Category: Finance

Pricey transit, outdoor smoking and ballot privacy: Opinion roundup

Tweet Voters in Colorado, like those in Oregon, will soon decide whether or not to legalize marijuana. But ganja use isn’t the only vice receiving editorial page ink these days. The Denver Post is urging Boulder City Council not to ban cigarette smoking over a several block area downtown, reasoning that it’s a legal activity that doesn’t necessarily harm others when done in the open air. By contrast, Boulder’s paper, The D ... Jump to full article >>

Future fund urged to quit tobacco stake

Tweet The Future Fund is mocking the Government’s anti-smoking laws by continuing to hold a $150 million stake in tobacco companies, the Greens say. The $75 billion fund, which was set up in 2006 to help pay federal public servants’ pensions, also owns $180million of shares in businesses involved in making nuclear weapons. General manager Mark Burgess told the Senate’s finance committee yesterday the fund took its environmental, ... Jump to full article >>

Malloy signs $40.1 billion budget

Tweet Hartford, Conn. — Now that Gov. Dannel P. Malloy has signed a two-year $40.1 billion Democratic budget deal into law, attention focuses on a $2 billion gap he still hopes to fill with savings from Connecticut’s state employees. Malloy said Wednesday that his administration continues to meet behind closed doors with “our fellow state employees,” trying to resolve “remaining issues” and come up with a plan for saving $2 billion ov ... Jump to full article >>

Raiding more trust funds horrible idea by state

Tweet Republicans in the North Carolina House of Representatives are taking aim at three trust funds set up to disperse half of North Carolina’s share of the national tobacco settlement, all in the name of balancing the state budget. The money flowing into the state from this settlement is part of the agreement the major tobacco companies made with states suing those firms, under which those companies promise to pay hundreds upon hundreds of mi ... Jump to full article >>

US negative outlook from S&P hits tobacco bonds

Tweet The negative outlook bestowed on the United States’ AAA rating by Standard & Poor’s Ratings Services spread on Thursday to defeased tobacco bonds issued by states and local governments. The rating agency said it revised the outlook on portions of 15 tobacco securitizations rated AAA due to their defeasance with U.S. Treasuries or U.S. agency securities to negative from stable in conjunction with its outlook revision for th ... Jump to full article >>

Altria Reports In Line

Tweet Altria Group Inc. (MO – Analyst Report), the manufacturer and seller of cigarettes, wine and other tobacco products, reported results for the first quarter of fiscal 2011. Virginia-based Altria posted adjusted earnings of 44 cents a share in the quarter, which was up 4.8% compared with the prior-year quarter and was in line with the Zacks Consensus Estimate. The quarter benefited from strong income across its tobacco businesses, lowe ... Jump to full article >>

Tobacco Retailers Say Macon Going ‘Smoke Free’ Would Risk Local Jobs, Businesses

Tweet Two Georgia-based associations of premium tobacco retailers have warned the Macon City Council that the ordinance it is considering to restrict smoking in most indoor public places would be putting local jobs and small businesses at risk for no reason. Two Georgia-based associations of premium tobacco retailers have warned the Macon City Council that the ordinance it is considering to restrict smoking in most indoor public places would be ... Jump to full article >>

Budget 2011 – alcohol and tobacco

Tweet Changes to the duty applied to alcoholic drinks and tobacco were announced in the 2011 Budget. Alcohol Alcohol duty Alcohol duty rates will increase by 2 per cent above the Retail Price Index (RPI) on 28 March 2011. This will add 4 pence to the price of a pint of beer, 15 pence to the price of a bottle of wine, and 54 pence to the price of a bottle of spirits. Higher duty on stronger beers From 1 October 2011, the government will introduce ... Jump to full article >>

New laws likely to drive cigarettes prices further

Tweet Two bills on tobacco tax valuation to be considered by the cabinet tomorrow will push up retail new prices of cigarettes, according to Pongpanu Svetarundra, director-general of the Excise Department of the Finance Ministry. Mr Pongpanu said one bill would call for taxes to be calculated from the retail prices of cigarettes instead of the ex-factory prices of the state enterprise Thailand Tobacco Monopoly for local cigarettes and the CIF (co ... Jump to full article >>

Dems criticize using tobacco payments for business loans

Tweet HARRISBURG — The governor’s proposed economic development loan fund would count on some money previously used for health care programs to help him to dole out business loans. Of the $2 billion anticipated for the fund, $220 million would come from the annual payments Pennsylvania receives as a result of a 1998 lawsuit settlement with tobacco companies. Gov. Tom Corbett said the new loan program, dubbed the Liberty Loan Fund, wou ... Jump to full article >>