New Jersey’s move to raise $96 million by pledging tobacco-settlement revenue to investors may lead to additional downgrades after Standard & Poor’s cut the state’s rating this week, according to Herbert J. Sims & Co.
New Jersey reached a deal to obtain almost $92 million for its general fund by pledging the remainder of its revenue from the national tobacco settlement to investors. The bolstered payment pledge made trading prices on bonds linked to the agreement more than triple from March 3.
Tobacco companies’ claims that Australia was illegally seizing their trademarks with a law requiring cigarettes to be sold in plain packages was questioned by judges who said companies would still retain their brand names on the new packs.
E-cigarettes facing municipal bans and scrutiny by U.S. regulators received a new slap on the wrist from scientists: A report today suggests the devices may be a gateway to old-fashioned, cancer-causing smokes for teens.
British American Tobacco Plc, Europe’s largest cigarette maker, plans to introduce a second e- cigarette in 2015 after identifying failure to progress in non- tobacco products as one of the main risks for the business.