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Thursday, November 14, 2024

NYC commuters who could be forced to pay over $2K in congestion pricing tolls

 It’s going to take a toll.

Many working-class New Yorkers aren’t buying Gov. Kathy Hochul’s pitch for her revamped congestion pricing plan.

The governor’s office cast the $9 daytime base toll — down from $15 as originally — as “putting commuters first,” but Midtown workers who spoke to The Post Thursday said it would still eat into their paychecks and threaten business.

Most were daily commuters into the congestion zone south of 60th Street in Manhattan, which puts them on track to pay roughly $2,300 a year in tolls.

Here’s what they had to say:

Daily commuters who drive into the congestion pricing zone below 60th Street could pay $2,300 a year.Matthew McDermott
Doorman David Viscaino

Congestion pricing could be the straw that breaks the camel’s back twice over for Midtown doorman David Viscaino.

Viscaino, 31, commutes daily from Scotch Plains, New Jersey — a trip that already requires him to pay tolls to drive through the Lincoln Tunnel.

Adding congestion pricing means Viscaino will have to pay double for his 90-minute drive to Midtown and back every Monday through Friday, he said.

“It’s not fair,” he said.

“As soon as you get in the Lincoln Tunnel you’re already paying $13 to $15 and now we’re going to get charged another $9.”

David Viscaino said he’d get hit with double tolls to drive from New Jersey to his job in Manhattan under congestion pricing.Matthew McDermott

Congestion pricing alone likely would cost Viscaino $45 a week, assuming he arrives in the peak period of 5 a.m. to 9 p.m. when tolls hit their new $9 daytime rate.

Public transit isn’t a realistic option, Viscaino said, because he said it would take him close to two hours each way and he’d have to leave home at 5 a.m.

Viscaino said there’s only so much he can afford to pay and still support his wife and 9-year-old son.

“I’m paying gas, parking and now two tolls just to get to work,” he said.

“That’s not all I pay. I’m paying the parking meter because the parking’s not free. And if you get a ticket, that’s $65 and if you don’t pay it in time it goes up to $75. You need to have money for everything.”

When the congestion toll takes effect in January, Viscaino said he’ll be looking for options to work outside New York.

Taxi driver Thomas Esslifie

So long, taxi tips.

Cabbie Thomas Essilfe, 61, fears adding even a once-a-day $9 congestion pricing toll will eat into the tips he relies on to support his wife and three kids.

He expects passengers already unhappy paying existing taxes, fees and surcharges will tip less or not at all.

“It’s a money grab,” the Bronx resident said of congestion pricing.

“This business is all about tips. Passengers will tip less, or not tip at all, because the price is going up.”

“It’s a money grab,” taxi driver Thomas Essilfie said of congestion pricing.Matthew McDermott

Essilfie, who is originally from Ghana and has driven a taxi for 20 years, has increasingly struggled to make a living in the city.

He now works seven days a week as costs to run a yellow cab climbed higher.

“In a week, I make maybe $700 or $800. In tips, you can make maybe $50 to $60 a day,” he said.

“President Trump, please stop the congestion charge immediately. It must be the first thing you do.”

Garage manager Romulo Coronel

The Dock Parking garage is just barely on the wrong side of congestion pricing’s 60th Street border — and manager Romulo Coronel worries the plan will cost him as much as his customers.

The parking garage along West 58th Street lost close to 40% of its business when drivers feared the congestion tolls would take effect in June, before Hochul put the program on “pause,” Coronel, 42, said.

Most of those customers hail from Uptown, upstate or New Jersey to go medical appointments, go shopping at Columbus Circle or go to a theater show, he said.

“When the congestion price was coming in last time, we already lost 10 to 15 cars a day and we had 15 monthlies canceled,” he said. “We fit 80 cars, so losing 30 to 40 cars a day is a big problem.”

