Philip Morris International (PM) Declares $1.14 Quarterly Dividend; 5.2% Yield
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Go back to Philip Morris International (PM) Declares $1.14 Quarterly Dividend; 5.2% Yield
March 6, 2019 3:10 AM EST
By Aditya Kalra
NEW DELHI (Reuters) - Philip Morris International Inc has for years paid manufacturing costs to its Indian partner to make its Marlboro cigarettes, circumventing a nine-year-old government ban on foreign direct investment in the industry, internal company documents reviewed by Reuters showed.
The Indian government in 2010 prohibited foreign direct investment (FDI) in cigarette manufacturing, saying the measure would enhance its efforts to curb smoking.
Restricting foreign investment leaves cigarette manufacturing largely in the hands of domestic players, and is supposed to prevent any foreign-funded expansion. A year after the government's decision, Japan Tobacco... More
March 5, 2019 3:03 PM EST
(Updated - March 5, 2019 3:14 PM EST)
FDA Commissioner Scott Gottlieb resigned Tuesday, effective in about a month, according to the Washington Post, citing an administration official.
Tobacco names including Altria Group (NYSE: MO) climbed on the headline, while several biotech stocks including Vertex Pharma (NASDAQ: VRTX) declined.
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