Business – CitizenNewsWire http://citizennewswire.com Reports from the globe Wed, 02 Mar 2022 02:00:27 +0000 en-US hourly 1 https://wordpress.org/?v=5.8.9 https://i0.wp.com/citizennewswire.com/wp-content/uploads/2020/08/cropped-cnw3-e1597538475492.png?fit=32%2C32 Business – CitizenNewsWire http://citizennewswire.com 32 32 182810965 United Airlines Returns to JFK offering Premium Air Travel to LAX and SFO http://citizennewswire.com/2021/03/29/united-airlines-returns-to-jfk-offering-premium-air-travel-to-lax-and-sfo/ Mon, 29 Mar 2021 17:44:39 +0000 http://citizennewswire.com/?p=2184 After several years, United Airlines returned to the JFK airport and is now offering direct

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After several years, United Airlines returned to the JFK airport and is now offering direct flights from JFK to the west coast (LAX and SFO) in its 767 aircraft. The aircraft features 46 business class all-aisle-access seating, and 22 United Premium Plus® seats.

United airlines jfk return air travel
United Airlines returns to JFK with coast-to-coast flights. credit: United Airlines

The return to JFK is focused on the premium and business travelers between the east and west coast of the United States. It is a move that now allows the airline to provide air travel service from all three of the major New York airports.

“United’s return to JFK reflects not only our strong commitment to the New York City area, but also to increasing service to and from the places our customers want to fly,” said Ankit Gupta, Vice President of Domestic Network Planning and Scheduling. “With the addition of JFK, United now offers unmatched service, greater convenience, more choice and a best-in-class product for travelers throughout the New York City region as they return to the skies.”

This new service currently offers one round-trip flight, five days a week to each West Coast airport. United says that passengers can expect to see the number of flights double in the near future as the demand increases.

The premium cabins on these United Airlines flights feature flat-bed seats on all flights. This is similar to the current flight to Los Angeles and San Francisco from its hub in Newark.

According to the airline, amenities onboard the trans-con flights include the signature cooling gel pillow along with the Saks Fifth Avenue day blanket and pillow. Meal on the flights, offer seasonal menus crafted by renowned chefs and distinctive amenities.

These offering are available to travelers in United Business and United Premium Plus sections who enjoy a complimentary hot entrée, mixed nuts, salad and dessert, as well as complimentary alcoholic beverages.

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From Hell’s Kitchen to the Vineyards, Chef Gordon Ramsay Releases His Own Wine http://citizennewswire.com/2021/03/13/from-hells-kitchen-to-the-vineyards-chef-gordon-ramsay-releases-his-own-wine/ Sat, 13 Mar 2021 21:24:51 +0000 http://citizennewswire.com/?p=2170 The Scottish Chef Gordon Ramsay is used to hitting the front page, but it’s often

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The Scottish Chef Gordon Ramsay is used to hitting the front page, but it’s often for his tantrums and controversial TV shows. This time, the Michelin-starred Chef and restaurateur proves his successful career is far from over — here’s releasing his own wine label.

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Chef Gordon Ramsay releases his Signature Wines. image: thedrinksbusiness.com

A crisp Sauvignon Blanc, a creamy Chardonnay, a very Instagrammable rosé, a silky Pinot Noir and a couple of robust Cabernets. All grown in Monterey Country, California, are expected to hit the shelves in the following weeks.

With a fantastic team of experts comprising renowned Master Sommelier Chris Miller and winemaker Nick Dumergue, this undertaking is predicted to target the middle-range and fine wine markets.

Chef Ramsay’s new vinous business doesn’t come without controversy. Being a fierce ambassador for British cuisine, it just doesn’t sound right that his wine’s grapes don’t come from the emerging British vineyards. England’s wine regions have been growing steadily in the last few years, and quality is better than ever.

Perhaps Chef Ramsey has been spending too much time on his Los Angeles property.

Meanwhile, the British wine industry could use sponsorship of Ramsay’s caliber. Isn’t Britain’s finest fermented grape juice not up to the celebrity Chef’s standards?

