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Juul Labs is the San Francisco start-up behind America's best-selling ecigarette. So successful is the product that "to Juul" has become a verb. Juuling is now a craze among US teenagers and the company has taken 72 per cent of the American ecigarette market.

But, writes John Gapper in his column this week, the US Food and Drug Administration has the "Nespresso of vaping" and other ecigarette manufacturers in its crosshairs. It could learn a lesson from regulators in the UK and Germany, John argues, where it is recognised that nicotine ought not to be treated as a menace equal to tobacco. The latter has been one of the greatest health hazards of the modern age. Nicotine is not.

Jim Yong Kim, president of the World Bank, contends that developing countries risk being left behind if they fail to invest in human capital.

US Democrats may revile Senate majority leader Mitch McConnell as cynicism made flesh, Janan Ganesh observes, but they would do well to cultivate some of the political and procedural wiles that have served him so well.

David Pilling argues that Angolan president Joao Lourenco has an opportunity to transform Africa's third-largest economy. It remains to be seen whether he is committed to the task. 

Anjana Ahuja worries that the reassertion of national sovereignty around the world leaves little bandwidth for dealing with the looming threat of climate change catastrophe.

What you've been saying

Resist all demands to shut down debate: letter from Jeremy Hicks, London, UK
Roger Lawson ( Letters) seems to have the same view of democracy as the president of Turkey, who once said: “Democracy is like a train. Once you reach your destination, you get off.” On the other hand he disagrees with Nigel Farage, who said a month before the Brexit referendum: “If it’s 48:52 then it’s unfinished business.” However much Mr Lawson may disapprove, real democracy recognises the right of the electorate to change its mind. I trust the Financial Times will ignore his request to shut down the debate.

In response to "How to avoid the next financial crisis" GSG says
A very gloomy prognosis in the most recommended comments — the next crisis is inevitable and will be a lot worse. Let’s just hope that Trump is not president and the Republicans don’t still have a majority in both houses as their response will ensure the worst possible outcome.

Industries well worth cherishing at £90bn a year: letter from Sir Peter Bazalgette, Author, Independent Review of the Creative Industries, 2017
Matthew Garrahan reports fully on the boom in video games, animation, film and TV drama in the UK. Inadvertently, the accompanying graphics give the impression that these production activities combined make up the creative industries and that their value to gross domestic product is £7.91bn. In fact the creative industries — embracing advertising and marketing, relevant software, architecture and design, music, fashion, radio and TV and so on — now contribute more than £90bn to our economy. That’s more than 5 per cent of GDP. All the more reason to cherish them.

Today's opinion

Investing in human capital is an urgent task
Waiting for more donations is not a viable strategy for countries falling behind

João Lourenço has a chance to transform Angola
But doubts remain about his commitment to real change

Climate catastrophe warnings were greeted with global silence
Shortsighted folly of ignoring the IPCC will lead to drastic future policies

Democrats need their own Mitch McConnell
The left must learn from the Republican majority leader’s tactical successes

Instant Insight: The emerging parliamentary majority for Theresa May’s Brexit
Conservatives are increasingly confident of winning the ‘meaningful vote’ next month

Jamal Khashoggi’s disappearance spotlights rising repression
The Saudi commentator had an unrivalled understanding of his country

Free Lunch: The US economy is still not running hot
The Federal Reserve must learn from its past mistakes

FT Alphaville: A look back: what Eurozone “risk sharing” actually meant

Nicotine is a healthier habit than tobacco
Regulators are in danger of doing more harm than good by curbing ecigarettes

The real reasons why mentors change your life
Behavioural science finds all sorts of hidden benefits to informal support networks

FT View

The FT View: The web should be open to all the world’s citizens
Improved internet governance is vital to protect existing and future users

The FT View: The latest probe of UK auditors should finally trigger change
The Competition and Markets Authority has understood the need for speed

The Big Read

The Big Read: Guggenheim Securities: Wall Street and the risk of huge incentives
The dealmaker has become a force in US M&A but it offers big commissions to its bankers

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