After Hours: MOSAC ribbon-cutting ceremony

Several elected officials attended a ribbon-cutting ceremony for the SMUD Museum of Science and Curiosity, also known as MOSAC, on Nov. 12.  Construction to transform the 1912-built former gas-fired power plant near the edge of Sacramento's Railyards District into an $83 million science museum began in 2018. The museum at 400 Jibboom St., which aims to be a regional hub for science education, is now open to the public. See photos of the ribbon-cutting ceremony with the slideshow above, and….....»»

Category: topSource: bizjournalsNov 25th, 2021

I went on Norwegian Cruise Line"s first US sailing for vaccinated travelers - here"s why I felt safe

Norwegian Cruise Line is sailing again for vaccinated guests only. Here's what new safety measures were like on the Encore from Seattle to Alaska. When you buy through our links, Insider may earn an affiliate commission. Learn more. The writer embarks on Norwegian’s first comeback cruise to Alaska. Lori A. May/Insider Norwegian Cruise Line is sailing from US ports again with a 100% vaccination policy, no exceptions. COVID-19 tests are still given so everyone may cruise without social distancing or wearing a mask. I traveled on Norwegian and felt so safe with the guidelines, I can't wait to sail mask-free again. Table of Contents: Masthead StickyI'm an avid cruiser with dozens of sailings to my credit across multiple cruise lines. So, I was thrilled to be among a small group of media guests invited to join the first comeback cruise from a U.S. port with Norwegian Cruise Line on the Norwegian Encore, sailing from Seattle to Alaska.I've sailed with NCL many times, but this one felt extra special as the cruise line made its long-awaited return to my home port of Seattle. This was also my first time cruising since COVID and I was curious to see whether I would feel safe enough to enjoy it. NCL's health and safety protocols are operating with reduced capacity and require all guests and crew to be fully vaccinated, with no exceptions. Still, guests must undergo rapid COVID testing on the day of embarkation, which not only reassured me but meant we could go mask-free while on the ship. I loved sailing with these new protocols and can't wait to sail mask-free with NCL again. Here's what my experience was like.Here's what it was like to sail on Norwegian Cruise Line ship for vaccinated guests. Embarkation Norwegian Encore in Ketchikan for the first time after 500 days. Lori A. May/Insider I arrived at the cruise port early because I wasn't sure how long it would take to board with the new pre-cruise testing requirements. During the embarkation process, rapid antigen tests were administered and paid for by the cruise line. All I had to do was complete the online registration and show up a little earlier to allow time for test results to come through.  Pre-boarding COVID testing Guests awaiting rapid tests prior to boarding. Everyone wore a mask while awaiting their results. Lori A. May/Insider A lengthy line led into the testing center, located within a conference room at a neighboring port hotel. But considering a few thousand people were getting tested on the same day, the experience was quite efficient and the test itself only took a minute.I waited for my results in a crowded room of eager cruisers, but everyone wore masks so I wasn't too worried about the large group. Test results take anywhere between 15 minutes to two hours, depending on how many were being conducted at a given time. My own negative results came through about an hour after arrival. Checking in to my stateroom Cabin stewards still create towel animals as part of stateroom cleaning and turndown service. Lori A. May/Insider At check-in, I was surprised to find that there was no line. I walked right up to the desk, received my stateroom key, and immediately boarded. It was one of the fastest processes I've ever experienced on a cruise.I was booked in a standard balcony stateroom on Deck 11, Forward, with approximately 300 square feet and one Queen bed. I dropped off my luggage and briefly met my cabin steward who noted rooms would be cleaned once per day. As expected, mine was already sparkling clean with a towel animal on the bed to greet me. The pool deck Guests exploring the pool deck prior to sail-away with Norwegian Encore at the port of Seattle. Lori A. May/Insider Next, I headed to where I always go first after boarding a cruise — the pool deck.With a reduced capacity sailing, I was overjoyed to see there would be no rush to secure a lounge chair by the pool. Likewise, there were no waits to zip down the waterslide.There were several pool options on the Norwegian Encore, including a splash pad dedicated to the children. However, due to the vaccine requirements, there were no small kids on my cruise. Dining on board Norwegian Encore has mini buffets in observation lounges, in addition to the Garden Café buffet. Lori A. May/Insider With reduced capacity, there was never a wait to be seated at dining venues.There were several free dining venues on Encore, in addition to a la carte specialty restaurants including Italian fare, traditional Mexican, a steakhouse, and fine French dining. There were also two options for outdoor seating and taco and pizza spots for quick bites.And since everyone on board was vaccinated, guests were able to partake in the classic cruise buffet experience. The Garden Café buffet was easy to navigate with several food stations and the crew was always on hand to tidy spills and routinely replace utensils. Celebrating missed milestones Norwegian Encore helped buffet guests celebrate missed holidays and milestones. Lori A. May/Insider On the first full day of sailing, the buffet served a special lunch to help guests celebrate all the milestones and celebrations missed during the pandemic.There were stations dedicated to anniversaries, birthdays, Valentine's Day, Christmas, New Year's, graduation, and more. NCL’s crew are well-known for their washy-washy song, encouraging guests to wash up before heading into dining areas. Lori A. May/Insider While guests don't need to wear masks, even at indoor venues, the crew consistently wore them. The crew must also be vaccinated, but this extra layer of safety seemed to put some guests at ease. It was wonderful to see how happy the crew were to be back to work. They put a smile on my face every day, whether it was hearing them sing their "washy washy" song by the sanitizer stations or creating cute towel animals in my stateroom every day. Daily entertainment The Choir of Man performs on Norwegian Encore and is included in the cruise fare. CTS Photos Also included within the cruise fare was an endless list of entertainment options, like The Choir of Man musical on the main stage, in addition to variety and comic performances, interactive game shows such as "Deal or No Deal," and social mixers like trivia, karaoke, and dance lessons. Activities at sea My pass for Mandara Spa allowed daily access to the relaxing, quiet space with an incredible ocean view. Lori A. May/Insider Add-on activities were available for an additional fee, including virtual reality in the Galaxy Pavilion, Norwegian Encore Speedway — the largest racetrack at sea — and wellness offerings at Mandara Spa.While massages are always a nice treat, I opted for a weekly spa pass to use the therapy pool circuit and dipped into a rejuvenating body temperature pool every day after returning from port. In port: Ketchikan, Alaska Local tribal members celebrate the arrival of Norwegian Encore with a ribbon-cutting ceremony at The Mill at Ward Cove in Ketchikan. CTS Photos During my sailing, NCL unveiled a new port just outside of Ketchikan, Alaska. During the ribbon-cutting at The Mill at Ward Cove, local tribal members joined the celebration and guests seemed to really love the new facility, which offered quick access to area attractions like Tongass National Forest. While masks weren't required on the ship, they were required while visiting Alaskan ports Excursions NCL guests waiting to board shuttle buses back to The Mill at Ward Cove. Lori A. May/Insider However, for those who wanted to go into downtown Ketchikan, the shuttle bus system was quite time-consuming.Guests were required to first receive a ticket for the shuttle, then wait to board, and then take the drive into town, and then endure a lengthy wait to return, all of which ate up valuable port time. This was really the only time I saw people clustered together. In port: Icy Strait Point The new arrival center in Icy Strait Point has a free gondola ride for guests. Lori A. May/Insider In Icy Strait Point, passengers were able to spread out a bit more thanks to a new free gondola ride that transports guests across the destination, from port shops to the zipline and museum attractions.The local staff made sure to limit how many people boarded each gondola, so there were never more than four people on each ride during my visit.  NCL president Harry Sommer and his family enjoying the day in Icy Strait Point. Lori A. May/Insider In Icy Strait Point, I actually spotted Harry Sommer, the president and CEO of Norwegian Cruise Line. He was there with his family, enjoying the sights and celebrating the latest developments of this cruise port like any other guest. The return of cruising I had a chat with NCL president Harry Sommer about his excitement in returning to cruising. Lori A. May/Insider I wasn't at all surprised to see Harry Sommer enjoying the cruise with his family, as I knew he was aboard the Encore to celebrate the comeback cruise. I even had a chance to sit down with him for a few minutes where he shared his excitement about returning to cruising. Sommer had already sailed with the Greek cruise comeback, but his wife insisted they enjoy the Alaska cruise, too. How much it costs to cruise Here I am snapping photos of icebergs while sailing through Dawes Glacier. CTS Photos A weeklong cruise to Alaska with NCL starts as low as $399 per person and includes meals in three different dining rooms, the buffet, and 24-hour pub fare, and daily entertainment.Caribbean cruises start as low as $299 per person, while sailings along the Mexican Riviera start at $489 per person. Cruisers can also take advantage of booking deals right now, and Norwegian offers a wonderful selection of cabins for solo travelers, which most cruise lines do not. The bottom line On this reduced capacity sailing, there was never a wait for anything, whether in the spa, on the pool deck, or even in the casino.And, with staggered entry and exit at ports of call, there wasn't the usual mad rush to get off the ship. There was some crowding in ports, but mostly due to a shuttle system that could use improvements. Mostly, though, I loved sailing on a 100% vaccinated cruise. I felt confident in NCL's health protocols, and safe knowing that everyone around me was vaccinated and tested negative prior to boarding. Most of all, I appreciated that I could enjoy going mask-free without lines or venue restrictions. I've heard of no COVID cases on my sailing, either. That doesn't guarantee that no cases happened, but to my knowledge, none were discovered. In fact, the only NCL cruise that has reported a positive case was one where a vaccinated guest tested positive prior to the cruise and therefore couldn't board.Finally, right now is a great time to sail with fewer crowds and many deals, including discounts on purchases made on the ship. I simply can't wait to book my next mask-free cruise. Book a Norwegian Cruise Line sailing starting at $299 per person FAQ: Norwegian Cruise Line When is Norwegian Cruise Line sailing again? Now! Norwegian Cruise Line first returned to sailing in the Greek Isles this summer, while their first cruise from a U.S. port in over 500 days started in Seattle in August 2021 to relaunch the Alaska cruise season. The first sailings to relaunch from Los Angeles will take place in October 2021 aboard the Norwegian Bliss. Will Norwegian Cruise Lines require a COVID vaccine?Yes, Norwegian Cruise Line is sailing with a 100% vaccination requirement for crew and guests, no exceptions. While that means younger kids who don't yet qualify for vaccination aren't able to sail quite yet, it does mean guests are assured that all fellow passengers are completely vaccinated. Ships have also been fitted with medical-grade air filtration systems and are constantly cleaned and sanitized. A dedicated Public Health Officer oversees each sailing to ensure no suspicious sniffle goes undiagnosed.  I'm vaccinated. Do I still have to take a COVID test before sailing on Norwegian Cruise Line? Yes, in addition to the 100% vaccination policy, all NCL guests must currently take a pre-cruise COVID test on the day of embarkation. This test is administered and paid for by the cruise line, so passengers won't have to make their own arrangements or spend extra money. Rapid tests are conducted at the port, prior to boarding. My kids aren't vaccinated. Can they cruise with me?Since the policy prohibits minors who aren't yet eligible for vaccines to sail, only vaccinated children can cruise right now. The youngest cruisers I noticed during my cruise were tweens and teens.Are masks required on board Norwegian Cruise Line? At no point aboard the ship are passengers required to wear masks. The vaccination and testing requirement combined means guests can enjoy all parts of the ship without social distancing or wearing a mask.However, when visiting ports of call, passengers will need to follow local health guidelines, including mask mandates where applicable. How else is NCL ensuring guest safety aboard their cruises?Norwegian Cruise Line has a new, staggered embarkation process to streamline check-in and get passengers on their way to vacation fun faster than ever. Boarding documentation is handled electronically to speed up the process and reduce touch points. On board, guests will enjoy a reduced capacity sailing, which means there's never a wait for the water slides or finding loungers by the pool. Reservations for specialty restaurants are all done electronically, too, with the Cruise Norwegian App, which is free for everyone to use, no internet required. Is Encore the newest ship from Norwegian Cruise Line? Norwegian Bliss debuted in April 2018 and then Norwegian Encore first set sail in November 2019 as the newest ship, right before the pandemic hit. The next ship to debut from NCL is Norwegian Prima, which will start its inaugural celebrations in late 2022 before home porting in Galveston, Texas for the 2023 and 2024 season. Tony Award-nominated musical "Summer: The Donna Summer Musical" will be the headlining show for Norwegian Prima, and ports of call will include Costa Maya and Cozumel, Mexico; Roatan Island, Honduras; and Harvest Caye, Norwegian's private island destination in Belize. Read the original article on Business Insider.....»»