Romulo Coronel worries congestion pricing will cost him as much as the customers at the parking garage he manages.Matthew McDermott

The trouble compounds for Coronel, who not only depends on tips to pad out his wages, but also drives from Fresh Meadows in Queens, where traveling to Manhattan on public transit can be difficult.

“I make $22 an hour, but we earn around $60 to 75 in tips a day. It was at least $25 less in tips a day the last time they were going to charge a congestion charge,” he said. “And then I have to pay the congestion charge myself.”

Coronel expects the garage will increase prices and boost wages to help make up for lost tips, although that could lead his hours to get cut.

“The congestion charge hurts low income people like me,” he said.

Waitress Alba Galan and diner owner Vasilios Katsanos

Regular customers have already told waitress Alba Galan that they won’t come for breakfast at The Flame Diner if congestion pricing goes through.

Like Dock Parking, the diner sits along West 58th Street, just shy of where the congestion pricing zone begins.

“We have customers who drive here,” Galan, 62, said. “They are already saying they won’t pay the congestion price, so they won’t come here anymore.

Regular customers at The Flame Diner where Alba Galan works have already said they’ll stop going when congestion pricing takes effect.Matthew McDermott

“These are daily customers we will lose because they won’t pay an extra $9 to grab some eggs.”

Galan, who originally hails from El Salvador and lives on Long Island, said parking in Manhattan is already too expensive for her to drive her car to work, but her commute is also a hassle.

“I drive from Long Island, park at Long Island City, then I take two subways — the 7 train and N train — to get here,” she said.

Diner owner Vasilios Katsanos said he drives six days a week from Long Island.Matthew McDermott
Her boss — diner owner Vasilios Katsanos — also lives on Long Island and said he’ll begrudgingly cop the congestion fee six days a week to come to work. Many of his employees who drive will also have to pay the toll, he said.

Katsanos opened The Flame Diner in 1978 after five years working as a dishwasher following his move to the US from Greece. In that time, his rent has increased from $2,500 a month to $40,000 a month, he said.

“We will lose customers,” Katsanos said of congestion pricing. “Some customers drive here and a lot of tourists come by taxi.

“We will need to raise prices and that will mean losing customers. Of course our food deliveries will be more expensive, everything will be more expensive.”

https://nypost.com/2024/11/14/us-news/meet-the-doorman-waitress-taxi-driver-and-other-nyc-commuters-who-could-be-forced-to-pay-more-than-2k-in-congestion-pricing-tolls/

Hapag-Lloyd CEO Cautious on Trump Tariffs, but Praises ‘Very Healthy’ Demand

 Hapag-Lloyd CEO Rolf Habben Jansen isn’t ruling out a pre-Lunar New Year rush of imports ahead of a second Trump administration, but stopped short of calling the scenario an inevitability.

The caution from the container shipping chief follows concerns from many supply chain stakeholders of a spike in container prices if President-elect Donald Trump goes ahead with plans to levy universal tariffs of 10 percent to 20 percent on all U.S. imports, and duties ranging from 60 percent to 100 percent for China-made goods.

In a third quarter earnings call, Habben Jansen said it was “difficult to judge” how much of the expected increase in imports is due to front-loading cargo into the U.S. ahead of Trump’s inauguration, but described current demand as “very healthy.”

“When we look at the impact of the change in administration, I think that remains to be seen,” said Habben Jansen. “The first time when Trump was in power, we have certainly seen some effects of the tariffs that he imposed, in particular for goods coming out of China. We saw also, on the other hand, that that did not necessarily mean that global trade went down, but it’s more that flows have changed. And I would not be surprised if that’s going to be something similar this time.”

Habben Jansen pointed out the early summer surge in imports as a potential harbinger of things to come as the inauguration and the Lunar New Year get closer. In that period, shippers brought product into the U.S. earlier than usual ahead of the typical peak shipping season and the anticipated Oct. 1 East and Gulf Coast port strikes.

