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Category: Business & Finance

  • Luersman Joins Imperial Board

    Luersman Joins Imperial Board

    Abbe Luersman will join the Imperial Brands’ board as a nonexecutive director, effective January 12, 2026, according to a press release.

    Luersman, who is chief human resources officer of Walgreens Inc., has had a career as an HR leader in global listed businesses including Otis Worldwide Corporation, Koninklijke Ahold Delhaize NV, Unilever, and Whirlpool Corporation. She is also a nonexecutive director and remuneration committee chair at Just Eat Takeaway NV and co-chair of the Gartner CHRO Global Leadership Board.

    Thérèse Esperdy, chair of Imperial Brands, said, “On behalf of the board, I am delighted to welcome Abbe to Imperial. Abbe has a proven track record in organizational design, integration and cultural change—both as a chief people officer and a nonexecutive director. She has transferred her skills across different sectors, including consumer goods, retail, manufacturing, and industrial technology. Abbe brings deep and wide-ranging experience in transformation programs, an area of strategic importance for Imperial Brands. The board will benefit greatly from her insights and experience, and we look forward to working with her.”

    Luersman will become a member of the Remuneration and the People, Governance and Sustainability Committees upon joining the board.

  • Philip Morris Voluntarily Delists from Pakistan Stock Exchange

    Philip Morris Voluntarily Delists from Pakistan Stock Exchange

    The Pakistan Stock Exchange (PSX) has accepted the voluntary delisting request from Philip Morris from its index, reports Dawn.

    Philip Morris is one of the leading tobacco companies operating in Pakistan. The company was voluntarily delisted under PSX Regulation 5.14 and Section 19(5) of the Securities Act, 2015. The delisting is effective Oct. 6.

    “The shareholders of the company, who may desire to avail the opportunity of buy back of shares by the sponsors, are advised to approach Topline Securities,” according to a press release. “The purchase agent and sponsor of the company have already submitted an undertaking to purchase the remaining shares held by the minority shareholders at a price of PKR1,300 ($4.58) per share, which is valid up to September 29, 2026.”

  • PMI Announces $37M Upgrade to Wilson, N.C. Facility

    PMI Announces $37M Upgrade to Wilson, N.C. Facility

    Philip Morris International’s U.S. businesses today (October 2) announced a $37 million investment in its Wilson, North Carolina, manufacturing facility to expand operations and strengthen its production of smoke-free alternatives. The Wilson factory currently produces HEETS for IQOS 3.0, the only heated tobacco product authorized by the FDA as a modified risk tobacco product (MRTP) with reduced exposure claims. The new investment will add a production line for TEREA, the consumables for IQOS ILUMA, which is awaiting FDA authorization.

    “Our U.S. manufacturing footprint is critical to producing innovative smoke-free alternatives for adult consumers,” said Stacey Kennedy, CEO of PMI U.S. “We’re proud to increase our investment in Wilson and spur further economic growth in the area.”

    Ryan Simons, President of the Wilson Chamber of Commerce, welcomed the expansion, calling it a sign that Wilson is a place where global companies “can grow and thrive.”

    The Wilson facility employs more than 80 full-time staff and plays a key role in PMI U.S.’s strategy to replace cigarettes with smoke-free alternatives. The company has also announced major U.S. investments in Owensboro, Kentucky, and Aurora, Colorado, totaling more than $800 million and expected to create nearly 1,000 direct jobs.

  • Indonesian Cigarette Industry Shifting Toward Exports

    Indonesian Cigarette Industry Shifting Toward Exports

    Indonesia’s white cigarette manufacturers are increasingly turning to exports to sustain operations as domestic demand softens under the weight of excise hikes and weakened purchasing power, industry officials say. According to Benny Wachjudi, chairman of the Indonesian White Cigarette Entrepreneurs Association (Gaprindo), many domestic consumers are shifting to cheaper illicit products, forcing legal producers to allocate up to 30% of output for export to keep machines running and avoid layoffs. Despite regulatory risks abroad, cigarette exports rose more than 20% in the past three years, reaching $1.9 billion in 2024, Gaprindo said.

    Indonesia ranks as the world’s fourth-largest tobacco exporter with a 6.08% global share, driven largely by sales to ASEAN markets led by the Philippines, according to the Indonesia Business Post. Deputy Industry Minister Faisol Riza stressed that exports are vital for sustaining nearly 6 million domestic jobs and maintaining foreign exchange contributions.

  • Cigarette Manufacturers Raise Prices in Macedonia

    Cigarette Manufacturers Raise Prices in Macedonia

    Cigarette prices in Macedonia increased about 10 denars ($0.19) per pack beginning September 29, however, many consumers have yet to feel the impact due to retailers selling off old stock. Producers say the higher prices will be felt in the coming days, affecting leading brands such as Dunhill, Lucky Strike, Pall Mall, and Rothmans.

    The increase is not tied to new excise duties or state taxes, but stems from manufacturers’ pricing policies. Industry analysts link the move to rising production and logistics costs, as well as alignment with regional price trends, according to TV21.