Category: topSource: businessinsiderSep 30th, 2021

Trader Joe"s opens Thursday in Greensboro; Publix to follow next month

Trader Joe's will open its doors at 3721 Battleground Ave. in Brassfield Shopping Center at 9 a.m. after a brief ribbon-cutting ceremony. The opening-day festivities will include tastings, giveaways and live music. Store hours will be 9 a.m.-9 p.m. d.....»»

Category: topSource: bizjournalsOct 22nd, 2019

Midwood signs Burlington Stores at LI shopping center

Midwood Investment & Development, a national real estate investment and development firm founded in New York in 1925, has secured Burlington Stores as its new tenant at Expressway Plaza in Farmingville, New York. Burlington recently celebrated the grand opening with a ribbon cutting ceremony, local school donation and customer giveaways. Located at... The post Midwood signs Burlington Stores at LI shopping center appeared first on Real Estate Weekly. Midwood Investment & Development, a national real estate investment and development firm founded in New York in 1925, has secured Burlington Stores as its new tenant at Expressway Plaza in Farmingville, New York. Burlington recently celebrated the grand opening with a ribbon cutting ceremony, local school donation and customer giveaways. Located at 2280 North Ocean Avenue, the national retailer occupies 33,483 s/f as part of a long term lease. As Burlington continues to expand across New York, the new opening brings the total number of store locations in the state to 49. The new Farmingville location features an updated, clean design making it easy for customers to navigate and find fresh merchandise. “As Burlington expands across New York, their presence at Expressway Plaza solidifies the ongoing robust demand for physical retail locations and experiences for customers and communities,” said John Usdan, CEO and President of Midwood Investment & Development. JOHN USDAN “We’re grateful to have worked closely with Councilman Kevin LaValle and the Town of Brookhaven to bring quality retailers to the community and are delighted to welcome such a nationally beloved store to Expressway Plaza.” Expressway Plaza is a grocery anchored open air shopping center boasting more than 285,000 s/f of retail stores and restaurants. Situated in one of the busiest intersections of Suffolk County, additional tenants include Starbucks, City MD, LA Fitness and Burger King, among others. To help mark the grand opening, Burlington donated $5,000 to Lynwood Avenue Elementary School through its longstanding partnership with Funds will be used to support teachers and their classrooms so that they can purchase materials needed for their students to better learn and succeed. Midwood Investment & Development was represented by Jessica Vilmenay and Kenneth Schuckman of Schuckman Realty in the transaction. Burlington was represented by Clifford Simon from CNS Real Estate. The post Midwood signs Burlington Stores at LI shopping center appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklyDec 7th, 2021

After Hours: MOSAC ribbon-cutting ceremony

Several elected officials attended a ribbon-cutting ceremony for the SMUD Museum of Science and Curiosity, also known as MOSAC, on Nov. 12.  Construction to transform the 1912-built former gas-fired power plant near the edge of Sacramento's Railyards District into an $83 million science museum began in 2018. The museum at 400 Jibboom St., which aims to be a regional hub for science education, is now open to the public. See photos of the ribbon-cutting ceremony with the slideshow above, and….....»»

Category: topSource: bizjournalsNov 25th, 2021

Officials hold ribbon-cutting ceremony at I-579 CAP Park connecting downtown and Hill District

The three-acre park will aim to serve as a new link to the Hill District and downtown neighborhoods, a link that was destroyed in the 1950s with the installation of interstate and Civic Arena......»»

Category: topSource: bizjournalsNov 22nd, 2021

The Trump Organization is selling its historic Washington, DC hotel and the new operator will rebrand it with Waldorf Astoria — see inside the property

