ibusinesslines.com January 19, 2018

NYC mayor backs proposal to raise cigarette prices

20 April 2017, 02:20 | Melissa Porter

New York City Mayor Bill de Blasio announced he is raising the base price of a pack of cigarettes to $13 per pack, up from $10.50.

By sheer coincidence (if you are completely ignorant to even the most basic concepts of economics), NY has the highest rate of cigarette smuggling in the country. "When it comes to New Yorker's health, big tobacco is public enemy #1", de Blasio said".

At $13, a pack in NY would cost triple one in North Dakota and be more expensive than a city sandwich or a typical cocktail.

The proposals would increase minimum price of cigarettes and other tobacco products, reduce the number of licensed tobacco retailers in the five boroughs, and ban the sale of tobacco in pharmacies.

At the current price of $10.44 a pack, NY state's cigarettes are already the most expensive in the country, followed by those in Connecticut, Hawaii and Alaska.

De Blasios' predecessor Michael Bloomberg began leading a charge to stub out smoking in the city in 2002, when the smoking rate was 22 percent. But both numbers are down significantly from 2003, when 18.3% of people in the city smoked.

Today de Blasio announced that he wants to make smuggling an even more financially lucrative option by jacking up the taxes on packs of cigarettes. Crain's NY found that fully half of the city's cigarettes are illegal, meaning their sellers avoid paying state or city taxes (or both).

Other News

Trending Now

Ashley Young unsure on Manchester United future
The Blues have been used to dominating games and creating numerous chances in the vast majority of matches this season. That is the main focus for me and then we will see what happens. "These three points were phenomenal".

North Korea ups war rhetoric
Weapons analysts said they believed some of the missiles on display were new types of intercontinental ballistic missiles (ICBM). In February China banned all imports of North Korean coal, which is a lucrative source of income for the country.

Pence reiterates that all options on table on N. Korea
Mr Pence is in Tokyo to discuss trade with Taro Aso, Japan's deputy prime minister. The talks Tuesday did not delve into sector-by-sector issues such as auto exports.

Egypt: state of emergency after Palm Sunday massacre
During his Sunday address, the pontiff prayed that God will "convert the hearts" of terrorists and weapons dealers, Crux reports. On Sunday, the group warned of more attacks and boasted it had killed 80 people in three church bombings since December.

US Republican vows 'all hands on deck' in Georgia congressional runoff
Democrats hope the election bodes well for the 2018 midterms, in which they will seek to pick up House and Senate seats. Georgia on June 20th", Trump wrote, alluding to celebrity donations that came in for Ossoff .

Market: The Huntington Bancshares Incorporated (HBAN) Lowered to Neutral at Hilliard Lyons
For HBAN, you can get a sense of how sustainable that is by a levered free cash flow of $1.31 Billion over the past twelve months. Analysts have placed a $15.05 price target on Huntington Bancshares Incorporated , suggesting a 15.77% gain from recent close.

North Korea threatens to launch merciless military strikes against US
Kim is determined to deliver an ICBM capable of striking the USA mainland into the hands of North Korea. North Korea has always been a threat to the USA and its Asian allies South Korea and Japan.