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Cryptocurrency Ban by Central Bank of Nigeria http://citizennewswire.com/2021/02/15/cryptocurrency-ban-by-central-bank-of-nigeria/ Mon, 15 Feb 2021 19:44:00 +0000 http://citizennewswire.com/?p=2108 On Friday, February 5, 2021, the Central Bank of Nigeria (CBN) released a letter prohibiting

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On Friday, February 5, 2021, the Central Bank of Nigeria (CBN) released a letter prohibiting financial institutions, including Deposit Money Banks and Non-Bank Financial Institutions, from providing services to crypto exchanges in the country.

Cryptocurrency ban Nigeria
image credit: BBC

Hence, the CBN has instructed all financial institutions to immediately close accounts belonging to crypto exchanges and businesses transacting in cryptocurrencies. According to the CBN, failure to comply will result in “severe regulatory sanctions”.

While there has been an uproar in the country, the CBN earlier warned of taking such measures in a circular they released on January 12, 2017, citing the risks associated with transactions in cryptocurrency. In September 2020, the country’s Securities and Exchange Commission further said it would regulate trade in digital currencies to protect investors and promote transparent transactions.

However, Nigerians are particularly suspicious of this directive, believing it to be a direct attack on the EndSARS movement that occurred in October 2020. While cryptocurrency has been in Nigeria for a long time, it skyrocketed in popularity in the wake of this movement against police brutality. The central bank tried to cut funding for the protests by suspending the bank accounts of prominent supporters. However, this prompted a switch to Bitcoin (BTC) and other crypto donations.

The President of the Bank Customer Association of Nigeria (BCAN), however, stated that this new directive doesn’t stop people from trading in cryptocurrencies, but it makes it impossible to do so through the banking system. Even if this is the case, trading in cryptocurrencies will be more difficult.

Furthermore, the largest global cryptocurrency platform, Binance, has temporarily suspended deposits in Nigerian naira following this directive.

Given the country’s high unemployment rate, cryptocurrency trading has been a major way several youths in the country are making ends meet. With this source of livelihood under serious threat, only time will tell what the future holds.

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Starbucks to Offer Plant Based Food Options http://citizennewswire.com/2021/02/13/starbucks-to-offer-plant-based-food-options/ Sat, 13 Feb 2021 18:02:03 +0000 http://citizennewswire.com/?p=2100 The multinational coffee chain, founded in Seattle in 1971, is known for being a trendsetter.

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The multinational coffee chain, founded in Seattle in 1971, is known for being a trendsetter. Whether it’s releasing a pumpkin spice flavored Frappuccino or offering single-origin coffee, Starbucks does, and others follow.

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Starbucks is testing a variety of plant based food options. image credit: Totally Vegan Buzz

The company’s innovative spirit has served them well, as they’re leading the industry with no actual competition. The good news? They use their influence for more than a healthy balance sheet; they’re tackling some of the world’s most challenging problems.

This week Starbucks announced that they’ve been secretly testing a wide variety of plant-based products in a single location in Seattle. We’re talking more than plant-based milk alternatives, which they already offer worldwide, but food items, too.

A partnership with Impossible Foods, the acclaimed non-animal meat producer, helped the siren coffee shop offer a 100% plant-based menu from breakfast to late-night snacks.

The menu is just a test, but following the company’s commitment to sustainability, we expect to see a wide range of non-animal food products in other stores around the US and the world.

Perhaps, one day, all Starbucks stores will be entirely sustainable. Hopefully, others will follow, and not just coffee shops, but companies in all industries.

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Digital Ads Ban starts for Social Media Networks in Turkey http://citizennewswire.com/2021/01/24/digital-ads-ban-starts-for-social-media-networks-in-turkey/ Sun, 24 Jan 2021 20:04:00 +0000 http://citizennewswire.com/?p=2047 The Law amending the Law on the Protection of Internet Broadcasts and Fighting Crimes Perpetrated

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The Law amending the Law on the Protection of Internet Broadcasts and Fighting Crimes Perpetrated by these Publications, which entered into force on 1 October 2020, was published in the Official Gazette for providers of social networks who have not or could not appoint representatives officially to reside in Turkey.

