Cigarette maker Lorillard's board authorizes $250 million in share buybacksLorillard Inc.'s board on Thursday announced a share buyback program for up to $250 million of outstanding common shares. The cigarette maker will buy back shares with existing cash. Lorillard, based in Greensboro, N.C., is the nation's ...

US-based tobacco giant Philip Morris said Thursday it has formed a new company in the Philippines with local rival Fortune Tobacco Corp., owned by Chinese-Filipino tycoon Lucio Tan. Tan will become chairman of the new company, to be called PMFTC in a deal that will "unite" the two firms' Philippine ...

Judge cuts $300 million Fla. smoker's damage award against Philip Morris to $39 millionConcluding a jury was moved by emotion rather than hard evidence, a judge on Wednesday reduced $300 million in damages awarded to a Florida smoker against Philip Morris USA to nearly $39 million. Broward Circuit Judge ...

Cuban cigar sales drop 8 pct in '09 amid sluggish demand, second straight year of big declineCuban cigar sales tumbled 8 percent to $360 million in 2009 and have fallen by more than a tenth in the past two years as the demand for luxury goods around the world has ...