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Business Reporter at Bloomberg News Scoop: British American Tobacco is reducing its 47,000-strong global workforce by about a fifth as part of a sweeping plan to bring down costs

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Last year, the rebalance resulted in some changes that hit the headlinesmost notably, the removal of Facebook from the sustainable version of the iconic S&P 500

Its construction was solid

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Its US tobacco sales have also been hit as smokers swap to cheaper brands amid soaring costs of living, while BAT is also battling rising duties, stricter regulations and illicit trade in places like Australia and Bangladesh