Word: philip
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...restrictions on advertising like allowing only black-and-white text ads in magazines with substantial youth readerships, mandates that manufacturers prove or stop using claims like "light" and "low tar," bans flavored cigarettes (except menthol) and makes provisions for large, graphic warning labels. So why, then, is tobacco giant Philip Morris, unlike its industry brethren, celebrating the unprecedented oversight...
...When Senator John McCain introduced FDA regulatory legislation in 1998, the company spent a reported $100 million successfully fighting it. But since then, Philip Morris has had a crucial realization. With 50% of the U.S. tobacco market already safely in the company's pocket - and more than 50% of 18- to 25-year-old smokers loyal to its top brand, Marlboro - restrictive legislation will effectively lock in its market dominance, preventing any competitors from taking a bite out of Philip Morris' very lucrative business. (See vintage cigarette propaganda...
...company's main rival, R.J. Reynolds, manufacturer of Camel cigarettes, is still in dismay over Philip Morris' reversal from regulation opponent to champion, and the third largest cigarette manufacturer, Lorillard, has labeled the legislation the Marlboro Monopoly Act. Both argue that as the new restrictions cut off most remaining avenues available for advertising and ban marketing stunts like free-sample cigarette giveaways, the companies' ability to "communicate" (i.e., gain market share) with potential and existing smokers about their products will be blocked. In addition, the administrative costs of complying with FDA regulations favor large manufacturers over smaller ones...
...there's another key reason Philip Morris lobbied hard for FDA regulation, aligning itself with strange bedfellows like the Campaign for Smoke-Free Kids, the American Lung Association and longtime antismoking crusaders Senator Ted Kennedy and Representative Henry Waxman. "Philip Morris wants the public-health community to join them in finding the holy grail: the safe cigarette," says Gregory Connolly, a tobacco expert and professor at the Harvard School of Public Health. Simply put, figuring out how to produce a less harmful tobacco product and getting an FDA seal of approval could open up a whole new, potentially huge consumer...
...instruments that sell for more than $1 million are a small percentage of the overall market," says Philip Margolis, a string-instrument analyst based in Rapperswil, Switzerland. "These are the ones you hear about, but there are maybe 500 in the world. But musicians use tens of thousands of instruments in the $30,000 to $500,000 range," says Margolis, who founded Cozio.com, which has information on more than 11,000 instruments worldwide. A small fraction of top instruments surface on the market in a given year, adding a rarity premium to their values. (Read "Accidental Genius: Why a Stradivarius...