CLOSING NEWS
United Kingdom
Shares in British American Tobacco (BAT) were some the strongest hit on the London stock market after news of a US$4m anti-smoking fighting fund. Shares in the London-based BAT fell nearly 3% to £36.90 (US$55.15), making them the second-biggest drop on the FTSE 100 index this morning.
The Anti-Tobacco Trade Litigation Fund, which is designed to help governments around the world in legal battles against the tobacco industry, has been set up by Bloomberg Philanthropies, founded by the former mayor of New York Michael Bloomberg. The Bill and Melinda Gates Foundation is also a contributor to the fund.
The tobacco industry has been mounting legal challenges to new measures such as graphic health warnings on cigarette packs and plain packaging in countries around the world. The former New York City mayor’s foundation has been helping Uruguay since 2010 to battle a lawsuit by Philip Morris International challenging graphic health warnings on tobacco products. Australia is facing a similar lawsuit by Philip Morris and a challenge from the World Trade Organization.