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June, 2007

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S E L E C T E D   O N L I N E   F E A T U R E S
14 CIS Profile:
CIS Economic Opportunities Spur Cigarette Trade
By John Parker
Changes in the Commonwealth of Independent States effects markets from the EU to the United States.
22 Security:
22 Counterfeiting is big business
By Heneage Mitchell
SICPA finds ways to help brands fight back.
26 Japan Tobacco:
JT completes acquisition of Gallaher Group Plc
Staff Report
Japan Tobacco Inc. is stepping up to become a true industry giant.
Market Watch:
Sub-Sahara Africa
By John Parker
This largely ignored market is starting to demand some attention.
34 Bulgaria:
Bulgaria
By Chris Bickers
The Black Sea market faces challenges as it flirts with liberalization.
36 Leaf:
Universal Leaf Philippines Inc.
By Heneage Mitchell
Universal Leaf opens an advanced processing facility in the Philippines.
38 Profile:
Russia
By John Parker
Years of investment are yielding results.

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