Class Action Beer Drinkers Suit
A $5 million class action lawsuit was filed by U.S. beer drinkers against
Budweiser-parent Anheuser-Busch InBev (BUD) accusing the beer maker for watering
down 10 of its beer brands, including Budweiser and Michelob. Vice president of
Brewing and Supply at Anheuser-Busch, Peter Kraemer said in a statement that the
claims were completely false and that the lawsuit is groundless. "We proudly
adhere to the highest standards in brewing our beers, which have made them the
best-selling in the U.S. and the world," he said. The complaint alleges that the
beer maker "employs some of the most sophisticated process control technology in
the world to precisely monitor the alcohol content at the final stages of
production, and then adds additional water to produce beers with significantly
lower alcohol content than is represented on the product labels."
President Barack Obama on Friday - the same day that across-the-board automatic
budget cuts known as the sequester are set to take effect - will meet with
Senate Majority Leader Harry Reid, Nevada Democrat; House Minority Leader Nancy
Pelosi, California Democrat; House Speaker John Boehner, Ohio Republican and
Senate Minority Leader Mitch McConnell, Kentucky Republican. The White House and
lawmakers appear increasingly resigned to the sequester going into effect,
resulting in $85 billion in cuts taking effect, with only two days remaining.
McConnell said in a statement on Wednesday morning, "The meeting Friday is an
opportunity for us to visit with the president about how we can all keep our
commitment to reduce Washington spending. But one thing Americans simply will
not accept is another tax increase to replace spending reductions we already
agreed to.” The White House has warned that the sequester will mean a reduction
in military preparedness, furloughs of air-traffic controllers and teacher
According to the U.S. Commerce Department on Wednesday, orders for U.S. durable
goods sank 5.2% in January, mainly due to lower demand for commercial and
military aircraft. During January, Boeing Co. (BA) orders were virtually nil and
motor-vehicle bookings were flat. Orders for durable goods rose 1.9% - for the
strongest increase in over a year - excluding transportation items and advanced
for the fifth straight month. Durable goods orders are a critical component of
U.S. growth since rising sales of autos, computers, furniture and similar items
signal an improving economy. Outside of transportation, increase in orders
stemmed mostly from a 13.5% surge in bookings for machinery. Generally,
companies purchase more machinery when they expand in anticipation of higher
orders, thus investing more in the company. For electronic products and
computers, orders fell 5.3%. Overall shipments fell 1.2%. Core capital goods
orders - a key barometer of private-sector business investment - surged higher
by 6.3% to mark the largest rise in more than two years. A category used to
calculate quarterly economic growth , core capital goods, fell by 1.0% during
The National Association of Realtors reported Wednesday that January pending
home sales rose 4.5% in to the highest level since April 2010 with the
pending-home-sales index increasing to 105.9 in January from 101.3 in December.
January's reading hit the 21st consecutive year-over-year gain, was up 9.5% from
the same period in 2011. Pending-home-sale gains by region: Northeast 8.2%;
South 5.9%; Midwest 4.5%; West 0.1%.
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Feb 27, 2013