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Editorial editor-in-chief Murdoch McBride international tobacco Dr. Iqbal Lambat (istanbul, turkey) us leaf editor Christopher Bickers (raleigh, north carolina) economic columnist John Parker (richmond, virginia) asia Jenny Jiang, Translations (shenyang, china) Cheng Wei (beijing, china) europe Diamantis Chras (piraeus, greece) Bob Crew (london, england) Eugene Gerden (moscow, russia) Vladislav Vorotnikov (moscow, russia) Manfred Körner (hamburg, germany) middle east Mumtaz Ahmad (islamabad, pakistan) M. Rifaat Naguib (cairo, egypt) south america Guido Jungbluth (santa cruz do sul, brazil) Larry Luxner (sao paulo, brazil) Art Direction art directors Lily Lee YiLing Yen Production production coordinator Melinda Ayala subscription information PO Box 424, Congers, NY 10920-0430,US . tel : +1 800-766-2633, intl : +1 845-267-3489 e-mail: subscribe@tobaccointernational.com editorial office Tobacco International Magazine Lockwood Trade Journal Co. Inc., 3743 Crescent Street, Second Floor Long Island City, NY 11101, USA tel : +1 212-391-2060 fax : +1 212-827-0945 e-mail: editor@tobaccointernational.com To reuse Tobacco International material, ISSN: 0049-3945(print) ISSN: 2331- 8481 (online), access www. copyright.com for the Copyright Clearance Center, Inc. (CCC), 222 Rosewood Drive, Danvers, MA 01923, 978-750-8400. CCC is a not-for-profit providing various licenses and registration. MARCH 2016 A LOCKWOOD PUBLICATION ISSN 0049-3945 (Print) ISSN 2331-8481 (Online) TI TABLE OF CONTENTS FEATURES 18 Cover Story British American Tobacco: A Strong Year Despite Challenges BAT's preliminary results for 2015 showed progress despite headwinds. A discus- sion with BAT's Nicandro Durante, CEO and Ben Stevens, Financial Director. By Murdoch McBride 24 BAT Scientific Study of Tobacco A timely, trenchant overview Staff Report 28 Brazil's Outlook: Will Political Turmoil Be a Matter of Concern? What are the implications of Brazil's political tur- moil for its tobacco industry? By Guido Jungbluth 30 Saudi Arabia: Importing More Cigarettes from Europe Cigarette imports into Saudi Arabia continue to rise, but U.S. manufac- tures have seen their share of the bustling market slide considerably. By John Parker DEPARTMENTS 8 Contents 10 Editorial 12 TI Digest 46 Chinese Translation 50 Calendar, Advertiser Index 32 28 30 38 16 30 Iran Shifts from Imports to Domestic Cigarettes Iran's state-owned tobacco company has transformed the market by allowing foreign producers to build domestic factories and manufacture under license. By John Parker 34 U.K.'s Post-Brexit Future Looks Fine for Tobacco The balance of trade favors Britain's tobacco manufacturers if the U.K. withdraws from the European Union. By Bob Crew 38 A Cold End to a Bad Season Reduced plantings followed by subsequent low yields dealt the 2015 US leaf tobacco crop a double hit, but things are looking up as the 2016 season gets under way. By Chris Bickers 8 TOBACCO INTERNATIONAL MARCH 2016