The hotel has lost millions in revenue since 2016, according to a House committee audit, and the family has agreed to sell it for $375 million. Jabin Botsford/The Washington Post via Getty Images The grand opening of the Trump International Hotel in Washington, DC was held on October 26, 2016. Over the years, the hotel became a meeting ground for conservative groups and Trump associates.  The Wall Street Journal reported the hotel will be sold for $375 million and rebranded as a Hilton Waldorf Astoria. October 26, 2016, marked the grand opening and ribbon-cutting ceremony of the Trump International Hotel in Washington, DC. The hotel is located inside the Old Post Office Pavilion, which dates back to 1899 and required $200 million in renovations. According to the Wall Street Journal, the building is owned by the federal government and has a near 100-year lease.Along with being known for its high price tags — one night in the presidential suite cost $15,000 — the hotel became a meeting ground for conservative groups and Trump associates. In 2019, The Washington Post reported that Attorney General William Barr booked the hotel for a private holiday party, which cost upwards of $30,000.Despite its glamour, the hotel lost millions in revenue since 2016, according to a House committee audit, and on Monday, The Journal reported the family has agreed to sell the hotel for $375 million.Keep reading for a look inside the hotel and its controversial five-year life.Previous versions of this article were written by Sarah Jacobs and Libertina Brandt.The hotel is located near the corner of Pennsylvania Avenue and 12th Street, just a 15-minute walk from The White House South Lawn.AaronP/Bauer-Griffin/GC ImagesSource: Google MapsCrystal chandeliers hang in the lobby. The hotel's ballroom — the largest in Washington, DC — was named the "Presidential Ballroom."ShutterstockSource: TrumpHotels.comAn old mail chute remains, a nod to the building's past as a busy post office.Kevin Lamarque/ReutersSource: TrumpHotels.comRooms start at $297 a night for a deluxe room and go up to $15,000 a night for the presidential suite with unrestricted access to all amenities. Booking the Trump townhouse with amenities set guests back $25,000 a night. There is also the very first Ivanka Suite, which costs $1,047 a night.Washington Post reporter Monica Hesse inside the Trump International Hotel.Marvin Joseph/The Washington Post via Getty ImagesSource: TrumpHotels.comThose amenities include the 10,000-square-foot spa and fitness center designed by Ivanka Trump.A doorman at the entrance of the Trump International Hotel Washington.Kevin Lamarque/ReutersSource: TrumpHotels.comAnd as for the decor, you can't go far without seeing a Trump-branded product.Brooks Kraft/ Getty ImagesSource: Getty ImagesConference rooms were named after former presidents — and, in line with his style, after Trump himself.Justice Neil Gorsuch speaking at the Trump International Hotel in Washington, DC.Alex Wong/Getty ImagesSource: TrumpHotels.comDining options include David Burke's steakhouse BLT Prime and the Benjamin Bar & Lounge.Marvin Joseph/The Washington Post via Getty ImagesSource: TrumpHotels.comBLT Prime has tables in the mezzanine, with views of the clocktower, but there is also more intimate seating available in the lower level.ZACH GIBSON/AFP/Getty ImagesSource: TrumpHotels.comThe decor was chosen by Ivanka Trump, partnering with the design firm HBA.Linda Davidson/The Washington Post via Getty ImagesSource: The Daily BeastAlso on offer in the atrium's Benjamin Bar and Lounge are ounce-sized samplings of rare wines served on a silver Fox NewsThe cocktail menu also includes several pricey drinks, with the most expensive bottle of champagne setting guests back $2,650.A waiter pouring champagne in the Trump International Hotel in Washington, DC.REUTERS/Kevin LamarqueSource: TrumpHotels.comThe Trump International Hotel in Washington, DC was opened to guests in September of 2016. However, the grand opening was held a month later in October.Chip Somodevilla/Getty ImagesSource: USA TodayIn August of 2019, the Washington Post reported that Attorney General William Barr booked the hotel for a private holiday party in December that cost upwards of $30,000.President Trump and Attorney General William Barr.Chip Somodevilla/Getty ImagesSource: Business Insider, The Washington PostWhile critics said Barr booked Trump's hotel to win favor with his boss, the former Attorney General claimed it was the only hotel available in Washington DC after exhausting other options. According to The Washington Post, the Department of Justice "determined that ethics rules did not prohibit him from hosting his annual party at the Trump hotel."A exterior image of the hotel.Alex Wroblewski/Getty ImagesSource: The Washington PostOn election night in 2020, the hotel's 263 rooms were sold out as the Trump Campaign planned to host an "epic" party at the business. However, the event was canceled before November 3 due to COVID-19 restrictions in the city.Trump speaks at a campaign rally for Senate Republican candidates in Valdosta, GeorgiaEvan Vucci/Associated PressDuring its short five-year life, the hotel was visited by many of President Trump's associates, like former Vice President Mike Pence and former Second Lady Karen Pence.Vice President Mike Pence and Karen Spence speak at the Trump International Hotel in Washington, DC in January of 2019.Paul Morigi/Getty Images for Save the StorkSource: Getty ImagesTrump is the first president in modern history to own a business while in office, according to NBC News, though he claimed it was being run by his sons. Nevertheless, dozens of foreign representatives reportedly spent money at the hotel.Trump International Hotel dining roomBusiness Wire via APSource: NBC NewsThe Trump Hotel also hosted representatives from 33 countries after he won the 2016 presidential election, like Egyptian parliament member Dalia Youssef and Nigerian Vice President Yemi Osinbajo.Donald Trump with African leaders, including Yemi Osinbajo, at G7 Summit in Italy 2017Andrew Medichini/Associated PressSource: ForbesThe visitations drew criticism of the former president, with people like Jordan Libowitz, communications director for Citizens for Responsibility and Ethics in Washington (CREW), saying Trump was getting paid to be influenced.Trump speaking with lawmakers in Cabinet Meeting Room of the White HouseManuel Balce Ceneta/Associated PressSource: Insider, VoxAfter five years of glamour and controversy, Trump's prized DC hotel is being acquired by Miami-based CGI Merchant Group for $375 million. The firm plans to remove Trump's name and replace it with Hilton's Waldorf Astoria, reported The Wall Street Journal. According to The Journal, the contract has already been signed and the sale will be closed in Q1 2022.Waldorf Astoria hotel in Las VegasMark Lennihan/Associated PressSource: Insider, The Wall Street JournalOver the years, Trump "grossly exaggerated the financial health" of the business, according to documents released by the House Oversight Committee, with the hotel losing $73 million from 2016 to 2020.Trump International HotelMark Tenally/Associated PressSource: InsiderMoreover, Trump had to "inject at least $24 million to aid the struggling hotel," according to the House committee audit.Trump International HotelAlex Brandon/Associated PressSource: InsiderThe hotel's new owners hope to remove politics from the hotel's past. "If it becomes affiliated with a luxury brand, that brand can create a new identity for the property," Sean Hennessey, chief executive of Lodging Advisors, told The Journal in October.Trump International HotelBusiness Wire via APSource: The Wall Street JournalRead the original article on Business Insider.....»»

Category: dealsSource: nytNov 15th, 2021

Elon Musk just lost $50 billion in 2 days, but he"s still the world"s richest person. Here"s how the Tesla and SpaceX CEO makes and spends his $288 billion fortune.

