The Fed Isn't a Popularity Contest
President Donald Trump posted again this morning on Truth Social about his desire for interest rates to be much lower than they are now, and calling the Fed chair names along the way. Stacey Vanek Smith, co-host of the Everybody's Business podcast, writes today about why Jerome Powell can just turn the other cheek. Plus: A rebel army is supplying essential minerals to manufacturers around the world, and a small business is behind a lot of the sparkly faces at concerts and sporting events this summer.
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23 minutes ago
- Yahoo
Cboe Plans to Cease Japanese Equities Operations
Cboe will maintain presence in Japan for its Global Derivatives and Cboe Data Vantage businesses CHICAGO and TOKYO, July 24, 2025 /PRNewswire/ -- Cboe Global Markets, Inc. (Cboe: CBOE), the world's leading derivatives and securities exchange network, today announced its decision to wind down its Japanese equities business, including the operations of its Cboe Japan proprietary trading system and Cboe BIDS Japan block trading platform. Cboe expects to suspend operations for these businesses on August 29, 2025 and formally close the businesses subject to consultation with regulators. The decision to close this business reflects Cboe's disciplined strategy to steward resources towards opportunities that deliver the best potential returns for shareholders and was taken in the context of evolving business conditions, which challenged the financial sustainability of maintaining operations of Cboe's equities business in the country. "While we have made the strategic decision to exit the Japanese equities business, we remain committed to serving Japan and its financial community by leveraging the strengths of our global derivatives and data capabilities," said Craig Donohue, CEO at Cboe Global Markets. "As Japanese market participants continue to seek greater access to international markets, Cboe is well-positioned to meet that demand with our high-quality market data and suite of tradable derivatives products. We thank our partners, customers and stakeholders in Japan for their engagement and look forward to delivering value in new ways." The company anticipates that the wind down of the Cboe Japan equities operations will have an immaterial impact on Cboe's organic total net revenue growth and adjusted operating expense guidance in 2025. The company estimates that adjusted expense savings will be in the range of $2 million to $4 million in 2025, with savings expected to be in the $10 million to $12 million range on a normalized annual basis. Cboe will provide more details during its forthcoming second-quarter 2025 earnings call on August 1, 2025. A conference call with remarks by the company's senior management will begin at 7:30 a.m. CT (8:30 a.m. ET). A live audio webcast for the conference call and the presentation that will be referenced during the call will be available on the Investor Relations section of Cboe's website at under Events. About Cboe Global MarketsCboe Global Markets (Cboe: CBOE), the world's leading derivatives and securities exchange network, delivers cutting-edge trading, clearing and investment solutions to people around the world. Cboe provides trading solutions and products in multiple asset classes, including equities, derivatives and FX, across North America, Europe and Asia Pacific. Above all, we are committed to building a trusted, inclusive global marketplace that enables people to pursue a sustainable financial future. To learn more about the Exchange for the World Stage, visit Media ContactsAnalyst Contact Angela Tu Tim Cave Kenneth Hill, CFA +1-917-985-1496 +44 (0) 7593-506-719+1-773-758-7898 atu@ tcave@ Cboe® and Cboe Global Markets® are registered trademarks of Cboe Exchange, Inc. All other trademarks and service marks are the property of their respective owners. Cautionary Statements Regarding Forward-Looking Information This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. You can identify these statements by forward-looking words such as "may," "might," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential" or "continue," and the negative of these terms and other comparable terminology. All statements that reflect our expectations, assumptions or projections about the future other than statements of historical fact are forward-looking statements. These forward-looking statements, which are subject to known and unknown risks, uncertainties and assumptions about us, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from those expressed or implied by the forward-looking statements. We operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible to predict all risks and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Some factors that could cause actual results to differ include: the loss of our right to exclusively list and trade certain index options and futures products; economic, political and market conditions; compliance with legal and regulatory obligations; price competition and consolidation in our industry; decreases in trading or clearing volumes, market data fees or a shift in the mix of products traded on our exchanges; legislative or regulatory changes or changes in tax regimes; our ability to protect our systems and communication networks from security vulnerabilities and breaches; our ability to attract and retain skilled management and other personnel, increasing competition by foreign and domestic entities; our dependence on and exposure to risk from third parties; factors that impact the quality and integrity of our and other applicable indices; our ability to manage our global operations, growth, and strategic acquisitions or alliances effectively; increases in the cost of the products and services we use; our ability to operate our business without violating the intellectual property rights of others and the costs associated with protecting our intellectual property rights; our ability to minimize the risks, including our credit, counterparty investment, and default