  • Indonesia Won’t Raise Tobacco Tax

    Indonesia Won’t Raise Tobacco Tax

    Reuters reported that Indonesia will keep its excise tax rates on tobacco products unchanged next year, after considering the impact such taxes have on employment in the tobacco industry, Finance Minister Purbaya Yudhi Sadewa told a press conference today.

    “We decided not to increase excise tax rates for tobacco products next year, but we will clean up the market of illegal tobacco products,” Purbaya said, adding his decision has put consideration to avoiding layoffs.

  • Bloomberg: JTI Bets on Discount Cigarettes Amid Global Shift to Smoke-Free Products

    Bloomberg: JTI Bets on Discount Cigarettes Amid Global Shift to Smoke-Free Products

    Today (September 25), Bloomberg published an article titled “Japan Tobacco is Doubling Down on Cheap Cigarettes,” examining Japan Tobacco International’s (JTI) revenue strategy since its $2.4 billion acquisition of Vector Group in October 2024.

    “While rivals Philip Morris International Inc. and British American Tobacco Plc have set ambitious targets for ‘smoke-free’ products such as e-cigarettes, heated tobacco sticks and nicotine pouches, JTI has focused more on conventional combustible tobacco products,” the article said. The strategy is paying off, according to the article, as JTI’s cigarette volumes rose 2%, revenue 9%, and profit 10%. While smoke-free products like Ploom and Nordic Spirit are expanding, JTI remains focused on conventional cigarettes in both mature and emerging markets.

    “In the U.S., the Vector acquisition has given JTI an advantageous position, as smokers contend with inflation and higher taxes, and tobacco makers increase prices to help compensate for a decline in cigarette volumes,” the article said. “Since 2021, premium brands have steadily lost share, falling from about 80% of tracked cigarette sales to about 70%, according to Connor Rattigan, analyst at Consumer Edge.”

  • 22nd Century Settles $9.5M Insurance Claim, Eyes 2026 Profitability

    22nd Century Settles $9.5M Insurance Claim, Eyes 2026 Profitability

    22nd Century Group, Inc. announced it reached a settlement with its insurers for $9.5 million in cash to resolve all business interruption claims related to a fire at the company’s Grass Valley facility in November 2022. The insurers are required to remit the payment within 45 days of the agreement’s effective date.

    “We are very excited to close this chapter and finally settle with our insurance carrier for the full amount we targeted,” CEO Larry Firestone said. “Additionally, because the company is now debt free, this marks a major transition from survival capital to growth capital.”

    The company highlighted that over the past 22 months it has addressed legacy financial challenges, cleaning up its balance sheet. With these matters resolved, 22nd Century Group plans to focus on expanding distribution for its VLN and partner VLN products and is targeting profitability in 2026.

  • KT&G Announces Additional Share Returns, Increased Annual Dividend

    KT&G Announces Additional Share Returns, Increased Annual Dividend

    KT&G announced stronger shareholder return measures and reaffirmed its global growth trajectory yesterday (September 23) at its “2025 CEO Investor Day.” The company committed to a minimum annual dividend of 6,000 KRW ($4.26), a 600 KRW ($0.43) increase from last year, alongside an additional 260 billion KRW ($184.6 million) in share repurchases and cancellations—funded by the sale of non-core assets. This represents a 171% increase in shareholder returns year-over-year. KT&G has already canceled 10.4% of its shares since 2023 and aims to build further value through flexible capital deployment as global business performance continues to accelerate, supported by premiumization, cost optimization, and fully localized value chains. The company is targeting double-digit growth in both operating profit and revenue in 2025, following five consecutive quarters of “triple growth” across revenue, profit, and sales volume.

    In parallel, KT&G disclosed a comprehensive MOU with Altria Group, Inc. to collaborate across nicotine and non-nicotine categories. KT&G CEO Kyung-man Bang emphasized that the combined strategy of strong shareholder returns and global expansion through strategic partnerships positions the company for sustainable long-term growth.

  • Report: Latvia Lost €67M to Illicit Cigarette Trade

    Report: Latvia Lost €67M to Illicit Cigarette Trade

    Latvia lost an estimated €67 million to the illicit cigarette trade in 2024, a 31% increase over the previous year, as reported by KPMG at the National Forum on Smuggling. The study showed that contraband now accounts for 18% of total cigarette consumption in the country, with 340 million units consumed. Belarus remains the main source of smuggled cigarettes according to the report, supplying half of the illicit market, while counterfeit products surged 40% to 140 million units.

    Philip Morris Latvia public affairs head Guntars Grīnvalds warned that simplistic excise tax hikes can exacerbate smuggling rather than increase revenue. He advocated for a differentiated taxation approach: higher duties on traditional cigarettes, but lower rates for less harmful alternatives to encourage switching among adult smokers. The findings underscore the need for balanced excise and regulatory policies, as well as stronger measures against counterfeiting and illegal production, to effectively combat the growing illicit market.