Elon Musk's net worth has soared since onset of the pandemic. And even when he loses billions, he's still significantly wealthier than Jeff Bezos. Patrick Pleul/picture alliance via Getty Images Elon Musk just lost $50 billion in just two days, but he's still the richest person in the world. A notorious workaholic, Musk doesn't spend his money on lavish vacations or expensive hobbies. Here's how Musk makes and spends his $288 billion fortune. Decades before becoming a father of six and amassing an $288 billion fortune, Musk taught himself to code as a child growing up in South Africa. By the time he was 12, he sold the source code for his first video game for $500. SpaceX and Tesla CEO Elon Musk works at his desk in 2008. OnInnovation/Flickr Source: MONEY Just before his 18th birthday, Musk moved to Canada and worked a series of hard labor jobs, including shoveling grain, cutting logs, and eventually cleaning out the boiler room in a lumber mill for $18 an hour - an impressive wage in 1989. OnInnovation/Flickr Sources: MONEY, Esquire - Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future Musk got a pay cut to $14 an hour when he started a summer internship alongside his brother, Kimbal, at the Bank of Nova Scotia after cold-calling - and impressing - a top executive there. Elon Musk, founder, CEO and lead designer at SpaceX and co-founder of Tesla, speaks at the International Space Station Research and Development Conference in Washington, U.S., July 19, 2017. Aaron P. Bernstein/Reuters Sources: MONEY, Esquire - Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future After he arrived for his freshman year at Queens University in 1990, Musk quickly picked up a side hustle selling computer parts and full PCs to other students. "I could build something to suit their needs like a tricked-out gaming machine or a simple word processor that cost less than what they could get in a store," Musk said. Elon Musk. Larry Busacca/Getty Images for The New York Times Sources: MONEY, Esquire - Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future Within two years, Musk transferred to the University of Pennsylvania on a partial scholarship. f11photo/Shutterstock Sources: MONEY, Esquire - Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future To cover the rest of his tuition, Musk and a buddy would turn their house into a speakeasy on the weekends, charging $5 at the door. "I was paying my own way through college and could make an entire month's rent in one night," Musk said. Tesla Elon Musk, CEO of Tesla Motors, reacts to a reporter's question following the electric automaker’s initial public offering on Nasdaq, Tuesday, June, 29, 2010 in New York. AP Photo/Mark Lennihan Sources: MONEY, Esquire - Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future Musk graduated with a bachelor's degree in physics and an economics degree from the Wharton School and moved on to Stanford to pursue his PhD. REUTERS / Phil McCarten Source: MONEY He left the program within days to build an internet startup with his brother. They started Zip2, a city guide software for newspapers, with $28,000 in seed money from their father. Kimbal Musk, Elon's brother. Fred Prouser/Reuters Source: MONEY Four years later, in 1999, they sold Zip2 for $307 million, earning Musk $22 million. He invested more than half of his earnings to cofound, an online banking service. Elon Musk at SpaceX Hyperloop Pod II competition in Hawthorne, California Reuters/Mike Blake Source: MONEY The company quickly merged with its rival and became PayPal, with Musk as the majority shareholder. In 2002, eBay bought PayPal and Musk walked away with $180 million. Paypal CEO Dan Schulman (C) celebrates with employees during the company's relisting on the Nasdaq in New York. Reuters/Lucas Jackson Source: MONEY Musk turned his attention to his new space exploration company, SpaceX, after leaving PayPal. A few years later he cofounded electric-car maker, Tesla, and then SolarCity, a solar power systems provider. The success of these companies eventually launched him into the billion-dollar club - but not before he went broke. Reuters Source: VentureBeat In late 2008, Musk divorced his first wife and it took a toll on his finances. A year later, Musk said he "ran out of cash" and had been living off loans from friends while trying to keep his companies afloat. Brendan McDermid/Reuters Sources: VentureBeat, Forbes, TechCrunch But when Tesla debuted on the stock market in 2010, Musk's fortune skyrocketed. By 2012, he appeared on Forbes' richest list for the first time with a net worth of $2 billion. Tesla Source: Forbes Nearly a decade later, Musk has amassed an $288 billion fortune - but it's not very liquid. Remarkably, Musk made his billions without ever taking a paycheck from Tesla, because the CEO refuses his minimum salary every year. By 2020, Tesla cut his paycheck down to zero. Getty/Kevork Djansezian Source: Bloomberg, Insider Musk's complicated salary structure means that he's awarded stock options when Tesla hits challenging performance metrics. When Tesla does well, Musk's wealth soars. Maja Hitij/Getty Images Source: Insider But Musk has said himself that he's cash-poor. "Some people think I have a lot of cash," Musk told investor Cathie Wood on a podcast last year. "I actually don't." Like a lot of other high-powered executives, Musk relies on mortgages and credit day-to-day. Elon Musk Pool Source: Insider Over the years, the CEO has purchased more than $100 million in residential property in California. He has since offloaded much of his real estate after vowing to sell it all and "own no house" last year. Google Maps Source: The Real Deal, Variety, Insider As the leader of one of the preeminent auto-makers, it's no surprise Musk has an affinity for cars. Back in 2013, he paid $920,000 at an auction for the Lotus Esprit submarine car used in a James Bond movie. AP Source: MONEY, CNBC In addition to driving Teslas, Musk has owned a few gas-powered cars including a Ford Model T, a Jaguar E-Type Series 1 Roadster, a McLaren F1 (which he later totaled), an Audi Q7, a Hamann BMW M5, and a Porsche 911. Not Elon Musk's Jaguar. DeFacto/Wikimedia Commons Source: Insider Despite having funds to spare, Musk isn't a fan of lavish vacations - or any vacations for that matter. In 2015, he said he'd only taken two weeks off since founding SpaceX about 12 years earlier. Yichuan Cao/NurPhoto via Getty Images Sources: Inc, Quartz Musk has five children with his first wife, Justine Musk. In a 2014 tweet, Musk said he takes the kids on an annual camping trip. "I'm a pretty good dad," he said. "I have the kids for slightly more than half the week and spend a fair bit of time with them. I also take them with me when I go out of town." Elon Musk with two of his sons and now ex-wife Talulah Riley. AP Photo/Mark Lennihan Sources: Twitter, Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future Musk and Canadian musician Grimes welcomed a baby boy in May 2020 named X Æ A-Xii Musk - they appear to call the baby "X" for short. (Musk and Grimes have since broken up.) Musk and Grimes. Jason Kempin/Getty Images Source: Insider, Insider At the end of the day, the multibillionaire says he enjoys inexpensive hobbies like listening to music, playing video games, and reading books. "Hang out with kids, see friends, normal stuff," he said. "Sometimes go crazy on Twitter. But usually it's work more." REUTERS/Stephen Lam Source: Quartz In August 2018, Musk told The New York Times that he had taken to working 120 hours a week. "There were times when I didn't leave the factory for three or four days - days when I didn't go outside," he told The Times. "This has really come at the expense of seeing my kids. And seeing friends." Engineer and tech entrepreneur Elon Musk of The Boring Company listens as Chicago Mayor Rahm Emanuel talks about constructing a high speed transit tunnel at Block 37 during a news conference on June 14, 2018 in Chicago, Illinois. Getty Images/Joshua Lott Source: The New York Times Musk said on an earnings call in 2017 that he doesn't have a desk at the Tesla factory: "I always move my desk to wherever - I don't really have a desk actually - I move myself to wherever the biggest problem is in Tesla. I really believe that one should lead from the front lines, and that's why I'm here." Benjamin Zhang/Business Insider Sources: Insider, Fortune Musk admitted to spending "many late nights" at Tesla's Nevada Gigafactory re-writing software during a production sprint for the Model 3. Elon Musk showing YouTuber Marques Browne around the Gigafactory 1 Marques Browne/YouTube Source: Fortune For a story published in August 2018, Insider reporters spoke with 42 Tesla employees who said Musk is a visionary, but also unpredictably demanding. Tesla Motors Source: Insider Musk said in June 2019 that he even planned to spend his 48th birthday on June 28 at work, improving the company's "global logistics." Tesla CEO Elon Musk walks onto the stage to introduce the Model Y at the company's design studio Thursday, March 14, 2019, in Hawthorne, Calif. AP Source: Insider Musk told CBS' "60 Minutes" that he is, in fact, "somewhat impulsive" and doesn't "really want to try to adhere to some CEO template." Getty Source: Insider Not only does Musk spend a ton of time at Tesla, he also spends a lot of his money on the company. In the first six months of 2018, he bought more than $35 million worth of shares in Tesla. Kevork Djansezian/Getty Images Source: CNN Musk also invests a lot of time, energy, and resources into SpaceX. John Raoux / AP Images Source: Insider SpaceX has raised billions to develop, build, and launch Starlink - an effort to cover Earth in ultra-fast broadband internet - and build the prototype of Starship, a gargantuan reusable space vehicle designed to bring people to Mars. The company was valued at $100 billion as of October 2021. The Es'hail-2 mission launches toward space aboard one of SpaceX's Falcon 9 rockets on November 15, 2018. SpaceX/Flickr (public domain) Source: Insider, CNBC Musk also helms The Boring Company, which he founded in 2016 to develop and construct underground tunnels in an effort to mitigate traffic. The Boring Company's Hawthorne, California, Tunnel. Robyn Beck/Pool via REUTERS Source: Insider According to The New York Times, The Boring Company raised over $112 million in 2018 - and more than 90% of it came from Musk. In 2019, the company raised outside funding for the first time to the tune of around $120 million. The Boring Company Source: The New York Times, Insider In 2012, Musk signed The Giving Pledge, vowing to donate the majority of his wealth during his lifetime. Though he's already in the business of improving our environment and the future during his day job, Musk has made sizable donations to causes he cares about, including a $10 million gift to the Future of Life Institute to regulate artificial intelligence. jurvetson / Flickr Sources: Twitter, Insider Musk found himself in legal trouble with the SEC in 2018 after he tweeted that he had obtained the funding to take Tesla private, which moved the company's stock price. Musk reached a settlement with the SEC in April 2019 in which he and Tesla both agreed to pay a $20 million penalty. Spencer Platt/Getty Images Source: Insider Musk moved Tesla share price again in May 2020, sending it down 13% after tweeting "Tesla stock price is too high imo." FILE PHOTO: Tesla Inc CEO Elon Musk speaks at an opening ceremony for Tesla China-made Model Y program in Shanghai Reuters Source: Markets Insider Musk's Twitter habits once again got him into legal trouble in 2019 after he called the British cave diver who helped rescue a Thai soccer team a "pedo guy"; the diver sued Musk, claiming defamation, but a jury ruled in Musk's favor. A courtroom sketch of British cave diver Vernon Unsworth during his defamation suit against Elon Musk. REUTERS/Mona Shafer Edwards Source: Insider Musk's net worth soared in 2020 amid the pandemic, increasing by 197% between March and August, according to an analysis by the Institute for Policy Studies. By December 2020, Musk had become the world's second-richest person behind Amazon founder Jeff Bezos. Jeff Bezos, left, and Elon Musk. REUTERS/Joshua Roberts Source: Insider Only a few months later, Musk became the world's richest person and his net worth has only grown since: Just last month, Musk's wealth increased by $36 billion in a single day, the largest gain ever recorded by Bloomberg's Billionaires Index. Elon Musk. Steve Nesius/Reuters Source: Insider But after shares of Tesla plunged by 16%, Musk lost $50 billion in just two days. Tesla's share price dipped after a string of headlines, including a tweet from Musk asking if he should sell 10% of his Tesla stock. Still, Musk remains $82 billion richer than Bezos. Tesla CEO Elon Musk Britta Pedersen / POOL / AFP via Getty Images Source: InsiderTanza Loudenback and Taylor Nicole Rogers contributed to an earlier version of this story. Read the original article on Business Insider.....»»

Category: topSource: businessinsiderNov 10th, 2021

SUMMIT observatory opens at One Vanderbilt

SL Green Realty Corp. celebrated the grand opening of SUMMIT One Vanderbilt, its immersive observatory experience, today. SL Green executives, SUMMIT One Vanderbilt creators, One Vanderbilt partners and New York City leaders celebrated the occasion at a ribbon cutting ceremony to officially open the destination to its first visitors. SUMMIT One Vanderbilt... The post SUMMIT observatory opens at One Vanderbilt appeared first on Real Estate Weekly. SL Green Realty Corp. celebrated the grand opening of SUMMIT One Vanderbilt, its immersive observatory experience, today. SL Green executives, SUMMIT One Vanderbilt creators, One Vanderbilt partners and New York City leaders celebrated the occasion at a ribbon cutting ceremony to officially open the destination to its first visitors. SUMMIT One Vanderbilt opens as New York City welcomes back visitors from across the globe. SUMMIT One Vanderbilt will be enjoyed from morning to night as guests take in New York’s most stunning views through the truly unique pairing of AIR, a multi-sensory art installation, with the thrilling experiences of LEVITATION and ASCENT.  “This awe-inspiring destination in the heart of Midtown Manhattan is unlike any other experience in the world and it’s with great pride and excitement that we welcome our first visitors to SUMMIT One Vanderbilt today. The energy in New York City is palpable and we’re thrilled that SUMMIT One Vanderbilt can play a central role in its rebound as visitors come rushing back to the greatest city in the world,” said Marc Holliday, Chairman and CEO of SL Green. “We set out to create a truly unique destination for New Yorkers and visitors from around the world to explore and SUMMIT One Vanderbilt delivers – you need to experience it to understand it. From thrilling ways to take in the best views of Manhattan to the multi-level and multi-room immersive art experience called AIR, we expect people to visit again and again.” “As New York mounts its comeback, it is important that we recognize and celebrate projects like this that remind us and the world about the resiliency and energy of our city. By building and growing — and adding experiences that demonstrate what our city can offer — new attractions like SUMMIT One Vanderbilt will help New York reach new heights,” said Democratic Mayoral nominee Eric Adams. “New York City has always been a global beacon of hope, pride, resilience and energy. As such, it is fitting that SUMMIT One Vanderbilt – a literal beacon on the New York City skyline – celebrates its grand opening at a time when this City is returning. Despite the challenges over the last nearly two years, New Yorkers have shown more grit and determination than ever before as we all work together to bring New York City back to its full capacity and vitality,” saidLieutenant Governor Brian Benjamin. “A key part of Manhattan’s ongoing recovery from the COVID-19 pandemic will be the return of international tourism,” said Manhattan Borough President Gale Brewer. “World-class attractions will play a big part in bringing customers back to Manhattan and its restaurants, shops, and theaters. I congratulate SL Green on the opening of SUMMIT at One Vanderbilt.” “The debut of SUMMIT One Vanderbilt is perfectly timed as New York City continues its economic recovery and as the gates of international travel swing more widely open next month. We applaud SL Green for their extraordinary investment and encourage New Yorkers and visitors alike to discover this thrilling new attraction high above New York City,” said NYC & Company President and CEO Fred Dixon. The post SUMMIT observatory opens at One Vanderbilt appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklyOct 21st, 2021

