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Gareth Davis is to retire as chief executive of Imperial Tobacco Group after 14 years, making him one of the market's longest survivors.
Jump to full article: Electronic Telegraph (uk), 2009-11-10
Author: Damian Reece
Intro: Since October 1996 – shortly after Davis took the job on the company’s split from Hanson – shareholders have seen the FTSE All Share double . . .
Alcohol consumption, and gambling likewise, show no signs of dramatically abating. Arguably such habits are eventually encouraged by overly nannying states that set out to curb them, either through tax or regulation.
The worst expression of this unintended consequence is the rise of smugglers. High taxes make smuggling worthwhile. Illicit trade in cigarettes robs governments of expected income and creates an illegal market that trades outside regulations supposed to protect sections of society, such as children.
Having quit the weed several years ago, I’m not going to celebrate Imperial or its peers. But their continuing success shows just how ineffectual the current invasive style of government, that we tolerate, really is.
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