GLOBAL MARKETS: Juul sales rocket to $1bn
Marlboro maker Altria Group says e-cigarette maker Juul Labs posted more than $1bn in revenue in 2018
Juul sales rocket to $1bn
Marlboro maker Altria Group says e-cigarette maker Juul Labs posted more than $1bn in revenue in 2018, up from about $200m a year earlier, the first official growth figures for the vaping product. Altria paid $12.8bn for a 35% stake in Juul in December 2018, getting a foothold in a segment that is quickly becoming an attractive alternative for smokers. The cigarette maker sees e-cigarettes as a path to growth.
In November, the US Food & Drug Administration announced curbs on sales of flavoured e-cigarette products, including Juul’s mango and cool cucumber.
Nomura eyes changes
Nomura Holdings has put its wholesale business under review after the segment drove Japan’s biggest brokerage and investment bank to its heaviest quarterly loss in nearly 10 years. The wholesale business serves corporations and institutional investors. Nomura’s struggles highlight the challenges it faces in transforming the bank, with the goal of cutting dependence on volatile markets and building up stable revenue flows.