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Social media companies, based outside Turkey, may be fined for not having a local presence. credit: Ibrahim.ID

Deputy of Minister of Transport and Infrastructure Ömer Fatih Sayan stated in his post on Twitter, “Social media companies of foreign origin that do not appoint official representatives will no longer receive advertisement payments from our country”.

An advertising ban that covers whole digital marketing practices is in place for providers of social networks such as Facebook, Instagram, and Twitter that have not yet opened a local representative office in Turkey.

Facebook, Instagram, and Twitter have been informed that the advertisement ban deadline has expired on 19 January, with a fine of 40 million Turkish Lira each. If the social network providers plan to open a representative office, even after approximately 5 months, 75 percent of the fines levied before that date will be reduced.

What happens next?

Social platforms such as Facebook, Twitter, Instagram, and TikTok, have been required to designate at least one natural or juridical representative in Turkey and have been obliged to provide hosting in Turkey.

  • If businesses do not appoint representatives, in April 2021 the bandwidth will be decreased by half and in May 2021 by 90%.
  • Youtube, Dailymotion, Linkedin, VK, TikTok, and finally Facebook have announced today that they will designate representatives.
  • Firms that are yet to appoint representatives are Twitter, Periscope, and Pinterest.

In this sense, companies and individuals who are taxpayers in Turkey would be prohibited from advertising on platforms that do not have a representative office, i.e.,  who are not subjected to pay tax in Turkey, with the release of this banning decision.

No commercial arrangements with these websites can be made with the advertising ban and these sites will not be paid for social media ads.

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Electric Car Prices may Equal Gas Cars by 2023 http://citizennewswire.com/2021/01/07/electric-car-prices-may-equal-gas-cars-by-2023/ Thu, 07 Jan 2021 20:53:53 +0000 http://citizennewswire.com/?p=2037 As electric vehicles (EVs) are making their push for a higher share of the automotive

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As electric vehicles (EVs) are making their push for a higher share of the automotive consumer market, the cost of batteries has so far kept prices higher, not allowing electric cars to directly compete against their gas counterparts. However, a report from BloombergNEF shows that battery prices have fallen under $100/kWh for the first time, pushing for a drop in electric vehicle prices that could soon match retail values of internal combustion cars.

electric cars
Complete linup of Tesla’s electric cars exhibited at Tesla Store Washington D.C.

The $100/kWh price was registered on e-bus batteries for the Chinese market. Although this was the lowest reported price, the volume-weighted average price did not strand too high either, setting at $105/kWh.

The recorded drop in price has been consistent, as the electric vehicle battery pack prices revolve around the $126/kWh mark for volume-weighted averages. However, when considering prices reported at cell-level, battery electric vehicle (BEV) prices were down to $100/kWh. Consequently, this show that 21% of the total price of a BEV is drawn by the battery pack.

BloombergNEF (BNEF) results on the 2020 Battery Price Survey is predicting an average battery pack price of $101/kWh by 2023 for all electric vehicle categories. This includes electric passenger vehicles, e-buses, commercial electric vehicles such as trucks, as well as stationary batteries.

The importance of $100/kWh batteries

It is obvious that as battery pack prices drop, electric vehicles will follow suit, becoming cheaper and  more affordable for the public. However, the $100/kWh marks a turning point for the electric automotive industry. It is by this point that automakers should be able to break even between combustion and electric vehicles.

In other words, by 2023 automakers should be able to build and sell both combustion and electric vehicles at the same price and with the same margin, allowing for a more balanced market.

Why Electric Car prices are dropping

Lower prices on battery packs are definitely a good sign. The main reasons for which battery packs are being sold at lower prices per kWh have to do with newer manufacturing technologies, but rather with demand.

Thus, lithium nickel manganese cobalt oxide batteries and their cobalt aluminum oxide counterparts are cheaper to the obsolete Li-Ion relatives. Lithium iron phosphate (LFP) batteries are expected to pull prices even lower, down to $80/kWh.

On the other hand, the constant increase of demand for battery packs also helps prices to keep on going on their descending slope.

Long-term expectations

If the $101/kWh by 2023 looks certain, even though some ups and downs may arise on the way, estimates show that by 2030 battery packs should reach a historical $58/kWh minimum. Compared to 2013, that is an 11.5-fold drop in price.

