Democratic candidates take the stage together for the first time as they jockey for position in the race to take on President Trump in 2020.2020 Electionsread more
In a strategy to draw attention away from Wednesday's Democratic debate, President Donald Trump's reelection campaign bought out YouTube's "masthead," the leading...2020 Electionsread more
Virginia Sen. Mark Warner breaks down the idea behind a bipartisan bill he introduced to provide more transparency in Big Tech.Technologyread more
Tesla is working on new battery cell designs, and a way to make their own cells, with R&D teams in a lab near its car plant in Fremont, California.Technologyread more
These attacks have given the public the opportunity to examine the problems associated with ransomware, where corporations -- not obligated to disclose these attacks -- have...Technologyread more
"As a private company we don't have the tools to make the Russian government stop," Facebook CEO Mark Zuckerberg said at the Aspen Ideas Conference on Wednesday. "We can...Technologyread more
Something unusual is happening in financial markets, and it could mean more gains lie ahead for stocks, if history is any indication.Marketsread more
Underneath the impressive market rally is a trend that doesn't seem quite right, according to J.P. Morgan.Marketsread more
Venezuelan President Nicolas Maduro said security forces had foiled an opposition coup attempt that included plans to assassinate him and other top political figures.World Politicsread more
Credit Suisse initiated coverage of Tesla Wednesday with an "underperform" rating and a price target 15% below where the stock closed.Marketsread more
Wi-Fi 6 will be the next-generation wireless standard. Along with 5G, it will represent the next big shift in connectivity and data, said Irving Tan, senior vice president and...Shaping the futureread more
* Further volume declines seen in the U.S. and globally
* BAT to invest more in vaping and e-cigarette products
* Firm plans to consolidate "New Category" business
* Shares on course for worst day in seven months (Adds details, analyst comments, background)
June 12 (Reuters) - British American Tobacco (BAT), the world's No. 2 tobacco company, on Wednesday warned of steeper declines in cigarette sales globally mainly due to waning demand in its main U.S. market, sending its shares lower.
The warning highlighted the challenges dogging the tobacco industry as smokers, particularly in the United States, turn to less harmful alternatives such as e-cigarettes and vaping products.
The maker of Lucky Strike and Dunhill cigarettes said it expects global industry volumes to fall around 3.5% this year, compared with its earlier estimate of a 3% drop.
The stock, which had gained roughly one-fifth in value this year, lost almost 5 percent and sank to the bottom of Britain's blue-chip index, on course for its worst day in seven months.
"There is some profit taking, but the stock is still suffering from the wider changes in the industry," CMC Markets analyst David Madden said.
"The group will need to beef up its vape related sales in order to shake off the wider negative sentiment."
BAT said it would invest further in what it calls its "New Category" business and announced plans to consolidate the portfolio, which makes tobacco heating product glo and Vype e-cigarettes as well as snuff and nicotine pouches.
BAT said revenue growth in the "New Category" portfolio was approaching its annual guidance range, which analysts read as indicating some softness in that side of the business.
BAT expects volumes in the United States, which makes up for more than a third of its sales, to decline 4-5%, above the 3.5-4.5% range it estimated earlier.
Its guidance comes just a day after rival Imperial Brands , another tobacco firm looking to diversify with its blu e-cigarettes, reiterated its guidance of a 4.5%-5% decline in U.S. volumes for 2019.
Even Marlboro maker Philip Morris International Inc, the world's largest tobacco company, has flagged an industry-wide slowdown in cigarette volumes.
Credit Suisse analysts said BAT's forecast of a further decline in cigarette volume "is not a surprise given the year-to-date decline in the U.S. is over 5%, although (it) slightly questions management's 'feel' for the market."
Despite the challenges, BAT reaffirmed full-year targets.
BAT forecast sales of vaping and e-cigarette products to accelerate in the second half of the year.
However, its expectations that full-year revenue from the business would grow between 30% and 50% at constant currency was below Jefferies' estimate of 79% growth.
(Reporting by Shashwat Awasthi and Muvija M in Bengaluru, additional reporting by Helen Reid in London; Editing by Saumyadeb Chakrabarty and Edmund Blair)