President Donald Trump said on Monday that China is ready to come back to the negotiating table and the two countries will start talking very seriously.Politicsread more
The escalating trade war between Washington and Beijing dominated discussions at the G-7 gathering in France.Politicsread more
China's state media is putting up a brave front as the country's trade war with the U.S. escalated sharply over the weekend.China Economyread more
The latest round of tariff announcements in the last few days means that by the end of the year, essentially all Chinese goods exported to the U.S. will be subject to duties.China Economyread more
U.S. stock futures surged Monday morning after President Trump said China is ready to come back to the negotiating table following a phone call Sunday and the two countries...Marketsread more
As Washington and Beijing continue to up the ante in their protracted trade fight, the potential of a recession in the U.S. is now "the biggest concern," according to Standard...US Economyread more
Tensions stemming from the U.S.-China trade war escalated sharply over the last few days, with much happening as Asian markets were shut down for the weekend.China Economyread more
Clouding the G-7 gathering, which represents the world's major industrial economies, are the tit-for-tat tariffs between Washington and Beijing.Politicsread more
Neither the U.S. nor China wants to be seen as the party that derailed trade talks, says William Reinsch of Center for Strategic and International Studies.World Economyread more
China said Friday it will be resuming 25% duties on U.S. autos, and a further 5% on auto parts and components.Asia Marketsread more
World leaders, environmental groups and celebrities have publicly decried the vast swaths of forest being destroyed by the fires.World Newsread more
IQOS isn't for sale in the U.S. yet, but Philip Morris USA is already planning its rollout.
The Food and Drug Administration is reviewing Philip Morris International's proposal to sell IQOS and another to allow it to be marketed as a product that is less riskier than conventional cigarettes. If approved, the Altria unit will have sole distribution rights to market PMI's IQOS in the U.S.
IQOS heats tobacco instead of burning it, which is said to be safer than conventional cigarettes because it prevents combustion and the production of most of the harmful chemicals. Philip Morris International already sells IQOS in key cities in 31 markets outside the U.S.
"IQOS is a unique product, protected by intellectual property, and will provide significant first-mover advantage to Altria with the world's leading heated tobacco product," Altria CEO Marty Barrington said Thursday at the company's investor day.
Approval could come as early as February, and Philip Morris USA is preparing accordingly. It has identified the market it will launch IQOS, as well as those it plans to expand into, Sarah Knakmuhs, Philip Morris USA's vice president of heated tobacco products said in a presentation Thursday.
She didn't disclose the location of IQOS' launch market, though she did say they will be focused in major metropolitan areas. The criteria revolve around the adult smoking population, ideally those who have rejected e-cigarettes, the strength of retail partnerships, as well as the legislative and regulatory environment.
PM USA, which sells Marlboro cigarettes in the U.S., will try to build on the brand's recognition and promote IQOS' Marlboro-branded heat sticks. It will market the device as a way to get similar taste and satisfaction of traditional tobacco products without the smell and ash that offends some.
PM USA plans to open IQOS-focused stores and mobile units at select retail partners' stores and events. The company is still considering multiple formats, though the idea is that consumers can sample the IQOS device and heat sticks with the help of trained salespeople and buy the device or opt for a trial period.
Retailers have already expressed interest in stocking IQOS, Knakmuhs said, but PM USA will still build a sales team to promote the brand. The devices will also be sold online.
"Of course, financial performance will also be important," Knakmuhs said. "We expect to learn a lot about this from our initial markets, including IQOS pricing dynamics, volume and competitive sourcing. As you can imagine, we've done extensive scenario planning to assess potential financial performance across several variables and assumptions."
Shares of Altria fell 1.2 percent on Thursday. They've fallen 5.5 percent this year. The FDA's plan to reduce nicotine in cigarettes spooked investors, even though action could be years away.