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Companies and Brands

China Restricts Smoking And Philip Morris (PMI) Gets Smoked

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By Douglas A. McIntyre Published
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Two trillion cigarettes are sold in China each year. Sixty-percent of adult men in the People’s Republic are smokers.

The AP reports that China will ban smoking indoors in seven of the nation’s big provincial capitals.

The news will be particularly hard on Philip Morris (NYSE:PMI), the international arm of the company once known as Altria (NYSE:MO). In the last quarter, $3.2 billion of PMI’s total $16.6 billion in revenue came from Asia. China is the single largest country by sales in that region.

Tobacco companies have been nearly taxed and regulated out of existence in the US as fewer and fewer people smoke. All the cigarette companies can do is raise prices to hold revenue higher. The trend of restrictions on smoking has moved to Europe. But, when it makes it to China, the nation which is the future of the smoking business, it is worse news that a wrongful death suit.

Douglas A. McIntyre

Photo of Douglas A. McIntyre
About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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