New airline ITA has officially taken over for Alitalia - see the full history of Italy"s troubled flag carrier

Alitalia has officially ceased operations and handed the baton to newcomer ITA, which stands for Italian Air Transport. ITA Airways Chairman Alfredo Altavilla poses with rendering of new livery ITA Press Office/Handout via REUTERS Government-owned Alitalia ceased operations on October 15, marking the end of its 74-year era. Alitalia has been replaced by ITA Airways, a brand new airline that will not be responsible for the old carrier's debt. ITA plans to buy 28 Airbus jets, create a new aircraft livery, and launch a new loyalty program. Alitalia has officially ceased operations and handed the baton to newcomer ITA Airways, which stands for Italian Air Transport.Italy's national carrier Alitalia has had a rocky past full of financial struggles, employee strikes, and other damaging events, forcing it to make the decision to cease operations on October 15 after 74 years of service. The airline stopped the sale of tickets in August and has committed to refunding all passengers who were booked on flights after October 14.On Thursday, the airline flew its final flight from Cagliari, Italy to Rome, according to FlightAware, officially sealing the fate of Alitalia. On Friday, the country's new flag carrier ITA took its place with a new livery, airplanes, and network, flying its first route from Milan Linate Airport to Bari International Airport in southern Italy.-João ☕ (@joaointhesky) October 14, 2021 Here's a look at Alitalia's storied past and the plan of its successor. Alitalia as a brand began in 1946, one year after World War II ended, first flying in 1947 within Italy and quickly expanding to other European countries and even opening intercontinental routes to South America. Passengers disembarking from an Alitalia Douglas DC-3 aircraft. Archivio Cameraphoto Epoche/Getty Source: Boeing and Alitalia The full name of the airline was Italian International Airlines, a joint effort between the United Kingdom through British European Airways - a precursor to British Airways - and the Italian government. A British European Airways Vickers Viscount. Museum of Flight/CORBIS/Corbis via Getty Source: Boeing and Alitalia True to its name, Alitalia flew its first with Italian aircraft produced by now-defunct manufacturers in aerospace including Fiat and Savoia-Marchetti. An Alitalia Fiat G-12. Touring Club Italiano/Marka/Universal Images Group via Getty Source: Boeing and Alitalia Following a merger with Italy's other airline, aptly named Italian Airlines or Linee Aeree Italiane, in 1957, Alitalia - Linee Aeree Italiane became Italy's top carrier. A Linee Aeree Italiane Douglas DC-3. Touring Club Italiano/Marka/Universal Images Group/Getty Source: Boeing and Alitalia Armed with a sizeable fleet of 37 aircraft including the four-engine Douglas DC-6 and Corvair 340, the airline was ranked 12 in the world for international carriers. Passengers disembarking an Alitalia aircraft. Touring Club Italiano/Marka/Universal Images Group via Getty Source: Boeing and Alitalia As Europe returned to normalcy following the war, so did Italy and the 1960s became a pivotal decade for both the country and its airline as the 1960 Summer Olympics would be held in Rome. An Alitalia poster highlighting the upcoming Olympic Games in Rome. David Pollack/Corbis via Getty Source: Boeing and Alitalia The year saw Alitalia carry over one million passengers, introduce jets into its fleet, and move to a new home at Rome's Fiumicino Airport. Rome's Leonardo da Vinci Fiumicino Airport in 1961. Carlo Bavagnoli/Mondadori via Getty Source: Boeing and Alitalia Alitalia entered the jet age with a mix of European and American aircraft such as the Sud Caravelle SE210… An Alitalia Sud Caravelle. Touring Club Italiano/Marka/Universal Images Group/Getty Source: Boeing and Alitalia And the Douglas DC-8. An Alitalia DC-8. Adams/Fairfax Media via Getty Source: Boeing and Alitalia American aircraft largely comprised the airline's fleet once settled into the jet age with a short-haul fleet featuring the McDonnell Douglas DC-9 and later the McDonnell Douglas MD-80... An Alitalia MD-80. Etienne DE MALGLAIVE/Gamma-Rapho/Getty Source: Boeing and Alitalia Complemented by a similarly American-dominated long-haul fleet consisting of aircraft such as the Boeing 747. An Alitalia Boeing 747 chartered by Pope John Paul II. Scott Peterson/Liaison/Getty Source: Boeing and Alitalia The arrival of the 747 was a seminal moment for Alitalia and it was the first aircraft to wear the airline's famed green, white, and red livery with an "A" shape on the tail. Alitalia's red and green "A" tail design. Etienne DE MALGLAIVE/Gamma-Rapho/Getty Source: Boeing and Alitalia Alitalia was the first European airline to transition fully into the jet age and continued the switch with more wide-body aircraft such as the Airbus A300. An Alitalia Airbus A300. Images Group/Getty Source: Boeing and Alitalia Other aircraft that would join the Alitalia jet fleet included the McDonnell Douglas MD-11, McDonnell Douglas DC-10... An Alitalia McDonnell Douglas MD-11. Education Images/Universal Images Group/Getty Source: Boeing and Alitalia And Boeing 767-300ER for long-haul flights. An Alitalia Boeing 767-300ER. JOKER/Hady Khandani/ullstein bild/Getty Source: Boeing and Alitalia Alitalia even had uniforms designed by Georgio Armani, who also contributed to aircraft interior designs. Italian designer Georgio Armani. Vittoriano Rastelli/CORBIS/Corbis via Getty Source: Alitalia The airline's short-haul fleet later included a European favorite, the Airbus A320 family. An Alitalia Airbus A320 airplane approaches to land at Fiumicino airport in Rome Reuters Source: Boeing As Italy's national airline, Alitalia was also known for flying the Pope with the papal plane using the flight number AZ4000, better known as Shepherd One An Alitalia plane chartered by the Pope. AP Photo/Plinio Lepri Source: Telegraph Despite rising traffic throughout its history with Italy being a popular European tourist and leisure destination, the airline struggled with profitability. Alitalia check-in desks at Rome's Fiumicino Airport. ANDREAS SOLARO/AFP/Getty As a state-owned airline, Alitalia could always depend on the government to keep it flying, until the European Union stepped in and forbade financial support in 2006. An Alitalia Airbus A330. AP Photo/Riccardo De Luca Source: New York Times The 2000s then saw serious discussion into Alitalia's future with the Italian government wanting to sell its stake in the airline. The airline was opened for bidders in 2007 but yielded no results. A crow flying passed an Alitalia plane. AP Photo/Gregorio Borgia Source: New York Times Air France-KLM Group, the parent company of Air France and KLM as well as several smaller European airlines, then offered to buy the struggling airline but couldn't get labor unions on board and the deal collapsed. Alitalia and Air France-KLM Group signage. FILIPPO MONTEFORTE/AFP via Getty Source: Reuters The Italian government, not wanting to lose its flag carrier, continued to prop up its airline via emergency loans in violation of European Union rules. The European Commission in Brussels. Greg Sandoval/Business Insider Source: European Union The third attempt in two years to sell the airline came after the Air France-KLM Group deal collapsed with an investors group forming the Compagnia Aerea Italiana to purchase the airline, despite heavy pushback from labor unions. An Alitalia Boeing 777. VINCENZO PINTO/AFP/Getty Source: Reuters This Alitalia began operations in 2009, with Air France-KLM soon coming back into the picture taking a 25% stake from CAI. Alitalia meeting with Air France, Delta, and KLM executives. ALBERTO PIZZOLI/AFP via Getty Source: Financial Times The new airline quickly began differentiating itself from its former self, leasing aircraft instead of purchasing them with the fleet consisting of the Airbus A330 family… An Alitalia Airbus A330. Alberto Lingria/Reuters Source: FlightGlobal And Boeing 777 family comprising the airline's long-haul fleet. An Alitalia Boeing 777. Abner Teixeira/Getty Source: FlightGlobal It wasn't long before Alitalia was plagued with issues ranging from union strikes to underperforming subsidiaries and even a sting operation that saw Alitalia employees arrested for theft, according to contemporaneous news reports. Alitalia workers protesting at Fiumicino Airport. AP Photo/Alessandra Tarantino Source: New York Times and BBC With bankruptcy looming in 2013, Alitalia secured another bailout with help from the government that highlighted the need for restructuring. An Alitalia Airbus A320. AP Photo/Antonio Calanni Source: New York Times Alitalia saw a new investor in 2015, Eithad Airways, which would take a 49% stake in the airline and Alitalia - Compagnia Aerea Italiana became Alitalia - Societa Aerea Italiana. Alitalia and Etihad celebrating a new partnership. AP Photo/Antonio Calanni Source: Alitalia With a new investor in tow, Alitalia began cost-cutting measures but facing a backlash from employees due to planned job cuts, the airline began bankruptcy proceedings and the government announced Alitalia would be auctioned. Alitalia and Etihad's merger livery. AP Photo/Antonio Calanni Source: Reuters Meanwhile, another airline was positioning itself to become the new Italian flag carrier, the aptly named Air Italy. An Air Italy Airbus A330-200. Air Italy Rebranded from Meridiana, a regional Italian airline, Air Italy was jointly owned by private company Alisarda