Short Position

An employee counts out ruble banknotes for a customer at the check-out desk of a Perekrestok supermarket, operated by X5 Retail Group NV in Moscow, Russia, on Wednesday, Feb. 8, 2017. X5 says it’s interested in technologies for online payments in stores, personalized promotions based on big data and using robots in logistics. Photographer: Andrey Rudakov/Bloomberg

Smoke without fire 

SHARES in British American Tobacco (M) Bhd (BAT) tumbled mid-week, spooked by news that the government is considering another round of hefty cigarette price hikes.

Like in the past, higher excise duties imposed by the government will force cigarette makers to increase prices, and this could result, as seen last year, in a sharp decline in sales volume for the companies.