Category: 3. Business

CHICAGO AND NEW YORK, August 20, 2025  – CME Group (NASDAQ: CME), the world’s leading derivatives marketplace, and FanDuel, America’s premier online gaming company, part of Flutter Entertainment (NYSE: FLUT, LSE: FLTR), today announced a groundbreaking alliance that will launch new products and expand access to financial markets for millions of FanDuel customers in the United States.

This innovative partnership will build on CME Group’s long track record of developing regulated, transparent markets, and FanDuel’s vast customer reach. Together, the companies will develop new fully funded, event-based contracts with defined risk. Customers will be able to express their views multiple times a day on a wide range of markets with simple “yes” or “no” positions for as little as $1.

Expected to launch later this year, the products will include benchmarks such as the S&P 500 and Nasdaq-100, prices of oil and gas, gold, cryptocurrencies, and key economic indicators such as GDP and CPI, with further details of additional offerings to be determined in the coming months.

“Individual investors are increasingly sophisticated and continually pursuing new financial opportunities,” said Terry Duffy, CME Group Chairman and Chief Executive Officer. “To meet this demand, we have created this innovative partnership, which will operate a non-clearing FCM. Together, our event-based products will appeal to the growing public interest in markets, and we will provide education to attract a new generation of potential traders not active in derivatives today.”

“Partnering with CME Group will unlock our ability to bring even more new and engaging products to FanDuel’s fast-growing customer base,” said Amy Howe, CEO of FanDuel Group. “We believe there is potentially a wide audience for trading event-based markets and we want to provide a platform that allows our customers to engage in this activity. We are excited to be partnering with CME Group to design new and engaging products, combining innovation with best-in-class regulatory compliance and consumer protections.”

As part of the partnership, CME Group and FanDuel will form a new joint venture, under which they will operate a non-clearing futures commission merchant (FCM) that will facilitate access to these event-based contracts through FanDuel.

Pending CFTC regulatory review, event contracts will be listed on and subject to the rules of CME Group exchanges and available through all participating FCMs.

Forward looking statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements reflect current expectations as to future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. In some cases, you can identify these forward-looking statements by the use of words such as “outlook”, “believe(s)”, ”expect(s)”, “potential”, “continue(s)”, “may”, “will”, “should”, “could”, “would”, “seek(s)”, “predict(s)”, “intend(s)”, “trends”, “plan(s)”, “estimate(s)”, “anticipates”, “projection”, “goal”, “target”, “aspire”, “will likely result”, and or the negative version of these words or other comparable words of a future or forward-looking nature. Such forward-looking statements are subject to various risks and uncertainties and there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors include, among others: the launch and success of the new joint venture and product is subject to various risks and uncertainties related to, among other things, the receipt of certain regulatory approvals, to the extent required, and the timing and conditions for such approvals; its terms, timing, structure, benefits, costs and completion; and the satisfaction of other conditions. The ability to predict results or actual effects of our plans and strategies is inherently uncertain. Accordingly, actual results may differ materially from those expressed in, or implied by, the forward-looking statements. In addition, we may incur additional or unexpected costs in connection with the matters discussed in this press release.

FanDuel Group and CME Group undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

About CME Group

As the world’s leading derivatives marketplace, CME Group (www.cmegroup.com) enables clients to trade futures, options, cash and OTC markets, optimize portfolios, and analyze data – empowering market participants worldwide to efficiently manage risk and capture opportunities. CME Group exchanges offer the widest range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange, energy, agricultural products and metals.  The company offers futures and options on futures trading through the CME Globex platform, fixed income trading via BrokerTec and foreign exchange trading on the EBS platform.  In addition, it operates one of the world’s leading central counterparty clearing providers, CME Clearing. 

CME Group, the Globe logo, CME, Chicago Mercantile Exchange, Globex, and E-mini are trademarks of Chicago Mercantile Exchange Inc.  CBOT and Chicago Board of Trade are trademarks of Board of Trade of the City of Chicago, Inc.  NYMEX, New York Mercantile Exchange and ClearPort are trademarks of New York Mercantile Exchange, Inc.  COMEX is a trademark of Commodity Exchange, Inc. BrokerTec is a trademark of BrokerTec Americas LLC and EBS is a trademark of EBS Group LTD. The S&P 500 Index is a product of S&P Dow Jones Indices LLC (“S&P DJI”). “S&P®”, “S&P 500®”, “SPY®”, “SPX®”, US 500 and The 500 are trademarks of Standard & Poor’s Financial Services LLC; Dow Jones®, DJIA® and Dow Jones Industrial Average are service and/or trademarks of Dow Jones Trademark Holdings LLC. These trademarks have been licensed for use by Chicago Mercantile Exchange Inc. Futures contracts based on the S&P 500 Index are not sponsored, endorsed, marketed, or promoted by S&P DJI, and S&P DJI makes no representation regarding the advisability of investing in such products. All other trademarks are the property of their respective owners.