and Qatar Airways. A Qatar Airways Boeing 777-200LR. Thomas Pallini/Business Insider The airline chose Milan as its main hub ceding Rome to Alitalia. Long-haul flights from Milan to New York began in June 2018, with expansion to Asia happening soon after. Air Italy's inaugural ceremony for Milan-New York flights. David Slotnick/Business Insider Affected by the grounding of the Boeing 737 Max and without the Italian government as a benefactor, Air Italy closed up shop in early 2020, giving back full control of Italy to Alitalia. An Alitalia Airbus A320. ALBERTO PIZZOLI/AFP/Getty While Air Italy was getting its start, the Italian government would once again seek outside investors with European, North American, and Asian airlines expressing interest in Alitalia. Alitalia aircraft in Italy. Alberto Lingria/Reuters Among those interested were UK low-cost carrier EasyJet... EasyJet airplanes are pictured at Tegel airport in Berlin. Reuters Source: Bloomberg Irish low-cost carrier Ryanair… A Ryanair commercial passenger jet takes off in Blagnac near Toulouse. Reuters Source: The Guardian The Lufthansa Group… Strike of Germany's cabin crew union UFO at Frankfurt airport. Reuters Source: CNBC Delta Air Lines… A Delta Air Lines Boeing 777-200. James D. Morgan/Getty Source: Bloomberg And China Eastern Airlines… A China Eastern Airlines Airbus A320. REUTERS/Jon Woo Source: Reuters As well as Italian railway group Ferrovie dello Stato Italiane. A Ferrovie dello Stato Italiane train. TIZIANA FABI/AFP via Getty Source: Reuters One after the other, the airlines dropped their interest, and ultimately, the Italian government re-nationalized the airline on March 17 during the coronavirus pandemic. Alitalia was re-nationalized amid the coronavirus pandemic. Budrul Chukrut/SOPA Images/LightRocket/Getty Source: Reuters  Despite bailouts from the state, the pandemic and subsequent lockdown of Italy took the ultimate toll on Alitalia, forcing it to make the decision to close the airline and launch a new one. Alitalia aircraft at the Frankfurt airport Vytautas Kielaitis/Shutterstock Source: The Local On August 25, the airline stopped selling tickets and announced on its website that it would be offering free flight changes or refunds for passengers booked on Alitalia flights after October 14. People at Alitalia check in counter TK Kurikawa/Shutterstock Source: The Local When the airline ceased operations, its successor, Italia Transporto Aereo, took its place. Alitalia's last flight flew from Cagliari, Italy to Rome on October 14, and ITA launched operations with a flight from Milan to Bari, Italy on October 15. ITA app and logo rarrarorro/Shutterstock Source: AeroTime Talks between the European Commission and Italy over Alitalia and ITA began in March 2021, with Rome designating 3 billion euros ($3.6 billion) to establish the new flag carrier. ITA signage at Catania airport rarrarorro/Shutterstock Source: Reuters Initially, ITA was slated to begin operations in April 2021, but lengthy discussions between Italy and the European Commission delayed its launch. Flags outside European Commission building in Brussels VanderWolf Images/Shutterstock Source: Reuters Part of the negotiations focused on confirming ITA's independence of Alitalia to ensure it did not inherit the billions of debt the old carrier owed to the state. Alitalia Airbus A319 Wirestock Creators/Shutterstock Source: Reuters Talks also included asking ITA to forfeit half of Alitalia's slots at Milan Linate Airport, which the airline was unwilling to do. Alitalia aircraft sit at Milan Linate airport Gabriele Maltinti/Shutterstock Source: Reuters ITA determined giving up that many slots at Linarte would be too big of a loss and proposed forfeiting slots at Rome Fiumicino Airport as a compromise. Alitalia check in counter Leonardo da Vinci Fiumicino airport TK Kurikawa/Shutterstock Source: Reuters At the end of the discussions, negotiators agreed to allow ITA to keep 85% of slots at Linate and 43% at Fiumicino. Green ribbon barrier with the ITA airline logo inside the Leonardo da Vinci airport rarrarorro/Shutterstock Source: Reuters Also under negotiation was Alitalia's brand and its loyalty program, MilleMiglia. The European Commission said ITA would have to give up both. Alitalia Airbus A320 Yaya Photos/Shutterstock Source: Reuters Under European Commission rules, MilleMiglia cannot be bought by ITA and must be put out for public tender, meaning another airline or entity outside the aviation industry can purchase the program. There are an estimated five million MilleMiglia miles that customers have not been able to use. Customer checking into an Alitalia flight Sorbis/Shutterstock Source: EuroNews However, ITA was able to bid on Alitalia's brand, which it did the day before its launch. The airline bought the Alitalia name for €90 million ($104 million), though ITA executives say they don't plan on replacing the ITA name. Alitalia aircraft Light Orancio/Shutterstock Source: Reuters ITA began operations on October 15, the day after Alitalia's last flight. The new airline secured €700 million ($830 million) in funding earlier this year, which helped it purchase some of Alitalia's assets. Alitalia employees with new livery in 2015 Simone Previdi/Shutterstock Source: Reuters The successor acquired 52 of Alitalia's aircraft, seven being wide-bodies, and has plans to purchase and lease new ones, the first of which will enter the fleet in early 2022. Alitalia Boeing 777 Deni Williams/Shutterstock Source: Reuters By 2025, the airline expects to have 105 aircraft in its fleet and earn over 3.3 billion euros in revenue. ITA logo with Alitalia aircraft Yaya Photos/Shutterstock Source: Reuters, Airways Magazine Moreover, ITA plans to renew its fleet with next-generation aircraft, which is expected to make up 77% of its fleet in four years. According to ITA, the aircraft will reduce CO2 emissions by 750 thousand pounds from 2021 to 2025. Milan Linate Airport Alexandre Rotenberg/Shutterstock Source: Airways Magazine, ITA Airways The 31 new-generation planes, which include short, medium, and long-haul aircraft, will be leased by Air Lease Corporation. Airbus A320neo Airbus Source: Airways Magazine Meanwhile, 28 new Airbus jets, including ten Airbus A330neos, seven Airbus A220 family aircraft, and 11 Airbus A320neo family jets, will be purchased. Airbus A220 Airbus Source: Airways Magazine As part of a carbon-reducing project, the first 10 flights to depart Rome on October 15 will use sustainable aviation fuels made by Italian energy company Eni. The project will contribute to the EU's "Fit for 55" proposal, which strives to reduce carbon emissions by at least 55% by 2030. Eni headquarters in Rome Source: Airways Magazine ITA introduced a new livery on launch day, which includes a light blue paint scheme representing unity, cohesion, and pride of the nation, as well as homage to Italy's national sports team, which wears sky blue during competitions. On the tail will be the Italian tricolor of red, white, and green. ITA Airways Chairman Alfredo Altavilla poses with rendering of new livery ITA Press Office/Handout via REUTERS Source: Airways Magazine In regards to its network, the carrier launched with 59 routes to 44 destinations. ITA plans to increase its routes to 74 in 2022 and 89 by 2025, while destinations are expected to increase to 58 in 2022 and 74 by 2025. ITA logo ITA Airways Source: Airways Magazine ITA will focus its operation out of Rome's Leonardo da Vinci International Airport and Milan Linate Airport, establishing itself as a "reference airline" for both business and leisure travelers. bellena/ Source: Airways Magazine The carrier also plans to target the North American market, with flights from Rome to New York launching on November 4. Joey Hadden/Insider Source: CNN As for the over 11,000 Alitalia workers, 70% were hired to work for ITA, which has 2,800 employees. 30% of that came from outside Alitalia. The company plans to add 1,000 new jobs in 2022 and reach 5,750 employees by 2025. Alitalia staff at Milan Linate Sorbis/Shutterstock Source: Reuters, Airways Magazine ITA plans to improve upon Alitalia's services, including incentivizing good customer service by attaching employee salary with customer satisfaction. Alitalia staff Sorbis/Shutterstock Source: CNN ITA has set up a loyalty program called Volare, effective October 15, which is split into four levels: smart, plus, premium, and executive. Customers can use accrued points for any flight in ITA's system. ITA app rarrarorro/Shutterstock Source: Airways Magazine According to ITA executives, the company plans to join a major international alliance, though it has not stated which one it prefers. Alitalia was aligned with the SkyTeam alliance, which is comprised of carriers like Delta, Air France, and KLM. Alitalia Embraer 190LR SkyTeam livery InsectWorld/Shutterstock Source: CNN, Reuters However, ITA chairman Alfredo Altavilla said it was open to all options. "ITA can't be a stand-alone carrier forever," he said. Alitalia Boeing 767 SkyTeam livery Eliyahu Yosef Parypa/Shutterstock Source: Reuters While it is the end of an era with the closing of Alitalia, there are high hopes for its successor. "ITA Airways has been created to intercept the recovery of air traffic in the coming years on the strength of the foundations of its strategy: sustainability, digitalization, customer focus, and innovations," said ITA CEO Fabio Lazzerini. Alitalia plane with ITA logo Yaya Photos/Shutterstock Source: Airways Magazine Read the original article on Business Insider.....»»

