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Figure 1: Possible Impact of a US menthol ban on BAT volumes and profit Source: Company data, Morgan Stanley Research estimates Menthol accounts for 55% of the US cigarette market and BAT has a 48% menthol market share in that country, meaning that 25% of group profits were in the firing line

Although Africans had been using tobacco pipes centuries before colonization, it was the Europeans who began growing the crop commercially in Africa in the early 20th century

BAT has key brands in all three cigarette product segments in Malaysia: Premium segment DUNHILL Aspirational premium segment PETER STUYVESANT and PALL MALL Value-for-money segment ROTHMANS Years ago, BAT was a darling stock

It is important to note that tobacco product regulation in the United States also involves the U.S