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Stacey Cunningham, the current New York Stock Exchange COO, who will become the exchange's 67th president, poses for a photo with current NYSE President Tom Farley, on the floor of the NYSE, Tuesday, May 22, 2018. Cunningham will become the first female leader in the history of the 226-year-old exchange. (AP Photo/Richard Drew)
Stacey Cunningham, the current New York Stock Exchange COO, who will become the exchange's 67th president, poses for a photo with current NYSE President Tom Farley, on the floor of the NYSE, Tuesday, May 22, 2018. Cunningham will become the first female leader in the history of the 226-year-old exchange. (AP Photo/Richard Drew)

NYSE getting its 1st woman president

NEW YORK -- The New York Stock Exchange for the first time in its 226-year history will be led by a woman.

Stacey Cunningham, who started her career as a floor clerk on the NYSE trading floor, will become the 67th president of the Big Board.

That means that two of the world's most well-known exchanges will be led by women. Adena Friedman became CEO of Nasdaq in early 2017.

"It's exciting to take on the role of running this organization because it's an institution and it has a lot of personal meaning to me, myself, you know, so that's really what I've been focused on," Cunningham said Tuesday.

Cunningham, who is the chief operating officer for the NYSE Group, becomes president Friday, according to International Exchange, the NYSE's parent company.

Current NYSE President Thomas Farley is leaving to head a special purpose acquisition company.

-- The Associated Press

$16M in knockoff goods seized in Texas

LAREDO, Texas -- Federal agents in South Texas have seized nearly 79,000 bogus-label clothing, electronics and other items at a public storage facility in an estimated $16 million counterfeit cargo bust.

Investigators with U.S. Immigration and Customs Enforcement say the trademark-infringed merchandise was shipped from China to an international cargo terminal in Laredo.

Authorities on Monday said no one has been arrested in the investigation of items with fake tags representing Hermes, Louis Vuitton, Adidas, Nike, Apple, Samsung and Sony.

Agents began surveillance on a storage facility May 17. Officers observed vehicles with Mexican license plates arriving at the scene to pick up some boxes.

Authorities confiscated 275 boxes that displayed bogus recipients and addresses in Laredo.

-- The Associated Press

Appeal denied for flood-hit mall's owner

NASHVILLE, Tenn. -- In a blow to the owner of Opry Mills Mall, the Tennessee Supreme Court has let stand a lower court's ruling that stripped $150 million of insurance coverage for the 2010 flood.

The state's highest court announced Monday that it would not hear an appeal from the Simon Property Group. The decision let stand a ruling from an appellate court that found the mall sits in a "high hazard flood zone," and therefore is only entitled to a maximum of $50 million in insurance coverage.

The mall was submerged in 10 feet of water during the flood that killed 11 people in Nashville and damaged some of the city's most iconic structures. A total of 26 people died in the flooding in Tennessee and Kentucky.

It took two years for the entire property to be rebuilt and cost millions of dollars.

A jury awarded the property group $200 million from a group of insurers after hearing the amount of loss the mall sustained from the flood. However, the Tennessee Court of Appeals overturned that verdict and said the $50 million was the maximum amount of coverage due because the insurance policies made exceptions for properties in "high hazard flood zones," court records show.

An attorney who represents Simon Property Group did not respond to a message seeking comment.

-- The Associated Press

Casino market a worry for Atlantic City

ATLANTIC CITY, N.J. -- Atlantic City's seven casinos all remained profitable during the first quarter of this year, but those profits are shrinking even as two new competitors prepare to join the market.

Figures released Tuesday by the state Casino Control Commission show Atlantic City's casinos posted a gross operating profit of $123.6 million, down 11.7 percent from the first three months of 2017.

The figures are significant because, while all seven casinos are currently profitable, there is concern over whether two new casinos will re-expand the market to an unsustainable size.

Five of Atlantic City's 12 casinos have closed since 2014, and the survivors have done well in a slimmed-down market.

But on June 28, the former Trump Taj Mahal will reopen as Hard Rock, and Revel will reopen as the Ocean Resort Casino.

Some analysts believe the re-expansion of the market will squeeze profit margins for everyone, making it harder for all nine of the casinos that soon will be operating to survive over the long run. Others are optimistic the new casinos, particularly Hard Rock, with its global music-themed resorts, will succeed in drawing new customers to Atlantic City and not just cannibalize the existing market.

-- The Associated Press

Business on 05/23/2018

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