live Global markets weigh U.S.-Iran tensions as talks to end war continue
Global equities rose after mild inflation data strengthened expectations that the Federal Reserve will keep interest rates steady. Oil prices also edg...
As U.S. authorities intensify their crackdown on unauthorized e-cigarette products, several vape companies are altering their business models and corporate structures—efforts that are complicating regulatory enforcement.
The U.S. Food and Drug Administration confirmed that it is closely monitoring instances where firms change product labeling or shift operations offshore in order to avoid detection. For example, Chinese vape giant Heaven Gifts has transferred the U.S. operations of its Lost Mary brand to a British Virgin Islands (BVI) firm, Wonder Ladies Limited, after the FDA banned several companies, including those linked to Elfbar, from importing products in 2023. Lost Mary remains widely available in the United States, with its packaging now displaying the BVI firm's name and address.
Similarly, Texas-based Ludicrous Distro, operating as American Vape Company, has ceased selling its own unlicensed Esco Bars and now exclusively distributes unauthorized devices from third parties. A representative from Ludicrous Distro declined to elaborate on the shift, but maintained that the company has consistently sought to comply with evolving FDA policies despite ongoing regulatory confusion.
The FDA’s efforts to restrict unauthorized vaping products have been hampered by funding limitations and recent staff dismissals amid broader federal downsizing initiatives. To date, the regulator has authorized only 34 tobacco- and menthol-flavored vape products - exclusively from major tobacco firms - even as numerous unapproved products, including brands like Elfbar, Lost Mary, and Esco Bars, continue to dominate the U.S. market.
Industry competitors are also taking notice. British American Tobacco has launched complaints with the U.S. International Trade Commission against various vape brands and associated manufacturers, naming several BVI firms - including Wonder Ladies and others tied to Heaven Gifts - as part of alleged unfair competition and patent infringement cases. Representatives from BAT have declined to comment on the matter.
While companies like Heaven Gifts insist that their corporate restructurings are lawful and do not intend to sidestep FDA regulations, critics argue that such maneuvers serve to obscure accountability and protect revenue streams from enforcement actions. A former official at the U.S. Bureau of Alcohol, Tobacco, Firearms and Explosives suggested that distancing vape brands from their manufacturers via offshore entities could become a widespread tactic.
As U.S. regulators grapple with these evolving strategies, the ongoing enforcement challenge highlights the broader difficulties in policing a rapidly changing market where unauthorized products continue to thrive despite stringent rules.
Disruption in the Strait of Hormuz has increased the strategic importance of Bab al-Mandab, raising fears that instability in both waterways could trigger a wider global energy and trade crisis.
Iran and the United States remain at loggerheads over efforts to agree a permanent end to the war in the Gulf, according to a senior Iranian source who said there had been no progress in talks to revive the interim deal agreed in June and define a timeframe to implement it.
U.S. President Donald Trump has called for Iran to pay compensation for decades of deaths and damage, adding a new demand to peace talks as Tehran seeks compensation and sanctions relief before reopening the Strait of Hormuz.
A criminal court in Damascus has sentenced former Syrian President Bashar al-Assad to death in absentia for premeditated murder, torture, arbitrary detention and crimes against humanity, according to Syria’s state news agency SANA.
Millions of people across Spain and Iceland are preparing on Wednesday to witness a rare total solar eclipse, when the moon will pass directly between Earth and the Sun, briefly turning daylight into darkness along a narrow path.
Norway’s $2.3 trillion sovereign wealth fund has revealed a 0.05 per cent stake in SpaceX worth $1.22 billion, marking its first reported holding in Elon Musk’s space company.
U.S. data analytics firm Palantir Technologies has reported a 93 per cent year-on-year jump in second-quarter revenue, even as the company faces continued criticism over its work with Israel's military and allegations linking its technology to the war in Gaza.a.
Rising trade across the Caspian Sea is strengthening Georgia’s role as a logistics hub and could help the country develop higher-value industries, according to the Asian Development Bank (ADB).
Ford raised its full-year earnings forecast after reporting stronger-than-expected second-quarter adjusted profit, as resilient demand for its vehicles and operational improvements helped offset tariff-related costs.
SK Hynix reported record quarterly profit on Wednesday, but its shares slumped 10 per cent after the South Korean chipmaker fell short of investor expectations built around the artificial intelligence (AI) boom.
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