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Ben & Jerry’s Takes a Political Stand against Injustice – with Flavor http://citizennewswire.com/2020/12/14/ben-jerrys-takes-a-political-stand-against-injustice-with-flavor/ Mon, 14 Dec 2020 21:33:16 +0000 http://citizennewswire.com/?p=2025 You might know Ben & Jerry’s for their creative display of fun ice cream flavors.

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You might know Ben & Jerry’s for their creative display of fun ice cream flavors. Still, in a time where large companies are choosing to stay neutral in socio-political matters, the ice cream company is as loud and bold as their Chunky Monkey ice cream flavor.

ben and jerrys Silence Is NOT An Option
Ben and Jerry’s web site makes a statement against injustice. credit: benjerry.com

As stated on the company’s website, “We must dismantle white supremacy,” adding, “The murder of George Floyd was the result of inhumane police brutality that is perpetuated by a culture of white supremacy,” underlining the past May 25th tragic event.

Four years ago, the company publicly supported the Black Lives Matter movement. Now, the company is lobbying to pass the ‘reparations statement’ in congress. It is legislation that would create a commission to study the effects of slavery and discrimination while also calling upon President Trump to act on the matter.

Additionally, Ben & Jerry’s is releasing the ‘Colin Kaepernick Change the Whirled’ ice cream flavor. A vegan alternative with caramel, sunflower butter, fudge chips and crumbled cookies. The controversial football player himself helped put together the recipe.

Founded in 1978, the Ben & Jerry’s ice cream company has always been known for supporting diverse causes. From banning milk from cows treated with growth hormones in 1989, to partnering with the Children’s Defense Fund in 1992. From protesting against oil drilling in the Arctic National Wildlife Refuge in 2005, to campaigning against GMO farming and fair trade in recent years.

Ben & Jerry’s offers over 60 unique flavors, including a recently added Netflix-themed line. But as crazy as their concoctions may seem, the company is seriously committed to the environment and society. That’s a brand we can support. Who’s up for some ice cream?

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A Dry Gin Fit for a Queen http://citizennewswire.com/2020/12/10/a-dry-gin-fit-for-a-queen/ Thu, 10 Dec 2020 16:19:00 +0000 http://citizennewswire.com/?p=2013 The Royal Family releases Buckingham Palace Gin Gin is one of the trendiest spirits of

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The Royal Family releases Buckingham Palace Gin

Gin is one of the trendiest spirits of the last decade. No one can say no to a fizzy and thirst-quenching G&T. Of course, no two gins are the same. From classic, well-established brands like Gordon’s, Tanqueray or Beefeater to relative newcomers that have built large fan bases like Monkey 47 or Hendrick’s, there’s a gin to please every palate. Now, things are about to get much more exclusive.

Buckingham Palace Gin
The Royal Family unveils Buckingham Palace Gin.
image: Royal Collection Trust / © Her Majesty Queen Elizabeth II 2020

As reported in Food & Wine, the Buckingham Palace recently released its own gin: The Buckingham Palace Gin, and it’s infused with herbs from the palace’s gardens.

The new royal brand has stated the spirit recipe calls for “Lemon, verbena, hawthorn berries and mulberry leaves.” They all come from the 12-hectare plot surrounding the majestic building.

This might just be the beginning of an exclusive collection of spirits. The release of Sandringham Gin, made from the aromatics found in Her Majesty’s winter home, the Sandringham Palace, will evoke memories of Sharon fruit, Chinese Persimmon myrtle.

These are small-batch, limited productions and are, as of today, only available in the UK from the Royal Collection Shop. Hopefully, a few bottles will drip down to international markets soon.

While the Buckingham Palace Gin has a not-so-lavish price tag of £40.00 per bottle, the Sandringham release costs almost twice as much. At the end of the day, it’s not that bad of a deal. How to put a price on such a royal, boozy treat?

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Pakistan Steel Mill Closure puts Thousands out of Work http://citizennewswire.com/2020/12/09/pakistan-steel-mill-closure-puts-thousands-out-of-work/ Wed, 09 Dec 2020 16:15:15 +0000 http://citizennewswire.com/?p=2010 The story of Pakistan Steel Mills (PSM) traces back to the birth of Pakistan. The

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The story of Pakistan Steel Mills (PSM) traces back to the birth of Pakistan. The first prime minister of Pakistan, Liaqat Ali Khan realized the importance of having country’s own production of iron and steel.

