On Friday, Shares of Philip Morris International Inc. (NYSE:PM), lost -2.39% to $86.95.
Philip Morris Asia Limited (PMAL), a Hong Kong company that is the parent of Philip Morris Australia, said recently that an arbitral tribunal has declined jurisdiction to hear the merits of PMAL’s case against the Commonwealth of Australia under Australia’s 1993 Investment Promotion and Protection Agreement (IPPA) with Hong Kong.
“There is nothing in recently’s outcome that addresses, let alone validates, plain packaging in Australia or anywhere else,” said Marc Firestone, Philip Morris International Senior Vice President and General Counsel. “It is regrettable that the outcome hinged entirely on a procedural issue that Australia chose to advocate instead of confronting head on the merits of whether plain packaging is legal or even works”.
PMAL filed its claims under the IPPA on November 21, 2011, when the Australian government passed plain packaging legislation. PMAL asserted that the sweeping ban on trademarks breaches the foreign investment protections that the Australian government guaranteed in its IPPA with Hong Kong.
Philip Morris International Inc., through its auxiliaries, manufactures and sells cigarettes, other tobacco products, and other nicotine-containing products. Its portfolio of brands comprise Marlboro, Merit, Parliament, Virginia Slims, L&M, Chesterfield, Bond Street, Lark, Muratti, Next, Philip Morris, and Red & White.
Shares of Citizens Financial Group Inc(NYSE:CFG), declined -2.15% to $25.90, during its last trading session.
Citizens Financial Group, declared its plans to release fourth quarter and full year 2015 results on Friday, January 22, 2016 at 7:00 am ET.
Citizens Financial Group, Inc. operates as the bank holding company for Citizens Bank, N.A. and Citizens Bank of Pennsylvania that provide retail and commercial banking products and services in the United States. It operates through two segments, Consumer Banking and Commercial Banking.
Finally, International Business Machines Corp. (NYSE:IBM), ended its last trade with -1.35% loss, and closed at $134.91.
AT&T* and IBM, declared they are expanding their long-term planned relationship to bring businesses a full suite of advanced networking, application and hosting services. Under the agreement, AT&T will transition its managed application and managed hosting services unit to IBM. IBM will then align these managed service capabilities with the IBM Cloud portfolio. IBM will also acquire equipment and access to floor space in AT&T data centers presently supporting the applications and managed hosting operations.
Together, AT&T and IBM will enable companies to more easily integrate networks and cloud workloads with their IT environments. After close, IBM will deliver the managed applications and managed hosting services AT&T provides recently. AT&T will continue to provide networking services counting security, cloud networking and mobility that it provides recently. And the two companies will work closely to innovate and deliver a full suite of integrated solutions to customers.
“Recently’s declaration represents an expansion of our planned relationship with AT&T and ongoing partnership to deliver new innovative solutions,” said Philip Guido, IBM General Manager of Global Technology Services for North America. “Working with AT&T, we will deliver a robust set of IBM Cloud and managed services that can continuously evolve to meet clients’ business objectives.”
International Business Machines Corporation provides information technology (IT) products and services worldwide. The company’s Global Technology Services segment provides IT infrastructure and business process services, such as outsourcing, processing, integrated technology, cloud, and technology support.
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