‘Two can play this game': Newsom responds to Texas redistricting efforts
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
12 minutes ago
- Yahoo
US appeals court strikes down SEC rule on 'audit trail' funding
WASHINGTON (Reuters) -A federal appeals court on Friday struck down 2023 regulations adopted by the U.S. Securities and Exchange Commission on funding a comprehensive market surveillance system, finding that Wall Street's top regulator had not provided a sufficient basis for allowing stock exchanges to pass on its costs to their members, court papers showed. The unanimous decision represented another blow to SEC regulations adopted under the previous Biden administration, which faced concerted opposition from industry and Republican lawmakers. It was also a setback for the Consolidated Audit Trail, a repository of investor and transaction data meant to give regulators overarching visibility into U.S. market operations, but which has faced delays and obstacles for more than a decade. The American Securities Association and Citadel Securities, which brought the lawsuit, both hailed the outcome. The ruling "prevents a tax hike on every American investor who buys or sells a share of stock," ASA President Chris Iacovella said in a statement. The SEC did not immediately respond to requests for comment. Over the objections of its Republican members, the SEC in 2023 split the operating costs among buyers, sellers, and exchanges. Officials said at the time this would divide costs evenly but also allow exchanges several years to recoup hundreds of millions already spent. This drew stiff objections from the investment industry, which said it could be left paying an unfairly large share. The two Republicans are now part of the five-member commission's controlling majority. In an opinion for a three-judge panel of the U.S. Court of Appeals for 11th Circuit, Circuit Judge Andrew Brasher said that, because the SEC had not advanced a sufficient justification in deciding how the system's cost would fall on different actors in the marketplace, "we conclude that the 2023 Funding Order is arbitrary and capricious" and therefore in violation of federal laws governing the crafting of regulations. The appeals court sent the rule back to the SEC for further processing in line with the court's decision. The SEC mandated the CAT's creation in 2012 as a response to the "flash crash" of 2010 when major Wall Street indexes temporarily erased nearly $1 trillion in market value in a matter of minutes. Officials say it can allow regulators to spot market manipulation and have cited its data in enforcement actions.
Yahoo
12 minutes ago
- Yahoo
Economic concerns loom as Haitian temporary legal status expires soon
There are concerns in Clark County about negative impacts on the economy when thousands of Haitian immigrants in that community lose their temporary legal status in about a month. Ohio Gov. Mike DeWine visited Springfield on Friday and spoke with community leaders about their concerns. From businesses that employ immigrants, such as Topre America, to leaders like Springfield's mayor, to people in healthcare and faith-based groups that serve the needy, such as St. Vincent DePaul. DeWine held a series of meetings to provide the community with updates. [DOWNLOAD: Free WHIO-TV News app for alerts as news breaks] News Center 7's John Bedell was with Gov. DeWine in Springfield and will explain how the state is continuing to help Clark County and the surrounding area on News Center 7 at 5:30 p.m. TRENDING STORIES: Man accused of dog attack arrested by U.S. Marshals in Dayton 2 men, 2 juveniles arrested in connection with recent road sign thefts Man in custody after SWAT called to Vandalia neighborhood DeWine held a series of meetings to provide the community with updates. [SIGN UP: WHIO-TV Daily Headlines Newsletter] Solve the daily Crossword
Newsweek
12 minutes ago
- Newsweek
Donald Trump Defends 'Weak Dollar,' Economic Analysts Respond
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. President Donald Trump defended the weakening U.S. dollar during a conversation with reporters Friday. "Well, you know, I'm a person that likes a strong dollar, but a weak dollar makes you a hell of a lot more money," Trump said in a media Q&A. Newsweek spoke with financial experts about the matter. Why It Matters While the U.S. dollar gained ground Friday, it still set for a weekly drop amid ongoing tariff negotiations and The Fed's bank meeting scheduled for next week. This week marks the greatest drop in a month, with the dollar index standing at 97.448. That shows a 1 percent weekly decline, while the euro stayed at $1.1754, close to its four-year high of $1.183. U.S. President Donald Trump speaks to the media as he departs the White House on July 15, 2025 in Washington, DC. U.S. President Donald Trump speaks to the media as he departs the White House on July 15, 2025 in Washington, To Know During Trump's conversation with reporters, he defended the declining value of the U.S. dollar, arguing that there were actually some benefits to the currency losing value. "When we have a strong dollar, one thing happens," Trump said. "It sounds good, but you don't do any tourism.... You can't sell anything. It is good for inflation. That's about it." Trump went on to say the U.S. has wiped out inflation. "I will never say I like a low currency, but you remember the battles I China, with Japan... They always wanted a weak currency. They're trying to get a weak currency now." However, economists have warned that the weakening U.S. dollar is likely to spark a price hike on everyday items while also forcing U.S. travelers to pay more when abroad. "A weaker dollar does have certain benefits—particularly for multinational corporations and U.S. exporters. It makes American goods more competitive abroad and can boost earnings when foreign profits are converted back into dollars," Kevin Thompson, the CEO of 9i Capital Group and the host of the 9innings podcast, told Newsweek. "But let's be clear: the U.S. is a consumer-driven, import-heavy economy. A weaker dollar makes imports more expensive, which can drive inflation. So while there are benefits on the corporate side, it also hurts households by increasing the cost of everyday goods." Thompson also said Trump's comments on inflation were incorrect, as consumers are still facing price increases in many areas. "He's dead wrong," Thompson said. "We're still seeing elevated prices in areas like energy, particularly piped gas, and in household essentials. Food costs continue to climb, especially meat, and many families are seeing higher utility bills. Disinflation doesn't mean prices are falling—it just means they're rising more slowly, but they're still rising." In June, the consumer price index for all urban consumers climbed 0.3 percent, seasonally adjusted. Meanwhile, food was up 3 percent year-over-year, not seasonally adjusted. So far this year, the dollar has dropped more than 10 percent in value relative to foreign currencies from many of America's trading partners. Thompson said the U.S. dollar's weakness stems from a mix of concerns over U.S. fiscal policy. "Continued deficit spending and ballooning debt levels have led to questions about long-term economic stability. Since the dollar is the world's reserve currency, its strength is tied to global trust in our economy," Thompson said. Trump's ongoing tariff negotiations have also signaled alarm amongst some economists, who say that the heightened tariffs could be passed along by importers via higher prices. What People Are Saying Peter Schiff, chief economist and global strategist at wrote on X: "Trump said he wants a strong dollar but he also wants a weaker dollar. He says a strong dollar makes you feel better, but a weak dollar makes you richer. He also claimed he crushed inflation. His policies are highly inflationary. Trump's weak dollar dream will be a nightmare." Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, told Newsweek: "A weaker dollar can have some benefits, namely in the form of cheaper exports which can boost demand for our goods and services internationally. However, the cons can easily outweigh the pros. A weaker dollar equates to higher prices on many items for American consumers, particularly on imports." Kevin Thompson, the CEO of 9i Capital Group and the host of the 9innings podcast, told Newsweek: "Despite no rate cuts yet this year, the dollar has weakened due to shifting interest rate expectations and a broader macroeconomic backdrop. Historically, higher U.S. interest rates attract capital, strengthening the dollar—but even with relatively high rates, the dollar is off to one of its worst starts in decades." What Happens Next For everyday Americans, the declining U.S. dollar could continue to impact their wallets after years of inflationary pressures, experts say. "Inflationary pressures have already left a sizable dent in many Americans' wallets in the years since the pandemic. Further weakening of the dollar could just prolong this effect," Beene said.
