Copyright 2015 All rights reserved. This material can't be published, transferred, copied or redistributed.
Altria announced on Thursday that it was taking a 35 percent stake in Juul and planned to aggressively help promote the e-cigarette brand.
MO, +1.00% rallied 1.5% in afternoon trade Wednesday, to bounce off the previous session's 3 1/2-year closing low, after The Wall Street Journalreported that the cigarette seller was near a deal to take a 35% stake in e-cigarette startup Juul Labs Inc.
Under the agreement, Altria's only entry into the e-cigarette market will be through Juul for at least six years.
Juul did not immediately respond to Business Insider's request to explain exactly how the payouts will work.
Partnering with Big Tobacco may not seem like the best way to do that, optically speaking.
"But over the course of the last several months we were convinced by actions, not words, that in fact this partnership could help accelerate our success switching adult smokers", Juul said. Executives said they have no knowledge of how the U.S. Food and Drug Administration, which has expressed concerns about youth smokers and flavors, views the deal. In a statement, Juul Labs CEO Kevin Burns described the deal as "seemingly counterintuitive", before arguing that the massive, all-cash deal will actually help in the company's mission. "But intent is not enough, the numbers are what matters, and the numbers tell us underage use of e-cigarette products is a problem". The F.D.A. has said it intends to create new regulations requiring traditional cigarette makers to reduce the amount of nicotine in their products. These products also use nicotine salts, which allow particularly high levels of nicotine to be inhaled more easily and with less irritation than the free-base nicotine that has traditionally been used in tobacco products, including e-cigarettes. Altria also has a deal to market Philip Morris's "heat not burn" device IQOS, already sold internationally, if it wins USA regulatory approval.
"Altria has no interest in reducing the number of people who smoke cigarettes".
Last month, in another diversification away from its traditional products, Altria made a $1.8bn investment in a Canadian cannabis producer, Cronos.
The tobacco giant, which had revenues of $25.6 billion in 2017, plans $500 to $600 million in annual cost savings through job cuts and other measures.
Sources familiar with the situation have said that the employees stand to receive the $2 billion dividend from Altria as part of its deal that it announced recently.
Over the weekend, the Prime Minister attacked Tony Blair for backing a so-called "People's Vote" during a visit to Brussels. May has delayed a crucial vote by MPs on the draft Brexit deal until next month, leaving the political scene in limbo.
The ban comes as the trade war between the USA and China rages on. "We will pursue all our legal options through the courts". Apple claims that the current version, iOS 12 , doesn't infringe Qualcomm's patents-though Qualcomm denies this.
The incoming Democratic governor of Wisconsin says he will make a personal appeal to outgoing Republican Gov. Walker has said he supports the bills His office worked with Republican lawmakers to craft the legislation.
Yes he has been supported in the transfer market to a level, but it is a hard club at a time when others are doing things better. Tottenham know that they face a fight to keep Pochettino in the summer but they will do everything in their power to do so.
With U.S. troops gone, Turkey would likely have free reign over the area. "I am confident the president is on board with this". An American withdrawal at this time would be a big win for ISIS, Iran, Bashar al Assad of Syria, and Russian Federation.
State investigators asked Weisselberg what the foundation's policies were to determine whether its payments were proper. Over time, his reporting turned up more evidence that the Trump Foundation was in violation of numerous laws.
"The Huawei Nova 4 comes with a 6.4" Full HD+ display (2310×1080 pixels) that comes with a slight chin at the bottom. Huawei Nova 4 comes in two variants and with the camera being the only difference between the two.
Earlier today O2 confirmed the issue was identified as a software problem within the system of one of their 3rd party suppliers. The service had not resumed by the afternoon. "Ericsson sincerely apologises to customers for the inconvenience caused".
As part of his plea deal, Flynn would not be face any charges related to his false statements about his Turkish lobbying efforts. Along with the editorial, the Flynn Intel Group produced a report on Gulen and video for a documentary that was never made.
Hanks delivered a great performance in the wistful comedy as a 12-year-old boy whose wish to become an adult is magically granted. Marshall's early success in a field where few women rose so high made her an inspiration to other aspiring female filmmakers.
Meng Wanzhou to face unspecified charges in the Eastern District of NY , when she was transferring flights in Canada. Shockwaves from the case continue to reverberate through Washington, Beijing , and global financial markets .
Spider-Man: Into the Spider-Verse (2018)
The web-swinging mobile game launched a comic-con trailer back in 2014 and it later launched for free for iOS and Android devices. You'll still be able to play it until that date, but don't expect to see any new content being added to the title.
President Trump Will Win The Shutdown Showdown
Congress did pass legislation to fund much of the government through the current budget year, until next October 1. The stopgap measure , though, doesn't include new funding for a border wall - something Democrats have opposed.
Trump attacks Fed on eve of policy meeting
Some economic indicators-including USA economic growth and employment-are healthy and tilt the scales towards a rate increase. The Dow Jones Industrial Average of stocks fell more than 500 points on Monday and is down 12 per cent since early October.
New Africa Strategy Pits US Against China, Russia
Between 1955 and 2006, US aid to Africa was roughly equal to the amount of assistance provided by all other donors combined. The new the US International Development Finance Corp combines OPIC and other government development organizations.
Lavrov explains reasons behind Maria Butina's plea deal
Butina's arrest was a result of a Justice Department investigation disconnected from that of special counsel Robert Mueller . Erickson issued a statement on Tuesday through his lawyer Bill Hurd to deny that he has ever done anything to hurt America.
Russian robot 'Boris' revealed to be a man in a suit
Boris was shown on stage with co-hosts using dance moves so realistic that your dad would proudly use them at a wedding. Bloggers found the Robot Show website where the suit, identical to the one shown in the news clip, can be purchased.
Strasbourg attacker killed by police, French media says
The Europhonica radio consortium said Antonio Megalizzi, 28, was in Strasbourg to follow the session of the European Parliament. Chekatt's police file photo shows a bearded man of North African descent, with a prayer bruise on the centre of his forehead.
McLaren OnePlus 6T Is the Speedtail of Smartphones
You'll also notice a subtle dot pattern on the phone under the glass rear, which is based on the auto maker's carbon fiber design. Rumours are rife that the new OnePlus 6T McLaren edition will come packing a whopping 10GB of RAM and 256GB of internal storage .
Valencia vs Manchester United: Confirmed starting XI
That looks like a very tough draw, with only Porto being certain at the top of their group from all of these "easier" rivals. Mourinho has been handed a fresh injury concern ahead of United's final game of the Champions League group stages.
Urban Meyer stepping down at Ohio State, Ryan Day to take over
Meyer acknowledged the investigation was among the reasons for his decision: "The decision was the result of cumulative events". In April, Ohio State announced Meyer had signed a two-year contract extension that would keep him at the helm through 2022.
Burnley's Steven Defour 'touch and go' for visit of Liverpool
He apologised for his actions but the Football Association announced on Monday afternoon that he had been charged with misconduct. The Brazilian will come good again but this week represents an ideal chance for Klopp to take him out of the firing line.