About FanDuel

FanDuel Group is America’s premier mobile gaming company, consisting of a portfolio of leading brands across mobile wagering including America’s #1 Sportsbook FanDuel Sportsbook, its leading iGaming platform FanDuel Casino, the industry leader in horseracing and advance-deposit wagering FanDuel Racing, and its daily fantasy sports product. In addition, FanDuel Group operates FanDuel TV, its broadly distributed linear cable television network, and FanDuel TV+, its leading direct-to-consumer OTT platform. FanDuel Group has a presence across all 50 states with approximately 17 million customers and 25 retail locations. The company is based in New York with offices in Los Angeles, Atlanta, and Jersey City.

Media Contacts:

Laurie Bischel, CME Group:news@cmegroup.com  

Alex Pitocchelli, FanDuel: press@fanduel.com

Investor Contacts:

Adam Minick, CME Group:investors@cmegroup.com

CME-G

Paul Tymms, Flutter

Ciara O’Mullane, Flutter

Chris Hancox, Flutter

investor.relations@flutter.com 

Earlier, Kanye West shared a tweet about crypto, “WHEN PEOPLE MAKE ALL THAT MONEY WITH A COIN IS THAT CASH OR CONCEPT.”

Given the Chicago rapstar’s alleged interest and his following an account on X called YZY Money, it sparked a rumour that he is about to launch a project related to crypto.

This drew a risky bet by some into a token named YZY, which briefly shot the market cap of the coin to $120 million.

According to Protos, a trader, who the outlet did not name, invested $750,000 into Pump Fun-based YZY. 

However, given the uncertainty, the value of the coin dropped in seconds to $7.5 million, resulting in a loss of $500,000.

Though the Power hitmaker announced no token, he is facing money woes, as recent reports suggest, but, on the contrary, Kanye claimed his net worth this year is near $3 billion.

In contrast, estimates from other sources show a less significant figure than claimed, which is closer to $350 million, as his wealth sharply dropped after several brands cut ties with him after his anti-semitic outbursts.

However, Kanye is not cutting back his expenses, despite the losses in his business. “Plus, he’s had so many contracts cancelled, and to top it off, made very bad real estate deals,” a source earlier told the Heat World.

“He hasn’t stopped spending like he’s earning millions a day though, it’s going to end in disaster,” the tipster tattled.

In the meantime, a documentary on Ye titled In Whose Name? is set to be released on Sept 19.

US retail giant Target has appointed a new chief executive as it struggles to reverse a decline in sales and its share price.

The leadership change comes as rising prices and uncertainty over the knock-on effects of US tariffs have raised concerns over the impact on consumer spending, particularly for Target’s discretionary products such as apparel and electronics.

Michael Fiddelke, the company’s chief operating officer, will take over from Brian Cornell in February. Mr Fiddelke has been with the company for 20 years.

Shares in Target fell more than 6% on Wednesday after the announcement. Mr Cornell, who has been boss for 10 years, had been expected to retire.

The appointment of Mr Fiddelke marks a return to Target’s tradition of hiring a company insider to lead it. Mr Cornell was the first-ever outsider to be made the top boss.

Mr Fiddelke said in a statement that the company has “work to do”, and needs to move “faster, much faster”.

He pledged to improve the quality of products on offer and to embed more technology in the business.

Target is known for its affordable clothes and wide range of cheap groceries, homeware, electronics and toys.

But it has seen poor sales in the past year amid competition from Amazon and Walmart.

Its share price dropped considerably at the start of the year and has been stagnant since.

In his first media call as incoming chief executive, Mr Fiddelke said his “number one goal is to get us back to growth”.

But Susannah Streeter, head of money and markets, Hargreaves Lansdown, said the appointment of Mr Fiddelke was likely to underwhelm investors.

“There may have been hopes that a successor from a rival in the market could have brought extra knowledge, insight and energy, valuable assets at a time of intense competition,” she said.

“We have very mixed feelings about this appointment,” said Neil Saunders, managing director at GlobalData.

“This is an internal appointment that does not necessarily remedy the problems of entrenched groupthink and the inward-looking mindset that have plagued Target for years.”

Michael Baker, an analyst at DA Davidson, added: “That announcement lacks the pop that a significant external hire would provide.”

In May, Target slashed its expectations for the year after a sharp fall in sales which it blamed on a “highly challenging environment” amid the introduction of trade tariffs.

Its sales slumped by 5.7% in the three months to May, at a time when the company also faced a backlash following a previous decision to end diversity, equity and inclusion (DEI) targets.

Bitcoin and Ethereum dipped briefly before regaining momentum in the hour after the Federal Reserve released minutes from its July monetary policy meeting, showing that the two dissenting governors on the Federal Open Markets Committee (FOMC), couldn’t convince others to join them.