Pakistan Steel Mills closure
CLosing of Pakistan Steel Mills will put thousands out of work.
image: The Express Tribune

After many rounds of plans and proposals, ultimately in January 1971 Pakistan and the Soviets signed an agreement under which the USSR agreed to provide financial and technical assistance to set up a coastal-based integrated steel mill at Karachi.

The foundation of the project was laid by Zulfiqar Ali Bhutto on the 30th of December, 1973. With the aim of “Building the Nation, Serving the Nation”, the public organization proved to be one of the most fruitful and profitable assets of Pakistan.

However, PSM entered its death zone in the year 2008, when it started incurring losses. An accumulated loss of Rs. 169 billion have been recorded in the last 10 years. In 2015, PSM owed Rs. 35 billion to SSGC (Sui Southern Gas Company, Pakistan), which led to its default, and the facility was closed by the PML-N government. The government has been paying the salaries of 14,753 employees without being at operational capacity since 2015. The number of employees was reduced to 9350 in 2019.

Now the Government of Pakistan has decided to lay off all the workers of the Pakistan Steel Mills. For now, 4544 employees are being fired by the Government, and their termination letters have been dispatched to their addresses.

The government of Pakistan has been facing severe backlash for the decision of laying off and privatization. This backlash comes from the employees of Pakistan Steel Mills and the opposition parties – especially the Pakistan People’s Party (PPP).

However, Federal Minister for Industries and Production Hammad Azhar has defended the Government’s decision saying that the “Governments have paid Rs. 92 billion for a bailout so far,” he added, “The monthly salary of a closed mill is Rs. 750 million.”

He explained that PSM owns a total of 19,000 acres of land out of which the Government is planning to sell out 1300 acres to cover up the losses incurred. A private investor will create their own organizational and management structure and will run the mill with the latest technology.

For a period of four months, 250 employees would be retained for the execution of the employees’ termination plan and other related work.

Pakistan Steel Mills is one of the biggest examples of Riches to Rags and people hope to see PSM rise and shine again. But who is responsible for all of this? The question remains unanswered!

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Elon Musk now World’s Second Richest Man as Tesla Stock breaks $500B http://citizennewswire.com/2020/11/26/elon-musk-now-worlds-second-richest-man-as-tesla-stock-breaks-500b/ Thu, 26 Nov 2020 07:25:16 +0000 http://citizennewswire.com/?p=1983 As of Tuesday, 24th November 2020, Tesla & SpaceX CEO Elon Musk overtook Bill Gates

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As of Tuesday, 24th November 2020, Tesla & SpaceX CEO Elon Musk overtook Bill Gates in become world’s second richest man. Just as early as January, Elon Musk was ranked only 35th in the world’s richest people list. However, in just 10 months the Tesla owner added no less than $100.3 billion to his net worth, thus blasting through the ranks.

The 49-year old Musk’s increase in wealth came along with Tesla stock breaching $500B in market value. The boost in overall market value came as investors purchased stock in the run-up to the company addition in the S&P index. However, Tesla (TSLA) has also seen an unprecedented increase in market value this year, gaining six time its value in 2020.

Despite the coronavirus outbreak which put most automotive businesses on hold or pushed them into a steep market drop, Tesla managed not escape a near-death sentence and according to number, thrived.

Tesla is ranked as world’s most valuable car company, sitting comfortably far from second place, even with production figures that are only a fraction of what other auto giants are pushing now. Although other EV stocks have risen since president-elect Joe Biden’s statements about boosting EVs as a top priority were made public during his campaign, no other company surged the way Tesla did.

One of the Joe Biden platform underpinnings features a strong push for zero emission vehicles and clean energy sources by 2030. If put into practice correctly, it could see Tesla surging even further on the stock market and increasing Elon Musk’s fortune. This would in turn create the possibility of the 49-year old businessman to become the richest person alive.

At the moment, Jeff Bezos holds the title, with an estimated net worth of $181.3 billion.

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