has plunged 73% from its July peak of $147.27 a barrel. Corn, wheat and soybeans are all at least 46% below their all-time highs.

Prices for dairy products, which rose as much as 9% this year, may fall as much as 4% next year, the USDA said.

OIL

Flying J files for Chapter 11

Flying J Inc. filed a Chapter 11 petition in Delaware along with subsidiaries Big West and Longhorn Pipeline.

The companies are vertically integrated with operations in exploration, production, refining, transportation, wholesaling and retailing of petroleum products. They have 200 retail locations in 41 states with convenience stores, motels, restaurants and truck service centers.

Flying J in Ogden, Utah, was forced into bankruptcy after oil price drops led to a loss of liquidity.

COURTS

Broker arrested in fraud case

Prosecutors have announced a second arrest in the fraud case facing a prominent Manhattan lawyer accused of duping hedge funds into making bogus investments.

Broker Kosta Kovachev was charged with wire fraud in a criminal complaint unsealed in federal court in Manhattan.

The complaint accused Kovachev of posing as the comptroller for a developer whose offices were used to persuade a hedge fund to buy a worthless investment.

This month lawyer Marc Dreier was accused of causing losses of at least $380 million by scamming hedge funds into buying the securities. He remains jailed without bail.

Pfizer loses case over pain drug