“A couple of members preferred to lower the target range for the federal funds rate by 25 basis points at this meeting,” the minutes revealed. “These members judged that, excluding tariff effects, inflation was running close to the Committee’s 2 percent objective and that higher tariffs were unlikely to have persistent effects on inflation.”

Following the release, Bitcoin was recently trading at $114,253, up 0.6 over the past hour, and Ethereum was changing hands at $4,347, up 1.2% for the same timespan. The two largest cryptocurrencies by market value had fallen slightly after the release on an otherwise strong day for crypto markets.

Federal Reserve Governors Christopher Waller and Michelle Bowman, who’s now vice chair for Supervision, have been signaling they’re in favor of reducing interest rates sooner rather than later. An interest rate cut would likely buoy the crypto market by freeing up capital for investments.

There haven’t been two dissenting governors since 1993. The last time one Fed governor offered an objection was September 2024, when Bowman preferred a 0.25% cut instead of the half-point on which the bank settled.

But a few weeks after each monetary policy meeting, the Fed releases minutes that shed light onto how the committee arrived at its decision. The next FOMC meeting is in September.

Bowman backed her dissent by pointing to inflation “moving considerably closer to the committee’s objective, after excluding temporary effects of tariffs, a labor market near full employment but with signs of less dynamism, and slowing economic growth this year.”

Bitcoin, Ethereum Rise as US Inflation Cools to 2.7% in July

The FOMC has long held 2% inflation. The most recent Bureau of Labor Statistics report showed that inflation ticked up slightly in July to a 2.7% annual rate. Core inflation, which strips away more volatile food and energy costs, was hotter at more than 3%.

Bowman “also expressed her view that taking action to begin moving the policy rate at a gradual pace toward its neutral level would have proactively hedged against a further weakening in the economy and the risk of damage to the labor market,” the minutes added.

Although many traders will be watching Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole summit on Friday, the minutes offer a temp check on the governors.

There’s been an enormous amount of pressure to lower rates from U.S. President Donald Trump. That’s included  threats to fire Fed Chair Jerome Powell, although the president has  yet to act.

The new stake in the tech giant aims to increase US semiconductor chip production.

United States Senator Bernie Sanders has thrown his support behind US President Donald Trump’s plan to convert US grants to chipmakers, including $10.9bn for Intel, into government stakes in the companies.

The senator for the state of Vermont announced his support on Wednesday.

“If microchip companies make a profit from the generous grants they receive from the federal government, the taxpayers of America have a right to a reasonable return on that investment,” Sanders, an independent who caucuses with Democrats, said in a statement to the Reuters news agency.

The awards were part of the 2022 CHIPS and Science Act, which sought to lure chip production away from Asia and boost American domestic semiconductor output with $39bn in subsidies.

The acronym CHIPS in the name of the legislation stands for “Creating Helpful Incentives to Produce Semiconductors”.

US Commerce Secretary Howard Lutnick is now looking into the government taking equity stakes in embattled Intel and other chipmakers in exchange for the grants as the Trump administration seeks “equity” in return for “investments”.

Rare bipartisanship

The unusual alignment between Sanders and Trump on government ownership stakes in private companies highlights a marked shift by Trump toward policies of state intervention in the economy that are typically associated with the left.

Since Trump took office for a second time in January, he agreed to allow AI chip giants Nvidia and AMD to sell AI chips to China in exchange for the US government receiving 15 percent of revenues from the sales.

The Pentagon is also set to become the largest shareholder in a small mining company to boost the output of rare earth magnets. And the US government negotiated for itself a “golden share” with certain veto rights as part of a deal to allow Nippon Steel to buy US Steel.

Sanders and Senator Elizabeth Warren, a Democrat, had proposed an amendment to the CHIPS Act that would have forbidden the Commerce Department from granting a CHIPS Act award without the Treasury Department receiving a warrant, equity stake or senior debt instrument issued by the recipient company.

“I am glad the Trump administration is in agreement with the amendment I offered three years ago,” Sanders said. “Taxpayers should not be providing billions of dollars in corporate welfare to large, profitable corporations like Intel without getting anything in return.”

Much of the funding for CHIPS Act award recipients such as Micron, Taiwan Semiconductor Manufacturing Co and Samsung has not been disbursed.

Trump’s interest in Intel is also being driven by his desire to boost chip production in the US, which has been a focal point of the trade war that he has been waging throughout the world. By lessening the country’s dependence on chips manufactured overseas, the president believes the US will be better positioned to maintain its technological lead on China in the race to create artificial intelligence.

Earlier this month, Trump called on Intel CEO Lip-Bu Tan to resign.

