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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.
“A lot of funds are looking for yield-ier alternatives to Puerto Rico." High-yield munis returned 7.7 percent through the third quarter, three percentage points more than investment grade municipal bonds, according to Bloomberg Barclays Indexes. The sector has benefited from an imbalance in supply and demand. Two-thirds of the $10.5 billion investors added to the municipal market this year flowed into high-yield funds, according to Lipper U.S. Fund Flows data. Meanwhile, just $2.5 billion unrated or speculative grade municipal bonds has been issued through the third quarter, a 50 percent decline from the same period last year, according to data compiled by Bloomberg. “You just buy anything under the sun because you have to utilize your cash," said Mikhail Foux, head of municipal strategy in New York at Look no further than the American Dream, a mega mall and entertainment complex being built in New Jersey after more than a decade of delays. In a year full of retail bankruptcies, the deal was postponed so the underwriter, Goldman Sachs Group Inc., could drum up more buyers. Since American Dream’s $1.1 billion bonds were sold in June, prices on the longest-maturity securities have risen to 116 cents on the dollar from 103 cents. It’s “one of the last really exciting and last really cheap deals priced in the high yield area with size and liquidity in the last couple of months," said John Miller, Nuveen’s co-head of fixed income. Nuveen’s $15.6 billion high yield fund owned $370 million American Dream bonds as of August 31.
All this comes as scrutiny already is being poured on digital platforms for making it too easy for Russian-backed entities to spread manipulative information in the buildup to the U.S. presidential election. Facebook yesterday estimated 10 million users saw ads it discovered had been paid for by suspected Russian-backed accounts. The company presented congressional investigators with data on thousands of ads bought by Russian actors before and after the election. Facebook also said it plans to add 1,000 new workers to review ads on the platform. Over at Twitter, one of the focal points as Congress and others focus on Russia’s alleged use of social media to influence the election is the prevalence of bots on the platform , which can be commandeered to disseminate disingenuous information. If you thought the days of Big Tobacco ads on mainstream media were over, think again. At least temporarily. From November, the makers of brands including Marlboro and Camel have been forced by a court to buy prime-time TV spots and newspaper ads to settle a lawsuit brought nearly two decades ago by the U.S. Department of Justice over misleading statements the industry had made about the health effects of cigarettes, The Wall Street Journal reports. The ads won’t display graphic images but instead will present stark black-and-white text statements stating how tobacco companies “intentionally designed cigarettes to make them more addictive,” while another will say “more people die every year from smoking than from murder, AIDS, suicide, drugs, car crashes, and alcohol, combined.” Amazingly, there’s no requirement these ads run on any digital channels, where many young, impressionable people who might be considering taking up smoking tend to consume a lot of their media.