Category: personnelSource: nytOct 15th, 2021

Women-owned Type A completes first development under HPD opportunity program

Today, Type A Real Estate Advisors (Type A), a Women-Owned Business Enterprise (WBE) developer, in collaboration with JASA, an agency serving older New Yorkers, celebrated the opening of 1490 Southern Boulevard in a ribbon cutting ceremony. The property is the first development selected from HPD’s M/WBE Building Opportunity RFP to... The post Women-owned Type A completes first development under HPD opportunity program appeared first on Real Estate Weekly. Today, Type A Real Estate Advisors (Type A), a Women-Owned Business Enterprise (WBE) developer, in collaboration with JASA, an agency serving older New Yorkers, celebrated the opening of 1490 Southern Boulevard in a ribbon cutting ceremony. The property is the first development selected from HPD’s M/WBE Building Opportunity RFP to open its doors. It is 100 percent affordable senior housing with 114 units for households making up to 50 percent AMI, with 30 percent of units in the development set aside for formerly homeless older adults and one superintendent’s unit. The project is a continuation of a historic partnership between the non-profit and development sectors to combat the lack of affordable housing for seniors in New York City. Type A was selected to develop the city-owned site as part of Mayor de Blasio’s 2017 initiative to expand the capacity of MWBE firms in the real estate and construction industry, and has led the development to become the first of six projects within this plan to complete construction and lease up of its units. JASA, the largest nonprofit manager of senior housing in New York City, manages the residential units and common areas in the development. The organization also provides onsite staff to assist residents with social service needs such as accessing benefits and entitlements, home care, and meals, as well as programs and opportunities to participate in community and cultural events.  ANNIE TIRSCHWELL “This ribbon cutting marks an exciting milestone in our fight to address the clear lack of affordable housing for so many New Yorkers and is illustrative of the priorities and vision of  MWBE firms in our city,” said Annie Tirschwell, Partner at Type A. “This project is truly the product of the vision and the hard work of HPD, HDC, Council Member Salamanca, Borough President Ruben Diaz and our lenders whose investment in M/WBE firms was made evident today.” The development includes a second floor garden. In addition to the 114 affordable homes, the building features amenities such as 3,600 s/f of community and social service space for residents, a large second floor garden for passive recreation, a fitness center, laundry facilities, and a 2,500 square-foot landscaped and furnished terrace with inspiring city views. “1490 Southern Boulevard is the first development selected from HPD’s M/WBE Building Opportunity RFP to open its doors. What was once a vacant lot is now 114 affordable homes for low-income seniors, including those who have experienced homelessness,” said HPD Commissioner Louise Carroll. “HPD is proud to partner with Type A and JASA on this project, and we remain committed to expanding the participation of M/WBEs and nonprofits in the affordable housing industry.” “Bernheimer Architecture’s team designed the building to be a strong presence along Southern Boulevard, one that opens to the street, connects to the neighborhood, and is welcoming to its residents,” said Bernheimer Architecture Principal, Andy Bernheimer. “We are thrilled to have worked with this development team, to serve an in-need population, and to contribute to the growth of the Bronx.”  The post Women-owned Type A completes first development under HPD opportunity program appeared first on Real Estate Weekly......»»

Category: smallbizSource: nytSep 29th, 2021

Jamie Dimon Warns JP Morgan Bracing For "Potentially Catastrophic" US Default Debt-Ceiling Battle Drags On

Jamie Dimon Warns JP Morgan Bracing For "Potentially Catastrophic" US Default Debt-Ceiling Battle Drags On Now that Janet Yellen has confirmed Oct. 18 is the "drop dead" for Congress to lift the federal debt borrowing limit, progressives are pushing even harder against the Democratic leadership, which is stuck between appeasing the "Squad", and moderates like Sens. Joe Manchin and Kyrsten Sinema. Markets are starting to get anxious as there's no obvious path toward raising the debt limit and passing the Dems' financial agenda. So, with stocks in free-fall on Tuesday, JP Morgan CEO Jamie Dimon told Reuters that America's biggest bank by assets has begun preparing for the possibility that the debt ceiling might not be lifted in time. Dimon said that while he ultimately expects politicians to find a solution, a "catastrophic event" like what Yellen described during her Senate testimony today could still be imminent. Specifically, JPM has begun planning for a scenario for the US to default on its debt, and how this would impact repo and money markets, client contracts, the bank's capital ratios while also trying to discern how ratings' agencies might react. "This is like the third time we’ve had to do this, it is a potentially catastrophic event," he said. "Every single time this comes up, it gets fixed, but we should never even get this close. I just think this whole thing is mistaken and one day we should just have a bipartisan bill and get rid of the debt ceiling. It’s all politics," Dimon added. What Dimon is referencing are down-to-the-wire debt-ceiling battles in 2011 and 2017 under presidents Barack Obama and Donald Trump, respectively. But while Dimon has seen this show before, many market participants are growing increasingly worried that this time, the US might actually default. As far as the ratings agencies are concerned, markets are already pricing in higher credit risk for the US via short-term CDS, where insurance against a US default in September has skyrocketed. A major part of this preparation involves the bank combining through its client contracts, which is a resource-intensive process that cost the bank $100 million "if I remember correctly," Dimon said. Dimon, who was speaking to Reuters ahead of a ribbon-cutting ceremony at a new Chase branch in southeast Washington DC, part of a promise made by Dimon in a letter to shareholders, where he outlined certain efforts to recruit more customers and employees from "under-served" communities. Per Reuters, the branch is the eleventh of its kind JPMorgan has opened since 2019 in cities including New York, Detroit, LA and Chicago. As well as providing traditional services, the branches will also work with local community groups to provide free skills training and other support for minority-owned small businesses. "It’s not a traditional bank branch, we want it to be very welcoming, we want it to be attractive," said Dimon. Dimon also took a few minutes to criticize the Community Reinvestment Act, which requires regulators to "score" megabanks based on how well they accommodate "under-served" communities. Dimon said the law needs to be "modernized" to account for "technology-driven changes" to the banking business. “It is very complicated, very slow, very late, very hard to measure," Dimon said, adding that CRA assessments should be conducted in real time, as opposed to a retrospective review every few years. "Does it actually capture everything? No. Is it real time? No. Is it politicized? Absolutely." Biden’s acting Comptroller of the Currency Michael Hsu said earlier this month that's he planning to dump changes to fair-lending laws that had been imposed by his Trump-appointed predecessor. While Dimon used Tuesday's interview to flex JPM's ESG credentials, it's too bad nobody asked him for his thoughts on other looming market risks, like the Evergrande situation. We'd also be curious to know how much JPM lost on the Didi IPO, where it served as one of the lead underwriters alongside Goldman and Morgan Stanley. Tyler Durden Tue, 09/28/2021 - 15:45.....»»

Category: dealsSource: nytSep 28th, 2021

Jamie Dimon says JPMorgan is preparing for the US to default on its debt, warning that such a scenario would be "potentially catastrophic"

"It is a potentially catastrophic event," he told Reuters. "Every single time this comes up, it gets fixed, but we should never even get this close." JPMorgan Chase & Co. CEO Jamie Dimon Jim Watson/AFP via Getty Images Jamie Dimon said JPMorgan has started preparing for the possibility that the US defaults on its debt. He calls this scenario "potentially catastrophic" and hopes legislators find a way to solve the crisis. "Every single time this comes up, it gets fixed, but we should never even get this close," he told Reuters. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. Jamie Dimon, president and CEO of JPMorgan Chase, said his bank has started preparing for the possibility that the US defaults on its debt - a scenario he described as "potentially catastrophic" - though he hopes legislators will find a way to solve the crisis. "This is like the third time we've had to do this. It is a potentially catastrophic event," Dimon told Reuters before a ribbon-cutting ceremony at one of his bank's newest locations in Washington.The executive told Reuters such an outcome would impact repurchase agreement and money markets as well as affect how rating agencies would react. His bank has also begun looking through client contracts, a process that requires significant resources."You've got to check the contracts to try to predict it out ... If I remember correctly, the last time we got prepared for this, it cost us $100 million," he said.Dimon told Reuters he would support a bipartisan bill that will eliminate the debt ceiling altogether"Every single time this comes up, it gets fixed, but we should never even get this close," he said. "I just think this whole thing is mistaken and one day we should just have a bipartisan bill and get rid of the debt ceiling. It's all politics."Senate Republicans Monday night struck down a bill that passed through the House, which would have raised the debt ceiling and prevented a government shutdown. Democrats, meanwhile, are rushing to raise the government's $28.4-trillion borrowing limit. They have until October 18 to do so.Janey Yellen, who reiterated her call for bipartisanship, told lawmakers she will try to exhaust extraordinary measures if Congress has not acted to raise or suspend the debt limit by that date.While analyst consensus indicates confidence the crisis will be averted, some, including Chris Zaccarelli, CIO at Independent Advisor Alliance, have expressed concern."Most likely the Congress will either raise the debt ceiling before the end of the week or the Federal Reserve could step in and use extraordinary measures," he said via email. "Still, it's a sign of the dysfunctional times that Republicans won't go along with Democrats in passing a debt ceiling increase."The debt ceiling has been a point of contention between both parties since it was first introduced in 1917 to encourage the government to slow its borrowing. Read the original article on Business Insider.....»»

