Web Exclusive: Powdered alcohol product hits hiccup in approval process

Web Exclusive

 (CBS/CNN) -    A new powdered alcohol product has hit a hiccup in getting to market.  The federal agency that originally approved Palcohol reversed its position Monday.  An agency spokesman says it approved Palcohol's powdered vodka, rum, and other cocktails -- quote -- "in error."  Tempe, Arizona-based Lipsmark LCC makes Palcohol.  It says there seemed to be a discrepancy on how much powder is in the packets, which are meant to be mixed with water.  Lipsmark says that it will resubmit the product for approval.

Two of the world's largest drug makers are teaming up and revamping their pharmaceutical businesses.  Swiss company, Novartis, is buying Glaxo Smith Kline's cancer drug unit for 14.5 billion dollars.  Glaxo will pay 7 billion dollars for nNovartis'vaccines business - except for its flu vaccines.  
The CEO of Novartis says the deals will affect about 15 thousand of its employees.  Workers will not be fired, but some may be transferred.  

Netflix says it is raising prices for new subscribers by as much as two dollars per month starting this summer.  Current subscribers will continue to pay 8 bucks a month.  The increase is to help pay for better streaming and more original programming like "Orange is the New Black" and "House of Cards."
On this Earth day, Apple is making new moves to go green.  The giant tech company is offering to recycle all of its products for free.  Apple is also promising to use renewable energy like solar and wind to power all of its stores and offices.


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