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Philip Morris 4Q Net Up 7.6%

February 10th, 2012 | Add a Comment

Philip Morris International Inc.’s (PM) fourth-quarter profit rose 7.6%, as the tobacco company notched high growth rates in Asia, which helped the total supply of cigarettes will raise slightly. The results exceeded Wall Street expectations and shares, which reached a record high on Thursday, up 3%, to $ 80.22 in recent trading. Strong demand in Asia has resulted in sales of cigarette manufacturer, which has helped increase revenue in recent quarters. The manufacturer of brands such as Marlboro and L & M tends to increase growth in emerging markets, volumes slipped by more developed European countries. All sales come from the U.S. As a result, the amount of reduction in developed countries, Philip Morris must accept higher prices and lower costs to raise and maintain profitability. Prices of power were a key force … Read entire article »

Filed under: Tobacco news

Big Tobacco vs. Australia: Philip Morris scores an own goal

January 23rd, 2012 | Add a Comment

Professor of Law at Monash University, Mark Davison, investigates the Big Tobacco vs Australian Government saga. You may have missed it, but stoush between Big Tobacco and the Australian Government to plain packaging legislation took an odd turn at the end of last year. Government’s response to an attempt to Philip Morris in Asia to challenge the law under the bilateral investment treaty with Hong Kong, found that Philip Morris, may have acquired its Australian investments solely in order to take action. Just before Christmas, the Australian Government formally responded to the claims of Philip Morris Asia Ltd (PMA), Hong Kong company that plain packaging legislation for cigarettes violations of the agreement between the Hong Kong Government and the Australian Government for the Promotion and Protection of Investments (“BIT”).. In short, PMA owns … Read entire article »

Filed under: Tobacco laws

Philip Morris is not to pay $100 million

June 25th, 2010 | Add a Comment

The Oregon Supreme Court has ruled that Philip Morris the maker of Marlboro cigarettes does not have to pay $100 million in punitive damages to the family of a smoker who sued the tobacco giant over its low-tar cigarettes.The case, however, is going to another jury to decide just how much the death of Michelle Schwarz from lung cancer in 1999 will cost Philip Morris — and legal experts say it could easily be another big award. A Multnomah County jury in Portland originally awarded the Schwarz family $150 million in March 2002 before the trial judge reduced it to $100 million.On Thursday, the Oregon Supreme Court vacated the $100 million award and sent the case back to the trial court to reconsider the punitive damages after ruling the judge failed … Read entire article »

Filed under: Marlboro brand, Tobacco news