Category: topSource: businessinsiderSep 28th, 2021

The world"s biggest carbon-removal plant just opened. In a year, it"ll negate just 3 seconds" worth of global emissions.

Companies are developing technology that sucks carbon dioxide out of the air. But scientists say it can't be scaled up fast enough. "Orca," Climeworks' new facility in Iceland, can capture 4,000 tons of carbon dioxide per year. Business Wire via AP The world's biggest carbon-capture plant - which sucks carbon dioxide out of the air - just opened. A UN report says carbon capture technology is necessary if the world wants to be carbon neutral by 2050. But many experts think the tech is too expensive and not scalable in the next few decades. See more stories on Insider's business page. Framed by a backdrop of volcanoes, a semi-circle of gigantic fans in Iceland are sucking in air, super-heating it, then filtering out the carbon dioxide.This carbon capture and storage facility, named Orca, turned on two weeks ago after more than 18 months of construction. The fans are embedded in shipping container-sized boxes, and once the carbon dioxide is separated, it gets mixed with water then travels through snaking, fat tubes deep underground, where the carbon cools and solidifies.Through this process, Orca can trap and sequester 4,000 metric tons of carbon dioxide per year - making it the largest facility of its kind in the world (though there are currently only two running)."Think of it like a vacuum cleaner for the atmosphere," Julio Friedmann, an energy policy researcher at Columbia University who attended the plant's ribbon-cutting ceremony, told Insider. "Nothing else can do what this tech does."According to the latest report from the United Nations Intergovernmental Panel on Climate Change (IPCC), carbon capture and storage is a necessary part of our best-case climate scenarios. But currently, facilities like Orca only negate a sliver of global emissions.Climate scientist Peter Kalmus has done the math: "If it works, in one year it will capture three seconds worth of humanity's CO2 emissions," he wrote on Twitter.-Dr Peter Kalmus STOP LINE 3 (@ClimateHuman) September 9, 2021Put another way, Kalmus told Insider, "at any given moment, it will capture one 10-millionth of humanity's current emissions.""It's remarkable to me it is being considered as part of those plans," he said of the IPCC report.'Probably the most expensive solution' Equipment used to capture carbon dioxide at a coal-fired power plant owned by NRG Energy in Thompsons, Texas, on January 9, 2017. Ernest Scheyder/Reuters The Orca facility works differently than the carbon-capture technologies built into some power plants, steel mills, and industrial facilities. Those collect the carbon produced in the manufacturing process before it enters the air. It can then be converted into materials like concrete or stored underground.More than 20 facilities worldwide currently do this, most of which are in the US. But that simply prevents more carbon from accumulating in the atmosphere. Orca, by contrast, is an attempt to deal with the greenhouse gas that's already up there.This technology, known as direct air capture, is in its infancy. The Swiss company Climeworks, which built Orca, has the only operational game in town; its other plant is in Switzerland. Before that, the technology had only been used on a small scale in spacecraft and submarines.Two other plants are in planning phases: The Canadian company Carbon Engineering, which is backed by Bill Gates, started designing a similar facility in northeastern Scotland three months ago. It also plans to start construction on a a plant in Texas next year. Each of those facilities could remove up to 25 times more carbon per year than Orca. A Climeworks facility for capturing carbon dioxide atop the roof of a waste incinerating plant in Hinwil, Switzerland, July 18, 2017. Arnd Wiegmann/Reuters But as with many emerging technologies, direct air capture is expensive. Christoph Gebald, Climeworks' co-founder, told the Washington Post that it costs at least $600 to capture one metric ton of carbon dioxide, since super-heating the air takes a lot of energy.That cost would need to drop to one-fourth its current level to bring it in line with technologies like wind and solar in terms of their carbon abatement - the degree to which they reduce emissions. To sell carbon commercially - like to beverage companies making fizzy drinks - the price would have to get even lower, probably between $65 and $110 per metric ton.Friedmann thinks a drop to below $200 is likely by 2030, and a drop to $100 two decades after that. By that point, he said, the market for carbon removal market - companies paying to abate their emissions - will have grown significantly.But even at that $100 price, removing all of humanity's annual carbon emissions would cost more than $5 trillion per year, according to Gates' book, "How to Avoid a Climate Disaster." That would require 50,000 Orca plants."It's probably the most expensive solution," Gates wrote. Icebergs melting near Ilulissat, Greenland. Ulrik Pedersen/NurPhoto via Getty Images There's also the question of timing. The IPCC report says that without capturing significant amounts of carbon over the next 30 years, it will be impossible to get humanity to net-zero emissions by 2050 - and, consequently, to limit warming to 1.5 degrees Celsius.But Mathew Barlow, a climate scientist at the University of Massachusetts, Lowell, said three decades isn't enough for the technology to be deployed widely."There's no possible way for it to scale up on that timescale," Barlow, who contributed to the IPCC report, told Insider. "We're at the point where you need to get the tech off the shelves, not be building it out."'Fossil-fuel companies love carbon capture'Plants like Orca do, however, out-perform their natural counterparts - trees. "The Orca facility does the work of 200,000 trees in 1,000 times less space," Friedmann said.What's more, once a facility like this stores its carbon, it's locked away. If trees burn, the carbon they've absorbed gets released. A reforestation project in Leiria, Portugal in 2018. Carlos Costa/Getty Images But trees capture carbon at a much lower cost of $50 per metric ton.Kalmus thinks carbon capture ultimately distracts the world from other solutions that would make a bigger dent in emissions, like investment in renewables and regulations targeting the fossil-fuel industry."Fossil-fuel companies love carbon capture because it really does let them off the hook," he said.Friedmann, though, thinks it's possible to expand carbon-capture infrastructure enough to make a difference. If the Senate's infrastructure bill passes in the House, it would allocate $3.5 billion toward direct air capture facilities in the US. Elon Musk also announced this year that he's funding a $100 million carbon-capture contest."We now know that we can do it," Friedmann said. "Now we're just haggling over price and literally asking how much we're willing to pay to save the Earth."Read the original article on Business Insider.....»»

Category: topSource: businessinsiderSep 25th, 2021

BetRivers" sportsbook-style lounge at PPG Paints Arena opens to public (photos)

Rivers Casino Pittsburgh and the Pittsburgh Penguins formally celebrated the opening of the new BetRivers Lounge at PPG Paints Arena following a ribbon-cutting ceremony on April 23. The sportsbook-style lounge officially opened to the public on April 24.....»»

Category: topSource: bizjournalsApr 25th, 2021

"Drive-thru" ribbon cutting planned for downtown parking garage, retail center

As social distancing continues amid the Covid-19 pandemic, a "drive-thru" ribbon cutting ceremony will be held to mark a local community's new downtown parking garage and retail center. The unique ceremony — a sign of the times — will be held at .....»»

Category: topSource: bizjournalsMay 8th, 2020

Greene County"s new mega career center to debut this fall

As the year settles in, the Greene County Career Center is continuing its development full-steam ahead. The massive 264,000-square-foot facility is on pace to open its doors for students as soon as this fall. The official ribbon cutting ceremony w.....»»

Category: topSource: bizjournalsApr 1st, 2020

German grocer Aldi opens another First Coast location

German grocer Aldi will soon open its first store in Yulee as part of a $3.4 billion investment to expand to 2,500 stores nationwide by the end of 2022. To celebrate the store opening, Aldi will host a ribbon-cutting ceremony on August 29, at 8:2.....»»

Category: topSource: bizjournalsAug 22nd, 2019

Florida’s first net-zero K-12 school opens

A ribbon-cutting ceremony was held on August 6 for NeoCity Academy in Kissimmee, Fla., the state’s first net-zero K-12 school. The 44,820-sf STEM school, which.....»»

Category: realestateSource: bdcnetworkAug 8th, 2019

First look: Vrbo"s new high-rise HQ is packed with amenities, design flourishes

Vrbo brought out the bubbly on June 3 as it broke in its new digs at Domain Northside. The Austin-based vacation rental company celebrated its move into the 324,000-square-foot Domain 11 tower with a ribbon-cutting ceremony and a tour of its cutting-edg.....»»

Category: topSource: bizjournalsJun 4th, 2019

Triad senior community has fresh new places to eat

Piedmont Crossing in Thomasville unveiled its new dining hall and bistro this week at a ribbon-cutting ceremony......»»

Category: topSource: bizjournalsMay 31st, 2019