Will EU renew $1.25bn deal with tobacco firm PMI?

The clock is ticking until 9 July 2016.

There are 222 days left until an unprecedented treaty between tobacco company Philip Morris International (PMI) and the European Union expires. The 2004 deal saw Europe halt all its legal claims against PMI in exchange for the multinational's cooperation in the fight against cigarette smuggling. The EU had previously sued PMI and other tobacco companies in the US over suspected involvement in smuggling operations.

That cooperation included a...