Tobacco seed sales for Zimbabwe’s 2014–2015 flue-cured season, at 827,010 g, were up by almost 6 percent on those at the same stage of preparation for the 2013–2014 crop, 781,135 g, according to a story in The Herald quoting the Tobacco Industry and Marketing Board’s latest bulletin.
Planting of the country’s irrigated tobacco is due to start Sept. 1, while the rain-fed crop will be planted from October to early December.
Philip Morris International is due to host a live audio webcast at www.pmi.com/webcasts from 9 a.m. Eastern Time on July 17 to discuss its 2014 second-quarter results, which will be issued around 7 a.m. the same day.
During the webcast, which will be in listen-only mode, CFO Jacek Olczak will discuss the company’s results and answer questions from the investment community and news media.
An archived copy of the webcast will be available until 5 p.m. Aug. 15 at www.pmi.com/webcasts.
Slides and script will be available at www.pmi.com/earnings.
The head of the World Health Organization, Margaret Chan, has told Chinese leaders there is a “real risk” that China’s economic achievements of the past three decades could be canceled out by the huge burden of coping with diseases linked to smoking, according to a story by Zhuang Pinghui for the South China Morning Post.
Chan urged the Chinese government to strengthen tobacco control “to save huge numbers of lives and to ensure the country has a healthy workforce to continue its development.”
“Every year more than one million people die as a result of tobacco-related illness,” she said. “This is a terrible statistic.”
During a visit to the mainland, Chan met with leaders including Premier Li Keqiang, Health Minister Li Bin and the deputy chairman of the National People’s Congress Chen Zhu.
According to the Post, she said that she had told leaders that tobacco-related illnesses such as cancer, cardiovascular disease and diabetes would have a devastating impact on the mainland and its workforce.
“You can’t walk properly, you will be so short of breath that you won’t be able to work,” she said.
More must be done in the U.K. to help people with mental health issues stop tobacco smoking because a new study suggests that such people cost the economy more than £2 billion a year, according to a Press Association story.
The study, published in the journal Tobacco Control, was said to have estimated the cost to the economy based on the World Health Association’s “economics tobacco tool kit.”
Researchers found that during 2009–2010, the estimated cost to the U.K. of smoking among people with mental health issues was £719 million for treating diseases caused by smoking, £823 million for work-related absenteeism and £797 million associated with productivity loss through premature mortality—a total cost of £2.34 billion.
“Smoking in people with mental disorders in the U.K. imposes signiﬁcant economic costs,” the researchers from the Universities of York and Nottingham were quoted as saying.
“The development and implementation of smoking cessation interventions in this group should therefore be a high economic and clinical priority.”
The incidence of smoking among mentally ill people is 50 percent higher than is the incidence of smoking in the general population, the study authors noted.
British American Tobacco could be on the verge of acquiring Reynolds American Inc., according to a story by Geoff Foster for This is Money’s Market Report.
BAT’s shares, Foster noted, had fallen by 19.5 pence to 3555.5 pence amid growing speculation it was ready to splash out billions of pounds buying the 58 percent of RAI it doesn’t already own.
In making such an acquisition, he added, BAT would stub out any plans RAI might have had to buy Lorillard.
A standstill agreement between BAT and RAI expires at the end of this month, at which point BAT will be free to bid to raise its 42 percent share.
Foster said that RAI’s shares traded at about $61.40 in New York early on July 8 and that rumors were rife that BAT could be willing to pay more than $75 a share to gain full control.
Broker Citigroup has said it would be advantageous for BAT to buy RAI since the deal would boost BAT’s earnings per share by about 10–13 percent, give it ownership of one of the best e-cigarette platforms and access to Reynolds’ heat-not-burn technology.
However, Bonnie Herzog, managing director, beverage, tobacco and convenience store research at Wells Fargo Securities, while acknowledging the rumors linking BAT and RAI, said she believed a deal between RAI and Lorillard was more likely.
In any case, she said, even if a BAT/RAI deal did emerge, ultimately it was likely that Lorillard would be acquired by a combined BAT/RAI.
Cuts to Australia’s Tackling Indigenous Smoking program in this year’s budget will contribute to the early deaths of Aboriginal smokers, according to a story by Sarah Dingle for the Australian Broadcasting Corporation quoting warnings by a former race discrimination commissioner.
The program’s budget is $65 million a year, but Tom Calma said a decision had been made to cut funding by $130 million over five years—effectively more than a third of the program’s annual funding.
In the 1940s more than 70 percent of non-Indigenous Australian men were smokers, a figure that has been cut to 20 percent.
But Calma said indigenous Australia had been left behind. “In the indigenous population, it’s around about 42 percent of our people smoke, so it’s over double the smoking incidence of the general population,” he said.
“But in some of our remoter communities, we know that it’s as high as 70 percent.”
Such high smoking rates are said to have significant implications for the life expectancy of indigenous Australians.
A spokesperson for Assistant Health Minister Fiona Nash said the government was committed to addressing tobacco-related illness in indigenous people.
The spokesperson said a review of the current program would ensure that funding was directed toward services that delivered results.