5 submitted a Modified Risk Tobacco Product (MRTP) application for its electronically heated tobacco product with the U.S. Food and Drug Administration’s (FDA) Center for Tobacco Products. This is consistent with the company’s stated goal of submitting its MRTP application in 2016. PMI anticipates the FDA taking a minimum of 60 days to complete an administrative review to determine whether to accept the application for substantive review. Philip Morris International Inc. (PMI) is the world’s leading international tobacco company, with six of the world's top 15 international brands and products sold in more than 180 markets. In addition to the manufacture and sale of cigarettes, including Marlboro, the number one global cigarette brand, and other tobacco products, PMI is engaged in the development and commercialization of Reduced-Risk Products (“RRPs”). RRPs is the term PMI uses to refer to products with the potential to reduce individual risk and population harm in comparison to smoking cigarettes. Through multidisciplinary capabilities in product development, state-of-the-art facilities, and industry-leading scientific substantiation, PMI aims to provide an RRP portfolio that meets a broad spectrum of adult smoker preferences and rigorous regulatory requirements.
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News Search | All News Topics > Tobacco Industry News Topics : By Country | By State ; Press Releases by Industry Channel > All Tobacco Industry Press Releases Philip Morris International Recognized as Global Leader for Corporate Action on Climate Change for the Third Year Running LAUSANNE, Switzerland--(BUSINESS WIRE)--Oct. 25, 2016-- Philip Morris International Inc. (“PMI”) (NYSE/Euronext Paris: PM) today is recognized as a global leader in its action on climate change. For the third consecutive year, the company is on the CDP’s ‘Climate A List’ for taking comprehensive action to reduce greenhouse gas emissions and mitigate climate change, and for its transparent disclosure process. CDP, formerly known as the Carbon Disclosure Project, is the leading international not-for-profit organization assessing the work of companies worldwide in the area of climate change. Thousands of businesses submit annual climate disclosures to CDP for independent assessment against its scoring methodology. PMI’s ranking places the company among the top 9% of corporations, known as “A Listers.” CDP’s Climate Change benchmark report is produced at the request of 827 investors with assets of US$100 trillion. Commenting on the results, PMI’s Head of Environmental Sustainability, Andy Harrop, said: “We’re very pleased to be included on the CDP A List again, and remain dedicated to playing our part in limiting global warming. Building on the reduction of 200,000 tons of CO2 since 2010 across our operations, and our continued action to promote sustainable tobacco production and environmental improvements across our value chain, next year we will announce a suite of new targets based directly on climate science.” “PMI encourages strong action on climate change and supported an ambitious outcome to COP21 in Paris last December. With the Paris Agreement now entering into force, we look forward to working with others in facing the challenges and opportunities of climate change mitigation and adaptation.” The Climate A List is released today in CDP’s report, Out of the starting blocks: Tracking progress on corporate climate action, which establishes the baseline for corporate climate action and recognizes that global corporations have started the transition towards a low-carbon economy, with some already capitalizing on the opportunities this affords.
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Miller invested about 7.5 percent of the fund’s assets in tobacco debt. Nuveen also reaped a windfall from its bet on its hometown school district. Chicago school bonds rallied after Illinois Governor Bruce Rauner signed a measure that boosts funding to the district by an additional $1.1 billion over the next five years. Chicago Board of Education bonds with a 7 percent coupon maturing in 2044 have returned 27 percent this year, Miller said. Nuveen owns $263 million of the securities. The performance of the American Dream bonds took Dreyfus, which doesn’t own any, by surprise. Not so, tobacco debt, whose cash flows can be modeled assuming varying degrees of cigarette consumption declines, Barton said. Under a 1998 national settlement, the major tobacco companies agreed to make annual payments to the states in perpetuity to resolve their liability for health-care costs attributed to smoking. Some states and cities borrowed against the payments, which are based on cigarette shipments. Altria Group Inc.