Oct 31, 2019

Altria to take $4.5 billion writedown on Juul investment

Photo: Justin Sullivan/Getty Images

Altria Group is expected to take a $4.5 billion writedown on its original $12.8 billion investment in e-cigarette maker Juul, AP reports.

The big picture: Altria, which owns Marlboro and other nicotine products, acquired a 35% stake in Juul in 2018, which has since dropped in value amid rising health concerns and deaths related to vaping.

  • Juul CEO Kevin Burns stepped down last month and was replaced by Altria executive K.C. Crosswaite. The e-cigarette company has since axed many of its flavored products in the U.S., which are argued to be marketed to youth and teen consumers.

Of note: The number of vaping deaths reached 37 as of Thursday, and illnesses have swelled to well over 1,000.

Go deeper... Expert Voices: Regulatory gaps are exacerbating the youth vaping crisis

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Updated 9 mins ago - Politics & Policy

George Floyd protests: What you need to know

Police block protesters at a rally on May 30 outside the state house on the fourth straight day of demonstrations against the death of George Floyd. Photo: Megan Jelinger/Anadolu Agency via Getty Images

Protests over the death of George Floyd and other police-related killings of black men spread across the U.S. Saturday, amid tense standoffs with police in several cities.

The big picture: Floyd's fatal run-in with police is the latest reminder of the disparities between black and white communities in the U.S. and comes as African Americans grapple with higher death rates from the coronavirus and higher unemployment from trying to stem its spread.

U.S. cities crack down on protests against police brutality

Photo: Megan Jelinger/Anadolu Agency via Getty Images

Major U.S. cities have implemented curfews and called on National Guard to mobilize as thousands of demonstrators gather across the nation to continue protesting the death of George Floyd.

The state of play: Hundreds have already been arrested as tensions continue to rise between protesters and local governments. Protesters are setting police cars on fire as freeways remain blocked and windows are shattered, per the Washington Post. Law enforcement officials are using tear gas and rubber bullets to try to disperse crowds and send protesters home.

Trump to invite Russia and other non-member G7 countries to summit

President Trump at Cape Canaveral, Florida, on Saturday. Photo: Saul Martinez/Getty Images

President Trump told reporters on Saturday evening he would postpone the G7 summit to September and expand the meeting to more nations that are not members of the Group of 7.

Details: Trump said he would invite Russia, South Korea, Australia and India to the summit, according to a pool report. "I don’t feel that as a G7 it properly represents what’s going on in the world. It’s a very outdated group of countries," he said.