The demand was triggered by reports raising national security concerns about Tan’s past investments in Chinese tech companies while he was a venture capitalist. But Trump has since backed off after Tan professed his allegiance to the US to Intel employees and went to the White House to meet with the president, who applauded the Intel CEO for having an “amazing story”.

This comes as Intel is also in talks with other large investors to receive an equity infusion at a discounted price just days after the chipmaker got a $2bn capital injection from the SoftBank Group, according to CNBC.

On Wall Street, investors have not responded well to the government’s potential new role. Intel stock is down 7.1 percent from the market open as of 1:30pm in New York (17:30 GMT).

CLEVELAND: New Cleveland Clinic-led research has shown that a bundled system of technology-driven interventions – leveraging artificial intelligence (AI) to deliver personalized health insights and lifestyle recommendations – can improve glycemic control in adults with Type 2 diabetes.

Findings published today in the New England Journal of Medicine Catalyst showed that 71% of study participants using the bundled intervention system met the primary endpoint of achieving an A1C of 6.5% with fewer medications. Kevin M. Pantalone, D.O., Director of Diabetes Initiatives at Cleveland Clinic and a professor of medicine at Cleveland Clinic Lerner College of Medicine, served as the primary investigator for this study.

Developed by Twin Health, the bundled intervention system (called Twin Precision Treatment) monitors real-time health metrics collected from a patient’s wearable sensors and Bluetooth-connected devices and includes human telecoaching. The system continuously tracks real-time health metrics – such as blood glucose levels, weight, blood pressure, physical activity and sleep – using data from wearable sensors and Bluetooth-connected devices (including a continuous glucose monitor). Through a smartphone app interface, these insights provide highly tailored nutrition and exercise guidance, in real-time, encouraging patients to make sustainable health improvements. The specific app-generated dietary recommendations were based on AI-enabled predictions of each patient’s blood glucose responses to specific meals.

For the clinical trial, Dr. Pantalone collaborated with a team of 13 Cleveland Clinic primary care physicians to recruit 150 patients – 100 were assigned to the bundled intervention group and 50 to the standard of care group. On average, patients were 58.5 years old, had been living with Type 2 diabetes for about nine years, and presented with a mean body mass index (BMI) of 35.1 and an average A1C level of 7.2%. The study authors set out to explore whether this bundled intervention system could help individuals with Type 2 diabetes, treated in a primary care setting, reach their blood sugar goals – while also reducing their need for glucose-lowering medications.

“In routine clinical practice, Type 2 diabetes is often treated with a one-size-fits-all approach where individuals are prescribed medications and told to ‘watch their diet and stay active,’” said Dr. Pantalone. “By leveraging personalized lifestyle modifications to understand each patient’s unique metabolic profile, the tool enabled individuals to make impactful lifestyle choices. The results show that with the right tools, we can not only manage Type 2 diabetes more effectively but also reduce dependence on glucose-lowering medications.”

All study participants were prescribed Metformin, a common diabetes medication, with dosages adjusted as needed throughout the study. The primary endpoint was to see how many participants reached an A1C below 6.5% after 12 months without needing any glucose-lowering medications except for metformin.

Results from the 71% of participants enrolled in the bundled intervention group lowered their A1C levels below the 6.5% threshold – while taking only metformin. By comparison, only 2.4% of participants receiving standard care achieved the same result.

Participants in the bundled intervention group also lost more weight (8.6% vs. 4.6%) while significantly reducing their reliance on glucose-lowering medications:

• GLP-1 Receptor Agonist medication use decreased from 41% to 6% among participants
• SGLT-2 Inhibitor use decreased from 27% to 1% of participants
• Dipeptidyl peptidase-4 (DPP-4) inhibitor use decreased from 33% to 3% in participants
• Insulin: Insulin use decreased from 24% to 13% among participants

The quality-of-life scores and treatment satisfaction were notably better for those using the intervention, highlighting its potential as a highly effective and sustainable option for diabetes management.

According to the Centers for Disease Control and Prevention, nearly 1 in 10 Americans have diabetes, and approximately 90% of these cases are Type 2 diabetes. The longer a person lives with the disease and has persistently high blood sugar levels, the greater the risk of serious complications, including heart disease, kidney disease, stroke and death.

“Overall, our study demonstrated the AI-enabled, bundled system of sensors and coaching facilitated significant improvements in glycemic control, weight loss, and quality of life versus usual care, while allowing marked de-escalation of glucose-lowering pharmacotherapy. Interventions like this system can help patients make informed, lasting lifestyle changes to control their blood sugar,” said Dr. Pantalone.

The study also highlights the critical role of primary care physicians in driving clinical research and patient outcomes.

“The trusted relationships between primary care physicians and their patients were instrumental in identifying, engaging and enrolling participants,” Dr. Pantalone added. “This collaboration underscores the importance of clinical research beginning in the exam room, where meaningful conversations and change can take root.”