Word: tobacco
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Reynolds will focus on its consumer products, which in addition to cigarettes include Canada Dry soft drinks and Del Monte foods. For the slimmed-down company, tobacco will account for an estimated 76% of earnings, up from...
...instead the elegant male, well dressed and sophisticated, but with a boyish, ingratiating smile, so dazzlingly toothy that, for safety's sake, it almost has to be viewed through smoked glass, like a solar eclipse. To keep the tan that has given his skin the color of a tobacco leaf, he has artfully arranged his schedule so that he is almost always in that half of the globe that is celebrating summer. When his 33-city U.S. tour ends Sept. 29, about the time of the first frost up north, he will race back to his $5 million home...
...case of so-called sin taxes. Taxes on distilled liquor will rise by 340 on an 86-proof fifth, but cigarette taxes will be cut in half, to 80 a pack, as previously scheduled. House tax writers had sought a smaller reduction, but they lost out to a tobacco lobby that was strongly seconded by North Carolina Republican Jesse Helms, who is running for re-election to the Senate. Securities firms won a big break for investors. For the next two years they can sell stock, real estate or other assets that they have held for six months...
Much East-West trade involves convoluted deals: Western firms sell items like steel or chemicals to Communist state trading organizations in exchange for such items as tobacco, vodka, timber, trolleys and forklift trucks. The Western company then often resells the Eastern product through a middleman for cash. In one of the biggest of these accords, Occidental Petroleum and the Soviet Union have a 20-year, $20 billion agreement that calls, in part, for the annual exchange of 1 million tons of American superphosphoric acid fertilizer for 4 million tons of Soviet ammonia, urea and potash...
...Reynolds Tobacco, the dream has come true in an agreement signed last week in Peking. The pact calls for Reynolds and China to contribute $10 million each to set up a joint venture that will build a factory in the southern Chinese city of Xiamen and produce the first Sino-American cigarette. The new brand, as yet unnamed, will be a blend of American and Chinese tobaccos. Lester Pullen, president of Reynolds' international tobacco division, admitted that the cigarette must be good to satisfy Chinese smokers. Said he: "In their tastes, the Chinese are comparable to Europeans, especially...