risks, associated with operating our clearinghouses; our ability to accommodate trading and clearing volume and transaction traffic, including significant increases, without failure or degradation of performance of our systems; misconduct by those who use our markets or our products or for whom we clear transactions; challenges to our use of open source software code; our ability to meet our compliance obligations, including managing our business interests and our regulatory responsibilities; the loss of key customers or a significant reduction in trading or clearing volumes by key customers; our ability to maintain BIDS Trading as an independently managed and operated trading venue, separate from and not integrated with our registered national securities exchanges; damage to our reputation; the ability of our compliance and risk management methods to effectively monitor and manage our risks; restrictions imposed by our debt obligations and our ability to make payments on or refinance our debt obligations; our ability to maintain an investment grade credit rating; impairment of our goodwill, long-lived assets, investments or intangible assets; the accuracy of our estimates and expectations; and litigation risks and other liabilities. More detailed information about factors that may affect our actual results to differ may be found in our filings with the SEC, including in our Annual Report on Form 10-K for the year ended December 31, 2024 and other filings made from time to time with the SEC. We do not undertake, and we expressly disclaim, any duty to update any forward-looking statement whether as a result of new information, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Logo - View original content: SOURCE Cboe Global Markets, Inc. Sign in to access your portfolio
Yahoo
23 minutes ago
- Yahoo
First Quantum reports progress at Panama copper mine, posts profit
TORONTO — First Quantum Minerals Ltd. says shipments of copper concentrate have begun leaving a contentious mine in Panama that had been shuttered, boosting its second-quarter results. The Toronto-based miner posted $18 million in net earnings attributable to shareholders during the second-quarter, reversing a year-earlier loss of $46 million. That amounted to diluted net earnings of two cents per share compared to a loss of six cents per share a year earlier. Sales revenues were $1.23 billion during the three months ended June 30, about the same as the same quarter a year earlier. First Quantum suspended production at the Cobre Panama mine in November 2023 following widespread protests and a court ruling that found the agreement with the government covering the mine was unconstitutional. In May, the Panamanian government approved a "preservation and safe management plan" for the open-pit mine and last month, the company began exporting copper concentrate that had been on site since the mine's closure. This report by The Canadian Press was first published July 23, 2025. Companies in this story: (TSX: FM) The Canadian Press Sign in to access your portfolio
Yahoo
23 minutes ago
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Trump was told by Bondi his name appeared multiple times in Epstein files: Report
According to a report in the Wall Street Journal, Attorney General Pam Bondi and her deputy Todd Blanche informed President Donald Trump in May that his name appeared multiple times in the government's files on Jeffrey Epstein that the Department of Justice and the FBI reviewed. The officials told Trump of their plan not to release any additional documents, the report says, because the material contained child pornography and the personal information of victims. President Trump, according to the Journal, said he would defer to the Justice Department's decision not to release additional files on Epstein, the wealthy financier and convicted sex offender who died by suicide in jail in 2019. MORE: Florida judge rules Epstein grand jury records will remain sealed According to the report, Trump was also informed that the names of many other high-profile individuals appeared in the documents, which the Journal reported was not evidence of wrongdoing. The Trump administration did not say anything publicly about the decision not to release additional files until July, when it angered many of Trump's supporters by announcing that it would not release any additional files after earlier promising to do so. The DOJ and FBI stated that their review "did not uncover evidence" that could lead to further criminal charges. When asked by ABC News on July 15 what Bondi told Trump about the review -- "specifically, did she tell you at all that your name appeared in the files?" Trump responded: "No, no, she's -- she's given us just a very quick briefing," before making baseless claims that the files were created by some of his political foes. Asked by ABC News following the publication of the Journal article if the president had been told his name is in the files, White House spokesperson Steven Cheung, said, "The fact is that the President kicked him out of his club for being a creep. This is nothing more than a continuation of the fake news stories concocted by the Democrats and the liberal media, just like the Obama Russiagate scandal, which President Trump was right about." In a statement, Bondi and Blanche said, "The DOJ and FBI reviewed the Epstein Files and reached the conclusion set out in the July 6 memo. Nothing in the files warranted further investigation or prosecution, and we have filed a motion in court to unseal the underlying grand jury transcripts. As part of our routine briefing, we made the President aware of the findings." FBI Director Kash Patel, who prior to joining the new administration called for the release of all Epstein files, said in a statement, "The memo released on July 6th is consistent with the thorough review conducted by the FBI and DOJ. The criminal leakers and Fake News media tries tirelessly to undermine President Trump with smears and lies, and this story is no different." Solve the daily Crossword
