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New ad code cosmetic: official

It's particularly disappointing when your traditional friends and admirers drop you in it, In fairness, however, a Wall Street analyst cannot have intended her memo about BAT's business prospects last year to be made public, but only to reassure stockholders. The analyst wrote that the new international marketing standards announced with much fanfare by BAT, Philip Morris, and Japan Tobacco were unlikely to affect the companies' profitability. In other words, the analyst rated then, in health terms, . . . worthless.

In words eerily reminiscent of a US Tobacco Institute document of 1983 which reassured readers that BAT's US subsidiary Brown & Williamson "will not support a youth smoking program which discourages young people from smoking", the Wall Street analyst dismissed the new code at a stroke. "We have analyzed the 9-page agreement and believe that the multinationals' strategy is proactive and is a way to improve their image," wrote . . . [Full text of this article]