Lloyd's of London posts first-half profit of $2.87 billion

Facebook Unveils More Details On ‘oversight Board’

Facebook has revealed more details on the structure of an independent “oversight board” that will make final decisions about what posts stay up or come down, even if the company disagrees.

The new “Oversight Board” will govern appeals from both Facebook and its users. The board will eventually consist of 40 members with three-year terms. A minimum of 11 members will be required for the board to function, Facebook said in a statement.

The body will have the ability to make decisions about specific cases but will not be able to change Facebook’s policies.

For now, the board will begin its operations by hearing Facebook-initiated cases. The system for users to initiate appeals to the board will be made available over the first half of 2020.

Facebook CEO Mark Zuckerberg said in a letter, “If someone disagrees with a decision we’ve made, they can appeal to us first, and soon they will be able to further appeal to this independent board. The board’s decision will be binding, even if I or anyone at Facebook disagrees with it. The board will use our values to inform its decisions and explain its reasoning openly and in a way that protects people’s privacy.”

Former J&R Music location at 25 Park Row prowling for a tenant

Just a home-run hit from the site of the World Trade Center, the former J&R Music location at 25 Park Row is finally ready for a new tenant and can be set up as just a retail location — or include upper-floor offices.

The base of the new 50-story luxury residential condominium tower includes a hefty 60,000 square feet across four floors and a lower level for a single retailer.

But with a separate lobby, the floors can be configured for a retailer with 20,167 square feet on the ground and lower level — and the ability to have another 14,518 square feet on the second floor.

“The second floor can make an awesome retail space,” said Diana Boutross of Cushman & Wakefield, who is leading the retail leasing.

The retail asking rent is $350 for the ground, $125 per square foot for the second floor and $80 a square foot on the lower level.

Her C&W colleague, Vice Chairman Josh Kuriloff, is heading the office leasing, with an asking rent of $85 per square foot for 51,755 square feet of offices on the second through fourth floor, all of which have giant showroom windows.

The idea, Boutross said, is to make the best deal for the building. A flagship retailer could have offices above a store, for instance, or take the entire space.

“We have a wonderful opportunity,” Boutross added.

J&R Music was a NYC institution for 43 years before streaming music killed its foot traffic. It closed its Park Row location across from City Hall in 2014 after being founded in 1971 by 20-year-old newlyweds Joseph and Rachelle Friedman.

Govt scraps 5% import duty on open cell TV panel

The move would also help to reduce the price of TV panel by around 3%.

In a bid to boost domestic manufacturing, the government has removed 5% custom duty imposed on import of open cell TV panel, which are used in the manufacturing of LED TVs.

The move would also help to reduce the price of TV panel by around 3%. In a late night notification on Tuesday, the Ministry of Finance said “open cell, (15.6 inch and above), for use in the manufacture of Liquid Crystal Display (LCD) and Light Emitting Diode (LED) TV panel”, would attract nil duty.

Besides, the government has also waived custom duty on import of Chip on Film, Printed Circuit Board Assembly (PCBA) and Cell (glass board/substrate), which are used to manufacture open cell TV panels.

Earlier, on June 30, 2017, the government had imposed a custom duty of 5% on import of such panel.

Several TV makers including the Consumer Electronics and Appliances Manufacturers Association had opposed it and had requested the government to waive it.

Open cell panel is an important part of TV manufacturing and covers more than half cost of the unit.

US futures point to slightly lower open

  • Chairman Jerome Powell will address the press on Wednesday at 2:30 p.m. ET.
  • The Federal Reserve meeting takes place a couple of days after President Donald Trump called the central bank "boneheads" and asked for zero or even negative rates.

U.S. stocks were set to open slightly lower Wednesday morning.

At around 1:44 a.m. ET, Dow futures fell 51 points, indicating a negative open of more than 49 points. Futures on the S&P and Nasdaq were also marginally lower.

The Dow rose slightly on Tuesday as traders awaited a decision from the U.S. Federal Reserve.

The Fed is expected to cut rates by 25 basis points despite a recent fall in energy prices. This would be the bank's second rate cut in a decade, after the central bank decided to lower the Fed Funds Rate to a range of 2.0%-2.25% in July. Chairman Jerome Powell will address the press on Wednesday at 2:30 p.m. ET.

The Federal Reserve meeting takes place a couple of days after President Donald Trump called the central bank "boneheads" and asked for zero or even negative rates.

Investors will also be looking at housing starts due at 08:30 a.m. ET.

On the earnings front, General Mills will be reporting.

Lloyd's of London posts first-half profit of $2.87 billion

  • The results at the 330-year old insurance market compare with a profit of 0.6 billion pounds a year earlier.

Lloyd's of London reported a pre-tax profit of 2.3 billion pounds ($2.87 billion) in the first half of 2019 on Wednesday, helped by a cutback in underperforming business.

The results at the 330-year old insurance market, which represent earnings from its 99 member syndicates, compare with a profit of 0.6 billion pounds a year earlier.