“That would have most likely an effect on short-term rates,” Habben Jansen said. “How big that is going to be, that’s too early to tell.” He also said it was still too speculative to acknowledge whether there will be some destocking or restocking after the Lunar New Year.

Although concerns of a second strike at the East and Gulf Coast ports persist throughout the apparel supply chain, Hapag-Lloyd is “not preparing for that at the moment,” said chief financial officer Mark Frese in the call.

Global container volumes have risen by 6.3 percent year-to-date, marking the highest growth rate since 2021, the company said, with Habben Jansen saying “demand has been much stronger than everyone expected.”

Hapag-Lloyd expects container market demand growth to be roughly 3 percent throughout 2025, in line with expected global gross domestic product (GDP) growth numbers from the International Monetary Fund.

https://finance.yahoo.com/news/hapag-lloyd-ceo-cautious-trump-192515457.html

EU regulator backs Eisai-Biogen Alzheimer's drug after initial rejection

 A European regulatory committee now recommends approval of the Alzheimer’s treatment lecanemab a few months after rejecting the drug.

Biogen said Thursday that the drug, known in the U.S. as Leqembi, received a positive opinion from the European Medicines Agency’s Committee for Medicinal Products for Human Use as a treatment for early Alzheimer’s disease.


The European Commission is now expected to make a marketing authorization decision in the next few months.

The committee had said in July that concerns about the drug’s potential side effects outweigh the impact it has in slowing the fatal, mind-robbing disease. But Japanese drugmaker Eisai asked the committee to reconsider its decision.

Eisai developed Leqembi and is co-marketing it with Cambridge, Massachusetts-based Biogen Inc.

Leqembi clears a sticky brain plaque linked to the disease. A large study has shown that it slowed memory and thinking decline by several months in those who received the treatment compared to those who got a dummy drug.

It also can cause brain swelling and bleeding, side effects that can be dangerous in rare cases.

The drug received full approval last year from the U.S. Food and Drug Administration. Regulators in several other countries also have approved it.

The FDA also approved in July a competing drug from Eli Lilly and Co.

https://finance.yahoo.com/news/european-committee-takes-second-look-192030487.html

Bristol Myers faces renewed, $6.7 bln lawsuit over delayed cancer drug

 Bristol Myers Squibb BMY.N was hit on Thursday with a $6.7 billion lawsuit claiming it cheated former Celgene shareholders by delaying federal approval for three drugs, 1-1/2 months after a federal judge abruptly dismissed an earlier version of the case.

The lawsuit accused Bristol Myers of depriving holders of "contingent value rights" (CVR) an extra $9 per share in cash by dragging its heels in seeking approval of the drugs, including the cancer drug Breyanzi, by specified deadlines. It said Bristol Myers did this to avoid a big payout.

On Sept. 30, U.S. District Judge Jesse Furman in Manhattan ruled that the plaintiff UMB Bank had never been properly appointed trustee to represent the CVR holders.

He said this "inexplicable failure" doomed the earlier lawsuit that UMB filed after purportedly replacing a different trustee, and 17 months after Bristol Myers bought Celgene for $80.3 billion.

In Thursday's complaint, UMB said it has addressed the judge's concerns and been confirmed as trustee, entitling it to sue. Bristol Myers' estimated $6.7 billion liability is up from $6.4 billion mentioned in earlier court papers.

Neither Bristol Myers nor its lawyers immediately responded to requests for comment after market hours. UMB's lawyers did not immediately respond to separate requests.

Bristol Myers won U.S. Food and Drug Administration approval for Breyanzi to treat non-Hodgkin's lymphoma on Feb. 5, 2021, five weeks after the relevant deadline for the CVR holders.

The case is UMB Bank NA v Bristol-Myers Squibb Co, U.S. District Court, Southern District of New York, No. 24-08668.

https://www.xm.com/au/research/markets/allNews/reuters/bristol-myers-faces-renewed-67-bln-lawsuit-over-delayed-cancer-drug-53969241